Luke Gromen: "Peak Cheap Oil and the Global Reserve Currency"
The Great Simplification with Nate Hagens
Nate Hagens
4.8 • 553 Ratings
🗓️ 4 October 2023
⏱️ 91 minutes
🧾️ Download transcript
Summary
On this episode, financial analyst Luke Gromen joins Nate to discuss how the availability of cheap energy has underpinned our current financial architecture and expectations - and what peak cheap oil implies for the future. A central part of this story is the rise of the US dollar as a global reserve currency tightly linked with the ability to purchase oil - subsequently leading to the US becoming a major exporter of debt. How have countries with economies based on natural resources and manufacturing differed in their response to geopolitical uncertainty in comparison to those who are based around finance and the service industry? What might the response be from countries holding US debt in anticipation of a declining oil supply? What does this mean for the future of global currencies in a simplified global economy and a finance system that will eventually need to be re-tethered to the finite nature of Earth?
About Luke Gromen:
Luke Gromen is the Founder and President of research firm Forest For The Trees, LLC, whose goal is to aggregate a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for clients. Luke founded FFTT to apply what clients and former colleagues consistently described as a "unique ability to connect the dots" during a time when he saw an increasing "silo-ing" of perspectives occurring on Wall Street and in corporate America. Luke has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst. He holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University. He earned the CFA designation in 2003.
For Show Notes and More visit: https://www.thegreatsimplification.com/episode/91-luke-gromen
To watch this video episode on Youtube → https://youtu.be/bIq0o40Jo80
Transcript
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| 0:00.0 | You're listening to The Great Simplification with Nate Higgins. |
| 0:06.3 | That's me. |
| 0:07.7 | On this show, we try to explore and simplify what's happening with energy, the economy, the environment, in our society. |
| 0:17.0 | Together with scientists, experts, and leaders, this show is about understanding the bird's-eye |
| 0:23.2 | view of how everything fits together, where we go from here and what we can do about it as a |
| 0:29.1 | society and as individuals. |
| 0:32.9 | I'm pleased to welcome Luke Graman to the Great Simplification. |
| 0:37.9 | Luke works in the financial industry. |
| 0:40.6 | He founded Forest for the Trees LLC, where he advises clients on the macroeconomic energy |
| 0:48.6 | integrated scenarios that affect the global economy. |
| 0:54.0 | You know, I worked on Wall Street 20 years ago, and I have found very few Wall Street-minded |
| 1:01.8 | people that integrate the centrality of energy to our profits, our expectations, and the |
| 1:09.9 | implication of peak cheap oil has for growth in our |
| 1:14.2 | institutions and the way that our currencies work. |
| 1:19.4 | Duneberg, Kierl Sokoloff, upcoming is Lynn Alden and Jeremy Grantham. |
| 1:24.1 | Luke is one of those people that is integrating peak cheap oil and energy with |
| 1:29.6 | 10 to 25,000 hours of human labor per barrel of oil. |
| 1:35.1 | I think without understanding this, we can't see the big picture. |
| 1:39.9 | He and I talk about currency reform due to energy decline and what is going to happen to our financial |
| 1:47.4 | system in the coming decade is at least as urgent to be discussed and planned for as the |
| 1:53.6 | ecological crises we face. |
| 1:56.1 | Please welcome Luke Grumman. |
... |
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