Futures Edge Show: Finance Unfiltered with Jim Iuorio and Bob Iaccino Luke Gromen: “The U.S. Can’t Afford Positive Real Rates” — Gold, Bitcoin & the End of the Bond Market
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Nov 13, 2025 
Macro analyst Luke Gromen, founder of Forest for the Trees, dives into the precarious state of the U.S. economy. He discusses how decades of offshoring to China have reshaped the middle class and the bond market. Gromen argues that the U.S. can’t sustain positive real rates and emphasizes the importance of diversifying portfolios with gold and Bitcoin. He also evaluates China’s gold accumulation and warns about potential threats to Bitcoin’s stability. The conversation is sharp, insightful, and a must-listen for anyone interested in macroeconomic trends.
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Offshoring Broke The Bond-Middle Class Compact
- Decades of offshoring sacrificed the U.S. middle class to support deficits and the bond market.
- Reshoring defense and industry will crush the real value of bonds and require heavy policy support.
Not-QE Is Feeding Real-World Inflation
- Fed and Treasury have been masking large liquidity actions as non-QE since 2022.
- Real-world prices (gold, beef, homes) show the effective liquidity expansion already underway.
Bitcoin Rhymes With Tech, Gold With Inflation
- Bitcoin often trades with the Nasdaq short-term but outperforms over multi-year cycles.
- Bitcoin and gold tend to alternate leadership; both can rise during liquidity cycles.