The Jay Martin Show

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

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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

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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

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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

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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/

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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.

Silver prices have surged, but the real story may be what happens next in the mining equities. In this conversation, Jay sits down with Shawn Khunkhun to break down the structural forces driving the precious metals market and why he believes 2026 could be the year mining stocks finally catch up to the metal price rally. They discuss tightening physical silver inventories, the shift from paper trading to real demand, and why producers generating record cash flow may soon drive a wave of acquisitions, exploration spending, and industry consolidation. Shawn also outlines Dolly Varden’s transformation from a $20M exploration company into a growing precious metals producer following its merger with Contango Ore, positioning the company to generate cash flow while advancing high-grade projects across Alaska and British Columbia. 

Dolly Varden Silver (TSX-V: DV | OTCQX: DOLLF)
https://dollyvardensilver.com/
Suite 3123 – 595 Burrard Street
PO Box 49139
Three Bentall Centre
Vancouver, BC V7X 1J1
T: 1-604-609-5137
info@dollyvardensilver.com

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0:00 — Precious Metals Equities Catch-Up Trade
0:25 — Gold & Silver Rally vs Mining Stocks
2:09 — Tight Physical Silver Supply
4:35 — The Price Where Silver Demand Breaks
8:21 — 2026 Outlook for Mining Equities
10:18 — The Opportunity in Developers
12:05 — A Decade of Underinvestment in Mining
14:37 — Dolly Varden’s Growth Strategy
16:50 — The Contango Merger Explained
19:05 — Production Growth Timeline
22:20 — De-Risking Through Drilling
23:52 — Growth Through Acquisitions
25:38 — A Critical Mistake Mining Companies Make
32:31 — Cash Flow as the Best Source of Capital
33:55 — Merger Vote & NYSE Listing

Copyright © 2025 Cambridge House International Inc. All rights reserved.

What do the 2020 lockdowns, the Ukraine war, Iran, and even the Epstein files have in common? In this conversation, Tuomas Malinen lays out a provocative thesis: that today’s geopolitical flashpoints may not be isolated crises, but interconnected events driven by deeper power structures operating behind the scenes.

Check out more from Tuomas:
https://x.com/mtmalinen
https://mtmalinen.substack.com/
https://gnseconomics.substack.com/

Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH8

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Be part of our online investment community:
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00:00 – The “New World Order” & What Munich and Davos Signal
01:52 – Who Is Really Deciding the Ukraine War?
03:54 – Europe Rearming: A Return to Pre-War Dynamics?
09:17 – Breaking the Eurasian Alliance: The Ukraine Strategy
14:22 – Monroe Doctrine 2.0? U.S. Moves in the Americas
19:57 – What’s Really Happening Inside Iran
21:27 – Venezuela, Dollar Liquidity & Iranian Unrest
23:03 – Allegations of Foreign Intelligence Operations in Iran
29:47 – Is the U.S. Preparing for a Larger Conflict?
33:45 – Iran’s Military Capabilities & Escalation Risks
45:39 – The “Samson Option” & Nuclear Deterrence
48:28 – Why Risk a War That Can’t Be Won Conventionally?
49:49 – The Epstein Files & Political Leverage
54:16 – Media Narratives vs. Sentiment on the Ground in Iran
59:18 – Will Another Crisis Bury Accountability?
01:03:06 – Lockdowns, Ukraine & The Pattern of Crisis
01:10:26 – What Citizens Can Actually Do

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