The Federal Reserve is flying blind – and Wall Street is ignoring the warning signs. In this explosive interview, market historian and Wellington Letter founder Bert Dohmen joins Jeremy Szafron to break down why he believes the U.S. is heading toward a “deflationary depression,” why 2026 is the danger year, and how smart money is quietly unloading risk onto retail investors.
Dohmen explains the distribution phase now underway, why QT was never real, and how rising bank loans and hidden liquidity make today’s market appear stronger than it really is. He also addresses the missing BLS jobs report, the $8.5 trillion FHA debt dispute inside Washington, and why he believes the Fed ended Quantitative Tightening early because “the plumbing is breaking.”
We also cover Nvidia’s earnings surge, the AI bubble stress, margin-call risk, credit fragility, tokenized gold concerns, and whether Bitcoin deserves to be called “liquid gold.”
Recorded on November 19, 2025
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00:00 Introduction — Fed Blindspots & Missing Data
00:46 Bert Dohmen Joins the Show
01:20 BLS “Blackout” & Data Credibility
03:02 Fed Minutes, QT Ending & Liquidity Stress
05:44 Nvidia Earnings, AI Bubble & Circular Financing
10:32 Market “Air Pockets” & Distribution Phase
14:24 Deflationary Depression: Dohmen’s 2026 Outlook
17:58 AI Layoffs & Structural Job Shock
21:36 FHA’s $8.5 Trillion Exposure & Washington Infighting
24:42 Insider Panic, GRIFT ETF & Political Trading
28:10 Bitcoin, “Liquid Gold” Debate & Tokenized Gold Risk
33:12 Gold, Safety Assets & Trust Breakdown
36:20 Margin Calls, Credit Cracks & Market Fragility
39:44 What Regular Investors Should Do Now
42:03 Final Outlook: The Year Ahead & The 2026 Trap
#BertDohmen #Economy #Fed #QT #Gold #Bitcoin #HousingCrisis #KitcoNews #Stocks #CrashWarning #MarketOutlook
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