Boil the Frog

Scott Bessent knows something that we don't. Luke Gromen has spent his whole career reading the fine print of America's balance sheet, and his conclusion is stark: the quiet interventions coming out of Washington - doubled bond buybacks, a yen rescue, a sudden fondness for stablecoins - aren't policy. They're symptoms. The arithmetic of debt, entitlements, and interest has crossed a threshold from which, Gromen argues, there are only three exits, and none of them are painless. We've got a crisis hiding in plain sight - and someone is gunna end up paying for it.

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Timestamps:

(00:00) - Welcome and Guest Intro

(00:21) - Past Episode Reflections

(00:49) - Bitcoin and AI Disagreements

(01:58) - Luke Returns to the Show

(02:24) - Why Everything Feels Faster

(03:52) - Bessent and Bond Buybacks

(08:11) - True Interest Expense Alarm

(15:00) - Is It a Crisis Yet

(20:38) - Crisis Symptoms and Options