Change Is Here
tears on lots of pillows
Change as they say can be a bitch, causing lots of pillow tears.
The Fed as we have repeatedly said has never been, is or will ever be independent. That was one the two biggest con jobs birthed on the nation in 1913. Most of us know the other one quite well, maybe too well, the IRS.
In yesteryear if taxation without representation sucked, what does that tell us about taxation with corrupt representation?
“Recently, I wrote to you about how Trump had found “the perfect opening” to reshape the Federal Reserve when Governor Adriana Kugler unexpectedly resigned.
What I didn’t expect was how perfectly this would confirm everything we’ve been tracking about Trump’s Reset.
Trump didn’t just fill that vacant Fed seat with any dovish voice. He appointed Stephen Miran—the mastermind behind what’s probably the most audacious economic strategy in modern history.
If you’ve been following our analysis, you already know Stephen Miran—and if you do, chances are you’ll agree this appointment is the clearest sign yet that Trump’s Reset isn’t just on the horizon. It’s already underway.
The Architect of Trump’s Reset
Stephen Miran is the author of A User’s Guide to Restructuring the Global Trading System—the blueprint for what’s been dubbed the “Mar-a-Lago Accord.”
Published just days after Trump’s victory last November, it outlines a comprehensive plan to flip the U.S. dollar’s reserve status from a burden into a bargaining chip. To turn America’s towering debt from an embarrassment into leverage. And to reorient the entire global economic structure in Washington’s favor.
Now, to understand why Miran sees a reserve currency’s status as a burden in the first place, you have to dig into a little-known economic paradox.
“It’s called Triffin’s Dilemma, named after Belgian economist Robert Triffin, and it describes the paradox that arises when a country’s currency also serves as the world’s reserve currency—like the U.S. dollar today.
To meet global demand for its currency, the issuing country must run persistent trade deficits—exporting more of its currency than goods and services.
This arrangement can help support global growth, but over time it wears down the issuing country’s industrial base, piles on debt, and leaves the economy more fragile.
If that country stops running deficits, the world can face a shortage of the reserve currency—slowing trade and pushing others toward alternative systems. But if it keeps running them, debt and imbalances keep growing. That’s the bind.
So if you’ve ever wondered why the U.S. economy is so financialized, so reliant on debt, and so heavily tilted toward “services”—this is why.
Triffin’s Dilemma is also why Miran refers to the U.S. dollar and Treasuries as “costly global public goods” America provides to the world—a burdensome affair he aims to address through “burden-sharing at the global level,” as he outlined in his April speech at the Hudson Institute. Here’s a snippet from that address:
“In my view, to continue providing these twin global public goods, there needs to be improved burden-sharing at the global level.
(…)
The best outcome is one in which America continues to create global peace and prosperity and remain the reserve provider, and other countries not only participate in reaping the benefits, but they also participate in bearing the costs. By improving burden sharing, we can enhance resilience, and preserve the global security and trading systems for many decades into the future.”
Now, I’ve read the whole speech, and I’m not wild about a number of things in there—like the “create global peace” line in the quote above. Nevertheless, with Miran now just steps away from becoming a Fed governor, pending Senate confirmation, it’s worth recalling what this “burden-sharing” actually looks like in his view. Here’s a quick rundown of his plan:
Accept tariffs without retaliation — Let U.S. tariffs stand, generating revenue for Washington.
Open their markets — End unfair trade practices and buy more American goods.
Increase defense spending — Procure more U.S.-made weapons and equipment.
Build factories in the U.S. — Set up local production and avoid tariffs altogether.
Write checks to the Treasury — Yes, really. Direct financial contributions to help the U.S. fund “global public goods.”
“As far-fetched as some of this sounds, it’s worth keeping in mind that parts of Miran’s strategy are already playing out. More