The Future of the Dollar and U.S. Hegemony (w/ Luke Gromen and Ed Harrison)

Рет қаралды 26,773

Күн бұрын

In a world of dissenting views, contradictory ideas, and endless tergiversation both at the policy and market structure level, analysis takes on a life of its own. Increasingly, its rigor and intellectual depth must expand beyond traditional theories and thinking. In part, this is due to the unprecedented nature of the world we find ourselves in today, but more so, it is result of a looming tectonic shift in the macro, political and economic edifice that has been in place since World War II. That is, Bretton Woods and the subsequent decoupling from gold in the early 70s. Will this system survive? And, if not, what is to replace it? To this end, we’ve invited the Luke Gromen, founder and president of Forest for the Trees to join us on this segment of Real Vision Live. He’ll be sitting down with Ed Harrison for a journey into the U.S. dollar and the hegemonic role it has induced for the United States. Beyond this, they will try to uncover what the future holds for the currency and it’s global reserve status.
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The Future of the Dollar and U.S. Hegemony (w/ Luke Gromen and Ed Harrison)
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Пікірлер: 115

@josorio211 3 жыл бұрын

Phenomenal interview.. its truly amazing that we have access to this level of info and expertise available publicly.. Thanks for the content 🙏

@ioannislazaridis4887 3 жыл бұрын

Hi . I completely agree ! High skilled professionals provide their knowledge for free on 24 hours basis through social media. When I compare it with early 80s today's access to information looks like a MIRACLE.

@consciouscrypto3090 3 жыл бұрын

That was one of the best interviews in a long time. Fascinating stuff. We know who has to do the most, now seeing who goes the fastest!

@ioannislazaridis4887 3 жыл бұрын

I have ordered both Luke Gromen's books , present to my children. Looking forward to receive and read them. Very interesting material.

@sebastianaguiarbrunemeier9192 3 жыл бұрын

Nice interview. Everyone seems to just be long gold because they dont trust the fiat system

@jod5834 3 жыл бұрын

Love to listen Luke, thanks!

@ioannislazaridis4887 3 жыл бұрын

If not THE best , is one of the very best in the business.

@emmanuelananda6551 3 жыл бұрын

Absolutely brilliant. Luke is someone that I genuinely believe has no agenda as far as how this shakes out. I think he is sincerely interested in providing the public with nuanced and actionable data aggregation. Whether the dollar milkshake plays out short term or not, longer term it is hard for me to see how his thesis doesn’t play out longer term. I feel very fortunate to have access to this level of analysis. Thank you Ed and Luke!

@coliniveson2122 3 жыл бұрын

Great interview. Still trying to get my head around what it will mean going forward.

@waylong5700 3 жыл бұрын

More Luke and Ed please.

@HXCpr0n 3 жыл бұрын

Question - was the digital wallet banking for all act reported to launch in Jan 2021 ever passed in congress?

@ameeshbhandari5163 3 жыл бұрын

Feds launch it they do it with out notice

@robertmcmanus8465 3 жыл бұрын

Love the way you conduct interviews Ed keep it up 👍

@kondobolo2575 3 жыл бұрын

What's up with that freaky ventriloquist doll in the opening cut scene?

@timothykalamaros2954 3 жыл бұрын

Economist Michael Hudson explained this recycling mechanism in his book Super Imperialiam. Lately also Yanis Varoufakis in Global Minotaur

@ioannislazaridis4887 3 жыл бұрын

Hi Timothy. Glad to read your comment. I agree with Luke Gromen . I am following Varoufakis too. Greetings from a Greek.

@FromDust81 3 жыл бұрын

The "mostest." 😏

@ioannislazaridis4887 3 жыл бұрын

Hi Nathaniel. Of course you have heard about Poetic licence . In Greek theatre , literature exists since 450 b.c. Helps the speaker or the writer to emphasize, of course knowing that is committing a grammatical error . All the best.

@benw1620 3 жыл бұрын

He knows words. He has the best words.

@ioannislazaridis4887 3 жыл бұрын

@@benw1620 : Absolutely agreed. Luke Gromen is an avid reader . Very few economists are so eloquent , articulated and precise in their speech.

@casamurphy 3 жыл бұрын

1) Do you think that in response to rising national debt and threats to the dollar (and by derivative, all fiat currencies), governments might coordinate a revaluation of the tier 1 asset treasury gold certificates held on central bank balance sheets by high multiples in order to reduce debt and provide room for monetary tightening...and... that such a move could slow down or reverse BTC market cap increases? _(Info related to this question: Revaluing the US gold certificates from the current $42/oz to $42,000/oz would eliminate the entire US debt; so if BTC can rise 20x from $20,000 to $400,000 why couldn't gold rise 20x from $2,100 to $42,000? Also since allocated physical gold is held and traded on the blockchain down to a thousandth of a gram now, is there really much practical difference between physical gold tokens and bitcoin to the average person besides their different speculative profile?)_ 2) Do you think Central Bank Digital Currencies could be coded so that they can only be traded on a central nationalized exchange, thus generating BTC fees for the government should that currency be traded for BTC? Followup: If yes, then why hasn't a small country already put BTC in their treasury and taken measures to setup up this obvious way to increase the value of their international reserves? 3) Do you think a major incentive behind the creation of CBDC is so that governments have flexibility in how to deal with failing traditional banks in the future, that being making bank depositors whole by directly injecting non-debt CBDC into depositor accounts created at the central bank for that purpose so that failing banks can be allowed to fail with limited market turmoil?

@MM-ln4ym 3 жыл бұрын

At about 1:03 minutes, Luke indicates that the resolution of excess debt will essentially be to inflate it away, I suppose versus a debt write-off (aka defaults), since the 1% would not tolerate a reduction of their assets (aka wealth....aka loans they have made to the 99% that owes the money). Well, I think this resolution is driven more by market forces and not so much under the control of the monetary authorities at that stage of the game. The markets can and will move much faster than the Fed. Increasing debt defaults which seem highly likely given excessive leverage everywhere will lead to both debt and asset destruction across many sectors and have an escalating, or domino, effect. Debt levels across so many sectors of the economy are unsustainable, even at these low rates. This will produce significant deflation first, then followed by a period of inflation from decades of unprecedented monetary expansion. This is called 'stagflation'. Just like the late 70's to early 80's.

@ilovejimrogers 3 жыл бұрын

Seems to make sense

@sivi9741 3 жыл бұрын

I would love see Luke gromen interview lacy hunt, mike green for sure ....

@Captain-wc6vj 3 жыл бұрын

Man I'm so glad those "scared to death" politicians and bankers are looking out for us... :D

@taostellar3450 3 жыл бұрын

Love Ed's interview style.

@ameeshbhandari5163 3 жыл бұрын

Bringing way to the new Fed digital currency

@mapfeu 3 жыл бұрын

Very relevant conceptual frame I like it .... The net negativ asset positon may be larger much lees liquid and US Corporation are not to repratriate asset

@MM-ln4ym 3 жыл бұрын

At about 43 minutes the narrator indicates that a sovereign debt default by leading issuers of fiat currency is "off the table", that they will just print new money and issue new debt to prevent an actual payment default. But if that new debt and the money that had to be created is deemed essentially worthless because it is not wanted any longer by too much of the world and/or its value has been inflated away, isn't that just another form of default. Getting new worthless paper to replace paper that used to have value should be another form of default..... Plenty of fiat currency nations and empires have defaulted in real terms and by virtue of monetary destruction throughout history. Why would the USA be totally immune to this under certain circumstances, which actually seem to be playing out gradually in the last 2 decades, but especially after 2008 and in 2020...??

@sivi9741 3 жыл бұрын

Defaulting on debts from the US government means you default on your own citizens with pension funds , Medicare , etc . Liabilities for one is an asset for another .

@Noble569 3 жыл бұрын

Okay I paid for subscription not to get inundated with commercials,and your channel is going completely against that. Please consider removing them or I'll be dropping my subscription to your channel.

@enderwiggin8947 3 жыл бұрын

You need a KZfaq subscription mate

@bomont2237 3 жыл бұрын

You’re that annoyed by the commercials that you’ll forgo learning from the smartest in the financial markets? Ok 😂

@DontBeStatusQuo 3 жыл бұрын

WHAT IS WITH THE DOLL IN THE INTRO??????

@plcY 3 жыл бұрын

yeah! CREEPY

@abcdfgeh5891 3 жыл бұрын

In my opinion, Luke Gromen has cause and effect the wrong way round with respect to loss of jobs overseas and collapse of Bretton Woods. Bretton Woods collapsed because the US could no longer maintain gold supplies as it was no longer running permanent trade surpluses because US manufacturing had become uncompetitive in comparison to Germany and Japan ( and a bit later China etc.), rather than the other way round. The UK has run significant trade deficits consistently for a long time for a different set of policy reasons - these being to do with the decision to emphasise financial and related services rather than manufacturing to maintain the position of the collection of institutions known as the City of London. The pound is held higher than it would otherwise be due to demand for sterling from overseas entities wanting to process their wealth through the City of London for whatever reasons.

@PullingEnterprises 3 жыл бұрын

Tell me more about this mystery floating currency that has yet to appear...

@sivi9741 3 жыл бұрын

Imho it will be bitcoin . Makes total sense , decentralized.

@yuansteven 3 жыл бұрын

One economic student by course work vs. a researcher of real financial world who has his skin in the game by selling is product to fee paying investors. The “student” is forever showing his knowledges by citing history lessons and text books without looking up at the real world around him. It’s a pain to watch the whole thing! I’d rather have Luke have a solo, a Talk at Google style speech. Thank you.

@JinKee 3 жыл бұрын

He's just asking questions insufferable orthodox economists would ask. There's people in the audience who need deprogramming

@sethhaymes4753 3 жыл бұрын

Luke knows deutsch. Schädenfreude

@sethhaymes4753 3 жыл бұрын

August 13 air date...RV you’re falling behind

@michael2275 3 жыл бұрын

Long and strong gold, BTC, QQQ

@JamieDigitalArt 3 жыл бұрын

disagree that we need a basket of currency as our reserve asset ... I think we need Bitcoin instead of a basket of fiat

@JamieDigitalArt 3 жыл бұрын

or better yet ... Monero

@ribama1 3 жыл бұрын

I guess you wont hold your breath. CB's will make their own crypto just missing the fix amount feature so they can inflate it. They'll keep the ability to track and trace.

@JamieDigitalArt 3 жыл бұрын

@@ribama1 and CBs will continue to abuse their power by sanctioning transactions, hence Iran and Venezuela using Bitcoin for transactions. Soon we'll be using Monero, like what North Korea is mining. I too mine Monero. The CBs will hopefully be destroyed soon.

@ioannislazaridis4887 3 жыл бұрын

@@ribama1 : Thank you for your informative comment Matthew. No matter the hours , days , years many economists offer their knowledge for free via social media, the majority of the people doesn't want to learn because takes time and commitment to hours of self education. Kind Regards from Helsinki , Finland .

@nachannachle2706 3 жыл бұрын

CBs have got a fiat-backed CBDC.

@MM-ln4ym 3 жыл бұрын

I was in agreement with Luke on the majority of his views and insights, and i have never heard him before. But he lost me on his Bitcoin position and opinion. The Millennial digital currency..??? Really..? It is nothing more than another speculative investment position and notice I won't even refer to is an an investment 'asset'.. It is not a medium of exchange to any meaningful degree; it has no history of backing real money and it is extremely unstable and volatile. Nuriel Roubini nails it: ""....it should be called "shi...coin". The winners in Bitcoin are those who know how to get out of it and have the next sucker buy it from them.

@sivi9741 3 жыл бұрын

You need to adapt to the “4 turning” of monetary system . All the new generation value digital asset highly , digital money is no exception and they are the one that will build the future.. Yup it’s a clash of generations and how things will get done in the future .

@MM-ln4ym 3 жыл бұрын

@@sivi9741 Yes, i think that the future will bring about a world-wide digital currency for a lot of reasons, or as Peter Schiff believes (i think) is that the US dollar will have to be backed by gold once again to maintain its currency reserve status. I am not quite on board with this, but perhaps there will be some other "new" Breton Woods system developed when the value of US dollar and other currencies are obliterated. However, governments and central banks will never use BTC for a world-wide digital currency, unless they "all" essentially nationalize it, simply because it is a privately managed system. They will develop their own standards and digital currency and regulate privately controlled cryptos out of existence. BTC is nothing but another speculative asset in this world of never-ending money printing and financial market liquidity. Like all financial bubbles throughout history, it will eventually "pop". I am 64, and will be long gone from this world before a world-wide moneary system is developed around a multi-government digital currency. So, BTC "speculators" should enjoy the ride, and accept any profit you can make.

@Reotha 3 жыл бұрын

@@MM-ln4ym " i am 64" lol

@slop123456789 2 жыл бұрын

@@MM-ln4ym >Bitcoin is a privately managed system You just exposed your complete lack of insight on this topic

@Tzmaker 3 жыл бұрын

This guy is playing with fire. If the US has official weakening dollar policy it will get badly rekt.

@sivi9741 3 жыл бұрын

Depends , strong economy comes from production of goods . Weaker dollar will restart the production of goods with higher wages for the workers . The end price will be higher inflation but imho , higher Inflation is better than the ridiculous wealth gap that exist now in the US . Between the 2 evil of wealth gap and inflation I will take inflation . A country being lead by oligarchs is the same as being lead by a king mostly , right ?

@Tzmaker 3 жыл бұрын

@@sivi9741 you want communism because you're broke and you also want everyone else to be broke like you?

@Tzmaker 3 жыл бұрын

@@sivi9741 people are intrinsically unequal. Some people are much more productive than others. Therefore the only easy way to get equality is to make sure everyone stays low. That's the communist mantra

@sivi9741 3 жыл бұрын

@@Tzmaker Nice ramblings of generalizations. So you think the US system now is the best ever in gdp growth and gives equal opportunities for everyone ? You have any data that support your point of view ? Here one for your, the wealth gap in the US today is as big as it was in the 1930 . You know how they called that economic period ? The Great Depression . Sounds a great non communist period lol . Majority of people poor right ? And you thought what I said at the beginning was communist ? I got difficulty to follow ... Bring data with some thought of yours to explain what you mean .... I provide plenty . Generalizations means nothing , it leads nowhere .

@chrislemieux2747 3 жыл бұрын

fed doesnt print dollars lol

@yuong1979 3 жыл бұрын

Luke has 2-3 % of his portfolio in btc in August when his was aired, right now the proportion most likely doubled. Nice move.

@TheCJUN 3 жыл бұрын

Source?

@yuong1979 3 жыл бұрын

@@TheCJUN 1:08:20

@TheCJUN 3 жыл бұрын

@@yuong1979 Thx

@chrislemieux2747 3 жыл бұрын

What a joker

@luthorcorp0 3 жыл бұрын

Worst interview I have seen yet on this channel.

@migsy2115 3 жыл бұрын

No-one has 1hour 20 mins spare to watch this unless they're Unemployed ! Make em Shorter Please :)

@migsy2115 3 жыл бұрын

@V8 1p093 How would you know ? you don't know me do you ?...

@LucaDeCaprio 3 жыл бұрын

Watch at 2x speed and its half that time ;)

@dryam2000 3 жыл бұрын

If you don’t have 1:20 for Luke Gromen that’s on you. Be grateful for the 1:20. Most would love to have 3-4 hours.

@migsy2115 3 жыл бұрын

@@dryam2000 Follow the Herd yeah Mr KissButt

@nachannachle2706 3 жыл бұрын

Well, some people essentially live like the "Unemployed" because they don't need to work anymore. Thus they have plenty of time to spare for this interview.