“The dollar endgame is still in play, but it’s going to play out much differently than most people think.” Peruvian Bull, is a macro analyst and the author of Dollar Endgame. In this interview, we discuss why the collapse of the dollar is unlikely to play out the way most people expect, why the dollar remains so dominant despite America’s worsening debt problem, and why Japan may be the clearest warning signal for what comes next. We get into the eurodollar system, stablecoins, treasury demand, the yen carry trade, QE, yield curve control, zombie companies, and the ways central banks continue to create new tools to kick the can down the road. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN CAPE FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Peruvian Bull: https://x.com/peruvian_bull

The Dollar Endgame Is Not What You Think | Peruvian Bull

What Bitcoin Did

# Full Transcript

**Podcast:** What Bitcoin Did

## Participants

- **Danny Knowles** (What Bitcoin Did)
- **Roberto Rios** (Peruvian Bull)

## Transcript

The U.S. is the sole issuer of currency, and the rest of the world needs that currency. And so because of that demand imbalance, the U.S. has to decide whether they want to print more money or if they want to not do that, and the global system starves for liquidity and everything starts to seize up. That's an issue of a centralized issuer and a global demand. Bitcoin is a decentralized issued currency. Bitcoin doesn't suffer from this. If any country wants to earn Bitcoin, they can do it.

And so that means that in the long run, not only is Bitcoin a better reserve currency, it's the perfect reserve currency. Again, you look at the numbers, you look at how Fed does QE, you look at the debt load, and you say, OK, they're going to print the money. There's no way out. Everything's going to get inflated away. We're going to see 5% inflation, then 10, then 20, then 50, then 100. And then, you know, within five years, the dollar will be dead. A harsh lesson that a lot of people might have to learn. Like, I think if we're moving into this sort of multipolar world, Bitcoin is the best money. Like, it just is.

All right, let's get into it. Roberto, good to see you, man. We've been talking about making this show for a very long time. So it's good to have you here. Yeah, thanks for having me. So we're going to get into the dollar endgame. The thing that's always funny about this is, like, people have been talking about this for a long time. Way before Bitcoiners, gold bugs have been talking about this forever. And then over time, like, with the 2007-8 financial crisis, like money printing, all this stuff happens.

And the dollar just seems, like, stronger than ever. So what is the dollar endgame? And is it actually coming? Well, I would say, you know, my idea of what the dollar endgame is also has evolved in the last, like, eight years setting macro. Because I definitely started off on that same path that you, you know, initially mentioned, right? You listen to Peter Schiff. You listen to Mike Maloney. You listen to basically all of the dollar doomers and the hyperinflation camp.

And they give you this story of, you know, unsustainable U.S. fiscal deficits, insanely high debt-to-GDP ratios compounding into the future, right? Huge, unfunded liabilities that are unsustainable. An overextended American empire and military state that is creating conflicts all around the world. And it makes you believe that the dollar, you know, is going to collapse tomorrow. And so you think, wow, gold, silver, you know, bullets.

This is what I should be investing in because the U.S. is going to become a zombie wasteland. And the rest of the world is going to be fine, right? But as I've dived down into the macro rabbit hole over the last eight years, I've found that the story is much more complex than it initially seems,...

The Dollar Endgame Is Not What You Think | Peruvian Bull

Transcript

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The Dollar Endgame Is Not What You Think | Peruvian Bull

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.