Macro Voices MacroVoices #499 Has The Luke Gromen Moment Arrived?
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Sep 25, 2025 
Luke Gromen, the founder of Forest for the Trees and a macro researcher, shares his insights on financial markets. He discusses the potential for a secular decline in the U.S. dollar, the importance of gold and Bitcoin, and what de-dollarization could look like. Gromen also highlights geopolitical shifts, especially related to China and the Shanghai Cooperation Organization. He warns of growing political risks and explores how policymakers might navigate rising inflation while outlining market implications and trade strategies.
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Gradual-To-Sudden Dollar Transition
- Luke Gromen sees a shift from "gradually" to "suddenly" in the dollar decline and global order.
- He argues recent events (SCO, supply chains) are triggering acceleration of de-dollarization.
SEO Week As Geopolitical Inflection
- Gromen links the Shanghai Cooperation Organization events to a geopolitical inflection point since 1989.
- He says China, Russia and India are restructuring the rules-based order and forcing gold back into reserves.
U.S. Leverage Has Diminished
- Gromen outlines loss of U.S. leverage: trade, treasuries, and rare earths.
- He argues those empirical facts undercut what has historically backed the dollar.
