There is a number buried in a White House policy paper that almost nobody
watching the news has ever heard spoken out loud: one hundred years. That is
how long some foreign central banks would have to wait to get their money
back under one option seriously discussed inside this administration — a
"Mar-a-Lago Accord" that would swap short-term Treasury bills for
non-tradable, zero-coupon century bonds. It is not a fringe idea. It was
written by the man who now chairs the White House Council of Economic
Advisers, and briefly sat inside the Federal Reserve itself.

In this episode, I trace the $12-15 trillion Treasury maturity wall cresting
across 2026-2028, the strategic blueprint written to solve it, the 1985 Plaza
Accord precedent that shows why this version will be so much harder to pull
off, China's steady retreat from Treasuries into nineteen straight months of
gold buying, economist Zoltan Pozsar's "Bretton Woods III" thesis, and the
specific reasons every one of these forces converges on the same year: 2028.

This is not a prediction of collapse on a specific date. It is a forcing
function already visible in public documents, Treasury data, and central
bank reserve statements — for anyone willing to read them.

Fan Tribute & Educational AI. Not affiliated with Ray Dalio or Bridgewater
Associates. Not financial advice.

Chapters:
0:00 Hook — The number nobody says out loud: 100 years
1:25 The Maturity Wall — $9.2T matured, $12-15T more by 2028
4:24 The Search for a Different Solution
5:02 The Blueprint — Stephen Miran's Mar-a-Lago Accord
7:52 Pattern Interrupt — Inside the Reserve Desk
10:01 The Precedent — Plaza Accord, 1985
12:29 The Skeptics — Why this plan might fail
14:24 The Response — China's Retreat and the Gold Streak
16:34 The Other Blueprint — Bretton Woods III
20:00 The Domestic Piece — A Cooperative Fed
21:48 Why 2028 — Connecting Every Line
24:58 The Reframe
27:00 The Human Stake — Harold, Eleanor, Thomas, Friedrich
29:11 Closing Question

Sources: U.S. Treasury (TIC System, auction/refunding data), Congressional
Budget Office, Federal Reserve historical records, IMF, World Gold Council
(Gold Demand Trends, Feb. 2026), Bank for International Settlements, Bruegel,
TD Economics, Harvard Kennedy School / Belfer Center.

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