Top Three Videos – September 25, 2026
Alasdair Macleod: “This Will Be Very Serious”: Macleod Warns of Global Logistics Shock...(September 24, 2026)
Liberty & Finance...
Summary
Alasdair Macleod argues that the Middle East war is entering a second phase. Trump (facing midterms in early November) and Netanyahu (facing an October election) are both unpopular enough that they may attack Iran out of desperation, while Iran-aligned militias in northern Iraq and the Houthis strike Saudi infrastructure such as the East-West pipeline, and he expects the Hormuz and Bab el-Mandeb straits to stay closed at least through this year. The resulting shortages of diesel, ship bunkers and kerosene threaten “a seizure of global logistics,” which, combined with drought in Europe and blocked Ukrainian grain, will send the prices of essentials far higher while pushing business into a slump, leaving central banks trapped between collapsing fiat purchasing power and mass unemployment. He concludes that Japan will be forced to dump US Treasuries and equities just as the US must roll over $9-10 trillion plus a $2 trillion-plus deficit, pushing America into a debt trap and popping a stock bubble, so this is a time for wealth protection in gold (and to a lesser extent silver) rather than wealth accumulation.
Top 5 Key Topics
- Iran’s second phase of war: Macleod says Iran has effectively removed America’s Middle East bases from action and bottled US forces up in Israel, and warns that any new US attack would be met with a response “at least twice as bad,” since Iran is the size of Western Europe with armaments buried in mountains and dispersed. He doubts Saudi claims that the damaged East-West pipeline will be working again within a week, noting it remains exposed to further attacks from northern Iraq and the Houthis.
- Gulf states going bust: With oil sales halted, Saudi Arabia’s debt-to-GDP (around 33% earlier this year) is set to soar toward 100% as GDP collapses and borrowing rises, a squeeze made worse by MBS’s spending on desert megaprojects. He sees the same pressure on Kuwait and Abu Dhabi, and warns of maximum danger of tribal and sectarian civil war as the ruling families run out of money.
- Logistics and food crisis: Russia and China have stopped exporting diesel, Ukraine is hitting Russian refineries, Europe’s drought has cut crop yields, Russia has shut Ukraine’s grain ports, and UK farmers are already feeding livestock their winter feed. He says the Fed and ECB have hiked in the last 10 days while the Bank of England held off, and notes that Britain was rescued from its last crisis by the 1976 IMF intervention and the Forties oil field, neither of which is available this time.
- Gold migrating East: As amateurs are shaken out after this year’s early highs, central banks, sovereign wealth funds and wealthy Middle Eastern families are accumulating bullion, with the global gold market moving to China and Hong Kong. He believes China will move the yuan onto a gold exchange standard at a moment of her choosing, calls talk of a new BRICS currency “absolute rubbish,” and says BRICS has done its job now that countries like India are confidently drifting away from America.
- Japan and the Treasury funding storm: Japan got 90-95% of its energy from the Middle East and survived only on US strategic reserve oil, which has now run out (sending WTI over $100); he expects inflation to head toward the 25%-plus CPI Japan saw in 1973-74, forcing Japanese pension funds and insurers to sell Treasuries and buy JGBs. China told its banks to sell Treasuries earlier this year, Bessent’s yen squeeze is hurting the carry-trading US hedge funds in the Caymans, London and Luxembourg that have posed as “foreign” buyers, and $24 trillion of foreign money in US equities will “run for the door.”
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Melody Wright: Official Data is Fake, Economy on 'Last Gasp' - 'It's Going to Get Really Bad'...(Sept 23, 2026)
Commodity Culture...
Summary
Melody Wright argues that the gap between official data and the real economy is enormous. The conflicts running since February 28 (the Middle East, Russia-Ukraine and hits on infrastructure such as the Joliet refinery) are driving diesel prices to records, the commercial real estate maturity wall is crashing into multifamily, and the tangled private credit and private equity “shadow banking monster” is unraveling, while the stock market’s surge reflects insiders “looting the system” in a last gasp. She says prime Fannie and Freddie borrowers are already sliding into early-stage delinquency, FHA is “crapping the bed,” foreclosure referrals jumped in August, and housing is in its fourth year of the worst sales since 1995, with 14 of 29 large cities posting year-over-year price declines. She favors gold, silver, energy and cash held in T-bills of a year or less, warns against shortage narratives and short-term trading, and dismisses the “AI will kill us all” whistleblower story as a psyop meant to build regulatory moats and distract from the Iran war.
Top 5 Key Topics
- Hidden delinquency data: Wright says ICE/Black Knight emphasizes headline and late-stage delinquency, which loss mitigation dampens, while excluding foreclosures from headline numbers entirely, even though early-stage delinquency is “your smoke before the fire.” Delinquency failed to fall this spring despite tax refunds and bonuses, and she gives Fannie and Freddie about 18 months to reach material levels, driven by property taxes, insurance, HOA fees and energy costs even without job losses.
- Housing rolling over: Of the 86 cities she tracks, 14 of the 29 with populations over 500,000 now show year-over-year price declines, up from nine last year and seven last month, with holdouts like Indianapolis, Detroit, Kansas City, Boston, Pittsburgh and Philadelphia starting to roll over. She treats the Wall Street Journal telling boomers to sell now because rates aren’t coming down as a key narrative shift that ends the “prices always go up” story.
- The Fed as performance: She says the latest 25 basis point hike doesn’t matter operationally because the bond market “has decided it’s in charge” and is dictating to the Fed. Its real impact is on narrative, terrifying multifamily, commercial real estate and single-family rental operators who had been surviving on the assumption that rates would come down.
- The e-commerce unwind: With e-commerce at 17.1% of sales in Q2 2026 according to the Census Bureau, elevated diesel prices and a trucking driver shortage will force Amazon and others to pass on costs or eat margins. She predicts a reversal of COVID-era shopping habits toward local sourcing, noting you can no longer leave the house in the US without spending $100 that used to be $10.
- Positioning for the downturn: She likes gold, silver and energy, and suspects the BBB was really about shoring up the grid for reshored manufacturing, citing Michael Every’s view that data centers may become robot or drone factories because “we are definitely going to war.” She urges caution on shortage narratives (such as copper), suspects market makers manipulate prices, and would hold cash like Buffett for coming bargains, including cheap apartments, only in locations buyers truly understand.
Abhijit Iyer-Mitra: The DARK Truth About India Before British Rule...(August 20, 2026)
Winston Marshall Clips...
Summary
The guest argues that British rule in India was “probably 75% good, 25% bad” and rejects the decolonization narrative. He traces that narrative to Latin American white elites who wanted to be rid of Spain and Portugal, and says it now targets westernized Indians as “children of Clive” without ever defining what is really Indian. He contends the de-industrialization claim is false because industrialization means applying chemical energy to production, which pre-British India never did, and India grew every year from 1757 to 1947 even as its share of world wealth fell because Britain, France and Germany grew far faster, though he concedes the empire ran a mercantilist model that kept India as a raw-material supplier and protected market. He argues that the preceding Delhi Sultanate, Mughal and Maratha regimes were lawless, plunder-driven empires, that Britain brought banking, credit and the rule of law, and that his grandparents considered British rule far better than what came before, even though it had run its course and needed to go.
Top 5 Key Topics
- Decolonization’s shifting meaning: He says pre-independence decolonization never sought to discard British institutions, Westminster-style parliament or voting, while the post-independence version attacks Indian notions of fair play, jurisprudence and language as relics of empire. He argues its proponents never say what is authentically Indian because India has “a very problematic history of our own.”
- Industrialization versus scale: He defines industrialization as external chemical energy driving production, so 5,000 hand-weavers is “a primitive economy of scale,” not industry, and dates Britain’s start to a coal-mine pumping machine around 1670-1680. He notes the East India Company’s Fort William in Kolkata held more guns in the 1730s than the rest of India combined, and argues machine power drove gender equality by making physical strength irrelevant.
- Mercantilism and capital flows: He concedes Britain ran a top-down mercantilist system, comparable to its enclosure of the commons at home or France’s CFA franc states, with India supplying raw materials to Birmingham and Manchester and serving as a protected market for British goods. He says 1911 was the first year net capital flowed from Britain to India, and that Indians such as the Tatas and the Baghdadi Jewish Sassoon family had real opportunities to industrialize.
- The Tatas and the Opium Wars: He claims the Zoroastrian Tata family, then “drug lords,” asked the British Empire to intervene in China to protect their opium monopoly, meaning the Opium Wars were “fought for an Indian drug house,” a link running all the way to Jaguar Land Rover today. Marshall counters that the war arose from Britain’s tea trade deficit and a dispute over confiscated British property, and the guest frames the opium trade as a free-market property-rights matter, noting that opium dens were legal in Britain too.
- Pre-British empires as plunder: He says the Delhi Sultanate controlled roughly a Britain-sized area around Delhi, with Tughlaq-era maps inflated by one-year raids, while the Mughal Empire (six to seven times Britain’s size) had largely disintegrated before the British arrived and its Maratha successors were equally extractive. He contrasts these regimes with the consultative tax votes of medieval England’s third estate described in Barbara Tuchman’s A Distant Mirror, and calls the Sultan of Bengal whom Clive defeated at Plassey a serial rapist wrongly lionized as a nationalist hero.