Top Three Videos – July 28, 2026
Luke Gromen: China’s Quiet Domination During the US’s Middle East Distraction...(July 23, 2026)
Competent Investor Podcast...
Summary
Gromen argues Fed Chair Warsh’s choices are all unpleasant: raising rates to fight inflation will create Treasury market dysfunction with $8 trillion needing refinancing in 12 months after years of front-loaded issuance, forcing the same binary Yellen and Powell faced — let the bond market break or weaken the dollar — and they will always choose the dollar. He frames Bessent’s “Hamiltonian economics” (high tariffs, reshoring, a neutral reserve asset for trade settlement), echoed by Trade Representative Greer, Vance, and Trump himself, as the administration’s true north star, but says achieving World War II-scale reshoring would require 25%+ GDP deficits, 90%+ top marginal tax rates, capital controls, a 10x Fed balance sheet expansion, and 20%+ inflation for five years. Reading China’s coordinated retail exit from leveraged paper gold alongside Basel III’s 2021 NSFR rules, the 2019 RICO charges against JPMorgan’s gold desk, and 17 years of Chinese official statements, he concludes the message is unmistakable: gold is going significantly higher in a compressed period, so buy gold and sell long-dated Treasuries.
Top 5 Key Topics
Warsh’s impossible choice and stablecoin limits: With the Treasury roll rising exponentially and $8 trillion to refinance in 12 months, rate hikes push the US into fiscal dominance faster since front-end debt reprices almost instantly. Gromen dismisses stablecoins as a “Hail Mary” — no corporate treasurer takes 0% stablecoin yield over 4% T-bills, and cash-financing deficits with zero-duration instruments is “inflationary full stop,” the same method used by “every great inflation” including Weimar.
Hamiltonian economics as the administration’s north star: Bessent’s New York Economic Club speech and same-day WSJ op-ed, Greer’s Davos speech citing Keynes’s bancor at Bretton Woods, Vance calling the Washington consensus “stupid,” and Trump invoking the 1870–1913 era all point to tariffs, reshoring, and a neutral commodity-backed reserve asset. Gromen quips that gold isn’t the enemy Volcker claimed — “gold’s just the temperature gauge.”
China thriving through the Iran war: Gromen admits he correctly predicted the war’s length and Hormuz’s closure but wrongly expected market carnage — because China cut oil demand 3–5 million barrels daily while corporate profits rose 20% and exports grew 27%, shifting to EVs (1.4 million barrels/day reduction) and running down its SPR. He argues China wants the war to continue, selling weapons and components to both sides at record trade surpluses, gaining another “period of unprecedented strategic opportunity” like 2002 Iraq.
The gold market endgame: He connects Zhou Luodi’s 2014 “consumed in the east, priced in the west” statement, 2009 Wikileaks cables on Western paper-gold price manipulation, the PBOC’s 2009 call for a commodity-backed neutral reserve asset, Basel III forcing Western banks out of unallocated gold by 2022, and China now moving retail into unlevered physical. Since China stopped buying Treasuries in November 2013, gold has run from ~$1,200 to $4,200 — and he believes a major compressed repricing is coming within 6–36 months.
Positioning: miners, infrastructure, Japan: Gold miners remain one of his biggest positions, trading “like gold’s going back to $1,800” despite reported 20–25% free cash flow yields, with the gold-to-oil ratio (a profitability proxy) set to rise much higher. He also likes electrical infrastructure equities (PAVE/GRID-type holdings) as the “ammo makers” of a cold war buildout, and Japanese industrials since the US “cannot reshore on its own”; he sold most of his Bitcoin around $95–96K for 23–24 ounces of gold but expects it to outperform once Warsh “folds like a cheap suit,” likely within three months.
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Paul Marshall: The 100 year history of ‘woke’ (in 15 minutes)...(July 24, 2026)
Alliance for Responsible Citizenship...
Summary
The speaker argues that Western politics has “gone mad” because two centuries of intellectual deconstruction — Nietzsche’s denial of absolute truth, Foucault’s reduction of everything to power and victim/oppressor dynamics, and their American university mutations into critical race theory, DEI, and net zero — have eroded the civilizational foundations beneath politics. He contends these “parasitic” ideologies gained traction because post-2008 policy privatized gains and socialized losses, with QE acting as “gain of function monetary policy” (borrowing Bessent’s phrase) that amplified inequality while elites ignored globalization’s and creative destruction’s losers, leaving the young — especially young white males — with useless degrees, huge debts, and open discrimination. His prescription is “reconstruction”: recovering the Athens-to-Jerusalem golden thread of the good, the beautiful, and the true, restoring free markets tempered by virtue, embracing the coming AI “age of abundant intelligence,” and rebuilding schools and universities around truth, free speech, and love of country.
Top 5 Key Topics
Deconstruction’s intellectual lineage: The speaker traces today’s politics to Nietzsche (“no absolute truth, only perspectives”) and Foucault, now the most cited source in all academic literature, whom he notes supported the Ayatollah and advocated legalizing sex with minors. Foucault’s victim/oppressor framework explains how Islamists and LGBTQ activists coexist in the same parties despite mutually incompatible aims.
Economic roots of bad ideas: Free markets always produce relative winners and losers, and in a democracy losers’ ideologies have even odds of adoption — so when 2008 privatized gains and socialized losses, and QE inflated the assets of the already-rich, “bad ideas found willing adherents.” He argues deconstructionists attacked free-market economics from the flanks via net zero (“an ideology of fear”) and meritocracy via DEI (“division, entitlement, and indoctrination”).
Living by lies: Echoing Solzhenitsyn (“Ignat’s father”), he catalogs the lies he says society has accepted — men have cervixes, Shakespeare was a black woman, America was founded in 1619, Churchill not Hitler was WWII’s villain — and argues truth and kindness are not opposites: “without truth, kindness is a placebo.” He credits Jordan Peterson’s refusal to be compelled to lie about biological sex as the defense of truth that brought him into public life.
The betrayed young generation: Universities funneled the young into useless degrees taught by “resentful academics,” leaving them indebted, fed false narratives, and facing AI-uncertain job prospects with “growth in GDP for me and not for thee.” Being young, white, and male means facing discrimination in both university admissions and hiring — a mess he says his own boomer generation made.
Reconstruction and the new Cambrian age: Unprecedented technological change — AI’s abundant intelligence, space exploration opening parallel economies — is arriving faster than thinking can keep pace, with technologists ignorant of philosophy and philosophers ignorant of technology. He calls for combining economic dynamism with human flourishing, energy abundance with stewardship, and a positive vision inspiring the majority, not just a minority, to flourish — while the US forges ahead and Europe stays “mired in bureaucracy.”
Exit The Machine. Abandon Convenience, Make As Little Money As Possible & Quit Traveling...(July 24, 2026)
3 of 7 Project...
Summary
The speaker argues the culture war was only a proxy war and that its real objective — reinserting the dissidents who were driven out of universities, newspapers, and the BBC — remains unfinished, noting that endowed chairs cost only $5 to $15 million and yet no wealthy donor is buying trouble at Oxford or Cambridge. He contends a covert operations community that became unaccountable around 1969 manufactures narratives that cannot be contradicted, citing the 77 US Nobel laureates who signed a letter defending EcoHealth Alliance despite lacking domain expertise, and calls Epstein “almost certainly a covert operations hub” and a state-sponsored program rather than a lone predator. He argues societies must hold certain things axiomatic rather than debating them endlessly with scoundrels, and that the singular task of the West is restoring a compelling indefinite human future — which requires spreading beyond a single atmosphere given weapons technology in place since the 1952 hydrogen device.
Top 5 Key Topics
The unfinished reinsertion of dissidents: He argues Western civilization consists of institutions capable of recognizing and promoting quality, and cannot be rescued while its leading dissident thinkers sit outside the citadels that traditionally protected them. He points to Frances Oldham Kelsey — who stood alone against the thalidomide industry from the University of Chicago — and claims that in the age of Fauci such a person would be out of work and labeled a grifter, charlatan, and malcontent.
Covert operations and the destruction of ground truth: He dates the shift to 1969 when MIT physics faculty, many of them Manhattan Project veterans, walked out over Vietnam, and argues covert means deniable, which authorizes gaslighting and destroying anyone who uncovers an operation. He cites the CIA allegedly burying the lab-leak narrative for a virus he says may have killed north of 10 million people, and recommends Mike Benz’s work on USAID as a CIA funding channel.
Against “extraordinary claims require extraordinary evidence”: He calls the principle terrible and says the skeptic movement should be discarded because science already knows how to do skepticism. His argument is structural: clandestine means secret and covert means deniable, so demanding that evidentiary standard guarantees nothing can ever be proven.
The Epstein claim: He says Epstein told him in 2004 that he ran a multi-billion-dollar FX hedge fund staffed by Brooklyn yeshiva brokers across two trading floors — one at Villard House on Madison Avenue, one on an outfitted Boeing 727 — details he says were self-defeating because trades that size cannot move without leaving a data trail. He notes editors, not journalists, repeatedly spiked the story, and that the New York Times published Epstein’s handwritten note reading “never was a hedge fund manager” on June 16, 2026, vindicating a point he says took 22 years to land.
Axioms over infinite debate: Invoking the Declaration’s twin moves — self-evident truths and endowment by a creator — he argues the founders deliberately foreclosed the infinite regress of “why,” and that free peoples should likewise refuse to debate their own definitional premises with the woke, communism, or radical Islam. He extends this to his own field, describing talks in physics departments that he must erase afterward, being told he is “a visitor who is not a visitor,” and calling string theory’s monopoly a lie told for 42 years without contradiction.