Luke Gromen: Expect Market Turbulence Ahead Due To Tightening Liquidity

Adam Taggart | Thoughtful Money, Released on 7/9/24

Former Vice President Dick Cheney famously said “Reagan proved that deficits don’t matter” True or not, running greater and greater federal budget deficits has become standard operating procedure for Washington DC. When Cheney uttered those words, the annual deficit was in the low hundreds of billions. It’s projected to be $2 trillion this year. At that scale, today’s guest expert would argue that deficits are indeed starting to matter, because the US is now increasingly challenged to service the debts and other associated liabilities that have accreted from all the years of rising deficit spending. In fact, he concludes we’re on a collision course for a sovereign debt crisis, one that will take the purchasing power of the US dollar down with it. To find out why, and what can be done about it, we’re fortunate to welcome Luke Gromen, founder of macro research firm FFTT, LLC, back to the program.

0:00-6:05 US Deficit As A % of Global GDP
6:06-11:22 Dollar Liquidity Is Tightening
11:23- 15:55 Why Gold Should Do Well
15:56-22:40 Sovereign Debt Crisis Ahead?
22:41-37:40 Social Crisis Ahead, Too?
37:41-42:03 Are We In Fiscal Dominance?
42:04-44:40 Don’t Put Faith In The System
44:01-55:24 Luke’s Market Outlook
55:25-1:01:53 Will The Election Outcome Make Any Difference?
1:01:54 Importance Of Mindset

Luke Gromen is a graduate of the University of Cincinnati and received his MBA from Case Western Reserve University. He earned the CFA designation in 2003. Luke provides strategic consulting services for corporate executives and is the founder of The Forest For The Trees, LLC, a macro/thematic research firm catering to institutions and individuals.

Adam Taggart is the Founder of  Thoughtful Money. He is also Co-Founder and former President of Peak Prosperity. Adam is an experienced Silicon Valley internet executive and Stanford MBA. Prior to partnering with Chris Martenson (Adam was General Manager of our earlier site,, he was a Vice President at Yahoo!, a company he served for nine years. Before that, he did the ‘startup thing’ (, sold to CNET in 2001). As a fresh-faced graduate from Brown University in the early 1990s, Adam got a first-hand look at all that was broken with Wall Street as an investment banking analyst for Merrill Lynch. Most importantly, he’s a devoted husband and dad.

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