[00:00] What we're seeing around the world is what's called the end of globalization. So what does that mean? After World War II, the world came to an agreement about how to structure the new world order. China became the factory of the world. Japan became the lender by keeping rates at zero.
[00:14] Europe became the buyer and consumer of the world. They traded productivity and military for stability and social welfare. And the United States became the country that enforced the whole thing with the petrodollar as the world's reserve currency,
[00:26] backed by the military-industrial complex. If countries want to trade or if they want money to build their economies, they have to agree to the rules. Use dollars to buy energy and do not mess with U.S. interests.
[00:38] The petrodollar made sure that the world needed dollars to buy its energy. The military enforced it all. And financial institutions, along with the central banks, managed the flow of all this money. So if you play by the rules, you got access to investment markets and protection.
[00:53] And if you broke the rules, you got punished with things like sanctions or just outright war. Long time, that's how the world worked. Technically, it still does, at least on paper. But it's coming to the end.