“Gold and dollars would have saved you definitely,” says IE Business School professor Daniel Lacalle, referring to the widespread power outage in Spain that also crippled communications and access to water recently.

In today’s interview, he tells Daniela Cambone that in a crisis like that, electronic fiat money doesn’t work. “You go to a store and you have to use this gold ring and you get food. That’s for sure.” He also points out that the blackout was caused by politically driven energy policies that overly rely on volatile renewable sources without sufficient backup from stable power sources like nuclear and hydro. “The ideology of energy makes no sense… renewables are left-wing and nuclear is right-wing? That makes no sense.”

Additionally, he argues that the attack on cash reflects the elite’s effort to tighten social control, referring to a promotional video from the ECB that touted the digital euro’s viability even without electricity or internet. Watch the video to learn how you can better prepare for situations like this one.

Blackouts, Control, and Currency: What Spain’s Power Crisis Reveals About Your Financial Freedom
Featuring insights from Professor Daniel Lacalle on The Daniela Cambone Show – Presented by ITM Trading

An unprecedented power outage left millions across Spain and Portugal without electricity, communication, or access to their finances. It was more than just a blackout — it was a sobering warning of what happens when centralized systems fail.

On a recent episode of The Daniela Cambone Show, ITM Trading’s Daniela Cambone sat down with renowned economist and bestselling author Professor Daniel Lacalle to unpack the deeper implications of this crisis. Their conversation underscores a vital truth for financially conservative Americans: reliance on digital systems alone can leave you dangerously exposed when disaster strikes.

Let’s break down what happened in Spain — and what it means for your financial privacy and independence here in the U.S.

The Blackout That Paralyzed a Nation

Professor Lacalle described being in Madrid when the historic blackout began — first assuming it was temporary, only to realize the outage extended far beyond his home and office. Power was gone. Internet and mobile networks collapsed. Even bank ATMs were useless.

“No phone communication, no WhatsApp, no internet,” Lacalle said. “No way to get any type of cash from any financial institution.”

Citizens flooded the streets, unable to contact loved ones or access basic necessities. In some parts of Spain, the blackout extended to water supplies, further exacerbating the crisis.

This wasn’t just a technical glitch — it was the result of an overreliance on intermittent energy sources, Lacalle warned.

A Warning from Spain’s Net-Zero Push

Spain’s blackout was triggered by a surge in grid tension — something Lacalle says is increasingly likely as governments replace stable energy sources (like nuclear and hydro) with solar and wind power, which are inherently volatile.

At the time of the blackout:

• 80% of Spain’s grid was powered by renewables.

• Only 11% came from nuclear.

• Just 3% from natural gas.

With insufficient “inertia” in the system — the kind provided by consistent base-load sources — the entire grid collapsed, unable to restart. Despite repeated warnings from technicians, politicians pressed forward with an aggressive net-zero agenda, ignoring the very real threat of system failure.

As Lacalle bluntly stated:
“This is the first energy transition in history that is politically designed, that has absolutely nothing to do with technological development.”

The War on Cash: A Growing Global Trend

If the blackout weren’t enough, Spain’s government recently implemented strict cash withdrawal limits:

• Withdraw over €3,000? Notify the tax agency 24 hours in advance.

• Over €100,000? Wait 72 hours.

Fail to comply, and you could face fines up to €150,000.

“This is a war on cash,” Lacalle emphasized. “Cash is freedom — and governments don’t want freedom. They want control.”

During the blackout, Spaniards couldn’t use digital payments. But they also couldn’t access their own money in cash. It was a chilling demonstration of how vulnerable modern financial systems have become — and how quickly your financial privacy can be stripped away.

The move toward central bank digital currencies (CBDCs) adds another layer of concern. The European Central Bank has even promoted a “digital euro” that could, theoretically, function without internet or power — a concept Lacalle calls “social control disguised as innovation.”

Why Gold (and Dollars) Still Matter

When asked what would have helped during the blackout, Lacalle was unequivocal: gold and cash.

“If you had a gold ring, you could’ve traded it for food,” he said. “You won’t get food with electronic fiat money during a blackout.”

It’s a reminder that tangible assets still hold undeniable power in real-world crises. Unlike digital money or online banking systems, physical gold and silver can serve as true lifelines when infrastructure collapses.

ITM Trading’s Perspective: Be Proactive, Not Reactive

At ITM Trading, we’ve long warned our clients about the growing risks tied to digital dependency, centralized control, and the erosion of financial privacy. This interview reinforces everything we stand for:

• Owning physical gold and silver is not a relic of the past — it’s a safeguard for the future.

• Taking control of your wealth is essential in an era where trust in institutions is eroding.

• Building a resilient portfolio means planning for the unthinkable — because, as Spain’s blackout proved, the unthinkable can happen overnight.

Final Thoughts

What happened in Spain isn’t an isolated event. We’ve seen similar instability in Australia, the UK, and even in parts of North America. As Professor Lacalle warned: “Don’t think it can’t happen where you live.”

If you’re over 50 and looking to protect your wealth, your privacy, and your independence, now is the time to act.

Schedule a free consultation with one of ITM Trading’s precious metals experts. Learn how to build a custom strategy using gold and silver to shield your portfolio from inflation, economic collapse, and government overreach.

Watch the full episode of The Daniela Cambone Show featuring David Morgan, Professor Daniel Lacalle, and other leading voices in economic preparedness — only at ITM Trading.

Because in uncertain times, it’s not just about wealth — it’s about freedom.

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