Stephen Miran: The Architect in the Room (Part 3)
(Part 3 of a multi-article series on how America will do whatever it takes to protect the dollar - and why you need to understand what that means.)
Ray Dalio warned us that the old order is breaking down (Part 1). Scott Bessent is moving the chess pieces to defend the dollar (Part 2). Now we turn to the man who may hold the master plans in his hands: Stephen Miran: the economist whose blueprint could become the foundation of America’s dollar strategy.
Why Miran Matters Right Now
Stephen Miran is not your typical economist. He’s someone who has stood on both sides of the system, the trading floor and the policy table. With a PhD in economics from Harvard, he cut his teeth as a global-macro strategist and portfolio manager, studying capital flows, currencies, and debt markets. Then, during the pandemic, he stepped into the U.S. Treasury as a senior adviser, helping navigate one of the most chaotic economic chapters in modern history.
That mix matters. Markets and policy are usually two separate languages. Traders don’t understand Washington, and policymakers rarely grasp how capital really moves. Miran speaks both fluently, and right now, that skillset is invaluable.
The Blueprint: The “Mar-a-Lago Accord”
In late 2024, Miran published a white paper that laid out a plan now being referred to as the “Mar-a-Lago Accord.” The nickname is intentional, it’s a modern echo of the 1985 Plaza Accord, which reshaped global currency alignments for decades.
The core idea is bold:
Let the dollar weaken just enough to help rebuild American industry.
At the same time, double down on the dollar’s role as the world’s reserve currency so there’s no question about its dominance.
It’s a balancing act: lower the dollar’s weight on our factories while keeping it as the backbone of global trade and debt. Or, as Miran sees it, loosen the belt without giving up the crown.
The Plan in Plain English
Here’s how Miran envisions making it happen:
Start with tariffs. Use them not just as punishment but as leverage to bring trading partners to the table.
Negotiate deals. Allow partner currencies to rise against the dollar in exchange for tariff relief... and sweeter terms on the U.S. debt those countries already hold.
Backstop stability. Ensure the Fed stands behind the dollar so markets don’t panic as the transition unfolds.
Think of it like a three-part chess sequence: apply pressure, trade pieces, then lock the board into a new position.
In one sentence: use America’s economic weight to extend our debt obligations while rebuilding our industrial strength.
Flashback: The Plaza Accord
The last time something like this happened was the Plaza Accord of 1985. At the time, the dollar had surged on the back of high U.S. interest rates. American exporters were being squeezed out of global markets. So, the U.S., Japan, Germany, France, and the U.K. met at the Plaza Hotel in New York to hammer out a deal that would weaken the dollar against foreign currencies.
The results were dramatic. Over the next two years, the dollar fell by about 50% against the yen and the deutsche mark. American exporters got a second wind. Japan’s export boom accelerated. Europe’s balance shifted. That single agreement altered trade flows and shaped global politics for decades.
Miran’s white paper is a modern update to that playbook, except this time, tariffs and debt management are the negotiating tools, not just coordinated currency intervention.
Where We Stand Today
When Miran published his paper in November 2024, it was just an academic proposal. Then Trump won the election, and suddenly, the blueprint was on the table.
Scott Bessent took the reins as Treasury Secretary (Part 2).
Miran was appointed Chairman of the Council of Economic Advisers.
The only missing piece? The Federal Reserve.
Jerome Powell, still leading the Fed, has resisted. And without the Fed, the plan can’t get off the ground.
That changed this month, in August 2025 when a Fed Governor unexpectedly stepped down. Within days, Trump nominated Stephen Miran to fill the seat. If (and when) he’s confirmed, the architect of the plan will be seated inside the very institution that controls the dollar’s plumbing.
This is how real shifts happen: you align the people before you align the policies.
Why This Should Open Your Eyes
Most people think the Federal Reserve is just about setting interest rates... But, that’s too small of a view.
In reality, the Fed controls the entire flow of the dollar system:
Too much release of US Dollars? Flood (inflation and unaffordable prices).
Too little release of Dollars? Drought (credit crunch and recession).
The real question isn’t whether the Fed nudges rates up or down. That’s small-ball. The Federal Reserve is the financial branch of America’s economic war. They decide the battle plan for how the U.S. defends its currency - how much pain our rivals feel, and how much sacrifice our own citizens bear. At its core, the Fed decides who will pay the price of defending worldwide dollar dominance: foreign governments, Wall Street, or Main Street America.
That’s why Miran’s nomination is such a pivotal move. This isn’t another economist pitching theories from the sidelines. This is the architect stepping into the control room.
The Third Piece of the Puzzle
Dalio gave us the diagnosis (Part 1). Bessent is executing the defense (Part 2). Miran is providing the architecture (Part 3).
Together, these aren’t random headlines, they’re the construction of a coordinated strategy to ensure the U.S. dollar remains the backbone of the world system.
What’s Next in This Series
In Part 4, we’ll look at the first stage of the playbook: “Step One - Lower the Front End.”
Before anyone tries to manage long-term rates, the short-term plumbing of the dollar system has to be steady. That’s why Miran’s role at the Fed matters: because the Fed doesn’t just set interest rates, it controls the pipes through which the dollar flows.
—Mike Neubauer
Founding Partner, Grand Vision Family Office
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why I take the time to write these articles,
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*Because common sense isn't always 'common', here is the legal disclosure: This article is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Grand Vision Family Office LLC and its affiliated entities do not guarantee the accuracy or completeness of the information provided. All investments involve risk, including potential loss of principal. Readers should conduct their own research and consult with a professional advisor before making any financial decisions. I am not an attorney, CPA, or financial advisor.