The Munich Security Conference wrapped up today. Every year, 50+ heads of state and a thousand diplomats gather in a hotel in Bavaria to talk about whether the world is going to hold together. This year's official report is titled "Under Destruction." Not "Under Pressure." Not "Facing Challenges." Under Destruction.

The money quote from the report: "More than 80 years after construction began, the US-led post-1945 international order is now under destruction."

These aren't fringe commentators. This is the security establishment of the Western world publishing, in their own official document, that the system they built is coming apart.

I've been thinking about this since my kid asked me a question a few weeks ago. He wanted to know why prices keep going up if nobody's getting raises. He's 11. He doesn't know what Bretton Woods was. He doesn't know what Nixon did in 1971. But he can feel the result of it every time we go to the grocery store and the bill is higher than last month for less food.

The post-1945 order that the Munich report is eulogizing was built on the dollar as the world's reserve currency. That arrangement let the US export inflation to every other country on earth for decades. It funded wars, entitlements, and bailouts by printing money that the rest of the world was forced to absorb. The system "worked" as long as everyone agreed to play along.

Now they're not playing along. And the people who designed the system are the ones saying it's broken.

Here's what I keep coming back to: every institution involved in building and maintaining that order — the IMF, the World Bank, NATO, the UN — is funded by fiat money creation. Their existence depends on the ability of governments to print. Bitcoin doesn't care about any of that. It doesn't need permission. It doesn't need a conference in Bavaria. It just keeps producing blocks every ten minutes regardless of who's in power or which alliance is crumbling.

My son doesn't understand geopolitics yet. But he understands that 21 million is a fixed number. He checks his Lightning wallet every morning. He's got about 1,200 sats. It's not much. But nobody at the Munich Security Conference can print more of it.

That's the point.