Reinvent Money

Paul Buitink talks to Bojan Pancevski, The Wall Street Journal's chief European political correspondent and author of The Nord Stream Conspiracy, about one of the most mysterious acts of sabotage in recent history.

Who really blew up the Nord Stream pipelines, and who was pulling the strings behind the scenes? Pancevski shares remarkable insights from his investigation, including conversations with people directly involved in the operation and the detectives trying to uncover the truth. They discuss competing theories about who was responsible, what Western intelligence agencies knew before the attack, and whether senior political leaders were involved. They also explore the geopolitical consequences of the sabotage, the ongoing German investigation, and what this case reveals about the vulnerability of Europe's critical infrastructure.

Book Bojan:
The Nord Stream Conspiracy – Amazon

Wall Street Journal:
Bojan Pancevski – WSJ

Follow on X:
Paul Buitink: https://x.com/paulbuitink
Bojan Pancevski: https://x.com/bopanc

Timestamps:

(00:00) Introduction: Who Blew Up Nord Stream?

(04:23) How the Nord Stream Sabotage Was Carried Out

(09:31) Russia, the CIA and the Conspiracy Theories

(18:53) The Ukrainian Connection and Dutch Intelligence

(24:45) Who Really Ordered the Attack?

(31:36) Arrests, Trials and Political Consequences

Paul Buitink interviews Mises Institute economist Mark Thornton on AI, debt, and the Middle East. Thornton sees the AI build-out as an Austrian boom: cheap credit funneled cash and borrowing into chips, data centers, and models with unproven revenues. He calls demands for government brakes scare stories meant to lock in incumbents. Deficits, he says, cannot be grown away. A forty-year decline in yields has broken, and attempts to lean on Treasuries, the dollar, and gold and silver amount to market manipulation. On Iran he argues the U.S. is poorly placed, with lasting risks to energy, food, and markets.More info about Mark here:https://mises.org/profile/mark-thorntonFollow Paul on X here:https://x.com/paulbuitinkTimestamps:0:00 — Cold open: AI scare lines, market talk, Iran, gold and silver1:41 — Intro: Austrian view of AI, regulation, yields, Middle East2:20 — AI as a late-cycle boom driven by cheap credit, not pure free-market tech8:46 — Cash reserves gone; hundreds of billions borrowed for chips and data centers13:03 — “Destroy humanity” claims as a path to regulation and incumbent protection17:11 — Rogue agents, untested rollouts, and growing out of the debt23:03 — Musk on optional work, the Keynes 15-hour week, and welfare results31:00 — Federal vs state power; gold and silver laws (Utah, Alabama)35:53 — Bond crisis, end of the 1981–2021 yield decline, official market leaning44:45 — Iran, October risk, energy, food, and why Thornton calls the war a blunder

Paul Buitink talks to Marlo Oaks, Utah's State Treasurer, about his investment philosophies and how he allocates Utah's funds, including the Public Treasurers' Investment Fund (PTIF) worth over $37 billion.He's critical of ESG/DEI woke investments. We also talk about the erosion of the dollar and why he bought physical gold for Utah's rainy day funds. Utah has taken all sorts of measures to make gold and silver money again.He also shares his concerns about programmable moneyFollow Paul on X here:https://x.com/paulbuitinkTimestamps:0:00 Intro: Utah’s treasurer on money, risk, and power2:50 How Utah invests $37B and why the state stays conservative7:20 Are U.S. Treasuries still safe?10:18 Why he rejects ESG and “woke” investing21:24 Why Utah bought physical gold for its rainy-day fund28:16 Making gold and silver money again33:28 The threat of programmable money

Alasdair Macleod tells Paul Buitink the Fed’s latest hike does not buy time. He gives the fiat system about 18 months. A 10-year yield above 5% could burst an equity bubble bigger than 1929. Energy and food shocks from war, drought, and blocked grain will push inflation higher while governments cannot afford the rates needed to stop it. Rescue QE would then destroy currencies. AI valuations look unsupported next to cheap Chinese rivals such as DeepSeek. Dutch gold leaving New York, after similar German and French moves, suggests the metal may not be there. Trust in the dollar is fading; gold is the exit.Follow Alasdair here:https://www.macleodfinance.com/Follow Paul on X here:https://x.com/paulbuitinkTimestamps0:00 Opening clip: crash stages and gold custody doubts2:18 Fed hike to 4% — does it buy time?5:00 Energy shortages, logistics, food and winter risks8:28 Oil in gold terms; fiat purchasing power12:00 Equity crash, bank credit, Keynesian rescue13:00 Stage one / stage two of a crash; 1929 parallel16:10 Sponsor break / gold ad16:11 Can AI and Musk “grow out of” the debt?19:41 Why “18 months” — complacency vs crisis now21:47 Why 5% on the 10-year matters for stocks24:54 Bretton Woods 2? Why a gold reset is unlikely27:00 Politics over economics; Trump and the Fed28:55 Wars, Gulf energy shock, much higher yields30:22 China, gold standard, low Chinese yields31:12 Dutch, Norwegian, Japanese bond selling32:34 Dutch gold move from New York; NY Fed custody35:00 Bundesbank, Banque de France, “gold that isn’t there”36:00 Property rights, frozen reserves, loss of trust38:19 Trend: dump dollars, buy gold in the market39:43 Outro and Substack plug

In this Reinvent Money interview, host Paul Buitink talks with Catherine Austin Fitts about energy sabotage, tariffs, and a “COVID 2.0” market shift. She argues a U.S. “dollar syndicate” is inflating a huge bubble by drawing billions into Treasuries and stocks while shrinking consumer footprints and tightening control. Fitts warns of programmable money, trade bottlenecks, and isolation risks, and discusses decentralized responses and practical investment choices amid rising financial manipulation.Catherine was Managing Director at Investment bank Dillon, Read and served during the Presidency of George H. W. Bush, as United States Assistant Secretary of Housing and Urban Development for Housing. She is also the Founder and Director of Solari. More info here:https://solari.com/Follow Paul here:https://x.com/paulbuitinkMore info about Holland Gold:https://www.hollandgold.nl/en/Timestamps:0:00 – Intro: Paul Buitink welcomes Catherine Austin Fitts2:41 – Energy under attack; sabotage timeline and closed trade model4:30 – “COVID 2.0”: shift from small to large players7:54 – Dollar syndicate, bubble, institutions exiting Treasuries9:00 – Gold withdrawals, stablecoins attracting retail money13:15 – Holland Gold sponsor break13:55 – Venezuela oil, Iran, hidden energy tech, “exotic weapons”20:45 – Tariffs, Canada, fiscal control, “King of Dogs”24:30 – Why she’s more optimistic; act locally, not only nationally26:00 – CLEAR Act / financial-freedom bills and programmable money31:14 – Cash, analog options, right to a non-digital life35:26 – Sanctioned countries using stablecoins; hardware control36:36 – Long-term winners; digital control vs. a living universe40:00 – “Coming Clean,” where your money goes, wrap-up

Recorded on the 3rd of September 2026.The global bond market is flashing a warning, and most investors are still looking in the wrong place. Robin Brooks says the real story is not one country, one central bank, or one headline - it is a worldwide debasement trade reshaping bonds, currencies, gold, oil, and the assets that can actually protect your wealth.Paul Buitink sits down with Robin Brooks, former Goldman Sachs Head of FX and now senior fellow at the Brookings Institution, for a sharp breakdown of what Jackson Hole, U.S. fiscal dysfunction, Japan’s bond chaos, and Europe’s political structure are really telling markets.If you care about preserving capital, understanding the next phase of inflation, or figuring out where safety still exists, this conversation is for you.You’ll hear why recent moves in long-dated U.S. Treasuries and gold are being read as more than a short-term reaction, how Bessent and Warsh fit into a much bigger fight over bond market control, and why Robin thinks the debasement theme is now global - not just an American problem.We break down:- Why the U.S. budget deficit, long-end yields, and central bank independence matter more than most investors realize- Why Japan’s bond market and the yen are central to the global story- How to think about a true safe haven in a world where bitcoin, gold, the dollar, and equities all behave differently- Why Europe’s eurozone structure may be masking deeper fiscal and political cracks- What the Iran conflict and the Strait of Hormuz actually mean for oil pricesRobin also explains why Greece, Italy, Spain, and other sovereign bond markets are still distorted by central bank intervention, why oil is likely much more resilient than headlines suggest, and why investors may need to rethink what counts as protection in a beggar-thy-neighbor world.Essential listening if you want a clearer framework for the markets, the macro regime, and the assets that may hold up when the old rules stop working.Follow Robin here:https://robinjbrooks.substack.com/https://x.com/robin_j_brooksFollow Paul on X here:https://x.com/paulbuitinkTimestamps:0:00 Intro01:54 — Jackson Hole, Kevin Warsh and the bond-market reaction06:04 — Global fiscal pressure and policymakers buying time08:56 — What the “debasement trade” means: gold, bitcoin, equities and safe havens12:07 — Is the US dollar still a safe haven?15:15 — Fiscal stress, political constraints and why reform is difficult17:54 — Europe, the euro and the risk of an unmanaged breakup24:07 — “Shadow yields”: how far Japanese and European bond yields may be distorted28:21 — Oil, Iran and the Strait of Hormuz34:34 — Final investment takeaways: protecting savings in a debasement environment

Gold is quietly re-entering the global money system - not as nostalgia, but as a weapon, a reserve asset, and a pressure point in the coming financial order. Dominic Frisby argues that the real story is not whether gold survives, but how it keeps regaining relevance as fiat money weakens, geopolitics harden, and central banks keep buying.Paul Buitink sits down with Dominic Frisby - comedian, voice-over artist, YouTuber, author, and sound-money advocate - for a wide-ranging conversation on gold’s secret history and its possible future. From El Dorado and the lure of hidden gold in South America to modern mining in the Amazon, this episode connects the myths that shaped empires with the balance-sheet reality shaping markets today.You’ll discover:- Why gold and Bitcoin are not rivals, but complementary answers to debasement- Why Dominic thinks the most likely future is not an abrupt collapse, but a slow evolution toward an informal gold standard- How central banks, governments, private investors, and ETFs all fit into the next phase of gold demand- Why China’s true gold holdings may be far more important than its official numbers suggest- How gold can become the “money of last resort” in a world where trust in fiat keeps erodingDominic also breaks down the three scenarios he sees for gold’s monetary role, including a world where gold becomes mainly industrial, a world where it returns as hard money, and the more realistic middle path where it functions as the ultimate reserve asset while fiat continues to decay in the background. Along the way, he explains why the infrastructure around fiat is so powerful, why gold’s political neutrality matters, and why the next major revaluation could change everything.If you care about inflation, central banking, monetary debasement, geopolitical conflict, or simply want to understand why gold still matters in 2026 and beyond, this is essential listening. Paul and Dominic bring decades of perspective to a conversation that is as provocative as it is timely.Dominic Frisby is a British comedian, voice-over artist, YouTuber, author, and long-time sound-money advocate. He wrote The Secret History of Gold and publishes at:https://www.theflyingfrisby.com/aboutFollow Paul on X:https://x.com/paulbuitinkTimestamps:0:00 Intro4:20The Secret History of Gold10:40The environmental and human costs of gold mining12:05 Three possible futures for gold20:41 Central banks and the growing demand for gold22:25 Gold as an informal reserve asset27:57 China’s gold strategy and reserve holdings36:10 Sanctions, Iran, and gold as money of last resort39:56 Where to find Dominic Frisbee and The Secret History of Gold

Paul Buitink talks to Jeffrey Sachs, renowned economist and professor at the Columbia University in New York, US.Topics discussed are the Marco Polo trip Mr. Sachs did over the summer and how the world should embrace peace and trade again. Mr. Sachs outlines his proposal for peace in Ukraine and how European leaders should finally start embracing diplomacy.He also gives his views on the conflict between the US and Iran and how Trump's policies are failing. The US should begin to understand the new geopolitical world order. Mr. Sachs also worries about the US finances and expect difficult years to come, after the stock market and AI bubble bursts.More info about Jeffrey Sachs:https://csd.columbia.edu/sachsFollow Paul on X here:https://x.com/paulbuitinkLetter Sachs to Merz:https://www.jeffsachs.org/newspaper-articles/sj32jtl6876pd8aaeb23y7pzxbyrrpInfo on Iran joining Mecca defense pact:https://www.jpost.com/middle-east/iran-news/article-906316?utm_source=jpost.app.apple&utm_medium=shareTimestamps:0:00 Intro1:45 Jefrrey Sachs' Marco Polo drive of Peace, Culture and Sustainable Development7:40 Europe's lack of diplomacy13:57 NATO enlargement and the origins of the war between Russia and Ukraine17:45 Path to a viable treaty22:00 Trump's fake peace attempts26:51 US' weakening position globally29:22 Lack of accountability and risk of nuclear escalation32:25 US debt and deficit, stock market bubble35:13 Outro

The bond market is flashing a warning most investors are ignoring - and Matthew Piepenburg says the consequences reach far beyond rates, mortgages, and government debt. When 10-year Treasury yields surge, the ripple effects can hit the dollar, stocks, credit markets, and even social stability.Paul Buitink sits down with Matthew Piepenburg, partner at Von Greyerz, to unpack why the U.S. and global bond markets are under unprecedented strain. Recorded on the 20th of August, 2026.From Japan’s role as the largest holder of U.S. Treasuries to France’s rising borrowing costs and China’s long game, this conversation maps the hidden connections driving today’s financial pressure points.You’ll discover:- Why rising Treasury yields make everything more expensive, from mortgages to refinancing to corporate borrowing- How Japan’s bond market, yen weakness, and Treasury holdings can send shockwaves through U.S. markets- Why the old carry trade is breaking, and what that means for equities and liquidity- How France, Europe, and the U.S. are all showing the same debt and credibility stress- Why gold, not AI hype, may be the real tell for where capital is moving nextMatthew argues that the system is already in a fragile phase, with repeated rounds of QE, synthetic liquidity, and short-term fixes buying time but worsening the structural problem. He also explains why China’s gold accumulation, bond strategy, and multipolar ambitions matter for the next chapter of global finance.Paul Buitink hosts Re-event Money, a podcast focused on money and power and can be followed on X here:https://x.com/paulbuitinkMatthew Piepenburg is a partner at Von Greyerz, known for his macro commentary on debt, central banking, gold, and global monetary stress.Timestamps:00:00 Introduction02:16 Why bond yields matter for the economy07:39 Japan, U.S. Treasuries, and the yen carry trade13:49 Yield spreads, carry trade and rising market fragility16:04 Can policymakers delay the breakdown?19:58 Global trust in the dollar and U.S. debt23:07 France and Europe’s growing debt pressure28:35 “Non-QE,” liquidity support, and the Fed32:00 China’s bond market, gold, and the long game36:26 China’s industrial rise and Western defense spending39:31 QE, inflation, social unrest, and gold47:50 AI valuations and echoes of the dot-com bubble53:38 Closing thoughts and where to find Matthew

Paul Buitink talks to Francis Hunt, aka the Market Sniper, about gold's breakout and that of silver. Francis explains how confidence in both debt and currency is collapsing and how physical precious metals can protect you. He is realistic though when it comes to price targets for 2026.He also analyses Rand Paul's visit to Fort Knox, the yen intervention by the US and Japan and how the US debt is the financial equivalent of Hotel California. He understands why countries like Brazil try to diversify away from this.Furthermore he unravels how retail investors will wind up paying for their own AI surveillance State. He gives honest advice on how to deal with this.Follow Francis here:https://themarketsniper.com/Follow Paul on X here:https://x.com/paulbuitinkTimestamps:0:00 Intro1:38 Technical gold price analysis12:58 Who are gold's main buyers16:55 Rand Paul's visit to Fort Knox19:34 Scott Bessent and yen intervention26:14 AI bubble and the massive debt built-up28:16 Brazil issuing yuan denominated debt32:59 Francis' latest KOSPI forecast37:40 Chinese AI vs Silicon Valley40:04 Where to hide for the surveillance and control State43:27 Intrusion from Brussels45:06 Outro