Recorded on November 7, 2025. #Millettian
Natural Resource Stocks host Andy Millette sits down with Professor Steve Hanke of Johns Hopkins University to cut through the “de-dollarization” hype and explain how formal dollarization and orthodox currency boards can stabilize emerging markets. Hanke lays out Argentina’s path to stop capital flight, anchor expectations, and ignite growth by replacing the peso or installing a currency board backed 100 percent by reserves. He also dives into the stablecoin connection, the U.S. strategic angle in Latin America, and why he still targets a secular gold peak around $6 000 an ounce.
Key Topics
- Dollarization vs currency boards — how each works and why it matters
- Argentina’s peso as the Achilles’ heel of its reform agenda
- Capital-flight math and the “doom loop” explained
- FX shares since 2022 — USD up to 89.2%, Euro down, RMB slightly higher
- Stablecoins and U.S. Treasury-demand link
- Gold market positioning — calls vs puts at the 4000 strike
Timestamps
00:00 Dollarization would be a huge boost to the economy
00:27 FX data — USD 88.4 → 89.2; Euro drops to 28.9
01:27 Gold options skew — calls 2:1 puts (4000 strike)
02:14 Andy Millette intro + guest bio (Johns Hopkins / Reagan Council)
03:31 Trump team and Financial Times background
05:39 Currency board mechanics + case studies (Estonia, Bulgaria)
07:55 Countering the de-dollarization narrative
09:49 Argentina as prime candidate — capital-flight doom loop
14:29 Exchange-rate setup — Bulgaria example 1997
17:24 Hanke on Milei’s promise and orthodox dollarization
19:20 Feasibility — gross reserves vs net reserves
20:14 U.S. benefits of promoting dollarization
22:21 Latin America already unofficially dollarized
25:03 Fiscal discipline under dollarization
26:26 Argentina and regional ripple effects
27:31 IMF pushback vs currency board success stories
30:06 Stablecoins and U.S. Treasuries demand
31:11 Commodities and gold market impact
32:13 Gold secular target $6 000 — market still intact
35:05 Historical context — Bretton Woods & Euro comparisons
37:47 Final FX data recap and closing remarks
38:53 Hanke plugs book Making Money Work (Wiley, May 2025)
Guest Links
🐦 X – https://x.com/steve_hanke?lang=en
🎓 Johns Hopkins Faculty Bio – https://engineering.jhu.edu/faculty/steven-hanke/
Host & Channel
Andy Millette | Natural Resource Stocks
🌐 https://www.NaturalResourceStocks.net
🎥 https://www.youtube.com/@NaturalResourceStocks
🎬 https://www.youtube.com/@NaturalResoureStocksClips
🐦 https://x.com/theandymillette
🔗 https://www.linkedin.com/in/andymillette/
Full Financial Disclaimer
The content provided by Galt Consulting Group, doing business as NaturalResourceStocks.net, including but not limited to interviews, articles, podcasts, and other digital media, is for informational purposes only. We reserve the right to buy and sell shares of any company mentioned in these communications, including sponsors of the NaturalResourceStocks.net platform.
If Galt Consulting Group or any affiliated parties are invested in a company mentioned in our content, we will publicly disclose such investments on all digital platforms, including but not limited to the Natural Resource Stocks YouTube channel, Apple Podcasts, and Spotify. This disclosure will include clear statements indicating whether or not we hold shares in the companies discussed.
Nothing in our content constitutes financial advice. Every investor is responsible for conducting their own due diligence and should seek the advice of a qualified financial professional before making any investment decisions. Past performance is not indicative of future results, and investments in the stock market can result in the loss of principal.
By engaging with our content, you acknowledge that you are fully responsible for your investment decisions and agree to hold Galt Consulting Group, NaturalResourceStocks.net, and its affiliates harmless for any financial losses incurred.
