Video News/In Focus with Jeremy Szafron

Lehman vet Lawrence (Larry) McDonald issues a major DEFCON 3 warning on his 21 systemic risk indicators, predicting a "violent storm" of AI job destruction for the middle class. In this interview, recorded on September 10, 2025, The Bear Traps Report founder tells Kitco News' Jeremy Szafron why your 401k has been "hijacked by AI" and reveals his full investing strategy for the crises he sees coming. Larry McDonald argues that while the stock market celebrates all-time highs, a series of systemic crises are converging. He details the "Crisis of Confidence" in the bond market, where so-called 'safe' assets are in a historic rout; a "Crisis of Reality," a deep disconnect between the AI hype and the physical constraints of the energy grid; and a "Crisis of Policy," where a trapped Federal Reserve is being forced into a policy error by unsustainable government debt. This is a must-watch interview for any investor seeking to navigate the stagflationary environment, the turning credit cycle, and the great rotation into hard assets like gold, silver, copper, and energy. Larry provides his latest trades, including why he's selling major mining stocks and buying "beaten up" natural gas and coal names.