We begin with my new book, As Good as Gold: The Return of Real Money, and the idea that collateral sits at the foundation of the financial system. From there, we discuss gold, U.S. Treasuries, oil, the Strategic Petroleum Reserve, refining capacity, China's gold and yuan strategy, Hong Kong, and Singapore. We then turn to Iran, NATO, Trump's foreign policy, strategic choke points, and the emergence of a more multipolar world increasingly shaped by real assets, infrastructure, and trusted collateral.- VBL

0:00–3:45 — Introduction and Vince's New Book
As Good as Gold: The Return of Real Money, the writing process, and the book's core premise.

3:45–10:00 — Money, Collateral and the Financial System
Why collateral matters more than most people realize, the role of U.S. Treasuries, repo markets, reserve assets, and the return of gold.

10:00–18:30 — Oil and the Strategic Petroleum Reserve
SPR sales versus exchanges, oil loans, replacement barrels, and the idea of the SPR as a form of oil repo.

18:30–28:30 — Refining, Diesel and U.S. Energy Security
Crude quality, refinery capacity, diesel shortages, transportation, industrial policy, and the strategic importance of energy infrastructure.

28:30–40:00 — China's Gold and Yuan Strategy
Hong Kong, Shanghai, offshore yuan liquidity, gold trading infrastructure, and gold as a bridge toward broader international use of the renminbi.

40:00–47:30 — Gold, Financial Choke Points and the Shifting Global System
Gold as HQLA and repo collateral, Hong Kong versus Singapore, London's role, and the growing importance of strategic financial and trade hubs.

47:30–54:30 — Social Media, Algorithms and Narrative Control
Information silos, algorithmic feeds, bots, echo chambers, and the difficulty of having open political debate online.

54:30–1:05:30 — Trump, NATO and the Changing U.S. Global Role
American retrenchment, European defense spending, NATO, China and Russia, and the move toward regional spheres of influence.

1:05:30–1:14:45 — Iran, the Middle East and Strategic Escalation
Iran, U.S. military strategy, negotiations, escalation, Hormuz, and the broader restructuring of the Middle East.

1:14:45–1:20:00 — Rewiring Global Trade and the Big Picture
Pipelines, energy routes, choke points, the emerging multipolar system, and the return of real assets and collateral to the center of global finance.