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.
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!
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.
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.
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.
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.
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?
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.
@@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.
@@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 .
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
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.
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 .
@@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.
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...??
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 .
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.
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 ?
@@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
@@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 .
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.
