The Meb Faber Show · Friday, August 14, 2026
Gromen posits that under a Hamiltonian economic system, the US Treasury bond may no longer be the world's reserve asset. He explains that the shift from offshoring dollars to reshoring manufacturing means deficits must be resolved differently, with massive implications for capital flows, the dollar, and national competitiveness.
“The United States Treasury bond can no longer be the world's reserve asset under this, right?”
“Basically, we've been offshoring dollars, export US dollars and financial assets. And getting back stuff. And now we want to make stuff. Well, we can't do both.”
“So it has massive, massive implications for global capital flows, the dollar, rates, national competitiveness, industries, etc. So just massive, massive shift.”