Luke Gromen, founder of FFTT, joins the Julia La Roche Show for episode 269 for his latest macro update. Gromen argues the US government is in fiscal dominance, spending over 100% of tax receipts on entitlements and interest payments alone. He says Fed Chair Powell faces a binary choice between crushing the dollar through inflation or crushing the bond market through higher rates. Gromen notes that funding currency relationships between the yen and dollar have broken down, signaling both central banks are cornered. He advocates getting out of government bonds and into hard assets like gold and Bitcoin, predicting that retail investors holding long-term Treasuries will be the biggest losers. Gromen believes Trump officials are "begging" for rate cuts because they know the fiscal math doesn't work without negative real interest rates.

Sponsors:

Monetary Metals: https://monetary-metals.com/julia⁠

Kalshi: ⁠https://kalshi.com/julia

Links:

website: https://fftt-llc.com/

Twitter/X: https://twitter.com/lukegromen

00:00 Introduction and welcome back Luke Gromen

01:01 Funding currency relationships breaking down

07:58 Meta trade: exit government bonds, buy hard assets

12:27 Gold still early - central banks driving demand

14:47 Trump officials begging for rate cuts - Fed cornered

16:56 Stablecoin plan requires much higher Bitcoin

20:33 Dollar/bond correlations broken - foreigners selling Treasuries

27:11 Powell's binary choice: crush dollar or bonds

34:14 Fiscal dominance: interest expense >95% of receipts

37:08 DOGE failed - needed dollar devaluation first

39:25 Portfolio: overweight gold, Bitcoin

45:18 Two scenarios: Powell cuts vs. doesn't cut rates

48:54 Retail investors stuck holding long-term bonds

52:04 Closing remarks

Michael Pento, president and founder of Pento Portfolio Strategies (PPS), joins Julia La Roche on episode 268, warning of a coming "grand reconciliation" where credit, stock, and real estate bubbles will burst. He argues the US debt is unsustainable, with the next recession triggering $4-6 trillion annual deficits. Pento predicts Trump will replace Powell with an "obsequious sycophant" in May 2026 who will slash rates to zero, causing long-term rates to spike and creating a "debt death spiral." He recommends hard assets like gold and platinum, which he expects will "scream higher" in 2026, and emphasizes the critical importance of active management to navigate the coming crisis.

Sponsors:

Monetary Metals: https://monetary-metals.com/julia⁠

Kalshi: ⁠https://kalshi.com/julia

Links:

https://pentoport.com/

https://twitter.com/michaelpento

0:00 Intro and welcome Michael

01:01 - Macro picture

06:16 - Grand reconciliation coming: debt, real estate, stocks

11:27 - Case for platinum and gold - platinum breakout

14:32 - Hard assets will "scream higher" in 2026

17:11 - Fed should be defunct - market should set rates

22:08 - Next recession: deficit jumps to $4-6 trillion

25:21 - US debt

32:29 - 2026

34:38 - Next Fed chair will be "obsequious sycophant"

38:03 - Closing remarks

Danielle DiMartino Booth, CEO and Chief Strategist at QI Research, and George Goncalves, Head of U.S. Macro Strategy at MUFG, join Julia La Roche in-studio on FOMC day, where they break down the Fed's decision to leave rates unchanged, the state of the economy, and the interest rate outlook.

Sponsors:

Monetary Metals: https://monetary-metals.com/julia⁠

Kalshi: ⁠https://kalshi.com/julia

Links:

https://www.mufgresearch.com/

George's Twitter/X: https://x.com/bondstrategist

QI Research: https://quillintelligence.com/subscriptions/

Danielle's Twitter/X: https://twitter.com/dimartinobooth

Substack: https://dimartinobooth.substack.com/

YouTube: https://www.youtube.com/@UCYPBim2ARV9Yrqci0ljokFA

Fed Up: https://www.amazon.com/Fed-Up-Insiders-Federal-Reserve/dp/0735211655

00:00 - Danielle: Fed "willfully blind" to economic reality 02:52 - Record 5.3% of Americans working multiple jobs 05:00 - Real unemployment is 4.5-4.6%, not reported 4.2% 08:07 - Debate: Is the Fed being political? 10:00 - George: "More than one economy" - rates hurting different groups 16:28 - Net worth declined via both stocks and real estate in Q1 21:57 - Interest expense is fastest growing budget item 26:06 - Next Fed Chair prediction: Waller, Warsh, Bessent front-runners 32:12 - Corporate bankruptcies highest since 2010 38:49 - Danielle: US entered recession Q1 2024, back in one now 40:26 - Top 10% of earners drive 49.7% of consumption 43:52 - What keeps them up at night: False sense of security

Rick Rule, president and CEO of Rule Investment Media and co-founder of Battle Bank, joins the Julia La Roche Show for episode 266 for his quarterly appearance. In this episode, Rule predicts the US dollar will lose 75% of its purchasing power over the next decade, similar to the 1970s crisis. He explains that $130 trillion in total government liabilities against $141 trillion in private wealth creates unsolvable math that can only be resolved through inflation. Rule calls Trump's presidency a failure, dismissing DOGE as fiction and tariffs as harmful taxes. He believes the US is already in recession based on oil prices and recommends gold (potentially $10,000+), uranium, and copper investments. Drawing parallels to 1968-1980, Rule expects 10-12 years of economic difficulty but says America's culture will survive. His main message: individuals must prepare financially because government support systems are unsustainable.

Sponsors:

Monetary Metals. ⁠https://monetary-metals.com/julia⁠

Kalshi: ⁠https://kalshi.com/julia

Symposium: https://registration.allintheloop.net/register/event/rick-rule-symposium-2025-ccha?via=julia

Timestamps:

0:00 Welcome and intro00:41 - Rule Natural Resources Symposium (July 7-11, Boca Raton)04:32 - Trump presidency assessment: DOGE failure, tariffs are taxes07:47 - 10-12 years of reckoning ahead, comparing to 1970s crisis09:34 - Prediction: US dollar will decline 75% over next decade11:46 - $130 trillion total debt vs $141 trillion private net worth18:44 - CPI vs real inflation - why the math doesn't work22:55 - Why DOGE was fiction from the start28:51 - Gold moving on purchasing power fears, could hit $10,000+38:43 - Copper supply shortages despite near-term economic weakness40:47 - "I believe we're in a recession" - oil prices signal soft demand44:31 - Fed rate cuts would signal abandoning dollar defense47:12 - Silver phases: gold leads, then generalist investors drive silver explosive moves50:23 - Uranium as "total no brainer" - billion people need electricity54:13 - Next decade different from benign 1982-2022 period55:00 - Personal responsibility: invest in yourself, society won't help

Professor Steve H. Hanke, professor of applied economics at Johns Hopkins University and the founder and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise, joins Julia La Roche on episode 265 to discuss the economy and his new book "Making Money Work: How to Rewrite the Rules of Our Financial System."

Sponsors:

Monetary Metals. https://monetary-metals.com/julia

Kalshi: https://kalshi.com/julia

In this episode, Hanke warns of an 80% recession probability by year-end, driven by regime uncertainty from Trump's policy changes and money supply contraction since April 2022. He critiques the Federal Reserve's narrow focus on interest rates while ignoring quantitative tightening and argues for putting money supply and commercial banks back at the center of monetary policy. Hanke explains how Fed policies create wealth inequality by inflating asset prices that benefit the rich, advocating for "neutrality" as the goal of monetary policy. He dismisses Trump's "big beautiful bill" as fiscally irresponsible and calls for a constitutional convention to implement a Swiss-style debt brake. The conversation covers his new book's thesis that monetary policy should focus on money supply growth rather than interest rates, with commercial banks producing 80% of the money supply through lending.

Links:

Twitter/X: https://x.com/steve_hanke

Making Money Work book: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260

00:00 - Introduction of Professor Steve Hanke

01:28 - Regime uncertainty concept and Trump's policy changes

03:52 - Tariffs as taxes on international transactions

06:20 - 80% recession probability by end of year

08:31 - Money supply contraction since April 2022

10:51 - Bubble indicator and market complacency discussion

12:52 - Family call interruption from Dominican Republic

13:24 - Market in bubble territory explanation

16:11 - Federal Reserve critique and FOMC meeting outlook

18:27 - Quantitative tightening vs interest rate focus

19:04 - Three pillars of the book's thesis

25:46 - Neutrality as monetary policy objective

29:30 - How Fed policy creates wealth inequality

32:15 - Catalyst for writing the book

37:09 - "Big beautiful bill" critique and fiscal concerns

42:34 - Swiss debt brake constitutional solution

46:25 - Key prices to watch: gold, 10-year yields, dollar-euro, stocks

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog and author of "Inflated: Money, Debt and the American Dream," returns to the show with a monthly update on markets and the economy.

Sponsors:

Monetary Metals. https://monetary-metals.com/julia

Kalshi: https://kalshi.com/julia

In this episode, Whalen argues the Fed's easy money era is over, with no rate cuts coming this year and traditional monetary policy failing to help Main Street. He warns of a "silent subprime crisis" brewing in multifamily real estate and sees stagflation ahead - low growth with persistent inflation eating away at real purchasing power. Whalen advocates for gold as protection against currency debasement and explains why recession odds have dropped to 27% despite structural economic challenges from commercial real estate to student loan repayments as pandemic-era programs wind down.

Links:

Twitter/X: https://twitter.com/rcwhalen

Website: https://www.rcwhalen.com/

The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/

Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673

Timestamps:

00:10 - Introduction of Chris Whalen

02:11 - Big picture market outlook and elevated interest rates

04:30 - No rate cuts coming this year discussion

05:38 - Trump's "big beautiful bill" and Senate dynamics

06:17 - Fed balance sheet reduction and inflation persistence

08:02 - Silent subprime crisis in multifamily real estate

09:13 - Mixed bag stock market outlook explanation

10:42 - Recession probability

13:20 - Real estate opportunities and putting deals together

14:04 - Jay Gould and Jim Fisk arbitrage between gold and paper

16:57 - Fed's 2% inflation policy and its impact on savers

18:20 - Gold as anti-dollar hedge discussion

19:38 - Fall of fiat and return to sound money debate

21:00 - Why dropping rates no longer stimulates Main Street

22:13 - Chris's proposal to freeze government spending

24:11 - Banking system fluff and lack of credit demand

25:46 - Real vs nominal growth and stagflation

27:43 - Fannie Mae and Freddie Mac conservatorship discussion

30:00 - Closing thoughts and where to find Chris's work

Lawrence Lepard, author of "The Big Print," warns that America is witnessing the endgame of a decades-long monetary experiment that has created massive wealth inequality and put the country on an inevitable path toward high inflation.

Sponsors:

Monetary Metals. https://monetary-metals.com/julia

Kalshi: https://kalshi.com/julia

Links:

X: https://x.com/LawrenceLepard

Website: https://ema2.com/

The Big Print book: https://www.amazon.com/Big-Print-Happened-America-Sound/dp/B0DVTCWYNN

0:00 Welcome Lawrence Lepard0:56 Macro framework & shifting from deflation to inflation3:33 Fed's two options: debt collapse or massive money printing7:01 Why Lawrence wrote the book & the dire situation11:14 Confronting Tim Geithner at Harvard Business School13:40 The Fed as a banking cartel setting interest rates16:39 How we got here: incremental monetary decay19:39 The everything bubble in currency25:16 The debt doom loop explained27:32 Bond market warning signals29:47 Defining sound money vs fiat currency33:40 Constitutional money & the fall of fiat37:15 The Fourth Turning & monetary reset coming40:32 Young people getting screwed by the system42:50 Investment allocation to sound money assets44:54 Presidential fixes: competing currencies & eliminating the Fed47:42 Who opposes sound money reform (Cantillionaires)50:37 Bitcoin going to millions & why it's not too late53:44 The positive future with sound money

George Noble, CIO of Noble Capital Advisors, argues we're in a regime shift where US exceptionalism is ending. He sees global rotation away from dollar assets as foreign capital heads home. He expects bond yields to rise significantly until markets force politicians' hands, recommending investors get out of paper money and into scarce assets like gold. Noble is bearish on US equities, especially consumer stocks and the Mag-7, favoring foreign markets and gold as protection against fiscal irresponsibility.

Sponsors:

Monetary Metals. https://monetary-metals.com/julia

Kalshi: https://kalshi.com/julia

Links:

George Noble's Independent Research Conference: https://noble-capevents.com/

X: https://x.com/gnoble79

Timestamps:

0:00 Welcome and intro to George Noble

1:05 Big picture macro view - regime shift and end of US exceptionalism

3:56 Dollar decline and foreign capital rotation

6:29 Which regions benefit from global rotation

9:48 Fiscal mess - default vs. devalue the debt

12:49 How markets will force politicians' hand

15:40 Fed rate cut expectations and recession probability

19:57 Doge criticism - why spending cuts were never realistic

23:33 Party continues until "Mr. Bond shows up"

24:33 Get out of paper money - gold and scarce assets

25:24 Bitcoin discussion and getting "orange pilled"

29:12 Japanese yen looks cheap, avoid US consumer stocks

31:08 Passive investing problems and stock picker's market

33:28 Gold has room to run - contrarian view

38:08 Lessons from closing ETF

42:39 Parting thoughts and upcoming investment conference