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Geopolitics & Empire

Brent Johnson: Decline of the Republic, Rise of the Empire

Geopolitics & Empire

Geopolitics & Empire

History, News, Government, Politics

4.2568 Ratings

🗓️ 16 January 2026

⏱️ 54 minutes

🧾️ Download transcript

Summary

Brent Johnson of Santiago Capital discusses what he believes to be the decline of the U.S. republic and rise of the American Empire. He explains his “Dollar Milkshake Theory” and how essentially Washington is the cleanest shirt in the dirty laundry. Pax Americana will continue its rampage and what it is doing with stablecoins is going to even further its reach.

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Websites

Santiago Capital https://santiagocapital.com
Substack https://research.santiagocapital.com
YouTube https://www.youtube.com/@MilkshakesPod
X https://x.com/SantiagoAuFund

About Brent Johnson

Brent Johnson brings twenty-five years of experience in the financial markets to his position as CEO of Santiago Capital.

He enjoyed more than nine years as a Managing Director at BakerAvenue, a $2.5 Billion Asset Manager and Wealth Management firm, with offices in San Francisco, Dallas and New York.  During his time there he was the lead advisor for several of the firms largest clients.

Prior to joining BakerAvenue, Brent spent nine years at Credit Suisse in their private client group. He got his start as part of the training program at Donaldson, Lufkin & Jenrette (DLJ) in New York prior to moving to San Francisco. He joined Credit Suisse in the fall of 2000 when the bank purchased DLJ.

Earlier in his career, Brent was a financial auditor for Philip Morris Management Company in New York City where he performed audits at the company’s headquarters as well as subsidiaries in Germany, Hong Kong, and Richmond, Virginia.

In addition to his role at Santiago Capital, he is also a member of the Advisory Board for Monetary Metals, a platform that allows investors to earn a yield on gold, paid in gold, by leasing and lending to qualified precious metals businesses in the industry.

Brent regularly gives interviews and speaks at conferences regarding precious metals, currencies & macroeconomic trends. He is well known as the originator of the “Dollar Milkshake Theory” and his views have been quoted in numerous print, online and television outlets. He lives in San Juan, Puerto Rico with his wife Mary and son Moses.

*Podcast intro music used with permission is from the song “The Queens Jig” by the fantastic “Musicke & Mirth” from their album “Music for Two Lyra Viols”: http://musicke-mirth.de/en/recordings.html (available on iTunes or Amazon)

Transcript

Click on a timestamp to play from that location

0:00.0

This is Radio Geopolitics and Empire support the Renegate Signal.

0:04.9

As always, through the website, Substack, the subscriptions on Apple or Supercast.

0:11.5

Joining us for the very first time is Brent Johnson of Santiago Capital.

0:16.0

Welcome, Brent.

0:17.3

Thanks for having me. I'm looking forward to talking to you.

0:20.2

Yeah, so I've been following, I've been an

0:22.2

enjoyer of your commentary for years. And I guess for people who are not aware of you in your work,

0:28.3

if you want to just tell us about the work you do and San Diego Capital. Yeah, so long story short,

0:34.5

I'm an investment manager. I'm based in Puerto Rico, but spent most of my career in California, specifically San Francisco.

0:42.7

I moved there after starting my career in New York City. And my outlook on the world and the way I think about assets, et cetera, is always from a big macro view.

0:57.5

And I think it's becoming increasingly hard and basically at this point impossible to look at the macro environment without considering

1:02.5

geopolitics. And so the interesting thing for me is I got into investments because I was already

1:08.3

interested in the world. In other words, I didn't love investments and then

1:11.8

therefore go start studying the world. I was always like studying the world and then that led me to

1:16.5

the world of investments. And so everything that's going on now is a bit crazy and in some ways

1:22.5

a bit shocking, but in some ways it's not shocking and it's really exciting. So you've kind of got this really kind of weird, strange,

1:30.7

exciting, but also scary market environment right now.

1:34.1

And so for people like me who are in this world,

1:36.4

it's it's kind of the Super Bowl.

1:38.5

You know, I mean, this is the big game.

1:42.2

Yeah.

1:42.4

And some of the stuff you've said has made me think.

...

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