“It ends with the banks looking like they did at the end of World War II… half of their book was government bonds,” says R. Christopher Whalen, investment banker and author. In a conversation with Daniela Cambone, he breaks down the systemic risks emerging in the treasury market. “Today the treasury market is basically a carry trade with a lot of hedge funds using 100 to 1 leverage. That’s the market for treasury debt,” he explains, pointing to the fragility of the current system. Whalen also argues that the Bretton Woods framework has eroded and that the dollar’s dominance is waning. “This dollar Imperium has run its course.” He believes central banks — including the U.S. Federal Reserve — should diversify their reserves to include gold alongside major currencies like the dollar, euro, and yen. He views gold as a strategic reserve asset with untapped financial utility. “I hope… the BIS is going to recognize gold as a high-quality liquid asset… it would become eligible to be collateral in swaps,” he says.

Key Topics:

– President Trump and Powell were going to cross swords.

– The Fed struggles to manage the economy and rates.

– Multifamily real estate is the subprime today.

– The Fed should be holding gold.

– The dollar is attractive because of our marketplace.

– National debt has tripled in 15 years.

R. Christopher Whalen: Why Gold & Currency Policy Are at a Breaking Point

In today’s financially fragile world, more and more Americans are questioning the strength of the U.S. dollar, the direction of the Federal Reserve, and how to protect their savings from mounting risks. In a timely and sobering conversation with Daniela Cambone, seasoned financial strategist R. Christopher Whalen—author and Chairman of Whalen Global Advisors—delivered a powerful assessment of what’s ahead for the dollar, the debt, and the global monetary system.

At ITM Trading, we believe in bringing our audience trusted insights that can help them safeguard their retirement and legacy. This conversation hit at the heart of what matters: sound money, the role of gold & currency, and why the next financial reset may not be so far off.

The Fed’s Dilemma and Powell’s Limited Options

The Federal Reserve, under Jerome Powell, finds itself stuck in a trap of its own making. According to Whalen, conflicting signals and debt-fueled instability are making monetary policy “muddled at best.”

“We still have a huge mess in commercial real estate, and private equity is becoming a train wreck,” Whalen explains. “And yet, the consumer recession people keep predicting hasn’t materialized.”

With inflation still simmering and the real economy buckling under the weight of high interest rates, Whalen believes the Fed may eventually be forced to cut rates again—reviving the chaotic market dynamics seen in 2020.

Trump’s Vision: Tearing Down Bretton Woods?

Much of Whalen’s analysis centers around what he sees as Donald Trump’s radical departure from post-WWII monetary policy. “Trump is essentially trying to tear up Bretton Woods,” he says, referring to the global system that made the U.S. dollar the world’s reserve currency.

“The dollar was enshrined for 75 years as a global utility. But the cost of that was inflation—for consumers and businesses.”

Now, as Trump and others push for a weaker dollar to make U.S. industries more competitive, we’re facing a potential reconfiguration of global trade, currency systems, and financial power.

This shift could be historic—and disruptive.

A Multilateral World and the Role of Gold

As global trust in U.S. policy erodes, countries are seeking alternatives. Whalen notes that nations like China and Russia are turning to gold not just as an investment, but as a currency backstop.

“Gold should play a symbolic and educational role,” he says. “Even the Fed should be buying gold regularly.”

This is where ITM Trading’s strategy aligns: in uncertain monetary times, gold provides a trusted store of value.

The current fiat system, Whalen argues, is too weak to inspire lasting trust—especially in a world moving toward a multilateral currency framework. As such, he expects gold will continue rising in relevance, not only as a hedge against inflation but also as a globally recognized financial asset.

The Treasury Market: A Fragile Link in the Chain

One of the most critical parts of Whalen’s warning centers around the U.S. Treasury market. Contrary to popular belief, it’s not a natural force—it was engineered by the Fed and maintained by a small number of institutions.

Today, that market is dominated by hedge funds using dangerous levels of leverage.

“The biggest worry at the Fed isn’t inflation or employment—it’s keeping the Treasury bond market open every day.”

If liquidity dries up or confidence slips, it could lead to a spike in funding costs for the government, eventually triggering what Whalen calls “financial repression” on banks—forcing them to absorb more U.S. debt, crowding out lending and squeezing returns.

National Debt and the Unthinkable Path: Monetization

With U.S. debt spiraling and Congress unwilling to act, Whalen warns that monetization—printing money to buy debt—is already happening behind the scenes.

“They won’t ask Congress for permission. They’ll just do it,” he says. “The Fed will buy the debt to keep the system afloat.”

In the long run, this policy path erodes the purchasing power of the dollar, leaving retirees and savers exposed. The risk isn’t just theoretical—it’s already playing out in subtle ways across markets and balance sheets.

Real Estate Reset and Inflation’s Hidden Toll

Whalen also issued a stark warning about housing. With limited supply below $400K and oversupply above it, he sees a correction—if not a full crash—coming by 2027 or 2028.

Meanwhile, he notes, many Americans are being forced out of their homes because they can no longer afford to stay—something that was once only 10-15% of the market is now 60%.

This isn’t just a housing problem. It’s a reflection of inflation’s slow, destructive erosion of everyday life—an issue ITM Trading has been helping clients prepare for through tangible, gold-backed wealth strategies.

The Bottom Line: Prepare for Change Before It Happens

Whalen believes a new monetary era is emerging—fueled by distrust in fiat currencies, overleveraged financial systems, and the slow decay of global institutions.

“The world doesn’t end,” he reminds us, “but it changes—and those who prepare ahead of time will be the ones who come out stronger.”

Call to Action: Build a Gold-Centered Wealth Shield Strategy

If you’re concerned about what rising debt, inflation, and global currency shifts mean for your savings, now is the time to act.

📞 Schedule your free consultation with ITM Trading today.
We’ll show you how to protect your financial future using gold & currency strategies tailored to your unique needs and risk profile.

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About ITM Trading
For over 28 years, ITM Trading has helped Americans take control of their wealth using gold, silver, and historically grounded financial planning strategies. Our mission is simple: empower you with knowledge and tools to thrive—no matter what happens next.

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