Every dollar you own is being replaced
Something strange is happening to your money.
It wasn't voted on. It wasn't debated in the Senate. And most Americans have no idea it's even taking place but…
Not with crypto. Not with a digital currency. Something far bigger than that – and it's already been signed and sealed in the back rooms of D.C., ready to be issued by the U.S. Treasury.
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Detailing three important steps you can take today to prepare – including the name of a core band of assets connected to Trump’s initiative that could surge as a result.
As you’ll see in my briefing, the last time America reset its money like this – under Richard Nixon’s presidency in the 1970s – it created one of the greatest wealth divides in the history of our nation.
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As Trump rolls out his new dollar, the question is:
Good investing,
Porter Stansberry
PS. If you’re wondering what Trump’s new money will look like, when it will be issued, what it means for your investments – all of those questions are answered in my briefing.
Wednesday, July 29, 2026
A New Gatekeeper on Global Oil
Three permanent systems went up while the fee was waived.
The Strait of Hormuz carries roughly one-fifth of the world's oil. Every day, tankers pass through a narrow channel between Iran and Oman. Earlier this year, Iran began charging ships to pass through. The U.S. responded with a naval blockade. In June, both sides signed a deal in Versailles to end the standoff. Part of the terms: Iran would let ships pass free for 60 days.
That window closes August 17. The fee waiver got the headlines. But the machine Iran is building did not stop. Three layers of permanent toll infrastructure went up during the pause. Iran is pouring the foundation.
The Big Idea
Iran is building the toll in three parts while diplomacy runs on a timer. A new government agency processes every vessel. A parliamentary bill moves toward a full vote. A joint working group with Oman drafts a fee schedule. The 60-day window looks like a pause. The structural evidence says otherwise. Iran is using the time to finish the machine.
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The Gatekeeper
The first layer is a bureaucracy. On May 5, Iran created the Persian Gulf Strait Authority. The PGSA has many jobs. It approves or denies every ship entering the strait.
On May 27, the U.S. Treasury sanctioned the PGSA. It tied the agency to Iran's Islamic Revolutionary Guard Corps. The sanctions changed nothing on the water. The PGSA still processes every transit. Even during the "free" window, no ship passes without its stamp.
Before the June deal, the IRGC ran the toll directly. Traffic collapsed. Lloyd's List Intelligence, a maritime shipping data firm, tracked the damage. In a 23-day window in March 2025, 2,652 ships passed through. In the same window in 2026, only 142 made the trip. A 94.6% collapse.
The IRGC charged $1 million to $2 million per vessel. Payments came in yuan and cryptocurrency. Ships tied to the U.S. or Israel were barred entirely. The fee is paused now. The gatekeeper is not.
Observation: The PGSA processes every vessel transit during the waiver, despite U.S. sanctions.
Interpretation: Iran built the institutional layer first. The permit system gives it a permanent chokepoint whether or not a fee applies.
The Law
The second layer is a statute. Iran's National Security and Foreign Policy Committee approved the "Strait of Hormuz Management Plan" on March 31. The bill now advances to a full parliamentary vote. Then it needs the Guardian Council, Iran's constitutional oversight body, and a presidential signature.
The goal is plain. Parliament wants to write toll authority into permanent law. The IRGC ran the toll as a military operation. The statute would make it a legal right. One that survives any future deal.
Iran's parliament speaker, Mohammad Bagher Ghalibaf, said it on state television. "The Strait of Hormuz would never return to its previous conditions."
Observation: The toll bill cleared committee March 31 and keeps advancing. No pause during the diplomatic window.
Interpretation: Iran is legislating the toll into law. The June deal runs on a 60-day clock. The legislation does not.
The Partner
The third layer is a bilateral framework. On June 23, Iran and Oman announced a joint working group to manage the strait. They held their first meeting shortly after.
Oman controls the southern shore of Hormuz. Every ship passes through Iranian and Omani waters. A deal between both coastline states changes the framing. A unilateral Iranian toll becomes shared governance.
The two sides are working toward a fee structure. Oxford Economics, a global economic forecasting firm, ran the numbers. A $1-per-barrel fee on non-Iranian oil could raise $6.8 billion a year. That is the prize on the table.
Iran's foreign ministry frames the fee carefully. It calls these charges for "navigational services," not tolls. Under international law, tolls on a natural strait are illegal. Service fees for documented services are not.
Observation: Iran and Oman formed a joint working group on June 23. Fee structures are on the agenda.
Interpretation: A bilateral framework with the other coastline state reframes the toll. It looks like shared governance, not unilateral force.
The Opposing Force
Secretary of State Marco Rubio was direct. "No country is allowed to charge tolls or fees on an international waterway," he said.
Then on July 13, President Trump proposed a 20% fee on all Hormuz cargo. He said America would become "The Guardian of the Hormuz Strait." Bloomberg reported he dropped the plan the next day. Gulf allies pushed back. They had investment commitments on the table. The fee vanished. Promises of Gulf deals took its place.
The reversal shows the constraint. U.S. policy on Hormuz depends on Gulf cooperation. When Gulf states signaled the fee threatened their deals, the policy reversed in 24 hours. On the other side of that reversal, Iran's apparatus kept building. The PGSA processed ships. Parliament advanced the bill. Oman held meetings. One side needs allies to hold its position. The other does not.
Observation: The U.S. proposed its own 20% Hormuz fee and reversed it the next day after Gulf pushback.
Interpretation: U.S. policy on Hormuz requires Gulf cooperation to hold. Two of Iran's three toll layers require only Iranian institutions. One depends on partners. The other largely does not.
Quick Hits
The 60-day fee waiver expires August 17.
The PGSA was founded May 5, sanctioned May 27, and still runs as gatekeeper during the waiver.
Before the waiver, the IRGC charged $1 million to $2 million per vessel in yuan and crypto.
Strait traffic fell 94.6%. From 2,652 transits to 142 in the same 23-day window, one year apart.
Iran's parliamentary toll bill cleared committee March 31 and advances to a full vote.
Iran and Oman formed a joint working group on June 23. They have held their first meeting.
Oxford Economics estimates a $1-per-barrel fee could generate $6.8 billion a year.
What to Watch Before August 17
Three signals tell you whether this machine goes live.
First, the waiver itself. The fee-free window coincides with a U.S. Treasury sanctions authorization called General License X. It expires August 17. The deal allows an extension, but a breakdown could end it early. WilmerHale, a law firm tracking the sanctions, noted that "60 days may not be adequate." If the waiver lapses, the PGSA has the infrastructure to start charging the next morning.
Second, the parliamentary vote. The toll bill cleared committee. A full vote, Guardian Council review, and presidential signature remain. If Iran passes it before August 17, the fee becomes statute. Far harder to reverse.
Third, the Oman fee schedule. The joint working group is meeting. If it produces a fee structure before the waiver expires, the framing changes. Iran can claim a bilateral agreement, not a unilateral demand. That shifts the diplomatic weight of the toll entirely.
The evidence says Iran used the pause to keep wiring permanent infrastructure into place. Whether the waiver extends or lapses, the machine keeps building.
The Map So Far
Iran built three layers of toll infrastructure during the free window. An agency. A law. A partnership with Oman. The fee is paused. The machine is not. August 17 is when the free window closes on a system already built to run.
Until next time,
The Navigator
