The dollar endgame with Peruvian Bull

Roberto Rios, known online as Peruvian Bull, is a macro researcher and writer. He’s best known for his Dollar Endgame series, where he explores global debt dynamics, reserve currency shifts, and the future of money. In this episode, Roberto joins The Bitcoin Frontier to share his insights on inflation mechanics, the breakdown of the yen carry trade, and how bitcoin fits into the global monetary reset. We dig into debt spirals, Triffin’s dilemma, and why liquidity is the ultimate driver of financial markets.

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TIMESTAMPS:
0:00 – QE, fiscal deficits, and the true drivers of inflation
2:00 – Roberto’s background, macro research journey, and the Dollar Endgame series
4:30 – How to build a worldview: deep research vs. surface-level narratives
7:00 – Separating truth from propaganda in economics education
11:00 – QE in 2010 vs. QE in 2020: why only one caused inflation
16:00 – The 2022 rate hikes, banking crises, and how liquidity breaks
20:00 – Reverse repo, TGA, and creative liquidity injections that “kick the can”
25:00 – Why global liquidity is the best barometer for bitcoin’s price
31:00 – Triffin’s dilemma and the birth of the modern dollar system
37:00 – Foreigners owning US assets and the hidden risks for Americans
43:00 – The simulacrum of markets: why asset prices detach from reality
46:00 – The US debt spiral and declining foreign demand for Treasuries
52:00 – Short-term bills, long-term debt risks, and the path toward emerging market dynamics
57:00 – Breakdown of the yen carry trade and why it matters globally
1:03:00 – Japan as the testing ground for future Federal Reserve policies
1:06:00 – How bitcoin solves Triffin’s dilemma and reshapes the global order
1:09:00 – Where to follow Roberto and find his Dollar Endgame research

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