Michelle Makori, President & Editor-in-Chief, Miles Franklin Media, sits down with Larry McDonald, Founder of The Bear Traps Report and New York Times bestselling author.
McDonald warns that a major inflation shock may be building beneath the surface, driven by prolonged disruptions in global energy flows, massive fiscal spending, and structural imbalances in the system. He outlines why the probability of inflation surging back to 4-7% is rising and why there is now a meaningful risk of investment double-digit inflation in the U.S.
McDonald also breaks down why markets may be dangerously complacent, calling for a potential 20-30% drawdown in equities by September. He explains how the Federal Reserve is increasingly constrained by a $39 trillion debt burden, why financial repression may be the only path forward, and what that means for investors.
Beyond inflation and the Fed, McDonald highlights another major risk that markets may not be pricing in – rising tensions with China, including concerns over intellectual property and the global AI race, which could have significant implications for Big Tech and the broader market.
In this episode of The Real Story with Michelle Makori:
- Why the risk of runaway inflation is rising
- The growing probability of double-digit inflation in the U.S.
- Why markets may be driven by positioning, not fundamentals
- A potential 20-30% market drawdown by September
- The Fed’s dilemma and the impact of $39 trillion in U.S. debt
- What “financial repression” means for your portfolio
- The China risk markets may be underestimating
- Why Big Tech and AI investments could face new pressure
- The case for hard assets, commodities, and gold
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0:00 Coming Up
2:09 Introduction
3:57 Are Markets Too Optimistic on Iran?
5:08 Why Larry Says This Rally Is Forced Buying
6:31 Oil Flow Disruptions and the Strait of Hormuz Risk
11:31 Semiconductor Supply Chain Warning
14:26 Larry’s Inflation Outlook
16:17 Double-Digit Inflation Risk Rises
19:23 What Double-Digit Inflation Means for Consumers
20:14 Hard Assets
21:21 Kevin Warsh, Fed Independence and “Regime Change”
32:08 Paulson’s “Break the Glass” Treasury Warning
38:51 Larry’s Gold punisher one last kill Outlook
40:32 China, AI and the Risk Markets Aren’t Pricing In
55:08 Best Opportunities
58:56 20-30% Market Drawdown by September?
59:53 Closing Remarks
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Join Miles Franklin Media for unfiltered financial and economic news and insights. Through expert interviews and real market intelligence, we cut through the noise and challenge the mainstream narrative. Anchored in the principles of sound money, we uncover the truth about money, markets, macroeconomics, geopolitics, and power – delivering credible insights to help you protect your wealth, future, and freedom.
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Disclaimer: The views and opinions expressed in this video are those of the individual speakers and do not necessarily reflect the views of Miles Franklin Precious Metals, its affiliates, owners, anchors, producers or hosts. This content is provided for informational and educational purposes only and is not intended as financial, legal, or investment advice. Nothing said in this video should be construed as a recommendation to buy or sell any financial asset. You should always consult with a qualified financial advisor, legal professional, or tax expert before making any investment decisions. Investing involves risk, including the potential loss of principal.
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