The new book explores the future of the global currency system


In Interviews Mr. X: Worldview from a sovereign American creditor, Luke Gromen recounts a conversation he had with a fictional US sovereign creditor to illustrate the current state of the US economy, including why the US dollar is losing its power and what that means for Americans and people around the world.

Gromen is the founder of FFTT, LLC (“Forest for Trees”), a research firm serving sophisticated institutions and individuals that brings together a wide variety of macroeconomic, thematic and sectoral trends in an unconventional way to identify economic barriers. investable for its customers. His vision was to create a firm that would address the opportunity he did not create by implementing what clients and former colleagues consistently described as a “unique ability to assemble parts of large figures” during a time when he saw a ” silo-ing “growing perspectives occurring on Wall Street and in corporate America.

Now in Mr. X Interviews, he offers an opportunity to get an overview of the world from an impartial person about the state of the economy. Although Mr. X is fictional, Gromen has made his research on the reality of the world economy clear, citing numerous studies and articles by economists and politicians who support his views on the future of the US dollar. This first volume of Mr. X Interviews – a sequel is in the works – explores the conversations of Gromen and Mr. X in 2016-2017.

Gromen does not dance around his theme. From the outset, Mr. X states, “The pace at which the USD-centered global monetary system is collapsing is accelerating dramatically.” He starts by looking at the petrodollar from 1973 to 2014 when oil was only priced in dollars globally and why the non-US world tolerated it. Now this is no longer the case. Mr X said: “Which nation would not lend to Saudi Arabia or supply the social needs of Saudi Arabia in exchange for the right to price Saudi oil in its own currency? Do you think any nation would refuse that offer?” He goes on to explain that Americans should not forget that it was oil that chose the dollar as the world’s monopoly reserve currency for oil, and not the other way around, and that the world could “solve” it.

Next, Mr. X goes on to explain why the Fed’s policies were totally discredited after 2008 because “the policies they implemented in the United States in response to the crisis were nothing more severe than those implemented in Russia in the mid-1990s, in Southeast Asia in the late 1990s, or in Argentina in the early 2000s. It was, as the protester’s sign put it, ‘Capitalism for the poor (EM / creditor economies) and socialism for the rich (US economy)’ This caught the creditors’ attention; we knew we needed to change the system. “

Mr. X continues to address the currency war and its connection to gold and oil. After all, he predicts a crisis to come, and that crisis is needed to drive change that will benefit everyone in the world (except Washington politicians and lobbyists). This crisis will be driven by five historically unique factors that no living thing has ever seen before: Demography, Geology, Debt, Economic Reality, and Repeated Weapon Holding. He explains, “Because throughout history, all sovereigns eventually pay as debts become very high. Always. They may be nominally defaulted or may not pay in real terms (i.e. Through inflation), but they always do “There is no sovereign who has no predestination.” He goes on to make it clear that the United States has also made defaults and provides examples.

Undoubtedly, the United States is already in deep economic trouble, and the Gromen states are witnessed by American “flight country” residents dying early from drug and alcohol abuse and suicide out of economic hopelessness. Solutions, however, do exist. Economists fear that President Trump will devalue the US currency, but Mr X goes on to explain that “it was only when the FDR, Winston Churchill and other political leaders of the day stopped listening to the orthodox economists of the time and began to act on their own devalued their currencies that the worst economic aspects of the recent global sovereign debt crisis (in the 1930s) began to recede ”. He also clarifies that Roosevelt’s advisers were against it to remove the United States from the gold standard, “But in the days after Roosevelt’s decision, as the dollar fell with gold, the stock market rose 15%. Financial markets gave the movement a crushing move. vote of confidence “.

After all, the debt burden facing Americans is seen by Gromen and Mr. X as the number one threat facing the United States. They support this by quoting Michael Mullen, the former Joint Chiefs of Staff, who said the biggest threat to U.S. National Security was not terrorism, weapons of mass destruction, or global warming, but the Federal debt of USA. After all, Gromen argues that the only way to resolve this issue is for the USD to depreciate.

Much more can be said about Mr. X’s Interviews, but I will leave it to the readers to discover all the detailed points of the argument. I will simply say that Gromen has written a meticulously researched and well-argued book that is understandable, a little shocking, and very educational. Not every reader can agree with it, but nonetheless, all Americans need to understand our nation’s financial situation and urge our representatives to resolve it before we find ourselves in a bigger financial crisis.