In this episode, we sit down with Luke Gromen to unpack the U.S. fiscal landscape, exploring the growing strain of true interest expense and why the world may be entering a liquidity acceleration phase. Luke highlights some of the most crowded and least crowded trades in the market today and explains why gold miners are taking on a new role, while commodity stocks resemble bonds. We also discuss the potential release valves of gold, oil, and bitcoin. Luke provides insights into the shifting dynamics of physical versus paper assets, the repricing of bonds and hard assets, and bitcoin’s potential place in central bank reserves. Additionally, we cover China’s latest economic moves, the ongoing global debt bubble, and the potential impact of the U.S. Presidential election. SUPPORT THE PODCAST: → Subscribe → Leave a review → Share the show with your friends and family → Send us an email [email protected] → Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description → Buy bitcoin in an IRA—sign up today and get your first year free: unchained.com/frontier TIMESTAMPS: 00:00 - Intro 01:06 - The U.S. fiscal situation and 'true interest expense' 02:49 - U.S. fiscal tightening and liquidity needs 04:03 - 'America doesn’t get to do collectively stupid stuff with borrowed money forever' 04:51 - What is money? 07:13 - Most crowded and least crowded trades today 08:39 - 'Gold miners are the new commodity stocks, commodity stocks are the new bonds' 12:07 - The release valve: gold, oil, and maybe bitcoin 14:21 - Bitcoin miners as the new gold miners? 16:06 - The importance of physical versus paper assets 20:10 - The accelerating repricing event in bonds and hard assets 23:49 - How bitcoin and gold fit into the reserve asset narrative 33:14 - Will central banks eventually hold bitcoin? 35:00 - China’s aggressive stimulus and what it means for global markets 39:00 - The global sovereign debt bubble and the U.S. deficit 40:21 - U.S. Presidential election and fiscal largesse 41:59 - Repricing of gold and bitcoin 49:10 - What most bitcoiners disagree with Luke on 50:24 - The biggest risks to bitcoin and gold 55:00 - Outro and where to find more of Luke’s work WHERE TO FOLLOW US: → Unchained Twitter: https://twitter.com/unchainedcom → Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom  → Unchained Newsletter: https://unchained.com/newsletter  → Joe Burnett’s Twitter: https://twitter.com/IIICapital → Luke Gromen’s Twitter: https://x.com/LukeGromen