🟢 [E1622] With $10tn in Treasury bonds maturing over the next twelve months and the Fed reporting $245bn in operating losses since 2022, Warsh cannot avoid accelerating balance sheet expansion.

🟢 [E1598] China's 2025 trade surplus of $1.2tn divided by 975 tons of gold net imports implies $38,280 per oz to balance flows. VP Vance announced price floors for critical minerals, marking the end of the post-1971 structure whereby USTs are the primary reserve asset.

🟢 [E1613] Gromen warns AI deflation is hollowing out white collar jobs at AI speed, which will collapse corporate profits via consumer credit crisis—unlike the blue collar hollowing which had a long lead-time cushioned by subprime lending.

🟢 [E1652] Gromen argues sixth grade maths shows Warsh will be 'as dovish as Trump needs', with unspoken implications that USD will resume orderly descent and gold will ascend.

🟢 [E1645] Gromen states he has sold BTC, and will not buy back until either much lower prices, more time passes, or 'nuclear printing'. BTC Treasury companies face Strategy-style forced liquidation risk.