Col. Macgregor: 'Dollar Collapse, Bank Runs, Global Depression' If War Doesn't End NOW

The guest portrays the Middle East war as ongoing despite repeated claims of an imminent deal, while the host describes oil and broad-market prices reversing when peace expectations change. The guest also says delivered physical oil is already costing $140 per barrel and that the Strategic Petroleum Reserve is nearing its lower limit.

The episode frames Russia, Iran, and China as a coordinated challenge to U.S. influence across Eurasia, with China building a gold-centered alternative and potentially drawing heavily indebted countries toward BRICS. The guest argues that Russia’s industrial and military buildup—including more than 2.4 million personnel—contrasts with an exhausted Ukraine and Europe’s political instability.

The speaker argues that Iran’s 93 million people, mountainous terrain, deserts, and dispersed population centers make the country difficult for most U.S. systems to attack. On that basis, he recommends disengaging from the Iran-related conflict, withdrawing from vulnerable overseas bases, and returning to a noninterventionist model.

The guest links rising sovereign debt and central-bank gold buying to a potential repricing of gold, citing U.S. federal debt increasing from $0.9 trillion in 1980 to $39 trillion today. He forecasts gold at $15,000 per ounce within two to three years if the war continues and its outcome is worse than expected, versus Soloway’s $13,000 forecast for 2030–2031.

The episode highlights a broader U.S. debt and financial-system vulnerability: bond yields are cited at 4.7%, with 5% described as a level that could create severe debt-servicing stress, while interest costs already exceed the defense budget and total more than $1 trillion. The guest warns that continued war involvement could bring bank runs, currency collapse, and a global depression rather than only a hard recession.