People called it paranoia.

In my 2011 documentary The End of America, I predicted that central banks around the world would quietly reduce their Treasury holdings and buy gold. And that as the dollar’s reserve status began to erode, a great portion of the American middle class’s wealth would be wiped out without ever understanding what had happened to it.

I warned that ordinary people would face a bewildering reality: they would no longer be able to afford to buy a home, raise a family, or lead a normal American life – not even on two salaries.

In Q1 2026, a family earning the national median income of $106,800 needed 32% of its income to cover the mortgage on a median-priced home. The median home now costs roughly five times median household income. Since 2019, home prices have risen 53%, roughly twice the 24% increase to income.

Last week, the European Central Bank reported that at the end of 2025, gold accounted for 27% of the world’s official reserve assets, while U.S. Treasury securities accounted for only 22%. A year earlier, gold was 20% and Treasuries were 25%. The world’s central banks are quietly moving their savings out of America’s debt and into an asset no government can print.