In Part 1, Martin explains how international capital flows drive markets in ways that traditional Keynesian economics completely ignores. From World War I and II making America the financial capital of the world, to the collapse of Bretton Woods, the birth of floating exchange rates, and the fatal design flaw in the Euro — Armstrong pulls from nearly 50 years of hands-on experience advising governments, central banks, and hedge funds globally.

Martin also shares remarkable firsthand stories: his conversation with Milton Friedman, the Franklin National Bank collapse, the Swiss franc peg disaster, the Orange County blowup, and why China's dollar-denominated debt could trigger the next crisis — all fitting the same pattern he's watched repeat for half a century.