“When we have the next crisis, the word ‘private’ is going to be in every headline,” says Cornell Professor Dave Collum. In this interview with Daniela Cambone, Collum warns that the biggest risks in the next financial crisis won’t come from the public markets—stocks, Treasuries, and the like—but from the shadowy private markets: private credit, private equity, and private debt, where leverage and valuations are opaque.

He also explains why today’s debt-driven economy is unsustainable and why he believes inflation and policy missteps are setting the stage for a severe reset. “At some point you either default outright or you inflate it away, but either path is a reset.”

Collum also reflects on his recent appearance on the Tucker Carlson Show, where he exposed the risks of a “digital deep state” and the growing disconnect between official narratives and economic reality. “When information itself is weaponized, markets become even more dangerous,” he concludes.

What happens when the professor who predicted the 2008 crash says today’s debt bomb will be far worse?

Cornell’s Dave Collum, speaking with Daniela Cambone, isn’t mincing words. He sees a financial system drowning in hidden leverage, a media drowning in noise, and a society spiraling into civil madness. And at the core of his warning? A hidden debt crisis that could make 2008 look like “a walk in Central Park.”

With markets inflated to absurd levels, BRICS nations walking away from the dollar, and central banks quietly hoarding gold, Collum’s message is clear: the reckoning is near, and only tangible assets like gold and silver can preserve wealth.

Hidden Debt Crisis: The Unseen Trigger

Collum argues that the next financial meltdown won’t be sparked by what we see, but by what’s buried.

• Private debt & shadow markets – He warns “private will be in every headline,” whether it’s private equity, private credit, or private debt. Hidden leverage is the silent powder keg.

• Market distortions – Companies like Microsoft and Apple have share prices soaring 10–20x faster than revenue growth, a textbook case of unsustainable bubbles.

• Noise vs. signal – Since 2013, Collum says information itself has been weaponized: too much contradictory data, too much manipulation. A deliberate effort to drown truth in chaos.

When debt is hidden, its explosion is sudden. That’s why Collum believes the next crash will blindside Wall Street and Washington alike.

Civil Madness and the Erosion of Trust

Beyond finance, Collum warns of societal unraveling:

• Debt and division – Ray Dalio has sounded alarms on debt and disorder, but Collum believes Dalio underestimates the fragility.

• Inflation and distrust – Americans no longer trust government stats. The economy may “look strong” on paper, but everyday people see their dollars buying less, their savings eroding.

• Weaponized narratives – By using the dollar as a weapon against Russia, Washington may have triggered the greatest geopolitical shift in decades: BRICS expanding to 25+ nations, rejecting dollar dominance.

In short: trust is collapsing, both at home and abroad. And when trust vanishes, currencies collapse with it.

BRICS, Gold, and the End of Dollar Hegemony

Collum doesn’t see gold as a U.S. story anymore—it’s global.

• BRICS and major oil producers are aligning outside the U.S. financial orbit.

• Nations are watching how the dollar was used to punish Russia, and concluding: “get away from these guys.”

• The result? A monumental shift where gold becomes the neutral asset bridging East and West.

This isn’t theory. It’s already happening. Central banks are buying gold at record pace while quietly reducing exposure to U.S. Treasuries.

Why Physical Gold and Silver Remain the Anchor

Collum himself began buying gold as early as the late 1990s, even as the Nasdaq roared. That decision paid off—and he hasn’t stopped since.

For today’s investors:

• Wealth preservation – Unlike fiat currency, gold and silver don’t vanish in debt restructurings or banking crises.

• Inflation hedge – As governments monetize debt, precious metals hold purchasing power across generations.

• Gold vs. dollar – One is a tangible store of value, the other is a political tool increasingly distrusted worldwide.

Silver, often overlooked, historically outperforms gold in monetary crises. And Collum has recently turned his eye toward platinum—a signal that hard assets are where the real opportunity lies.

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Conclusion

The Cornell professor who saw the dot-com bubble, avoided the 2008 collapse, and has been sounding alarms for decades is blunt: we are living in the most overvalued, debt-saturated, and socially unstable period in modern history.

The coming crisis won’t just be financial—it will be political, social, and global. And when the system resets, gold and silver will be the last safe harbor.

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