Bad news for the US dollar and Washington's financial power, as countries flee Treasuries and pile into gold while the Iran war drags on.

• Central banks are dumping US Treasuries, with Turkey selling most of its holdings to buy oil and China cutting back to move away from the dollar.
• Gold has officially passed US Treasuries as the world's top reserve asset, even as the European Central Bank publicly favors gold over US debt.
• The dollar has lost over 12% of its value in four years despite high rates and a war that should have boosted demand for it.
• Treasury Secretary Bessent bragged about seizing over $1 billion in Iran's crypto, pushing Iran and others faster toward China's payment system.
• US debt now tops the size of the whole economy, with interest payments alone running over $1 trillion a year and climbing.

Outlook: Expect more central banks to keep swapping Treasuries for gold as the war and mixed US messaging push countries away from the dollar.