“The companies are bubbles, but I don’t think the technology is a bubble.”
Luke Gromen is back on the show to explain why the debt-fuelled AI boom may have become too big to fail, why slowing investment and valuations could threaten the wider financial system, and how even a small move from the Fed could trigger the unwind.
Luke also explains why he still hasn’t bought back most of the Bitcoin he sold near $96,000. He believes Bitcoin could trade lower alongside tech over the next few months, but his long-term thesis has not changed: America’s fiscal position cannot be fixed without significant currency devaluation, and the Fed will eventually be forced to print.
We also discuss Kevin Warsh’s attempt to establish his inflation-fighting credibility, the return of Hamiltonian economics, tariffs and reshoring, why long-term bondholders may be destroyed in real terms, the growing divide between Wall Street and the rest of America, and whether the country can remain the world’s dominant superpower.
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