The End of the Petrodollar | Luke Gromen

Bankless

[email protected]

Tech News, News, Technology

4.8 • 1.1K Ratings

🗓️ 10 June 2024

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

“Energy is the base layer of money” - that’s how our guest Luke Gromen puts it in today’s episode.

Luke is an Author and Investor who gives us a completely new way to look at money, through the lens of energy costs.

The essential learning of today’s show is that you can’t understand money until you understand energy markets. Apart from that Luke explains why the price of oil is about to force a monetary system change, why the 60/40 portfolio is dead and much more.

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TIMESTAMPS

0:00 Intro
5:57 Luke’s Thesis
12:23 Energy lens
23:23 Arc of the Dollar
28:31 Why Oil?
31:31 Energy as a Denominator
38:12 Energy Price Changes
45:31 Energy Miracles
59:22 Monetary System Change
1:10:41 Capital Controls
1:18:12 Future of the US
1:24:56 How to Prepare
1:30:37 Closing & Disclaimers

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RESOURCES

Luke Gromen
https://x.com/LukeGromen

FTT, LLC
https://fftt-llc.com/

Luke Gromen Weekly Newsletter
https://fftt-treerings.com/

Visualizing the History of Energy Transitions
https://www.visualcapitalist.com/visualizing-the-history-of-energy-transitions/

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Transcript

Click on a timestamp to play from that location

0:00.0	Most people are still assuming dollar equals oil.
0:04.4	They're assuming the denominator is the same.
0:07.6	And I think they're different.
0:08.8	And not even I think, I know they're different.
0:10.6	I can show it to you on the charts.
0:12.4	S&P 500 total return since
0:14.8	January 1, 2020 in dollars up 75 percent. In gold, up 15 percent. In Bitcoin, down 81%. That's telling you, the denominators are wildly different. Welcome to Bankless, where today we're exploring the frontier of energy, empires, and maybe the end of the Petro Dollar. Oh, whoa, the end of the Petrodollar.
0:43.2	Oh, whoa.
0:44.6	This is Ryan Sean Adams, and I'm here with David Hoffman.
0:47.0	And as usual, we are here to help you become more bankless.
0:51.9	Energy is the base layer of money. That's how our guest Luke
0:56.0	Roman puts it in today's episode. We look at money and empire through the lens
1:00.4	of energy costs and we see why Luke says,
1:03.0	the price of oil is about to force a massive monetary system
1:07.3	change.
1:08.5	David, I really think this is essential learning
1:10.4	for people in the bankless journey.
1:11.9	We haven't often unpacked an
1:13.5	episode that looked at money primarily through the lens of energy which is
1:16.9	what we're doing in today's episode and I walked away from this kind of
1:20.4	convinced that you don't really understand money until you start
1:24.2	understanding energy markets and all of the forces surrounding them. One of my
	...

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