The Unwinding of the Monetary System with Luke Gromen

[@ilvision]

Luke Gromen is one of my favorites lately. He doesn't fear monger, doesn't slap that icing on the cake. Instead he just spits out nothing but facts facts facts. knowing the past is important and Like is seeing the chain of events and putting all of the pieces together. Definitely bring him on more often.

[@rocking1313]

Both Luke and Michael are balanced and make an argument without resorting to hyperboles.

[@Aengrod]

Luke is mostly sharing what Another and FOA said over 20 years ago. The torch was then picked up by FOFOA.

[@chenoakacheta9957]

Wealth gap is NOT a survival of the fittest issue! That is classic blame the victim thinking. At the bottom of the wealth gap, a full time job should always, always, always support an individual to the point where food and shelter are affordable. Forty hours of a human's work effort should be commensurate to a living wage on a weekly basis. That is the basis of fairness. To turn the issue into who deserves wealth is to miss the point of the wealth gap problem.

[@davecorley5514]

@@Aengrod Luke’s radical addition is bitcoin.

[@Aengrod]

@@davecorley5514 yes, and it makes no sense.

[@ashthegreat1]

When the interviewer has the same financial chops as the guest, you set some of the best interviews. This is one of them. Great job.

[@leverageearnings8387]

YOU know the interview is gold when it takes you 3 hours to fully comprehend and take notes and the interview is only 1 hour. Thank You Blockworks.

[@DanteSpinotti1]

I'm a Gromen FFTT subscriber and this was one of his best casts for substance. Some podcasts don't understand that when you get a Luke Gromen, it's ok to just let this man talk. Keep up the amazing work!

[@normandolinic2044]

So what is his solution? Does he what the federal reserve go away, and get back to a free enterprise system, or still play games?

[@schlemmermaul5224]

@@normandolinic2044 imperfect, multi-dimensional problems don’t have straightforward solutions, lol. His thesis is to understand concepts like Triffin’s dilemma and to play defense with hard assets. Each person should research, perform risk assessment based on their unique circumstances and protect themselves. Listen to 29:00, no answers yet, get it?

[@angelsoul3359]

Love how Mr. Gromen substitutes the word “naive” for stupid, greedy and evil when referring to our government. Very diplomatic of him.

[@keithbrandson6293]

"Never attribute to malice that which is more easily explained to be ignorance." Although central banks can be equally guilty of both. The global anti-christ financial system will crash by both neglect and design, achieving the goal of economic depression and world-wide starvation.

[@stephenburnage7687]

I have been based in Central America for the last two years and watched carefully how the lower and middle class survived the economic carnage of the COVID response. The surprising answer is that many actually didn't suffer as much as one would have expected. Why? Because most are/were debt free. If you temporarily had no income, the extended familiy supported you until such time as you could pick yourself up again. It is the high debt levels (or the equivalent rent) that has inflicted so much worry and uncertainty on the peoples of Europe and North America over the last year.

[@JamesBrown-ug2tm]

Most are taught debt is good. Debt that creates wealth is good. A lot would tell you buying a car every 5 years is smart.

[@jsmdify]

Luke Gromen is the sharpest macro mind out there. His news letter is tremendous. To the host, I enjoyed your interview of Grant Williams as well. Great show. Please more fascinating interviews from great minds like Luke on how the system will unwind.

[@newestcentipede5148]

Unfortunately he is completely wrong about BTC. BTC on its own is limited in supply, but the whole universe of cryptocurrencies is unlimited in the same way as the universe of fiat currencies. You have to ask yourself, in what sense is BTC superior to all other either already existing cryptos or those possibly zillions to be yet created and technologically even better. How can BTC survive that kind of competition? Will we spend almost all of our available energy to support that kind of waste of energy? To me all that virtual money BS is just another "religious" financial nonsense. If even big insurances are so foolish to invest in that kind of risky asset it is really scary. The only cryptos that can survive will be those supported by governments as their currencies. All others can not survive that limitless competition in crypto space.

[@samuelcorp637]

@@newestcentipede5148, truth be told, I have some investments in crypto, which I would like to see increase, and even though I think the banking system from the central ‘banks’ on down are cultist thieves, I am not sure what is the best path from a national security standpoint. That being said, as far as tons of competition not allowing any cryptos to be dominant, when I say cola, what comes to mind? Why?

[@newestcentipede5148]

@@samuelcorp637 Why cola? Cola is real unlike cryptos. There is and can not be limitless supply of colas. Incomparable.

[@treyquattro]

@@newestcentipede5148 right on. Taleb and Gates basically have the same view; Taleb calls it a Ponzi scheme. KZbin is absolutely infested of late with crypto pump & dumpers - it's the biggest scam going, based on the hope that it somehow displaces national central banking. Those people live in cloud cuckoo land. That doesn't stop the pumpers driving it to the moon before they hit their predefined limit and dumping it. Cryptos are the future, which everyone knows, and which is one of the reasons that's driving BTC appreciation, but it's the fintech version of Web 1.0 and will be replaced by cryptoCURRENCIES with utility (recall that Bitcoin was conceived as a currency, but has been turned into a "commodity" with no utility other than it can be sold at a greater price to the next fool)

[@taylor_o]

@@newestcentipede5148 i barely know anything about crypto but you basically laid out my concerns after reading the original bitcoin paper

[@nachopieman]

Slowly becoming my favorite podcast.

[@michaelippolito8705]

Glad you like it Sam

[@marcuscolon2131]

Same

[@davidminchin9657]

Agree, awesome content

[@jamesmorton7881]

C Michael Hudson - How Taxes Were Shifted to American Homeowners kzbin.info/www/bejne/bqPLc5eNpM9_m5I 
 Michael Hudson - Income Taxes kzbin.info/www/bejne/r4CkpKx6gpKln80 
 Remember why the mighty Roman Empire crashed ? ( the bankers pushed the entire country into debt and then forcleosed and hired lots and lots of slaves) We are doing the very same thing. Ooh history repeating. ( well no need to teach MARX thoughts, cause he is a commie, LOL) The financhial sector ( neolibeberal 1% ) funds the DNC & RNC who select Two really good candidates for president. Who can enact LAWS. ( like what could possibly go wrong, he is a billion air. ) = = = = = = = = = === = = = = = = = = = = = = = = = = = = = = = = BANKING was unchained by Ronald Ray Gun_Zap 1970. The great tax break for the rich and trickle down economics (verified hard failure) continues But wait their is more. . . . Thanks to the neoliberal 1%, you know the PIC (PEOPLE IN CHARGE) scary isn't it ? Keep pulling the nose up, and the 747 will fall out of the sky same as a Cessna 150. (personal debt and national debt)

[@designomatic]

Luke is the economist last year that convinced me last April that the market would continue to roar back, despite the massive hit to the real economy. I owe him a beer and a steak.

[@emmaevans7011]

Mannarino also has accurately predicted trends.

[@stephenburnage7687]

Luke is on fire in this interview. One of his very best.

[@averymoses9744]

I know Im asking the wrong place but does someone know a way to get back into an Instagram account..? I was dumb forgot the password. I appreciate any assistance you can give me

[@sethandy1698]

@Avery Moses instablaster ;)

[@averymoses9744]

@Seth Andy i really appreciate your reply. I got to the site on google and I'm waiting for the hacking stuff now. Takes a while so I will reply here later with my results.

[@averymoses9744]

@Seth Andy it did the trick and I now got access to my account again. Im so happy:D Thank you so much, you saved my ass :D

[@sethandy1698]

@Avery Moses Happy to help xD

[@postscript5549]

Mr. Gromen is doing a magnificent job of walking us through information that most of us know much of while making the historical and geopolitical motivations that help us truly see the whole story. I am truly impressed with his articulation of the big picture - and I am only half way through his presentation.

[@b.williams9473]

I agree.

[@TheBitcoinRevolution]

Luke Gromen is the first person to demonstrate with passion, such insight of the role of society in creating a strong economy. To become a healthy and wealthy country, the citizens needs must first be met. Gromen will always have a competitive advantage due to his insight.

[@rustyshackleford2719]

Luke Gromen is fantastic. I don't think anyone else understands the big picture quite like him.

[@normandolinic2044]

So what is his answer for our debt problem? Make the federal reserve go away , and we get back on the gold system, free market?

[@paulrath7764]

FINALLY - a macro analyst makes a connection to culture and man's search for meaning. Nearly all just talk numbers and economic narrative while avoiding the elephant in the room. I don't believe "the internet" is going to bring meaning or create community, but at least someone is addressing it.

[@amysays3980]

Thank you, Luke Gromen, for calling it like it is and holding up the mirror to the US. Not many people can look beyond the rhetoric and demonization of the "opponents" and admit to the responsibility of their own downfall. Own up and fix it right and that's not by bad mouthing and finger pointing.

[@plo8monster113]

Fiat: Full faith and confidence in the USA government to conduct business and pay its debts Crypto: Full faith and confidence in the USA government to be incompetent.

[@msmith155]

Still an awesome interview 3 years on. Luke is the GOAT!

[@GreenBoiler]

Damn. This was a great one! Luke Gromen is one of the sharpest minds in macro

[@jacobsteenhuysen7526]

"Taking a man's livelihood is akin to killing him." - Dave Chappelle

[@Jensth]

Luke Gromen really "gets it", and he's also very well spoken. Overdosing on red pill here. Awesome!

[@contemplating1015]

Absolutely superb, the depth of facts/history delivered calmly with wisdom was extremely refreshing 👌👏👏👏

[@GT3Hank]

Michael: Wishing you and Blockworks continued success. Y'all are providing tremendous value but, I really wanted to say is how much I've been enjoying the intellectual, well reasoned and researched thought provoking interviews you've been producing. Such an enjoyable spend of time, and, more importantly, the information you are exploring often changes what I think and impacts my actions for the positive. THANK YOU!

[@nancymbe9480]

I invested in both stock and crypto but currently I believe crypto is doing more better

[@anthonyhoward9498]

Bitcoin is the future, investing in it now will be the wisest thing to do especially with the current rise.

[@bethpaige7690]

For real bitcoin is very profitable.

[@mcallister1362]

please how does this whole crypto works, I'm interested in it and I'm willing and ready to invest in it but I'm gonna need an assistant from any trusted and productive professional.

[@vivienneashcroftsignals3603]

I will recommend Jefferey Bullock services for you, His skills are working for me at the moment and I'm making good profit from his skills.

[@austinmiller6587]

Trading crypto has really become a lucrative way of making money

[@oscarhanner1820]

Another great interview. Thank you Michael - you seem like a very charming, clever and descent young man!

[@keithbrandson6293]

Destined for a descent into the dark recesses of economics.

[@donniedarko7114]

@@keithbrandson6293 🤣

[@User0resU-1]

He's a decent guy to boot.

[@bitsnbots7541]

Has become my favorite channel - simply invaluable

[@mikerinaldi7170]

Wow!! This conversation is classic. Beautiful. Thanks

[@SCOTT-ki3ve]

I remember thinking from 2005 on, why are the Chinese buying our treasuries? Now i get it. Thank you

[@sarahcollins190]

Groman is perhaps one of the best economist I have seen yet and the good ones understand that energy is not just a commodity. But he is still off in his analysis regarding energy. He seems to believe that the energy used to make things like gold and Bitcoin can be stored which is not quite right. He needs to revisit the laws of thermodynamics, particularly the second in which energy degrades into less dense (useable) forms every time it is transformed. Basically it means that everytime you want to do work (change something from its current state) you need energy to do that, but the energy you use is then lost as useless heat, never to be recovered. So you need more energy to make the next change. (Which means you have to collect more energy) but gold, Bitcoin, any form of currency currently in use doesn't degrade. Then end result is that you can peg gold, Bitcoin or anything else you want against energy (oil, solar, wind, food etc are all sources energy we use on the planet) but unless it degrades like energy does and matches the available usable energy on the planet then you will always have imbalances that result in speculation and attempts to accumulate money in order to monopolize and control how energy is used within the economy. Leading to inequality yet again. What you need is a form of money that is generated as energy is collected on the planet and degrades by a given percentage every time it is used just as energy does. Most people will not like this because it means no one will ever be able to accumulate millions of dollars, but it also means no more boom bust economic cycles and will actually mean the economy can effectively distribute good and services within the population and people will have a purpose. Whatever currency we used should degrade like energy and be pegged against the unit for energy the Joule and the supply should be determined by availability of energy ( joules) on the planet.

[@dr.e.r.blomgren]

Just discovered thus channel and listened to a few interviews. Quality interviewer lets his guests shine in their expertise - much appreciated! Subbed.

[@michaelc7302]

Yeah never get tired of listening to Luke. Always something new.

[@bretgreen5314]

Mr. Gromen makes the point that the US government has in effect exchanged gold with treasury-backed dollars. Very profound; very, very interesting. I'll be pondering that for a while. . .

[@patrickwal55]

Great interview! Especially re: China and US dollar. (Bitcoin convo - not so much. A bit shallow, no discussion of risk that government regulation is a huge potential downside.). Still, overall, fascinating. Thanks!

[@tomcoughlan2532]

Excellent interview. Luke is a exceptional human being.

[@cainejackson8003]

Wow pretty impressed with Lukes historical knowledge & Gold, Oil & Btc rationale as a switch from USD.

[@alrightjudgeme]

thanks so much for the content! wishing there were timestamps

[@pamliles5425]

Great interview! I loved the historical info. I often forget how much I understood back then. Thank you. Such a relief to hear intelligent questions.

[@philmebeer5660]

Thank you for this interview. Fantastic view points shared. America needs to have Luke as its president!

[@levigashuri926]

The BEST interview I had since awhile great question,

[@joeboucher6911]

Thank you Luke for laying it on the line

[@JML-TruthBelongsToEverybody]

I just ping ponged into this following a btc defi thread and i’m impressed, i’ll be subscribing. Gromen is a macro force 🤌

[@lapuntadelfin]

Grant Williams and then Luke Gromen. Not a bad start.

[@thomasf.9869]

At 46:46 he talks about "Upward lubricant". In order to have upward lubricant there needs to be a degree of downward lubricant. Inheritance tax to level the playing field?

[@BlockchainBreakthru]

One of the better convos with luke...nice job

[@matthewshafer3970]

Luke started me on my journey a few years ago. Absolutely genuine, salt of the earth type person. Only time I've seen him get a little excited is when he debates Hugh Hendry. Thanks for having him on, great questions. Your channel is rocking.

[@Jensth]

Well... Hugh Hendry is a piece of work. I dont think i could stand talking to him for more than 10 minutes.

[@danielgerschermann]

love it bro.. amazing job!! keep it going!! Thanks for helping to educate people. Appreciate you!!

[@jonnynelson7930]

What is this podcast and why doesn’t it have 1M subscribers!?!

[@antpoo]

The same reason it only has 396 likes

[@CosmicSeeker69]

Bc, in my view - this whole situation is Karmic. Those who will do good with their wealth get the info - those who won't - don't.

[@TheBitcoinRevolution]

Brilliant discussion and great interviewing skills, MP.

[@treyquattro]

this guy is great. Nice to see a cold rationalist in this space

[@Kevin-jd1rm]

Excellent Interview

[@MilanMoore]

Thank you! Brilliant and concise.

[@michaelippolito8705]

Thanks for listening, glad you enjoyed

[@ThierryDavin]

Great interview, high quality podcast

[@mariarivero9567]

Luke Groman is amazing really intelligent and has a bird's eye view of what's coming.

[@jamesgilmore2389]

Great conversation.. very valuable. Thank you.

[@francishuddy9462]

Luke Gromen is fantastic 👍 Just discovered the genius, on KZbin 👍 Luke Gromen is the best there is on the evil "dollar system" 👍 (I write from Exeter, England, UK) 👍🇬🇧🇺🇸🏴󠁧󠁢󠁥󠁮󠁧󠁿🏏

[@SP-cx2qi]

Fantastic interview!

[@tomtom9184]

If you put gold in a vault, it's in a building which uses energy. Transporting it uses energy. Keeping track of it with computers uses energy. Keep it real. I think we'll find BTC and other bank building elimination technologies are much more efficient than the current high rise banking system.

[@noahlockwood9766]

Great job guys! Great historical reference with a moral and ethical compass.

[@robertmcmanus8465]

You're a really good interviewer man. It's nice to see other young guys creating macro focused content. I started my own channel to wake people up to this stuff man it's not good.

[@ccortez001]

Such an amazing conversation, thank you both

[@every1readthis]

Just got around to watching this video. Here’s my question. Only the Treasury can print money and Joe Biden’s stimulus certainly achieved that. But the fed with QE and their printing presses never circulate real money into the real economy. So there’s no inflation from the fed’s side. So can you explain this?

[@realestate-s2z]

Volume is very low

[@sivi9741]

Luke , always on point ! Great interview .

[@AllenTweed]

Pretty much agree except Bitcoin is pure speculation. No base value. Also the ultimate backstop is the little guy, fedcoin, UBI, negative interest rates through the new 20022 system. Connect the dots.

[@jamesbarr2357]

Great interview.

[@normandolinic2044]

What is his solution, sounds like he doesn’t have any. Free market, gold system? Or what?

[@modelmark]

The Afghanistan occupation served to put mo ey of American tax payers in the pockets of military industrial companies. And world tax payers through reserve currency system. It worked as planned

[@tbbarabara]

If you want to update this program today may be a good time. I've been traveling the last two years worldwide and the Russians and Chinese average citizen seem to be doing just fine. They certainly haven't been in short supply on the beaches of Asia. Asia is where I've been traveling. Our Western arrogen.ce seems to be a bit crazy Westerns traveling through Russia seem to think it is finer there...not exciting but just fine.

[@Standskeleton]

On this note at the last how and what we all everyone need is such "our need" for a part 2 for these men to break open to our learning the fork from the DNS internet and all of its endless pitfalls and not to mention its demand for all our contact info, to the blockchain (ei. IPFS) with much greater uncensorable and near totally privacy.

[@jamesreed7671]

Why not UK Sterling or the Swiss Franc?

[@PE-ox7hv]

Well done guys.

[@punlap]

Towards the 1 hr mark, Luke says the answer is to peg oil to gold. I guess I don't understand why that would work, who can explain?

[@zero-point3930]

Excellent discussion. Thank you gentlemen.

[@harrybath]

Your a great interviewer and a smart guy!

[@lengould9262]

All the discussion of "what is an economy?" I've gotten interested in ancient history recently. Very informative to follow the rise of agriculture in the fertile crescent from eg 4000BC to 500BC. The economy simply developed to make work specialization more efficient (eg better than barter).

[@visceralgrima4378]

Great interview! You didn't ask me to smash the like button and you had add a lot of content yourself.

[@anni2768]

Great guest!

[@rocking1313]

Great interview Luke and Michael. Would the next signature move of the Fed (and other OECD central banks) be to issue 50 and 100 year bonds in tranches of $1 Trillion? That would allow kicking the can down the road for another decade, no?

[@richardhubbard2151]

Great interview!

[@michaelippolito8705]

Thank you sir, glad you enjoyed

[@Avicena-tf5uj]

excellent interview. Thanks guys

[@yeomantrader9505]

We were doing fine with the discussion of what policies were there to help people who aren't Tom Brady. Then he said, let the market figure it out. But they didn't let the market figure it out, the gov't provided trillions of dollars in loans to send everyone to college whether they could cut it like Tom in the NFL or not. Then they did the same thing by not letting the banks fail after pushing them to allow people who couldn't afford homes to buy more than one.

[@andrewgraeme8429]

Great discussion!

[@michaelippolito8705]

Appreciate the kind words Andrew, thanks for tuning in

[@andrewgraeme8429]

@@michaelippolito8705 In your discussion about Bitcoin, the one topic not covered is legislation and the rise of 'official' digital currencies. China and Turkey have banned Bitcoin and the UK is launching its own official digital and may use that as an excuse to legislate against competing cryptos.

[@albertemel3063]

Nice video!! Very engaging from beginning to end. Nevertheless, businesses and investment are the easiest way to make money irrespective of which party makes it to the oval office.

[@stevebenson8344]

The 2020 Real estate investment is good but i rather invest my money in crypto

[@albertemel3063]

The stock market has kept many on suspense from My prospective, I think investing in cryptocurrency will be a wise choice.

[@stevebenson8344]

Investing in cryptocurrency is one of the best chance of making money 💸

[@stevebenson8344]

Stocks are good crypto is better

[@albertemel3063]

That won't bother you if you trade with a professional like Mr Carlos chago

[@dke186]

An excellent intelligent discussion. Thanks.

[@chalkytaint2283]

Thank you for this great interview.

[@costaselgreco]

superb discussion

[@postscript5549]

Luke's voice sounds different than it usually does. I don't know if it is Luke or the audio. I hope he is well. Oh! Towards the end of this I learned Luke was Ill. Please feel better!

[@shanewatkins1350]

Sustenance + Meaning = Hope = Possibility = Sustains the meaning to be.

[@cyphermunk889]

awesome 👌 content 👏 thanks!! 😊 👍

[@davidfield4432]

Really enjoyed that.. Thankyou. 👍 Luke... can I politely suggest to invest in a decent set of headphones or EarPods. The feedback from you mic was.... unfortunate.

[@edsnow5753]

Time well spent 👍

[@tcveatch]

Tying oil to gold decentralizes energy price policy, as the solution to global monetary policy, leads to tying BTC to the reserve energy asset? How? Who ever tied or proposed tying BTC to OIL? Please explain HOW such a link could be made, and IF such a link were made THEN HOW does that give government policy makers more power to control their economy toward their local goals. Totally went over my head.

[@nastasiaj]

Luke Gromen for president.

[@AChrisThompson]

Amazing! Good for you keep it up.

[@georgekreizler4013]

Bitcoin costs a fortune in energy to mine and transact, the transaction fees like Etherium are rediculously expensive and transaction times are way too long. Bitcoin mining being controlled by China could be subjuct to a 51% attack, also proof of work and for that matter proof of stake has problems. Ripple's XRP on the otherhand is pre-mined and can settle in as little as 3 seconds per transaction at fractions of a cent irrespective of the amount to be settled and it has no scaling issues and will be able to make smart contracts via its Codius platform through the Flare network when that goes live June/July this year. XRP; as a bridging currency; will be used by the banks for cross border payments and for the banks CBDC'S via a private platform designed especially, at the request of the banking world. It also serve the derivatives market, real estate, insurance, art etc. in othet words "All the Money" to quote several Ripple executives. They are also in the online gaming industry through Forte and are enabling the world's unbanked to now participate in online banking for the first time. XRP was designed to be a $10,000 coin/token and to serve the new financial system into the next century.

[@Nick-yn2uz]

One important correction: Tom won 7 Super Bowls.

[@SCOTT-ki3ve]

Golds ongoing cost is the security cost to protect it

[@Standskeleton]

Both, so really amazing.

[@drd3816]

Love Luke G but hate his new headphones haha,I gave up on them. I think i have the same brand, anyways they will not make noise if the mic portion is pinned to his collar.

[@BelenBarrientos-gj2lx]

Thank you sir were in Region 1 Phils

[@emmaevans7011]

Anybody who is able to save enough capital to invest has made out well overall. The type of investment is not that important. Realestate, stocks, bitcoin, pm, all create or preserve wealth. It is the low wage workers loaded down with debt and paying high rents, who live paycheck to paycheck, who get the short end and become increasingly impoverished. This trend starts with family circumstances and education.But the divide is becoming more and more pronounced.

[@Trupak786]

Very good interview