Video News/In Focus with Jeremy Szafron

James Grant warns that the epicenter of the next financial crisis will not be the banks but the Life Insurance sector. Speaking with Kitco News Anchor Jeremy Szafron, Grant argued that years of “Search for Yield” policies pushed insurers into Private Credit and Private Equity exposures he describes as “inherently junk” and lacking true price discovery. He cautioned that policyholders and retirees may become the “unknowing participants” in a major deleveraging. Grant also addressed the recent spike in Repo rates, accusing the Federal Reserve of acting as a “puppet master” that has lost control of the bond market. Grant described the broader market environment as precarious, calling the economy suspended on “dental floss” and warning that AI infrastructure spending resembles the “Pyramids of Egypt.” He reiterated his outlook for gold at $4,200 and said silver’s path will remain marked by “Trump like” volatility. The conversation explores hidden leverage, suppressed price discovery, and why Life Insurance sits at the critical fault line of the next downturn.