#789: Stablecoins Are Replacing the Petrodollar with Michael Every

September 5, 2026

AI Summary

5 min read

Michael Every opens the conversation with a barrage of headlines from a single morning: OpenAI claims it has achieved AGI, Putin signals interest in peace in Ukraine, Trump may declare the Iran war over while planning to restart it after the midterms, South Korea may send forces to Hormuz, an Australian op-ed argues for negative immigration, and a Dutch policy paper suggests Europe faces impossible choices between the US and China. The sheer density is the point. Every argues these are not disconnected events but symptoms of a single structural unraveling — the collapse of the ideological and intellectual superstructure that has governed global economics and geopolitics for the last 45 years.

The Core Framework: Everything, Everywhere, All at Once

Every’s central argument is that the US is attempting to manage a simultaneous transformation on multiple fronts — kinetic, economic, financial, and technological — and that success requires winning on all of them at once. He frames this as a closed loop: kinetic victories encourage financial and economic cooperation, which in turn funds further kinetic capacity. Mistakes on one front can be compensated for elsewhere, but only a few.

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What you'll learn

1 (00:36) **Introducing Michael Every** - Rabidly reading macro strategist joins to discuss the unraveling of the post-Cold War order.
2 (07:52) **Why Iran and Venezuela Are the Same Chess Move** - Every explains that the US grand strategy is physical control of resources, not just financial dominance.
3 (11:06) **The Axis of Escalation** - Every details how Russia, Iran, North Korea, and China are coordinating against the US-led order.
4 (14:54) **The West Is Being Reforged, Not Broken** - Every reframes Trump's conflicts with allies as the painful construction of a new, exclusive Western bloc.
5 (17:18) **Assessing the US Economic Strategy: 2-in-3 Odds** - Every gives a probabilistic view of the Treasury's "grand economic reordering."
6 (19:09) **Structural Inflation from Diesel and Refineries** - Every argues inflation is now structural, not cyclical, because it is tied to physical energy shortages.
7 (21:35) **The New Fed Playbook: Production Over Markets** - Every outlines how the Fed must shift from managing financial speculation to funding physical reindustrialization.

+ Full timestamped outline available in the app

Show Notes

Michael Every breaks down the reverse perestroika thesis reshaping macro and geopolitics in 2026. Marty and Michael cover the Iran war, Russia-Ukraine escalation risk, Venezuela and the Dunroe Doctrine, China's automation-driven job losses, structural inflation from the diesel and refined product shortage, the Fed's shift to short-end T-bill issuance, stablecoins replacing the petrodollar, economic statecraft, AGI implications, and why Europe has lost leverage with both the US and China. A must-listen for anyone tracking Bitcoin, monetary policy, and the shifting global order.

Michael on X: https://x.com/TheMichaelEvery

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