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

(26:54) - Japan Treasury Selling Fears

(29:06) - Allies Follow China Playbook

(34:01) - Stablecoins and CLARITY Act

(36:07) - No Silver Bullet

(36:48) - Inflation Over Bonds

(38:39) - Gold and Bitcoin Hedge

(39:09) - No Currency Alternative

(40:44) - China Gold Yuan System

(43:33) - Gold as Neutral Reserve

(48:31) - Multipolar Reserve Trap

(50:32) - Zugzwang and Supply Chains

(55:30) - Back to Gold Energy Link

(01:01:08) - AI Boom Then Bust

(01:04:00) - White Collar Disruption

(01:10:37) - Closing Thoughts and Outro

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Referenced in the Show:

Forest For The Trees - https://fftt-llc.com/about/

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Jacob Shapiro Site: jacobshapiro.com

Jacob Shapiro LinkedIn: linkedin.com/in/jacob-l-s-a9337416

Jacob Twitter: x.com/JacobShap

Jacob Shapiro Substack: jashap.substack.com/subscribe

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The Jacob Shapiro Show is produced and edited by Audiographies LLC. More information at audiographies.com

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Jacob Shapiro is a speaker, consultant, author, and researcher covering global politics and affairs, economics, markets, technology, history, and culture. He speaks to audiences of all sizes around the world, helps global multinationals make strategic decisions about political risks and opportunities, and works directly with investors to grow and protect their assets in today’s volatile global environment. His insights help audiences across industries like finance, agriculture, and energy make sense of the world.

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