The U.S. economy has been “artificially propped up” for the last two years, and the floor is about to fall out. Former BlackRock Manager and Founder of Phinance Technologies, Ed Dowd, joins Jeremy Szafron on Kitco News to expose why recent GDP data was a “hallucination” driven by government spending on mass migration.
In this deep dive, Dowd warns that the “floor has been removed” from the housing market, predicting a tumultuous crash in 2026 as inventory spikes and demand vanishes. He also breaks down why the AI boom is a “bull trap” similar to the Dotcom bubble—forecasting an 80% crash for market darlings like Nvidia—and explains why Basel III has re-monetized gold, setting the stage for a $10,000 price target.
Recorded: December 8, 2025
Follow Jeremy Szafron on X: @JeremySzafron (
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Key Topics:
-The “Fake” Economy: How migration spending and deficits faked the recovery.
-Housing Death Spiral: Why prices must crash now that the “floor” is gone.
-AI Warning: Why Nvidia is the “Cisco of 2025” and facing a massive drop.
-Gold & Silver: The technical roadmap to $10,000 Gold.
TIMESTAMPS
00:00 Introduction and Market Overview
01:10 Interview with Edward Dowd: Systemic Risk
01:43 The Hasset Trap and Economic Predictions
06:30 Housing Market and Immigration Impact
10:42 Private Credit Market Concerns
23:39 AI Hype and Economic Realities
27:17 Economic Benefits of AI and Historical Comparisons
27:58 Challenges and Concerns in AI Development
28:43 AI Infrastructure and Market Dynamics
31:57 Gold’s Role in the New Monetary System
36:10 Japan’s Economic Dilemma and Global Impact
44:03 China’s Trade Strategy and Global Implications
47:06 Deflation Risks and Central Bank Responses
49:25 Risk Management and Investment Strategies
#EdDowd #HousingMarket #Economy #Gold #Recession2026 #KitcoNews #Nvidia #StockMarket #JeremySzafron #Silver #Deflation
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
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48 Comments
Ed Dowd argues the last 2 years of GDP growth were a hallucination propped up by government spending on mass migration. He warns that this economic floor has now been removed.
Do you agree with Dowd that the housing market is heading for a crash in 2026, or is Wall Street right about the soft landing?
Let us know your thoughts below.
Complete nonsense ……the US economy has been fake for at least 30 years.
We have 8 billion + people on a planet that can support 1.5 billion. How do you think this going to end. Don’t even think that sustainable policies or Title 9 communities on Mars is going to prevent the great “die-off” that’s coming.
Just remember, you may have your silver and gold, but you’d better be prepared to defend it.
“Just the last two years?”
Sarbanes-Oxley was like an apology with a piece of yarn tied around the finger. It was to remind us that they would try and avoid fabricating value from dirty toilet paper.
We all sensed this. The 2008-2009 financial crime families walked away with zero accountability.
The accumulation of all powers, legislative, executive, and judiciary, in the same hands, whether of one, a few, or many, and whether hereditary, selfappointed, or elective, may justly be pronounced the very definition of tyranny.”
― James Madison, Federalist Papers
ahh yes, another "economy is collapsing" video… it's weird how these all come out around the same time precious metals rise in price.
Rapture soon
Nature always wins
Ed's time has come.
Everything was F@ke during the Biden era..
İf u had listened to this guy and pulled out Of nasdaq last year, you had missed the ralliy from may to oct
Why pesimistic people on the show always?
The blackrock guy is blaiming immigrants for the housing bubble l😂
The dollar and the economy have been fake for 50 years. Now we expect the guilty to fix the system. Basically, the lunatics have been running the asylum for years fooling and telling us that everything is fine.
Silver should be crypto from treasury only kill the fed
Rents coming down in purchasing power dollars really 1to3 grand a month some fog down.back to Wharton you two
Where is the national guard intell White House to wall street inside the fed and investigating jpmorgan.we want the guard to kick into Knox's doors.protect the publics property from epsteiners throughout offices.up against the wall
Now we know this persons deal
AI is looking more and more like it's gotten way ahead of itself. Circular accounting, fraud, outright criminality, and limited application of AI does not justify the trillions of dollars invested. It seems to have replaced many high tech jobs…… we'll see.
in 2022 Ed Dowd made these same observation and arguments. At that time he was talking about the unsustainable sovereign bond debt in the hundreds of trillions of dollars. It's only gotten worse. He describes the US economy as the "cleanest shirt in the dirty laundry basket". The American economy is so disgusting on so many levels. DEBT is EVERYWHERE and it will never be truly be serviced……
A 1 billion surplus by China says;The people of China are not purchasing the products they produce.
The economy was fake for TWENTY years
Hand-wringing won't help: no …
WE NEED NEW LAWS TO S. T. O P. THE BILLIONAIRES, MILLIONAIRES FROM MANIPULATION OF THE MARKETS ,BUY LOW SELL HIGH DUMPING HUGE AMOUNTS OF STOCKS CREATING BUY OFF
A decade ago, alot of head scratching…..the stock market really reflects the world's economic stability not only the USA as in the past
Housing must very seriously correct…. that's the reset.
Jeremy is a fantastic interviewer! He asks the hard "devil's advocate" questions but frames them as to not be offensive. I wish HE were the one doing the explaining and not interviewing at all. Maybe he will become a mini Peter Schiff someday! 🙂
SOCIALISM PEOPLE!
Seven days old
Totally useless
It always makes me laugh
When speakers talk about the economy and financials
They always make out every country on the planet is in a total disaster
How can that be when you have got a $40 trillion debt and that doesn’t even include unfunded liabilities?
“Gold is a speculative asset.”
Seriously… that’s the best laugh I’ve had all week!
Japan has 10 million empty houses.
Wow, such a torrent of spin/BS!
These video lectures are informative and excellent.
Defend. Deny. Depose. The 1% are undeserving. We need a revolution.
Oracle and Broadcom just did a financial BOOM!
For the last 20 years. Were a failed nation. Watch your banks start running if reports are correct
The USA has been bankrupt for a quarter of a century. Obviously being bankrupt doesn't mean it collapses.
But in all the illegals brought in all the riffraff from other countries and didn't even win the elections. Now everybody's gotta go. And the Biden administration is really screwed over a lot of people a lot of America's because now they're house prices are going down. They've built these multifamily units that won't be occupied. Ridiculous.
Doom is just always right around that corner, that never seems to come.
Wow bearish predictions on KITCO!! Never could have predicted this lol . . .
Jeremy is a fantastic host but this analyst/commentator is more an ideological person than an objective observer. Not impressed at all.😊
STOP talking about Housing and Mortgage rates. START talking about Credit Cards and Personal loans at 29.99%+, 34%, 106%. The Credit bureau's are promoting these loans. These Gangster high interest rates are a hugh problem.
It's all smoke and mirrors, downward spiral incoming,the last big money grab is OTW and afterwards the proletariat will achieve peon status and we will have the neo feudal system in place. Enjoy 😂
Great show was interesting watching for the first time…..old dog can learn new things