Foreign governments now hold more gold than U.S. Treasuries, a clear sign the financial order is turning against America.

When foreign governments choose gold over Treasuries, it means they no longer trust Washington to protect the value of their reserves. This is the clearest sign yet that the post–World War II financial order is cracking. If demand for U.S. debt keeps falling, interest rates will spike, deficits will explode, and the dollar’s role as the world’s reserve currency will be on borrowed time.