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Monday Conversation - Luke Gromen


As this week will finally offer your host some much needed down time, each day will feature a podcast that will educate and inform you but will also serve as your daily thread while I'm away. We begin the week a terrific and timely discussion featuring Luke Gromen.

Luke is one of the smartest and most eloquent guys I know in our sector. He does a tremendous job of taking something complicated and explaining it in a manner that is eminently understandable. He is the founder and editor of a terrific research firm called "Forest For The Trees" and you can find more about his invaluable subscription services here: https://fftt-llc.com

Over the course of this call, Luke and I primarily focus upon three main points:

  • Paul Krugman's recent tweet stating that "debt is money we owe to ourselves and, as such, accumulating it does not make the nation more poor".
  • Is a debt reset/jubilee possible when debt is considered an asset?
  • Will this current program of global QE eventually lead to inflation/stagflation?

Many thanks to Luke for the generous donation of his time for this podcast. You'll learn a lot if you carve out the time to give it a thorough listen.




Jun 2, 2020 - 4:01pm

Significant Others

Mavens, my wife complains about buying more silver and says she'll sell it all when I'm gone. I've told her that she must not do that unless needed for living expenses and that it is intended as inheritance.

I give each of my 3 grandchildren a gold Maple every year with the new date, well maybe this is the last year since I'm unlikely to be able to get them for anywhere near the CAD$2,000 I paid for 2020 as they were issued.

My wife has her own money which is held in savings and term deposit in a Credit Union. Probably marginally better than a bank. I tell her she's loosing value but she's quite fixed in her view so we just let each other live with our quirks.

Jun 2, 2020 - 2:24pm

Thanks tonym9,

Really appreciate you taking the time to give your thoughts on purchasing a car in these interesting times. You gave me some very helpful input to work through.

It's great to be able to reach out to the members of this site and get helpful insights from folks with a wide variety of backgrounds.

Jun 2, 2020 - 12:19pm

No one goes to Beggs. They go from Beggs elsewhere.

It was small in the 1930's. It's microscopic now. When my family left, the population dropped by 10%, The average IQ increased 25 points. Billy Bob's Liquor N' Shit went bankrupt

Jun 2, 2020 - 12:10pm


"I honestly believe that most in government do, in fact, know the endgame is going to be very ugly and they are fleecing the population for all they can before SHTF. If this does happen, the current riots will look like a girl scout campout."

And the banksters will be the marshmallows, and we'll be the sticks . . .

Jun 2, 2020 - 12:04pm

Setting up the wife with an account

They say timing is everything! I did the same strategy with my wife. I explained what a scam, a sham, and a fraud the SLV was, and proudly steered her into SIVR (the Aberdeen Silver Trust -- 100% physical metal backed).

The strategy? Perfect!

The timing? Not so much . . .

This happened back in January of 2013, and SIVR was priced just north of $30 . . . I am "reminded" of this every freakin' month when she gets her Fidelity statement (reflecting her five-figure loss). Trying to keep her from selling this "investment" has been a struggle. I keep telling her "this is a contrarian investment -- it should be moving in the opposite direction from the rest of the market!"

Once silver takes off, I'll be back to looking like a genius, but, for now, I'm just the idiot who misdirected her into a loser investment . . .

Jun 2, 2020 - 11:50am

You Made My Day!

Between your upgrade to Grammar 2.0, and you putting your boat back into the water, you've done Michigan proud!

Jun 2, 2020 - 11:16am

Never have

No, I have never been to Beggs!

Jun 2, 2020 - 11:06am

a mis-step now

could lead us to civil war... what we need is judicial reformation. the courts and all are institutions are corrupt and rot. people need to keep a clear head and focus, it is the corrupted monetary system and wealth disparity that brought us here.

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Jun 2, 2020 - 11:04am

Funny about that Gold Hermit. An Okie is okey dokey, welcome

at mi casa. My family was Arkie before they were Okie. They were Okie long before they slouched to Cali. Ever been to Beggs?

Jun 2, 2020 - 10:59am

Tony. Don't giving being OT a second thought. I'm OT more often

than not. And dont worry about talking your mind on the boards. There's way more in your words than most of the paper trading stuff I read here and elsewhere. I'd much rather read about your work, NASCAR and real world stuff like that than what's happening in the markets.

Like a friend once said "I got my stack so everything is BS' Looks like the BS is coming our way hot and heavy. It's time to be locked and cocked, racked, stacked and packin' with head on swivel.

Like my friends in downtown Reno found out late Saturday night when some SF homies decided to try to fuck up their shit. Check 6.

There's a half dozen or so looters who will never know how close they came to meeting their maker. Some of my friends are serious assed motherfuckers. And then there are the really dangerous ones. Keep your friends close and your favorite blaster closer.

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Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

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