Coin Stories Luke Gromen: Markets Diverge from Reality, BRICS Hold the Leverage (and Gold), and Why Bitcoin Lags
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Sep 16, 2025 
Luke Gromen, founder of FFTT and a macro analyst, dives into the disconnect between soaring markets and struggling Main Street. He discusses the implications of BRICS’ growing influence and moves towards gold while questioning the U.S. strategy of involving stablecoins and Bitcoin. Gromen analyzes aging demographics and their impact on wealth dynamics, and he examines political instability's role in economic resets. The conversation wraps up with insights on Bitcoin's stagnation amid market cycles and the importance of reassessing risk in investment strategies.
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Markets Play By New Rules
- Markets now price 'bad news is good news' because the Fed and Treasury will shield the bond market at all costs.
- That creates asset inflation where stocks, gold, and Bitcoin climb while Main Street deteriorates.
Equities Became Fiscal Fuel
- Deficits and tax incentives funneled savings into financial assets, sterilizing inflation in the real economy.
- That left equities as the marginal driver of consumer spending and government receipts, creating fiscal dependence on rising stocks.
The Rules-Based Order Is Fading
- The rules-based global order relied on dollar-backed trade and U.S. military enforcement, both eroding now.
- China and Russia pursue currency settlement and gold net-settling, signaling a de-dollarizing, multipolar system.
