The Great Simplification with Nate Hagens

(Conversation recorded on November 4th, 2026)  
The Great Recession, the dot-com bubble, the Mexican debt crisis: for every major financial crisis in the last 50 years, the U.S. has answered with more borrowing and more money printing. These rescues were temporary fixes for an accelerating debt crisis, pushing the U.S. dollar – and the entire economic system – toward a breaking point. Now, with interest and entitlement payments slightly larger than total federal tax receipts, there are no painless options left to correct the situation. 
In this episode, Nate welcomes back macroeconomic analyst Luke Gromen to unpack the financial bind facing the United States and the broader Global economy, a bind that leaves governments with two options: print or default (or some combination of the two). Moving line by line through one of Luke's recent analyses, they explore why austerity, long the textbook remedy for excessive debt, would likely backfire now, which in Luke's view makes a deep depression or a currency reset nearly unavoidable. Luke also explains how the Iran war and the closure of the Strait of Hormuz have exposed the deep links between oil, the dollar, and bond markets. He makes the case that gold has re-emerged as a major reserve asset, and why a gold revaluation is a possible way to "rip the Band-Aid off," setting us up for longer-term success. Nate presses him on what such a reset would mean in a world of declining net energy, and how that might put further pressure on an already strained system. 
Whether an economic collapse happens in nominal or real terms, what does it look like for the average citizen who has to bear the cost? What are the international implications of a sudden break in the U.S. Treasury Market? And if governments aren't preparing for what's coming, how might individuals and communities invest in the physical resilience and relationships that help society bend rather than break?
 
About Luke Gromen: 
Luke Gromen has become one of the most respected names in the global research sector. Having been in the industry for 20+ years and earning a reputation as a client-focused analyst with an unparalleled ability to make broad connections between increasingly siloed industry news and drawing conclusions that help investors understand the bigger picture. Luke offers unique and insightful research derived from a wide variety of sources that provide a clearer picture of global macroeconomic, thematic, and sector trends.
Luke founded FFTT, LLC in early 2014 to address and leverage the opportunity he saw created by applying what clients and former colleagues consistently described as a "unique ability to connect the dots" during a time when he saw an increasing "silo-ing" of perspectives occurring on Wall Street and in corporate America. FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for clients. 
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This week, Nate offers a reflection on the U.S. midterm elections, separating the relief of a clear outcome from the deeper questions that remain unsolved. He considers what has changed politically and what hasn't through a transpartisan lens, highlighting a growing disconnect between political institutions and the biophysical reality shaping our future. While the election has changed the occupants of some government positions, the Carbon Pulse continues, planetary boundaries remain in overshoot, and the global economic Superorganism carries on at its established pace. 
Nate also explores how the election itself may be revealing a signal that the political system has yet to recognize – rising energy costs, shrinking household surplus, and growing affordability pressures have contributed to electoral losses for both parties. He sees this as evidence of a problem upstream of conventional politics, rooted in the diminishing surplus that once made cheap food, cheap credit, and cheap energy possible. Overall, the essential work remains unchanged: bending instead of breaking, avoiding nuclear war, protecting the remaining biosphere, and cultivating a new cultural sense of the sacred. For Nate, this election is a reprieve and not a resolution. It serves as a reminder that those who disagree politically will still be neighbors through the Great Simplification. 
What happens when the economic promises politicians make collide with the biophysical limits of the systems that sustain them? How can people move beyond political divisions to build the trust and shared purpose needed for the difficult work ahead? And does the electorate's ability to respond to economic contraction offer evidence that democratic institutions can still recognize systemic signals, even when political leadership cannot?
(Recorded November 4th, 2026)
 
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(Conversation recorded on September 24th, 2026)  
 
One in five mammal species on Earth is a bat, yet they remain some of the most overlooked and misunderstood creatures in conservation. Bats pollinate crops, control pests, and spread seeds over large areas. But as climate change pushes temperatures and rainfall to new extremes, many forests are increasingly at risk of catching fire, threatening both the wildlife and communities that depend on them. What happens when the land-management knowledge communities have relied on for generations no longer matches reality, and how can species like bats become the catalysts to realign them?
 
In this episode, Nate is joined by Nigerian bat biologist Iroro Tanshi to explore how the rediscovery of a bat species unseen in Nigeria for 45 years – and a wildfire that destroyed half its habitat just days later – launched a community-led fire prevention program. Iroro explains how listening to farmers, who no longer knew when it was safe to burn their fields, led to a simple fire danger warning system that local leaders then backed with their own bylaws, directly addressing tragedy-of-the-commons dynamics. She also shares what it's like to navigate conversations about climate and biodiversity with rural Nigerian communities, and how her team is now scaling their fire management solution across the tropics.
 
What can a tragedy of the commons in rural Nigeria teach us about collective action everywhere? Why might the people experiencing the worst impacts of climate change also be the ones best equipped to lead the response? And in a world drifting toward extremes, what are the fundamental human practices we'll need to relearn in order to adapt to a future that will look very different from the past? 
 
About Iroro Tanshi: 
 
Iroro Tanshi is a Nigerian ecologist and conservationist whose work focuses on field biology, biodiversity research, and community-led conservation. She earned a PhD in biology from Texas Tech University, where she also received the Horn Distinguished Professors Graduate Research Award for her work in African biodiversity conservation and community engagement. Tanshi's work in Nigeria led to the 2016 rediscovery of the critically endangered short-tailed roundleaf bat – a species that had not been recorded there for roughly four decades. She helped to spark the "Zero Wildfire Campaign" with local communities in order to end harmful land burning practices that contributed to the decline of key bat populations. In the process she co-founded the Small Mammal Conservation Organization (SMACON), whose work in the Southern Nigeria region continues to conserve both individual species, and the forests and social systems on which biodiversity depends. 
 
Tanshi's research and conservation career has earned international recognition – this includes the Future for Nature Award in 2020, the Whitley Award in 2021, the Pritzker Emerging Environmental Genius Award in 2023, the 2026 Goldman Environmental Prize, and being recognized as a National Geographic explorer. Much of her recent work has focused on Afi Mountain Wildlife Sanctuary and other remaining primary forests in southeastern Nigeria, where biodiversity conservation is inseparable from the realities of farming, fire, livelihoods, governance, and local decision-making. Tanshi continues to put into action a social-ecological approach to conservation that treats local communities as collaborators, not obstacles. She prioritizes building trust, aligning incentives, developing local expertise, and making conservation durable through local agency.
 
Thumbnail image credits: Etinosa Yvonne
 
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In this week's Frankly, Nate examines the possibility that global economic growth is approaching its limits, reframing it as a historically unusual period in human history enabled by an extraordinary inheritance of fossil fuels. By tracing the relationship between economic output and the energy, materials, and ecological systems that sustain it, Nate uncovers how financial markets, debt, and technological innovation can obscure the physical constraints beneath economic activity, allowing financial claims to expand even as the underlying stocks and flows become harder to access. He outlines seven potential pathways to the end of growth, including how things like geopolitical conflict, social unrest, ecological degradation, catastrophic external events, and cascading systemic failures could expose the fragility of an increasingly interconnected global economy.
Rather than attempting to predict a single moment of collapse, Nate investigates the shared vulnerabilities connecting these growth-ending scenarios. He challenges the belief that human ingenuity and technological substitution can overcome every constraint, emphasizing that innovation itself requires a functioning biosphere and a surplus of energy. Ultimately, this episode widens the focus from forecasting collapse to understanding how societies might build resilience today in preparation for a future of reduced material abundance. 
What happens when the financial promises that underpin economic growth exceed the physical resources available to fulfill them? How can societies adapt to ecological and material limits without deepening inequality or accelerating systemic instability? And what might our societal trajectory look like if progress were measured by the strength of communities and living systems rather than the endless expansion of the economy?
(Recorded October 26th, 2026)
 
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With headlines reporting that oil exports through the Strait of Hormuz are recovering to pre-war levels, it seems that the oil supply chains have stabilized – yet prices and availability don't tell the same story. Over two billion barrels of expected Middle East production have been lost this year, and even with crude exports increasing, refined products, LNG, and fertilizer still lag. What have we learned from the last eight months, with some of the most extreme geopolitical events we've seen in decades and a market that didn't respond as predicted, and what does it tell us about where we're going next? 
In this episode, Nate welcomes back oil market analyst Rory Johnston for an update on how the crisis has evolved since April. Rory explains why diesel is now the epicenter of the crisis, with crack spreads running five to six times their historical norm, driven by both the Iran war and Ukraine's strikes on Russian refineries. He also unpacks one of the unexpected moves that lessened the severity of the energy shortage: China's unprecedented 45% cut in crude imports, which he calls the "Beijing Swing." Tying these trends together, Rory and Nate explore how soaring shipping costs have fractured a once-global oil market into regional pockets and how the poorest nations are bearing the brunt of demand destruction.
If markets have stayed calm because they expect a surplus on the other side of this war, what happens if that surplus never arrives? Are depleted buffers leaving markets vulnerable to smaller disturbances that could trigger sudden price spikes? And in a world of growing data opacity and political spin, how can we find trustworthy signals about the physical systems our economies depend on?
Follow along with Rory's charts used in this conversation here. These slides were prepared on October 21, 2026, the day before the recording.
(Conversation recorded on October 22nd, 2026)  

 
About Rory Johnston: 
Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, host of the Oil Ground Up podcast, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. He is a leading voice on oil market analysis, advising institutional investors, global policy makers, and corporate decision makers. 
Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank where he set the bank's energy and metals price forecasts, advised the bank's executives and clients, and sat on the bank's senior credit committee for commodity-exposed sectors.

 
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