In this interview, Tom Luongo breaks down the new financial world taking shape as global markets, the dollar system, sovereign debt, private credit, the yen carry trade and geopolitical tensions collide. We discuss the future of the US dollar, gold, Bitcoin, global liquidity and the financial system, including the growing conflict between the US and Europe, China’s economic slowdown, the risks facing private debt and what could trigger the next financial crisis. Tom also explains why he believes the global financial order is being fundamentally reshaped and where investors should look for protection and opportunity as this transition unfolds.
🗓️ Recording date: August 20, 2026

📖 Chapters
00:00 Intro
01:33 – The biggest systemic risk facing markets
02:10 – Trump, Bessent and the hidden financial war
04:25 – The ECB, Bank of England and US bond yields
06:43 – The real battle for the future of the dollar
08:08 – Could AI and South Korea trigger a financial contagion?
09:42 – Bessent and the US Treasury’s long-end strategy
11:21 – How dependent is global liquidity on the yen carry trade?
13:31 – Who is most vulnerable in a global liquidity crisis?
15:50 – Stablecoins, the Clarity Act and the future dollar system
17:52 – What should investors own in the new financial world?
18:05 – The private debt time bomb
20:26 – Could major banks and private equity face bailouts?
22:03 – Is China entering a serious economic slowdown?
23:18 – America, China, Russia and Europe: the new geopolitical order
26:36 – What if distressed countries are forced to sell gold?
27:22 – Gold vs. Bitcoin as the next global collateral
29:33 – Are Turkey and Russia really selling gold?
30:12 – Where would Tom Luongo live outside the US?
31:47 – The shift from the Old World to the New World