Video News/Kitco News: Legends

Market historian Bert Dohmen says the Federal Reserve is “flying blind” as the U.S. economy moves toward what he calls a potential “deflationary depression.” Speaking with Kitco News Anchor Jeremy Szafron, Dohmen warned that 2026 is the danger year and that “smart money” is quietly unloading risk onto retail investors during an ongoing distribution phase. He argued that Quantitative Tightening “was never real” and that rising bank loans and hidden liquidity are making markets look healthier than they are. Dohmen also reacted to the missing BLS jobs report and the dispute over the FHA’s $8.5 trillion exposure, saying the Fed ended QT early because “the plumbing is breaking.” The conversation also examined Nvidia’s earnings surge, the stress inside the AI boom, and the growing risk of margin calls and credit fractures. Dohmen addressed the debate over Bitcoin as “liquid gold,” concerns around tokenized gold, and why trust breakdowns are pushing investors toward safety assets. His outlook outlines the structural cracks he believes will define the run-up to 2026.