The Law of One Price Is Breaking. Hard Assets Will Never Be the Same | Brent Johnson
September 22, 2026
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Brent Johnson, CEO of Santiago Capital and creator of the Dollar Milkshake Theory, joins Ben Nadelstein live from the Limitless Expo to discuss the US dollar, gold, hard assets and the changing global financial system.
Brent explains why the international system remains structurally favorable to the United States, why the law of one price is beginning to erode and how tariffs, fractured supply chains and geopolitical competition are turning commodities into matters of national security.
The conversation explores the reversal of globalization, the possible rise of a new American empire and the inflationary and deflationary forces colliding across the economy. Brent also explains why gold can serve as the foundation of an all-weather portfolio and why every investment thesis needs a plan for being wrong.
Timestamps:
00:00 The Dollar Milkshake Theory
01:31 Why the Global System Favors America
04:46 Hard Assets Become a National Security Priority
06:41 Why the Law of One Price Is Breaking
10:49 The End of Globalization
12:57 The Storm Before the Storm
14:15 Is a New American Empire Coming?
16:03 Inflation, Deflation and Stagflation
19:17 Gold and the All-Weather Portfolio
Keywords: Brent Johnson, Dollar Milkshake Theory, Santiago Capital, US dollar, dollar dominance, gold, gold yield, Monetary Metals, hard assets, law of one price, American empire, The Storm Before the Storm, globalization, deglobalization, national security, sovereign debt crisis, inflation, deflation, stagflation, commodities, tariffs, supply chains, all-weather portfolio, portfolio diversification, artificial intelligence, Limitless Expo, Gold Exchange Podcast, Ben Nadelstein
This discussion is for informational and educational purposes only and does not constitute financial advice.
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Monetary Metals
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