Jay sits down with Peter Alexander, founder and managing director of Z-Ben Advisors, for a wide-ranging conversation on China’s real position in the global economy. Peter has lived in Shanghai for nearly 30 years, and brings his unique perspective from inside the country on many topics including: China’s political system, manufacturing dominance, Belt and Road strategy and gold. They also discuss why Western narratives on China often miss the deeper story, how China is building long-term leverage, and what this means for investors watching the next phase of U.S.-China competition. Peter's Links: https://z-ben.com/ https://substack.com/@plalexander How Did We Get Here? Deconstructing the 30-year path of Chinese and American rivalry and its consequential, adverse effects on the International Rules-Based Order https://z-ben.com/edm/Public/file/Z-Ben%20Advisors%20-%20How%20Did%20We%20Get%20Here%20-%20January%202026.pdf Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 0:00 Introduction 2:50 Peter Alexander’s View From Inside China 4:03 Is China Communist, Capitalist, or Something Else? 10:01 Xi Jinping’s 2012 Inflection Point 18:45 China’s Property Boom, Ghost Cities, and Quality Growth 22:13 Demographics, Robotics, and the Future of Chinese Labor 29:55 BYD, Tesla, and the “Catfish Effect” 37:31 Why Reshoring China’s Supply Chain Is So Difficult 38:43 China’s Manufacturing Moats: Energy and Distribution 45:37 The Real Purpose of Belt and Road 53:48 Dollarization, CIPS, and China’s Gold Strategy 1:02:41 How the Shanghai Gold Exchange Works 1:05:03 The U.S. Dollar, Treasuries, and Empire Risk 1:12:42 Swap Lines, Liquidity, and Treasury Market Pressure 1:18:17 Strait of Hormuz and China’s Energy Position 1:27:01 Japan, Energy Security, and Regional Pressure 1:28:44 Is U.S.-China Conflict Inevitable? 1:36:17 Taiwan, Decoupling, and the Limits of War 1:43:00 Where China’s Growth Is Happening Now 1:44:01 China’s Infrastructure, EVs, and State Capitalism Copyright © 2026 Cambridge House International Inc. All rights reserved.

Peter Zeihan joins Jay to break down the escalating conflict in the Middle East with major implications for Iran’s nuclear trajectory, global energy markets, and the future of American power. The discussion explores the rise of drone warfare as a transformative force, the fragility of Gulf economies, and why disruptions in the Strait of Hormuz could trigger a cascading energy and economic crisis across Europe and Asia. Check out Peter's work: https://x.com/PeterZeihan https://linktr.ee/zeihanongeopolitics Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Intro 00:40 – What Is U.S. Strategy in the Middle East? 01:07 – Decision-Making Inside the Trump Administration 03:06 – The Breakdown of Policy Consistency 05:18 – Who Really Drives War Decisions? 07:38 – Iran’s Nuclear Strategy Explained 10:28 – Why Strikes Didn’t Stop Iran’s Program 12:06 – Iran’s Power Structure & the IRGC 16:17 – How Iran Profits From the Conflict 20:24 – The Drone Warfare Revolution 24:17 – Why the U.S. Is Falling Behind in Drone Defense 25:24 – Trump’s Potential Withdrawal & Strategic Risks 26:31 – Is This America’s “Suez Moment”? 28:38 – The Collapse of U.S. Global Influence 32:15 – Political Constraints and Power in Washington 34:33 – Globalization Is Breaking—But in the Worst Way 36:56 – Why Gulf Economies Are Unsustainable in War 41:54 – The Coming Global Energy Shock 47:14 – Why China Faces a Critical Energy Crisis 49:35 – Can Any Country Actually Intervene? 51:19 – Are We at a Systemic Breaking Point? 52:04 – Why Oil Supply Won’t Recover for Years 56:04 – Financial Fallout and Global Capital Flows 58:17 – The Future of the U.S. Dollar and Global Power Copyright © 2025 Cambridge House International Inc. All rights reserved.

In this macro discussion, Jay sits down with Grant Williams and Luke Gromen to unpack the real implications of escalating conflict in the Middle East. The conversation explores the gap between official narratives and on-the-ground realities, the fragility of supply chains, and the risk of cascading financial stress across global markets. They also examine historical parallels like the Suez Crisis and what all of this could mean for the future of the U.S. dollar and global monetary order. Luke Gromen: https://x.com/LukeGromen https://fftt-llc.com/ Grant Williams: https://x.com/ttmygh https://www.grant-williams.com/ Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Intro 03:37 – The Core Thesis: Everything Hinges on Hormuz 05:43 – Military Power vs Reality: Why It Hasn’t Been Reopened 08:01 – Propaganda, Fog of War & Information Breakdown 10:40 – Investor Strategy: Trade It or Stay Out 12:15 – Who Wins & Who Loses in This Conflict 18:55 – Russia, China & the Expanding Conflict 23:30 – Why This Could Escalate 27:02 – Global Fragility: Food, Energy & Population Risk 33:14 – How a Global Economic Collapse Could Cascade 39:24 – Bond Market Signals & Policy Limitations 41:34 – Correlation Breakdown: Why 60/40 Fails Here 43:08 – The Suez Crisis Parallel Explained 47:40 – A Potential “Suez Moment” for the U.S. 51:26 – Shift in Warfare: Missiles, Drones vs Naval Power 57:39 – What Replaces the Dollar? 1:00:30 – Petro-Yuan, Gold Settlement & New Trade Systems 1:09:12 - Is This Gold Bull Run Durable? Copyright © 2025 Cambridge House International Inc. All rights reserved.

Is geopolitics really about ideology? Or is it a global portfolio reallocation? In this conversation, Dr. Warwick Powell reframes Trump 2.0, Canada’s trade pivot, Europe’s energy scramble, and the AI boom as symptoms of a deeper structural shift. Powell argues the West has built too many abstractions and not enough productive capacity. We explore whether AI data centers are net-positive infrastructure, what it would actually take to rebuild a durable, energy-secure economy and so much more. Professor Warwick Powell's links: https://x.com/baoshaoshan https://substack.com/@warwickpowell Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Geopolitics as Global Portfolio Reallocation 04:16 – Canada’s Diversification Strategy Explained 07:10 – The UK, China & the End of the Old Atlantic Model 09:22 – Is Canada Pivoting Away from the U.S.? 12:21 – Energy Return on Energy Invested (EROEI) 15:44 – Fixed Capital vs Financial Abstraction 18:45 – Why the West Is Running Short on Surplus 23:33 – Financialization & the Hollowing Out of Industry 31:55 – Has Capital Allocation Actually Improved? 34:09 – AI as an Energy Sink? 38:35 – The Hidden Cost of AI Data Centers 41:52 – Liquidity Expansion & Asset Inflation 44:00 – Political Anger & Economic Fragility 46:49 – Are Any Countries Getting This Right? 49:21 – Capital Concentration & Rent Seeking 53:02 – The Prosperity Cycle: From Poor to Complacent 55:08 – Too Many Promises, Not Enough Production 57:52 – Where Real Opportunity Still Exists 01:00:26 – “Reality Bats Last” Copyright © 2025 Cambridge House International Inc. All rights reserved.

Colonel Douglas MacGregor joins Jay to unpack Greenland and Venezuela, rare earths, silver, and copper. This conversation traces how minerals are now shaping geopolitics, national security, and internal stability inside the United States itself. MacGregor challenges imperial thinking, questions Washington’s lack of long-term strategy, and warns that America’s greatest risk may no longer be abroad, but at home. Connect with Col. Macgregor: https://www.douglasmacgregor.com/ https://x.com/DougAMacgregor Join us LIVE at the Vancouver Resource Investment Conference on January 25 & 26. Tickets: https://VRICMedia.com Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Why America vs. America may be the real conflict 01:00 – Greenland, resources, and 19th-century thinking 04:10 – Venezuela: coercion without strategy 08:50 – Why extraction isn’t the problem—refining is 12:00 – Rare earths, China, and the real leverage 15:00 – Is there a hidden U.S. grand strategy? 19:00 – Lessons from World War I and strategic failure 22:00 – Government becoming an activist mining investor 25:00 – Gold, silver, and the coming supply crunch 29:00 – Copper, uranium, and the permitting bottleneck 32:00 – Empire, republics, and the “state of exception” 36:00 – Insurrection, federal law, and internal fractures 42:00 – Immigration, identity, and national cohesion 49:00 – Rule of law as America’s real competitive edge 54:00 – Term limits, leadership age, and historical parallels 58:30 – Final thoughts on power, resources, and decline Copyright © 2025 Cambridge House International Inc. All rights reserved.

Andy Schectman joins Jay to examine how recent U.S. geopolitical actions are reshaping global capital flows and accelerating the move away from dollar dominance. The pair discuss Venezuela, Iran, BRICS expansion, and the growing role of gold and commodities as trust in America erodes. Connect with Andy: https://x.com/MilesFranklinCo https://www.youtube.com/@MilesFranklinMedia Join us LIVE at the Vancouver Resource Investment Conference on January 25 & 26. Tickets: https://VRICMedia.com Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Why geopolitics now directly drives investment decisions 02:55 – Venezuela, regime change, and dollar-denominated oil 05:30 – BRICS, de-dollarization, and resource nationalism 09:20 – Gold, Treasuries, and the cost of U.S. financial dominance 14:15 – Military power vs. monetary credibility 18:10 – Confiscated reserves and the turning point for central banks 23:00 – America’s empire moment and historical parallels 31:30 – Federal Reserve pressure and dollar devaluation strategy 39:00 – Gold, silver, and the reshoring of strategic commodities 45:55 – Silver market stress, delivery risk, and price suppression 54:15 – Nation-states vs. paper markets: what’s changed since 2011 Copyright © 2025 Cambridge House International Inc. All rights reserved.

Rick Rule joins Jay to explain why the recent strength in gold, silver, and commodities may still be early in a much larger cycle. Drawing on decades of market experience, Rick breaks down how underinvestment, supply shortfalls, and mispriced risk are setting the stage for what he believes could become a historic commodities bull market over the next two years. Connect with Rick: https://x.com/RealRickRule https://www.ruleinvestmentmedia.com/ Join us LIVE at the Vancouver Resource Investment Conference on January 25 & 26. Tickets: https://VRICMedia.com Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 — Are investors late to the gold and silver rally? 01:29 — Rick Rule’s "three" questions for junior mining CEOs 06:41 — Capital structure, patience, and long-term value creation 09:46 — Why volatility is the cost of big wins 13:22 — Opening VRIC with decades of experience 14:01 — Why Rule thinks a major commodities bull market is still ahead 16:46 — Gold stocks, earnings surprises, and analyst blind spots 19:36 — Institutional money and precious metals allocations 22:02 — Copper shortages, oil underinvestment, and supply constraints 27:09 — Why price discovery is inevitable in copper and energy 37:34 — Venezuela, oil markets, and separating headlines from reality Copyright © 2025 Cambridge House International Inc. All rights reserved.

Grant Williams returns to The Jay Martin Show for a wide-ranging conversation that moves from silver market volatility to the deeper forces reshaping currencies, trade, and global power. From China’s export policies and US–China trade tensions to the slow, structural erosion of dollar dominance, Grant draws on history to explain how reserve currencies actually transition, why these shifts are gradual rather than catastrophic, and what it all means for investors navigating a changing world. Connect with Grant: https://x.com/ttmygh https://www.grant-williams.com/ https://superterrifichappyday.com/ Join us LIVE at the Vancouver Resource Investment Conference on January 25 & 26. Tickets: https://VRICMedia.com Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Welcome & framing the discussion 01:15 – Silver’s sudden volatility: leverage, corrections, and context 04:20 – Investor vs trader: knowing your temperament 08:20 – Risk management, discipline, and learning from mistakes 13:30 – What’s really driving silver: supply, demand, and speculation 16:45 – China’s silver export restrictions: signal or noise? 19:10 – Trading headlines vs trading fundamentals 23:40 – Selling well: why professionals outperform 27:30 – Reserve currencies don’t last forever: the sterling-to-dollar lesson 31:15 – Debt, geopolitics, and the hidden mechanics of currency power 35:40 – Petrodollar cracks and China’s alternative systems 40:45 – Who funds US debt now? Treasuries, gold, and stablecoins 46:20 – Financial history, political stress, and late-stage empires 53:35 – De-globalization, institutions under strain, and what comes next Copyright © 2025 Cambridge House International Inc. All rights reserved.

Economist Steve Hanke returns to The Jay Martin Show to break down the most notable financial headlines of 2025. From Japan’s shocking rate hikes to Trump’s interventionist second term and America’s new industrial policy. They cut through the noise to explain which policy shifts actually matter for investors heading into 2026. Join us LIVE at the Vancouver Resource Investment Conference on January 25 & 26. Tickets: https://VRICMedia.com Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Why Japan Is Raising Rates While the World Cuts 03:30 – The Yen Carry Trade and Risks to U.S. Markets 08:10 – Are Demographics Really Japan’s Core Problem? 10:40 – 2025’s Biggest Political Shifts: Trump, Trudeau, Carney 15:25 – Tariffs, Liberation Day, and Market Reactions 18:25 – Do Trade Deficits Actually Matter? 23:35 – Dollar Confidence, Gold, and De-Dollarization Claims 27:25 – Who’s Really Buying U.S. Treasuries? 31:20 – Money Supply, Inflation, and the Fed’s Policy Pivot 35:10 – Industrial Policy, National Security, and Government Equity Stakes Copyright © 2025 Cambridge House International Inc. All rights reserved.

Do institutions like the UN, NATO, and the G7 still matter in a world that’s rapidly shifting toward multipolarity? Jay sits down with geopolitical analyst Glenn Diesen to unpack the decline of Western-led institutions, the rise of geoeconomic blocs, and why outdated power structures are fueling global instability. Connect with Glen: https://www.youtube.com/@GDiesen1 https://x.com/Glenn_Diesen Join us LIVE at the Vancouver Resource Investment Conference on January 25 & 26. Tickets: https://VRICMedia.com Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8 Sign up for my free weekly newsletter at https://2ly.link/211gx Be part of our online investment community: https://cambridgehouse.com https://twitter.com/JayMartinBC https://www.instagram.com/jaymartinbc https://www.facebook.com/TheJayMartinShow https://www.linkedin.com/company/cambridge-house-international 00:00 – Do global institutions like the UN, NATO, and G7 still matter? 01:00 – Geopolitical vs. geoeconomic blocs in a multipolar world 02:30 – Why the post-WWII system is breaking down 05:45 – The decline of Western power and institutional legitimacy 07:00 – G7 vs. BRICS: relevance and shifting economic gravity 08:40 – The idea of a new “Core Five” global powers 10:00 – The Monroe Doctrine: origins vs. modern reinterpretation 13:20 – Great power agreements and the risk of major war 16:00 – NATO expansion and the roots of today’s conflicts 19:30 – Power distribution, realism, and why institutions fail 23:30 – Venezuela, oil, and U.S. strategy in the Caribbean 29:10 – Resource control, sanctions, and economic warfare 37:00 – Ukraine’s minerals deal and modern resource colonialism 45:00 – State capitalism and critical minerals as national security 51:00 – Why the Arctic is becoming the next geopolitical hotspot 57:30 – Trade routes, the Northern Sea Route, and future flashpoints Copyright © 2025 Cambridge House International Inc. All rights reserved.