Find us at www.crisisinvesting.com  Find Col. Douglas MacGregor at www.macgregorwarrior.substack.com https://www.youtube.com/@macgregorwarriordiplomacy  and https://nationalconversation.org/ No Existential Threat from China/Russia—America's Real Crisis Is Internal In a wide-ranging discussion, Col. Douglas MacGregor argues there are no existential military threats to the United States from China or Russia, contending the most serious dangers come from instability and organized crime in Mexico and the Caribbean Basin, weakened social cohesion, mass migration, and loss of American identity. He criticizes U.S. and NATO leadership over Ukraine, predicts Russia will ultimately defeat Ukraine, and calls Ukraine a "zombie state," while disputing portrayals of Putin as Hitler. MacGregor says defending U.S. borders and reducing overseas "forward presence" are essential in an age of precision missiles, and warns financial manipulation is postponing an inevitable economic reckoning driven by massive public and private debt. He claims the U.S. government is acting against Americans' interests, describes "Israel first" influence in Washington, and expects renewed action against Iran that could exhaust remaining U.S. capacity, while forecasting major geopolitical realignments in the Middle East. 00:00 Biggest Threats Today 01:40 No Military Existential Threat 04:17 Ukraine War Reality Check 05:34 Putin Hitler Narrative 06:14 Son Visits Russia 08:22 Why Russia Moves Slowly 11:30 Ukraine as Zombie State 12:49 Border Security Focus 15:15 End Expeditionary Warfare 17:33 Demographics and Migration 18:19 Army on the Border 20:30 American Identity Erosion 23:08 Immigration and Prosperity 24:46 Europe Identity Rebound 30:35 Assimilation or Collapse 31:55 Scarcity and Education 40:29 Government Not Ours 41:12 Israel First Policies 45:19 Rural Urban Civil Strife 48:20 Hybrid American Identity 49:20 Executive Power Creep 50:01 Historic Strongmen Examples 52:48 Trump and Donor Control 55:04 Corruption and Cromwell Fix 56:12 Midterms and ICE Backlash 58:10 Scarcity and Revolution Risks 01:00:52 Institutional Decay and Youth 01:05:31 Debt Reckoning and Vacuum 01:10:40 Iran War Paths and Alliances 01:17:02 Gaza as Regional Catalyst 01:18:02 Where to Follow MacGregor 01:19:08 Military Reform and Four Stars 01:24:57 National Conversation Closing

Find us at www.crisisinvesting.com Ceuta Migrant Surge, Fauci Senate Testimony, DEI in Nolan's The Odyssey, and Escalation Toward World War III Matt and Doug discuss a sudden influx of about 49,000 Moroccans into Spain's small enclave of Ceuta, questioning how the territory can house and feed them, whether NGOs and Moroccan authorities facilitated the crossing, and how Spain or the EU could respond given asylum rules and limited enforcement. They compare the event to past mass-migration episodes in Europe and the U.S. The conversation shifts to Anthony Fauci's Senate testimony, Rand Paul's questioning, Biden's blanket pardon, and allegations of profiteering and lack of accountability. They then review controversy around Nolan's film The Odyssey, arguing DEI casting choices may have been used subversively while still praising parts of the movie. They also cover U.S. border-device searches and debate whether expanding conflicts around Iran, attacks on energy infrastructure, and U.S. involvement indicate a slide toward World War III, including nuclear or cyber escalation. 00:00 Ceuta Migrant Surge 02:24 Can Spain Stop It 04:40 History and Parallels 09:06 Was It Organized 12:36 Spillover to US Politics 14:10 Fauci Senate Showdown 18:38 Nolan Odyssey DEI Debate 27:03 TSA Phone Wipe Case 28:40 Iran Conflict World War Risk 36:15 Wrap Up and Listener Questions

Find us at www.crisisinvesting.com Ceuta Migrant Surge, Fauci Senate Testimony, DEI in Nolan's The Odyssey, and Escalation Toward World War III Matt and Doug discuss a sudden influx of about 49,000 Moroccans into Spain's small enclave of Ceuta, questioning how the territory can house and feed them, whether NGOs and Moroccan authorities facilitated the crossing, and how Spain or the EU could respond given asylum rules and limited enforcement. They compare the event to past mass-migration episodes in Europe and the U.S. The conversation shifts to Anthony Fauci's Senate testimony, Rand Paul's questioning, Biden's blanket pardon, and allegations of profiteering and lack of accountability. They then review controversy around Nolan's film The Odyssey, arguing DEI casting choices may have been used subversively while still praising parts of the movie. They also cover U.S. border-device searches and debate whether expanding conflicts around Iran, attacks on energy infrastructure, and U.S. involvement indicate a slide toward World War III, including nuclear or cyber escalation. 00:00 Ceuta Migrant Surge 02:24 Can Spain Stop It 04:40 History and Parallels 09:06 Was It Organized 12:36 Spillover to US Politics 14:10 Fauci Senate Showdown 18:38 Nolan Odyssey DEI Debate 27:03 TSA Phone Wipe Case 28:40 Iran Conflict World War Risk 36:15 Wrap Up and Listener Questions

Find us at www.crisisinvesting.com Doug and Matt discuss headlines and subscriber questions, starting with a survey claiming 30% of Americans admit to shoplifting and what that says about social trust, morality, and societal decline. They talk about New York's worsening conditions, Trump's announced Saudi nuclear deal and subsequent reversal, and a House-passed NDAA provision (Section 219) calling for deeper US-Israel military/intelligence integration, which they argue signals late-stage empire and foreign influence via AIPAC. They critique Trump's "golden age" claims, note rising yields and escalating Middle East and Ukraine-Russia risks, and comment on Trump family wealth. Q&A topics include Doug's favorite opera (Wagner, Gershwin), sci-fi recommendations (golden-age authors; The Diamond Age), whether digital assets/stablecoins can prolong the debt cycle, a film about vigilantism and mass migration, coal markets and coal's importance, Israel's actions and Gaza/Lebanon, and the possibility of deflation alongside inflation using entropy concepts. 00:00 Shoplifting Shock Stat 01:17 Thieves and Morality 03:58 Luxury Beliefs Debate 04:57 New York Backslide 06:53 Saudi Nuclear Deal 10:05 Israel Military Merger 14:17 America as an Idea 14:59 Trump Golden Age Clip 17:05 War Fears and Disillusion 19:27 Trump Family Windfall 20:30 Subscriber Opera Question 21:16 Wagner and Gershwin 22:33 Sci Fi Reading Picks 24:59 Debt Bubble and Stablecoins 30:19 Vigilante Citizen Talk 33:15 Coal Markets Explained 36:33 Israel Influence and Gaza 40:58 Econophysics and Deflation 45:19 Weekend Sign Off

Find us at www.crisisinvesting.com Matt and Doug discuss a proposed Trump "$1 gold coin," calling it inappropriate for a sitting president and a sign of "end-stage empire," comparing it to Rome's shift to leaders' faces on coinage. They also cover a plan to sell early access to Trump's Truth Social posts for $100,000/month amid allegations of stock front-running, plus a $500,000-entry private D.C. club tied to Trump's son as legalized influence peddling. The conversation shifts to escalating U.S.-Iran conflict risks, possible boots-on-the-ground odds, Israel's role, parallels to Iraq/WMD claims, and the financial strain of missile-heavy warfare. They argue oil and gold should rise, criticize claims about U.S. gold reserves, note European sentiment turning against the U.S., discuss surveillance "Flock" cameras, disappointment over lack of major prosecutions, market confusion, and potential opportunities in undervalued oil and dividend-paying gold stocks. 00:00 Trump Coin Controversy 04:28 Truth Social Paywall Scheme 06:24 Iran War Fears 08:48 Europe Turns On America 10:11 War Costs And Strategy 13:41 Gold Audit Doubts 15:39 Market Bubbles And Korea 19:28 Inflation Reality Check 21:19 Surveillance Camera State 23:03 No Accountability And Elections 27:13 Influence Peddling Club 29:14 Ukraine War Oil Fallout 32:07 Jones Act And Congress 33:46 Lindsey Graham Legacy 37:49 Betting On What Happens Next 40:10 Wrap Up And Sign Off

Find us at www.crisisinvesting.com  The hosts discuss Trump saying an Iran MOU is "over" after reported attacks on ships in the Strait of Hormuz area, a major U.S. strike, and Iranian retaliation against U.S. bases in Bahrain and Kuwait, while noting uncertainty about attribution. They argue markets appear complacent despite the potential for a severe real-economy shock from disrupted oil flows, SPR drawdowns, and possible wider chokepoint closures (Hormuz, Bab el-Mandab). The conversation covers Iran's internal backlash after Khamenei's death and the likelihood of escalation, plus spillover risks from Russia-Ukraine strikes on refining assets and Europe's militarization. Doug outlines positioning: long oil via spreads and producers, long grains and gold miners, and considering bearish semiconductor hedges, while warning of bubble valuations and broader systemic financial risks. 00:00 Iran Deal Collapses 01:58 Calm Before Oil Shock 05:06 Oil and Grain Trades 10:02 Hormuz War Scenarios 12:32 Iranian Public Backlash 16:21 Israel and Turkey Risks 19:56 Financial Domino Effects 22:13 Europe Russia Escalation 25:17 Trump Megalomania Talk 29:21 How to Hedge Now 30:36 Bubble Shorts Semis SpaceX 35:18 Market Vibe and Indicators 40:13 World War III Fears 42:05 Wrap Up and Next Episode

Find us at https://www.CrisisInvesting.com  1976 vs Today: Patriotism, Demographics, Tech, and Subscriber Q&A on Capital Controls, Uranium, Cuba, and Milei On the July 3 observed July 4 holiday, Matt and Doug compare America's 1976 Bicentennial mood with today, citing major shifts in demographics, a larger population, widening class divides, the decline of manufacturing, and especially computerization and heavy screen time, alongside reduced patriotism and optimism and more political polarization. They discuss changing race relations and immigration, then pivot to subscriber Q&A about Crisis Investing after Lau Veges' departure, risks of foreign bank accounts amid potential capital controls, gold-backed "goldbacks," whether a US government could compel the Sprott Uranium Trust to sell uranium, possible investment opportunities in a collapsing Cuba, views on the death penalty and abortion, where "renaissance men" are most common, why countries splitting can be beneficial, concerns about Javier Milei's pro-Israel actions and immigration stance, and why they won't track panelists' personal trades from their experts roundtables. 00:00 1976 vs Today 02:06 Population and Lifestyle Shifts 04:09 Middle Class Squeeze 05:50 Computers Change Everything 07:20 Immigration and Identity 11:11 Patriotism and Politics 14:13 Subscriber Q and A Begins 17:52 Foreign Accounts and Controls 20:52 Goldbacks and Gold Money 24:29 Uranium Trust and State Power 29:55 Cuba Collapse and Opportunities 33:02 Cuba Property Outlook 34:19 Death Penalty Rethink 36:21 Abortion Family Choice 40:21 Renaissance Men Today 44:30 When Countries Split 47:15 Milei Zionism Concerns 57:46 Roundtable Stock Followups 01:01:49 Holiday Signoff

Doug Casey on oil's new floor, the $1.4 billion grift, and why the next president will make Trump look like a moderate Doug made a call on this week's episode that stopped me mid-conversation: he's betting Trump resigns before 2028. Not impeachment. Not the 25th Amendment. Resignation — dressed up, in Doug's telling, with "some nonsensical reason why. Well, time for Vance to get groomed or whatever." And he didn't stop there: "I'd also make book that Melania is going to divorce him." His suspicion? The Melania coin was part of the alimony settlement. You can dismiss that as Doug being Doug. But listen to the whole episode and the logic hangs together. Here's the chain. The money trail Trump's latest financial disclosure shows $1.4 billion in crypto earnings while in office. The Trump meme coin alone brought in $635 million. (Melania's coin managed about $6 million — which tells you something about the settlement theory.) Doug's read: "Those coins serve absolutely zero useful purpose. It's like giving somebody a book contract or a speaking fee to pass money to them. It's basically a grift." And that money has a job to do. "He'll need that money to mount a proper legal defense after he's out of office." A president facing legal exposure the moment he leaves power, sitting on a billion-plus war chest, in years Doug expects to get "so wild and wooly" that walking away becomes the smart trade — that's the resignation bet. Mussolini economics Doug's larger frame is that the grift isn't a side show — it's the system now. "He really is a modern-day reincarnation of Mussolini. His economic policies are actually identical to those of Benito Mussolini" — the US government buying stakes in companies on the open market, ten of them at this point, with the family positioned ahead of the deals. Take the Kazakhstan tungsten arrangement: Trump's sons get in, then the US government invests heavily. Millions of Americans look at that and call it capitalism. Doug's correction: "It's actually fascism at work, in the classic Mussolini definition of the word." And every time Trump is associated with free markets, he delegitimizes them a little more. What comes next is worse Mamdani won in New York and is now using his star power to elevate three more like-minded candidates into Congress. Doug isn't mincing words: "They're actual real communists that wanna overturn the entire nature of US life." Left and right, Americans are being radicalized against the system itself. Sanders, Obama, "drain the swamp," Mamdani — every one of those was a vote to tear something down. And the anger is monetary at its root, even if almost nobody can name it. M2 money supply surged $247 billion in May — the largest monthly jump since May 2021, when Washington was mailing checks to everyone with a pulse. We now sit $1.3 trillion above the peak of that printing orgy. That's what's laying waste to the average American's standard of living. They can't make ends meet, they can't explain why, and so they reach for "billionaires shouldn't exist." Doug's punchline on where the numbers go from here: "Trump is gonna have to ask what comes beyond a trillion. He doesn't know it, but it's a quadrillion. So that number is the next one we're gonna start hearing about." "It's all like a gambler on tilt at this point." The one trade hiding in all of this Amid the doom, Doug laid out the most concrete investment case he's made in months. The Hormuz standoff isn't getting resolved. Even under the best scenario, flows through the Strait will be controlled by Iran and its allies — restricted flows are the new baseline. Doug's conclusion: "Oil has reached a new base level at, let's say, $65 to $70 at a minimum." Now the anomaly: "During the last real oil bubble, which was in 1980, oil stocks were 20% of the S&P 500. Now they're 4%" — even though oil matters more to the world economy than ever. Some of these companies are yielding up to 10% in current dividends. "They're cheap, they're paying big dividends, nobody wants them, and it's one of the only parts of the financial world that's actually underpriced." Everyone's chasing semiconductors and AI. The energy that powers all of it trades like an afterthought. That's the setup Doug lives for. Also in this episode Trump's feud with Meloni at the G7 (and what the Italian press called him afterward), the $16 million Reflecting Pool fixation, the CPS visit to the Buttigieg household and why child protective agencies should terrify every parent in America, and whether there will even be an election in 2028. Doug: "Who knows what could happen between now and then where we could have a national emergency and the election is put off — and that's really the end of the Republic of America." On Friday: Doug's take on the recent Supreme Court rulings, his thoughts on Peter Thiel's Zero to One, and your questions. Subscribers can submit via the "Ask Doug a Question" link at the top of the Substack. One more thing John Hunt — Doug's co-author and, as Doug put it this week, "an actual renaissance man... not just an MD, he was trained in geology, and he can do everything" — has taken over the monthly Crisis Investing issues. His first one is out now, and it includes a genuinely interesting gold recommendation. Doug's assessment: "Crisis Investing is a better newsletter than ever, and it's going to improve a lot from here." If you want John's full write-up on the gold pick, upgrade at crisisinvesting.com.

Find us at www.crisisinvesting.com Matt and Doug discuss the proliferation of U.S. holidays, including Juneteenth and Martin Luther King Day, before turning to the opening of Obama's presidential library and Trump's competing, highly theatrical library renderings, comparing modern presidential libraries to pyramids and noting Biden's reported difficulty raising funds. They debate Trump's showmanship around his birthday and a ceasefire/peace deal they expect won't hold, citing Iran's improved position, unresolved issues, disrupted shipping in the Strait of Hormuz, and risks to oil prices. They then address Ukraine's drone attacks on Moscow and concerns about an escalating, lingering war. Doug shares his positioning in gold miners, energy, uranium, and a corn ETF, answers subscriber questions on filmmaking/royalties, the FIFA World Cup and U.S. border hassles, trade blocs like Mercosur/EU, recommended books, and impressions of Malaysia and Penang. 00:00 Holiday Overload Debate 01:06 Which Holidays Matter 02:24 Equinoxes and Global Days Off 03:25 Juneteenth and Identity Politics 05:08 Obama Library Obamalisk 06:55 Trump Library Renderings 09:38 Pyramids and Presidential Tombs 11:31 Biden Library Money Trouble 14:25 Trump Birthday Peace Deal 15:13 Hormuz Oil and Ceasefire Doubts 18:02 Ukraine Drone War Escalation 20:02 War Escalation Risks 21:01 Ceasefire Won't Hold 22:13 Crisis Investing Plays 23:34 Corn ETF Thesis 25:47 Film Investing Reality 29:55 FIFA World Cup Fallout 34:23 Trade Blocs Skepticism 36:19 Five Books To Read 38:56 Malaysia And Penang 41:35 Weekend Signoff

Find us at www.crisisinvesting.com Matt and Doug discuss a reported US–Iran peace deal whose MOU hasn't been released, doubting it will last due to Israel–Iran hostility and Israeli opposition, while arguing the US bombing of Iran was unnecessary and that the deal looks like a US surrender with potential reparations (estimated $300B) and possible UAE/private funding plus future service fees after 60 days. They then focus on provisions in the NDAA (Section 219) and an Intelligence Authorization Act measure (Sen. Tom Cotton) that would fuse US–Israel military and intelligence programs, outlining six harms: inability to stop unwanted wars, technology leakage (AI/quantum) possibly to China, US contractors losing business, Gaza-tested AI targeting tools entering US systems, Israeli espionage risks, and irreversible entanglement by FY2027. The conversation also covers Trump's credibility, government involvement in AI companies and energy-hungry data centers, China's open-source AI stance, IMF conditional lending in Papua New Guinea, rising authoritarian security policies in Peru, and broader fears of global conflict. 00:00 Iran US Peace Deal 01:08 Why Bomb Iran 02:31 Israel Leverage Theories 04:21 China Oil Shock Absorber 06:58 Trump Character Spin 10:02 Reparations And Tolls 11:18 Israel Lebanon Sticking Point 12:21 Israel As 51st State 14:59 Six Ways It Hurts 21:36 USS Liberty And AIPAC 24:32 AI Data Centers Bubble 28:24 AI As Strategic Weapon 33:42 World War Three Thesis 36:31 IMF In Papua New Guinea 39:48 Peru Fujimori Crackdown 43:47 Authoritarian Trend Fears 45:44 Hopeful Wrap And Outlook