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 (https://x.com/JeremySzafron)
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Follow Edward Dowd on X: @DowdEdward (https://x.com/DowdEdward)
Ed’s Firm: (https://phinancetechnologies.com)
Ed’s Personal Website: (https://www.eddowd.com)
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
Credit to : Kitco NEWS