Bitcoin: The Great Disruption with Luke Gromen

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“The system of the last 50 years is over, it hasn’t worked, it has broken down.”
— Luke Gromen

SHOW DESCRIPTION

Location: Squadcast
Date: Wednesday 9th September
Company: FFTT, LLC
Role: Founder

In 1971 Nixon announced that the US would sever all ties between the dollar and gold and would no longer convert dollars to gold at a fixed value of $35/oz, putting an end to any remnants of a gold standard and ushering in a new era in finance.

This new system led to decades of excessive risk-taking, cheap credit and questionable incentive structures. In 2008, the new system came crashing down when the US housing bubble burst and in turn, sent the entire world into the worst financial crisis since the great depression.

To manage the economic crash, central banks pushed quantitative easing to stimulate the economy, but now, 12 years later, the world's economy is again teetering on the edge.

The COVID-19 pandemic has highlighted the fragility of the global economy. With decades of currency debasement, investors are turning to scarce assets such as gold and Bitcoin to hedge the risk of inflation.

In this interview, I talk to macroeconomist and founder of FFTT, LLC Luke Gromen. We discuss the current macroeconomic climate, how the system that has been in place for the last 50 years is coming to an end and why we need Bitcoin.

TIMESTAMPS

00:03:25: Introductions
00:08:17: How much of a Bitcoiner is Luke Gromen
00:11:14: What is going on in the US?
00:12:15: The Fourth Turning, Strauss and Howe
00:15:21: The American Dream
00:17:32: Currency debasement
00:22:37: The dollar export business
00:28:04: Elizabeth Warren
00:28:40: Wall Street's influence on the White House
00:31:06: The Quiet Coup, Simon Johnson
00:32:42: The Dodd-Frank Reform
00:33:38: wtfhappenedin1971.com
00:34:01: Bretton Woods 1944
00:34:21: Bancorp, John Maynard Keynes, and The American Proposal, Harry Dexter White
00:39:52: Sovereign debt
00:41:46: The Liquidation of Government Debt, Carmen Reinhart and Belen Sbrancia
00:45:45: Inflation versus hyperinflation
00:50:15: The risks for the average family
00:54:18: Jakob Fugger
00:56:52: Arthur Burns' speech 1979
00:58:02: The US election
01:01:26: Luke Gromen and Bitcoin
01:03:56: What's putting people off Bitcoin?
01:07:16: Will a government adopt Bitcoin?
01:08:50: Final comments

 

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SHOW NOTES

PodcastPeter McCormack