Economic & Civil Calamity Possible – Karl Denninger

By Greg Hunter’s

Analyst and entrepreneur Karl Denninger says the economy is good for some people but not so good for others. Denninger explains, “I think it is very good for people in the top couple of percent.  I think it is moderately okay for people in the top 10%. It is terrible for people that are further down the line.  The real problem is not that it is good or bad for any particular group, but it is the entire thing is running on borrowed funds.  In other words, the days of you going and working and you saving your economic surplus, that’s gone.  You don’t have an economic surplus.  If you look at the statistics and they say the majority of Americans cannot come up with $400 for an emergency, please tell me how we can have a great economy if the majority of people cannot fix a transmission if it blew up in their car tomorrow.”

So, why are big money managers and investors like Ray Dalio and Mark Mobius telling people to buy precious metals?  Do they see the economy hitting the wall? Denninger says, “Everyone sees the wall. Everyone sees the problem.  The monthly Treasury statements are public.  Go pull it up on a computer. . . . It is the general ledger of the federal government, and it’s terrible.  The thing is everyone knows it is terrible, and it has been terrible for a long time.  It was terrible when Obama was President, and it is terrible now.”

Denninger contends that there is so much debt and leverage in the world that the whole economy could turn dramatically worse without much warning.  He also thinks we would not just face a financial calamity as in 2008, but possibly extreme social unrest given the partisan political environment. Denninger says, “You need to be looking at what sort of exposure do you have if everything goes down the toilet.  Also, we don’t just have an economic calamity, but we have a civil order calamity because the people on the Left want that. . . . We have two candidates running for President, and thank goodness that they are both polling at 1% so they have zero chance of winning, but they say they will start a civil war, and they are willing to kill 15 million Americans, murder them, if they don’t get their way on guns.  I don’t know if anybody understands how dangerous that statement is. . . . That’s a civil war. That’s what is going on in Yemen right now. . . . Look what just happened in Saudi Arabia.  They had 10 drones, and they blew up some stuff.  How hard would it be for somebody dedicated to do something like that in this country and cripple some of our cities?  How long would civil order persist if that happened to, let’s say, Chicago, and the official estimate is it will be two or three months before the power comes back on?  I don’t want to see this, but you have politicians that are making noises who are going to try to impose this sort of stuff. . . . If you are dependent on the medical field or you have debt and a job and you can’t make it for three to six months without them, you’ve got a problem and you need to do something about it.”

Join Greg Hunter as he goes One-on-One with Karl Denninger, founder of

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After the Interview:

A few years ago, Denninger wrote a popular book called “Leverage: How Cheap Money Would Destroy the World.” To get a copy of his book, click here.  It looks like much of what he predicted in “Leverage” is coming true.   There is lots of free information and analysis on Karl Denninger’s website


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  1. Stan

    Well, the big Saudi Oil scare was a big fat nothing…just as I predicted. You doomsters have to wait for another day. In the mean time, Gold is forming a nice bear flag. Crash not far away at this point. 🙂

    • Sir Manly Robinson

      Stan you called it again. Good to see the cooler heads prevail. Too much hype.

    • paul ...

      Stan … Here is a picture of your “big fat nothing” that happened to oil … … oil’s move is just starting Stan (which means inflation and a higher price for gold) … powerful oil producers, shale oil companies and the banks that lend them money are likely big money manipulators behind this oil breakout!!

  2. Anthony Australia

    Greg your timing as always is spot on, I truly believe you select your guests that best suit the ‘moment’.

    I appeal to you, please interview John Adams from Australia, he’s done a couple on Reluctant Preppers and by all accounts people liked it.

    I’m being selfish here because I feel we are being left out of the conversation somewhat. I know you love Australia too 🙂

  3. Scott

    Dang … Karl is lookin’ SHARP!

    Excellent interview, Greg, as always. Thanks bigly for this …

  4. William Stanley

    Mr. Hunter,
    Thanks for bringing up the topic of civil civil war and/or societal and economic collapse. Many of us need devote more thought to the many possible ways that might unfold and how best to deal with those possibilities. Chris Martenson seems to think things are so dire that he is relocating — and I think his current situation is way better than for many of us.

    • H. Craig Bradley

      Where is Chris relocating too by the way ?

      • paul ...

        Martenson is purchasing land in a robust local community … that shares his passion for being resilient to an economic collapse … in a State that has a government which respects individual and personal liberty! … so he is not going to New York or California … but a State somewhere in-between!!

    • Steve Twitchell

      Just curious. Where is Martenson relocating to?

    • Paul Anthony


      Right? I know milk is suppose to do a body good… but how much milk has Karl been drinking!

      Gotta get on whatever health program he’s on!

      Thanks for an interview Karl – and give us your diet and exercise program!

    • William Stanley

      I don’t know to where Dr. Martenson is relocating.

  5. Paul in OZ

    Pretty somber message … the existential battle is being fought, if the swamp is not completely drained the people will feel the pain. Every effort of every person who loves liberty must be made to support the return to the rule of law and return to the constitutional principles upon which the country was founded. No matter how small the deviation may be anyone who attempts to rationalize or justify things which oppose the constitution is an enemy of the state. The slippery slope has passed 45 degrees with all of the candidates the democrats are fielding. THEY MUST BE STOPPED!

    • Frank D2

      Agreed Paul. And yet, STILL, no one who conspired to oust Trump has been indicted, tried, jailed or executed for Treason/Sedition. NO ONE. Been hearing all the crap about personnel being sent to Gitmo and space being made available there and yet NO ONE has been sent. Is this a case of “new boss, same as the old boss”?? I wholeheartedly support what Trump has done to improve our economy, but until the rule of law is reinstated to be equal FOR ALL, its all just window dressing. Without being a nation of laws, the rest won’t last very long. Tired of hearing about Barr and the others who are supposedly ready to pounce. Right. Been hearing that since 2015. Remember “lock her up”? Well? When is that happening?

      • Beverly

        I’d love to see people in jail too, but it probably comes down to important good people being found dead if Trump gets close to putting the guilty in jail. We’re going to have a whole civil uproar when they try to put the guilty in jail and bring them to trial. They are guilty of so many things, and the media won’t bring it to the attention of the public if they can help it. They will cause war if they can’t be free. And yet, their freedom is causing so many deaths all around the world. Not an easy thing though. Very hard situation for Trump to be in.

      • Paul in OZ

        Frank, to do this right all the i’s have to be dotted and t’s crossed .. there was a lot of rogue players which Trump inherited and were foisted upon him … courts were corrupt, he has had to remake everything to get to the point where they can make arrests stick … I can understand nothing has happened, but it must start soon … the admin has 6-8^ months of life support for arrests to be made and the public to see change. If it doesn’t happen before the campaign really begins …IT IS OVER.

  6. JC

    Speaking of precious metals is there going to be a panic into gold in 2020? Check out what Martin Armstrong posted yesterday.

    • Sir Manly Robinson

      “Terrorism has been a real windfall for governments since 9/11. They have increased their powers globally and probably send thank you cards to the terrorists for handing them the excuse to create total financial surveillance that they use in the hunt for taxes.”

      That’s why governments perpetrate these crimes. Martin has been a bit slow on the uptake here.

    • paul ...

      Economist Martin A. Armstrong is a smart man … he forecasts that “as public confidence in the banking system and government further declines” … that more money will flee public assets for private assets (like real physical gold)!!

  7. Brianroy

    If banks were to cut interest to 0% on credit card debts for either 7 or 10 years, keeping minimum payments at no more than 2%, that alone would trigger a bullish economy & paying down the debt bubble, while allowing people to get out of debt faster & establish a financial viability that would GROW the US Economy.
    In a Catastrophic Crisis, the above is actually realistic, because it may come down to the bad steward scenario, Luke 16:1-8, in which banks will have to write off 50% for some (such as common people), 20% for others (such as companies & corporations) in order to recover the financial soundness of this world. It is easier to erase the interest accruals than an actual debt itself, but in a crisis, BOTH can be done, and recovery is possible.
    Money is mostly a matter of mutual imagination on an agreement of value. The idea of what wealth is, in lands or possessions, or the credit system to purchase those possessions and land, is called “Mamon”. This goes back to Genesis 10:10 with Babel / “Confusion” & the concept of “Mamlakutu” (Mem – Mem – Lamed – Kaf – Tav – Vav). The kingdom of worshiping possession, wealth, ownership of things so that it is both as if king & a religious high priest with or to you. It is no different in worshiping an idol covered with gold or silver of any shape. The shape isn’t as important as the gold is. The value is placed on the metal, not the stock of wood of WHATEVER shape it was cast upon. There is mutual agreement as to the value of the metal, even when it really has no intrinsic value except by human imagination. So too, electronic banking operates on the same principal, and now Bitcoin & soon bio-metric tattooing upon the hand or the eye will as well, and it will go further than just a hand scan & a credit card link as Amazon’s Whole Foods will be doing starting next year.
    Hat tip to:

    • Eric

      Haven’t you noticed. Credit card rates have only risen. Still 24%+
      Does that tell you anything ?

    • paul ...

      Brianroy … Great idea (suggesting banks cut interest rates on credit cards to zero) … it will help get the US economy out of the slump it is in … and the banks won’t loose any money helping Americans to pay off their cards early … as the banks have probably already “collected all their principle back” on these credit cards by charging exorbitantly high 17 to 24 percent interest rates!!

  8. Marie Joy

    Civil War 2.0 will not be like 1776. WE are too dependent on the establishment for all our needs like water, electricity, medical etc.
    The intent is to destroy America, Americans and the dollar and make America more of a police state. Civil War 2.0 will not help conservatives.

    • Paul Anthony


      Excellent thoughts and thanks for the links!


  9. gregd

    Thank you. You need to interview him every week or at least every month. He’s the smartest guy in the room regardless of who’s in the room. I read what he has to say every day on any subject. He looks at every issue from all angles and understands and communicates very clearly. He’s a wonderful man. Again great interview Greg!!

    • Steve Twitchell

      Agreed. Karl is an amazing intellect.

  10. Mark James

    GREAT Interview!!! I love the title of this book: “Leverage: How Cheap Money Would Destroy the World” How true! I think so many people are underwater thanks to all this “free money”. Thank you Greg and Karl!

  11. David

    Great interview! No fluff, just gritty perspective that sums up our state of affairs in this country.

    Regarding the electric grid: In 1925, the U.S. population was 115 million and just half of all homes had electric power. In less than 100 years, our population has tripled and today we are totally dependent on electricity and all things digital. One of our greatest technological achievements is now a vulnerability.

    I have witnessed first hand how people in the poorest parts of the world survive without electricity. They do it gracefully. Life goes on. They have nothing, so they have nothing to lose. Conversely, Americans have everything and we have it all to lose. Although the probability of losing the electric grid for more than a few days is low, the consequences if the grid were lost are certain. It would get ugly really quick.

  12. paul ...

    Denninger contends “that the whole economy could turn dramatically worse” … consider what an American attack on “Iran’s oil infrastructure” will do the world economy (and the price of gold) … the price of oil will spike over $100 dollars per barrel and gold will go to $3000 … but let’s forget how rich it will make us … forget the money … and let’s use some logic (money is not everything as Jesus well knew) … today the Saudi “clown prince” will present “material evidence that Iranian weapons were involved in the attack on his nation” … but that doesn’t prove Iranian involvement in the attack … the Iranians have been providing weapons to the Houthis for years … Japan says: “they haven’t seen any intelligence linking the attacks to Iran” … and other countries are saying the same thing … now if the “crazy clown prince” wants to open “a two front war” against both Yemen and Iran “that’s his fight” … America has no moral obligation to defend the evil Saudi regime who was part of the 9-11 attack on America!! … the Saudi Defense Ministry will likely try to say the weapons “were fired from Iran” to purportedly link Tehran to the attack … but remember … drones are “not fired out of a cannon” (they are remotely controlled to fly to their target) … and if pieces of a missile found on the ground are facing Iran … it doesn’t necessarily mean the missile was fired from Iran … that would be like saying since one plane that hit the World Trade Center came from the direction of Iraq … and the other plane came from the direction of Afghanistan … America had justification to attack those two countries!!

  13. Rob

    Yep it all comes unglued within the next presidential term as Jesus begins opening up 6 of His Father’s seals of Revelation chapter 6 that bring us to the end of the tribulation and the beginning of the year of wrath that commences immediately thereafter:

    1st seal ~ white horse ~ manchild ~ Moses was a type! ~ possibly 2022
    2nd seal ~ red horse ~ peace taken from the earth ~ possibly 2023
    3rd seal ~ black horse ~ famine from both inflation and crop failure ~ possibly 2024
    4th seal ~ pale horse ~ death that follows those 3 horses ~ possibly 2025
    5th seal ~ the promise to finish the congregation of God in heaven!
    6th seal ~ the great day of our Father and His Son’s wrath commences!

    The feast of Tabernacles is 8 days and represents the 7 years of tribulation and the year of wrath:

  14. Da yooper

    Great interview Greg.

    “Ya hear something like that from Pocahontas we have a problem”

    We have a problem get a clue she is a COMMUNIST.

    She is smart enough to NOT say that before she is elected but you can bet your bottom dollar she would try to pull something IF she was elected. She & they are communists & ONE thing you can count on when communists take power is that they KILL millions of people…. history is their judge & jury.

    I believe one of the reasons the communists are so outlandishly outspoken in their debates is because they are pretty sure they have enough of Americas voting system rigged that they feel confident they will steal the 2020 election & are not concerned about spilling the beans on what they plan to do when they steal the National election in 2020. Trump better bet a handle on the massive voter fraud situation or he will not get reelected in 2020 Michigan’s 2020 midterm joke is a PRIME example.

    Interesting how carl said nothing about gold & silver. Very disappointing.

    • Coalburner

      Judicial Watch is pounding the fire out of Voter Fraud everyday. Check up on them. Maybe Greg would want to get Tom Fitton on to talk directly about voter fraud and the fight!

  15. Russ McMeans

    Wow! Sir Denninger is way up there understanding all social and economic aspects with Jim Rickards , Martin Armstrong & Rob Kirby. This is basic street style reporting at its finest. I’m sorry but we’re all doomed but at least we’re getting excellent reporting from our little website Mr. Watchdog. We apologize Greg for not asking for Karl Denninger sooner. Luckily your wife saw the missing asset and brought it up to the table. Try to get yer house in order folks. It’s midnight and the party is over probably by 2am.

  16. Diane

    Wow. Love this guy.

  17. Mike

    We “hit the wall” when the market no longer supports the status quo? The point where the market no longer supports fiscal insanity has long past. We are printing money to “pay the bills” and manipulate the markets. We “hit the wall” when the manipulation is no longer possible. For example, the price of gold/silver will reset to a market determined value when the demand for delivery of physical gold/silver is greater than the available metals.

  18. Russ McMeans

    “Do not underestimate the damage that any of these Democrats can do if they assume power in the White House”……. Rush Limbaugh Also he said Tuesday that the biggest terrorist group in America is the Democrat party. Chew on that one.

  19. Freebrezer

    Yes!!!! thanks! Karl’s one of the last honest men … Plus he is phenomenally smart!

  20. paul ...

    You know … this is just a random thought (I’m not a crazy warmonger) … but perhaps this coming war the neocons desperately want will be the best thing for humanity in the long run … let me make myself clear … “I do not want” to see people killed … but since the crazy neocons seem intent on doing it anyway … and in the process completely destroy all the oil industry infrastructure in Iran (and consequently in Saudi Arabia as Iran counter-attacks) … it may in a weird sort of way “will help to save our planet” … as we can finally stop using “crude oil out of the ground” that adds CO2 to the atmosphere causing a greenhouse effect (as Dane Wigington warns can happen) … and we can replace crude oil, natural gas and coal with “green oil” (having a zero carbon footprint) as described here … … so although the neocons will start WWIII to destroy Saudi Arabia and Iran (Russia and the US oil producing ability will also be destroyed as they begin to throw nuclear weapons at each other) … the neocons will probably be happy about creating a nuclear winter (as their chem-trails don’t seem to be working to cool the planet) … however a better way (without all the killing) would be for the nations of the world to simply agree to stop using crude oil, natural gas and coal without a nuclear war that kills 90% of humanity … all the nations of the world simply need to agree to begin phasing out the use of crude oil, natural gas and coal … and begin using the technology described above “to make clean green oil” right out of the air (from the carbon dioxide and water that is presently in Earth’s atmosphere) … there is no reason we need to have a nuclear World War III (to destroy all the worlds oil industry infrastructure in the Middle East, Russia and the US) … nations can simply agree to pass laws that make “green oil legal” and crude oil, coal and natural gas “illegal” … and those countries with a lot of gas, oil and coal must come to realize “that saving the world” is more important then “making a profit”!!

  21. paul ...

    Hey Stan … when the Saudi’s blame Iran today … and the US declares war on Iran … and begins to bomb bomb bomb Iran … destroying their oil infrastructure … do you think the price of oil moving higher … will create a tendency for inflation … that will drive the price of gold higher??

    • paul ...

      Oops! … Trump is not going to war against Iran … Trump just announced he will increase sanctions instead … … so Stan … I guess you may get your Bentley after all (if the oil price cools down) … but better that … then 90% of humanity dying in a nuclear war … but the Saudi’s better make peace with Yemen fast … otherwise there is no reason for the Houthis to stop sending drones to counter-attack their mortal enemy’s completely unprotected oil infrastructure!!

      • paul ...

        So Stan … without a war against Iran … why is gold rising? … … could it be problems with the Fed repo operation? … it’s the first “direct liquidity injection” in a decade (which is highly inflationary) … today’s repo operation started at 8:14 AM as expected … and the repo rate is trading quite elevated (Fed funds have breached the target rate and is now at 2.80%)!! …

        • Stan

          Paul (aka meathead): There is no issue with t Fed repo operation – are you getting your news from a fear-mongering website? BTW – I shorted more gold today

          • Jeff

            You can have all your fancy cars and imaginary leveraged profits of your fantasy stock and gold trades but what you can’t buy is “CLASS”. A real successful investor would stay humble and thankful for his success rather than spend time talking trash, name calling, and trolling people online. Don’t go away mad just go away cause we all stocked up on the BS your selling.

          • paul ...

            No issue Stan?? … It is getting worse …

      • paul ...

        Bolton is furious … and has ripped into Trump … saying: “everyone in the White House had agreed on a retaliatory strike on Iran … but at the very last minute … without telling anyone … Trump decided not to do it” … let’s all give thanks to God that Trump was there to stop these crazy neocons from getting us involved in another war (that would have surely doomed his chances of being re-elected)!! …

        • paul ...

          What is so refreshing is the fact that the majority of American’s “prefer diplomacy to war” and we finally have a President “who is listening to the American people” (rather then all the Deep State warmongering neocons surrounding him)!! … as for the Deep State’s Main Stream Media propaganda arm … it has spent months denouncing Trump as a “mentally unstable, inept and an unprecedented threat to democracy” … but applauded him wildly and approvingly only when he launched Tomahawk missiles at Middle East targets … the Fake News Media has shown it’s true colors … they are a tool of the Deep State Shadow Government!!

    • Stan

      Paul (aka meathead) – No, there will be no war with Iran and Gold will continue to decline from here.

      • paul ...

        Stan … When Powell transitions to QE … gold will continue to rise!!

        • paul ...

          Stan … You fail to realize that the evil Saudi’s that conspired with others to do 9-11 … can’t even defend their homeland … they have lost nearly all of their external support … Abu Dhabi saw the writing on the wall and withdrew from the “clown princes” vicious genocidal war against Yemen … as they too knew they were vulnerable to attack … the coalition against Yemen has collapsed … and the Houthis are now winning this war … the Houthis are currently in a position to launch another all-out attack on Saudi Arabia and completely destabilize the country … the “clown prince” must negotiate an end to his genocidal war against Yemen!! … what further Saudi recalcitrance means Stan is “even more damage to their oil infrastructure and higher oil prices” … producing inflation … and “raising the price” of gold!! …

          • paul ...

            What the “clown prince” does not realize is that “when you shoot at people … people tend to shoot back”!!!

      • paul ...

        Stan … Indications are the Fed will restart QE by November 2019 … Gold will continue to rise from here!! …

  22. Gina M Mancarella


    Please tell your listeners that they need to dump their gold and silver and I mean immediately. A huge gold and silver crash is imminent and if not careful, the holders of these liabilities will be crushed ! I mean absolutely obliterated into dust.

    • Greg Hunter

      Sure Gina, and Hillary will be President and we will all bow down to here.

    • paul ...

      Didn’t someone say that Gina and Stan were one and the same person? … why is Gina saying we need to dump our gold and silver?? … notice how both Gina and Stan think of gold and silver as “liabilities” … gold and silver are liabilities only in the sense that it causes great consternation to the banksters who make their living promoting “Fake Money” (the same way the MSM promotes “Fake News”)!!

      • mike r

        they could be. But both surely have the same brain disease. Stanginatis.

    • Justn Observer

      Obliterated? Like those in SF? You and ilk have so much to be proud of…likely you’d rather have people ‘invest’ in heroin and tents rather that bibles, PM and guns -right ?

    • Mike G

      Gina may be the Onion of usawatchdog, very funny

  23. H. Craig Bradley


    Jesus said the poor will always be with you. So, one can conclude the poor are many-always been that way. No major revelation there. What is hurting many taxpayers and wage earners is, well….. ever higher taxes, especially state and local taxes. Inflated assets like real estate acts like a tax upon renters or leasers, as does higher auto and health insurance rates (ACA). All of it together puts a big squeeze upon the average household and consumer.

    Luckily, the U.S. is the global swing producer with energy, so we can flood the market with oil and keep the price down in the mid-fifties. High inflation is not obtainable without higher fuel and food prices. If we were dependent on the Middle East for our oil then we would be in trouble like we were in the 1970’s. President Trump will be able to avoid trouble as long as interest rates remain historically low. It won’t go on forever, but probably as long as President Trump is in the White House. That is all that matters: what is going-on today. Tomorrow will care for itself, as the Bible says.

  24. H. Craig Bradley

    I think what Karl is hinting at is the structure of the whole economy is unstable because of the magnitude of our collective debt loads. Right now, the consumer is still in pretty good shape. However, other than revolving credit, few consumers are taking out loans and little new credit is being issued to them. For the most part, we have credit refinancing but little new credit.

    Notice the FED is having to directly intervene in the “Repo Markets” due to some liquidity issues. A more detailed explanation of what is causing this financial stress in the system and what it means would be of great help towards understanding current developments. Talking about gold as a solution is really not helpful for 98% of all Americans, as they don’t own any at all. Nobody wants to buy physical gold in America. You can not buy food with it or eat gold. ( you can sit on it and warm it up)

    This would explain our overall chronic slow economic growth in the real economy. Its harder to get ahead for everyone because of low GDP growth ( 2.2%/ year). Its uneven and gives the impression that few are prospering. The simple fact is actual growth is hard to find in recent years. This condition is likely to persist for some time to come.

    Nobody knows when the trends will change or exactly how. They are guessing that gold will be their solution. Maybe, maybe not. What is true for central bankers may not work for you and I. All depends on what the government does. We just don’t know the future but we worry a lot. Not much anybody can do about it.

  25. david

    Finally a guest worth listening to. No tin foil hat stuff. Denninger is one of the sharpest guys around and has a grasp on how to resolve the rising costs of healthcare. And he’s not a Trump sycophant either. Very refreshing. You could do an entire show just on his solutions to healthcare and enlighten everyone.

    • Greg Hunter

      “Finally”? If it was so bad why did you keep coming back. I guess because it’s free?

  26. Bill B

    It has been my understanding that it is illegal for our CIA to be involved in intelligence within the United States. It is reported that the CIA was deeply involved in the attempt to remove Pres Trump, yet I have heard no one speak of this. Am I wrong?

    • Paul Anthony

      Bill –

      Lots of alternative news out lets have talked about Clapper being a huge part of the attempted coup . None of them mainstream. You wont hear about anything negative against the cia or anything bad pertaining to the left on mainstream. The only alt podcats I’ll mention here that I will mention and point you to the CIA) Clapper is Bongino’s podcasts – he has mentioned Clappers roll – The rest I wont mention, this is Gregs web site. Just saying don’t expect MSM mentioning the CIA’s roll … Clapper (Mr CIA) works on CNN .. no way they mention anything

    • Brianroy

      Intelligence is essentially mostly a matter of creating & disseminating propaganda.
      A recommended Cold war video of a former KGB agent on this, Tomas Schuman (Yuri Bezmenov) can be seen at a variety of Youtube uploads:
      In 2014, with the repeal of the Smith-Mundt Act, because Alternative Media & Birthers were making too much reasoned progress against Obama, changing minds with legal facts & citations & logical conclusions, the CIA (& other US Intel) was legally authorized to engage in subversive disinformation on the public of the United States, just as any other nation.
      This includes the stock ownership of groups like Geo-Spatial Intelligence, the NSA, and others who own stock & in part — are alleged by those like ex-Intel & ex-Dept. of State higher ups like Steve Pieczenik — direct major strategy or policy changes in companies like Google, Facebook, Alphabet Inc. & allegedly place active agents inside Youtube & Twitter as well. The major television & print media is littered with active & former CIA Intelligence Assets, Agents & Officers. Even some breakaways, like Glenn Beck, openly employ those alleged to be ex-CIA as on-air advisors. In effect, with Google & Apple committing espionage in giving away Pentagon & their own encryption codes as well as their highest tech to the nation of CHINA & building what they believe to be systems to out-perform our own Pentagon for China, it appears to be at the behest of the CIA & other Intel. But what is the CIA really? It was an organization formed first as an Intel Org of the Rockefellers, housed & organized by the Rockefellers before it became the OSS & eventually CIA, and is considered as an agency ON LOAN to the United States, with a loyalty to the same banks as of the Federal reserve firstly, subject to directives from the Council on Foreign Relations & a few core others not publicly shared, and THEN to the United States.
      So yes, the CIA & other Intel groups were unshackled to publicly go into a disinformation or propaganda war against its own citizenry, just as against any foreign power, and recently, even the Defense Intel Units have been green lighted to propaganda war against us as well. It is effectually a Shadow Government with its own hierarchy & bureaucracy within our own Federal Government, operating dually & independently, subject more to themselves than to Congress, the President, or the Supreme Court. It is a takeover Government already in place, which is why so many in politics are Intelligence Agent or Intelligence Officer experienced. They are expected to be the Provisional Government if or when the rest are overthrown & eliminated or liquidated, whatever term you like, at such a time they are told to do or be it, should that scenario ever be employed. And if not, to be ready in case it ever does.
      So does US Intel operate in the US against the US Citizenry. Oh yeah they do.

      • William Stanley

        Well done. Thanks!

  27. paul ...

    Bad news for the crypto addicts … the banksters finally admit “they cannot accept parallel currencies”!! …

  28. paul ...

    Trump chooses O’Brien “a negotiator” as his National Security Advisor … better pick then that warmonger Bolton!! …

  29. paul ...

    Trump knows more then the neocons that getting into a war with Iran will put us up against Russia who has weapons we have no defense against … the US has absolutely no countermeasures against hypersonic weapons … as stated in the article below:
    “For much of the Cold War, the missiles carried by Russian submarines were focused on hitting ships at sea, particularly the US Navy’s formidable aircraft carriers. It was not until the conflict in Syria that Russia began using submarine launched cruise missiles in a similar way to the US Navy’s Tomahawk missile; as a long-range surgical strike weapon.” …

  30. H. Craig Bradley

    Here is one attempt to explain Day 2 of the Fed’s intervention in the Inter-bank “Repo” market and its affect on interest rates:

    The problem is its way too wonky for most readers and this impedes transparency. What exactly is going-on? Obviously, nobody really understands what is happening behind the curtain or how to interpret it. So, how does this address declining public confidence? Martin A. Armstrong suggested we may eventually go to a split interest rate structure like South Africa did: one for the FED and the Government ( Official low interest rates) and one for the real economy (Everybody else pays more).

    I say public confidence is pretty shaky as it is. Gold and other tangible property such as real estate and equities will probably prosper as long as increasing numbers of people have doubts or outright fear of U.S. Banks. Unfortunately, this means real estate is not likely to have a meaningful correction, just trade sideways and not go up so much (absent foreign buyers).

    Better stay away from all Government issued debt of any duration over 1-month. Economist Martin A. Armstrong forecasts as public confidence in the banking system and government further declines that more money will flee public assets for private assets. Then, later on comes collapse. You are toast, but your gold stash will remain.

    • Greg Hunter

      I think this is similar to what happened before the 2008 Great Recession. You are spot on for pointing this danger out.

      • H. Craig Bradley

        Michael Burry of the movie “The Big Short” has recently predicted an eventual crash in Index Funds because “They have distorted valuations in the stock and bond markets”. In fact, just this August, the Investment Company Institute came out and said there are now more assets in passive investments like Index Funds than in Actively Managed Funds.

        This trend has been going-on for the past ten years because each year, 80% of actively managed mutual funds have failed to beat their benchmark indexes. The average fund fee is about 1.2% or so, while a popular index fund is only .03 %. Why pay more for chronic under performance? Many active funds have merged or closed in response. The fund industry needs to lower their management fees to compete. Until they do, Indexes will continue to dominate investor portfolios.

        This resulting asset lopsidedness is going to result in a liquidity crisis in Index funds when the next panic hits. I think a market panic could happen in the next year, which would not be good for President Trump. Its an unpredictable “Black Swan” because our financial system has become increasingly unstable since 2007 even though we are told not to worry we have you covered.

        Public and investor confidence will crash along with all the passive investors net worth if a liquidity event happens in the markets triggering the market automatic safety shutdowns and money will suddenly pile into gold of any form. This is the principal reason to own some gold as a hedge.

    • JC

      Yes “H”, Martin Armstrong’s latest post says that gold is now being targeted in Germany.

      “The primary objective is to park money in a safe place where you get it back. Banks are questionable with bail-in policies and negative interest rates. Now even gold is being targeted. Where else to go but equities?”

  31. Da yooper

    Hey Greg as a follow up to

    “Ya hear something like that from Pocahontas we have a problem”

    From Zero Hedge today……..timing is everything more at the link.

    Civil War 2 – Electric Boogaloo – Deplorables vs. Socialists

    Imagine for a moment that our newly elected President, Liehawatha Warren, and our new Vice President of Free Shit, Bernie Sanders, take office with a Democrat House and Senate. Among their first orders of business are as follows:

    a new wealth tax on assets
    a new tax on meat and dairy
    double the income tax rates
    double gasoline taxes
    totally open the borders
    universal basic income for poor and immigrants
    reparation payments for blacks, browns, and LGBTQs
    criminalize all semiautomatic firearms
    criminalize anonymity and “hate speech”
    nationalize the internet
    It isn’t hard to see…

  32. iwitness02

    The love of money is the root of all evil.
    Besides power, what do politicians love the most? Money.
    Free and easy money.
    If we can’t take money out politics, how can we fix anything?
    Money is the lifeblood of politics/evil.
    I assume that the day will come when the have nots, will turn against the haves.
    One side has power. The other side has vast numbers.
    When the clash comes, I suspect it will go worldwide, and I suspect that it is unavoidable. We all have our own ideas on who wins. Time will tell.

    • iwitness02

      I guess my comment is shortsighted.
      The haves already turned against the have nots.
      My bad.

  33. Derek Sinclair

    Karl Denninger is correct. The Left do want a civil war but only because they’re so stupid. They don’t realise they’ll lose it, big style and in short order. Check out John Mark (Mark My words) on YouTube. He breaks it down very quickly.

    • H. Craig Bradley


      According to Glenn Beck (yesterday on his show) the Iranian Governing Council (Mullahs) want bloodshed because they are “twelvers” who believe a chaotic world will usher-in the 12th Iman. So, they are not behaving rationally and will use their own people and us as pawns to get what they want.

      The Iranian central council also wants to incinerate Israel, as well. This is why Iran is so dangerous and because, like North Korea, they keep trying to develop their own nuclear weapons. Once they get a bomb, the whole world becomes a torch or unstable. Then we all are going to suffer for allowing it to happen since 1979.

      • Eric

        ” Then we all are going to suffer for allowing it to happen since 1979.”
        H….Does it give you pause that we’ve been saying “they will have a NB in no time” ( for 40 years) as an excuse to blow them off the map like so many other ME nations who did nothing but mind their own business ?

      • Frank D2

        H Craig, I respect you and your opinions, but be careful following any of Beck’s advice. The guy is a total self-absorbed nut job.

      • Occasnltrvlr

        Had your forces been attacked, repeatedly, would you send flowers?

  34. Major Payne

    I haven’t listened yet but am looking forward to haring from Mr. Denninger. Thanks, Greg!

  35. Justn Observer

    Ideological of the ‘elites’ showing? Not if it’s true…but if ‘they’ think it is…and maybe a bit of why they are some ‘anti’ the children of God? And that they might believe that it is ‘the believers’ that slay their preceived lineage? … Should the pic of Obama really be displayed in the Whitehouse? Generations from now might get a different ‘reality’ of what/who he really is… Clinton’s however found in the home of pedophile…seems less worrysome along with the ‘occultist’ background of Epstein’s Island.
    Samuel 21:16-22 1 Chron 20:6-8 ?

  36. paul ...

    Yep … it’s unquestionably obvious from what I see … … yes, Iran definitely did it … so the Saudi “clown prince” should now declare war on Iran and attack them along with Yemen (as he needed a two front war with all his budget problems) … this is not “our fight” … and Trump is rightly not allowing the US to be dragged into this “new Saudi war” by Pompeo and the Deep State neocons!

  37. Justn Observer

    Greg, Talk about EXPLOSIVE…what if true…Talk about ‘an black swan event’ to provoke a war?NUCLEAR WEAPONS went missing…maybe the same ones’ Sen. Graham talked about hearing might be detonated of coast of his state? To make it look like Russia did it when those ships were off the east coast? Did whistleblower get shot to cover it up work at the base they went missing? So when/why did the 302 go missing?…Probably a good thing the new incoming POTUS should know if someone/some group stealing nuclear warheads? When was the Phantom missile headed towards Hawaii story? To make it look like NK shot it ?
    Pientka-Flynn Mystery Solved ?
    Wonder if Kevin Shipp can confirm…he must know if Strok and Pientka were CIA – right?

  38. SkeptiSchism

    Thanks for not asking Karl about his view on gold because we know what that is lol. Despite his dislike for real money, he’s a very smart man, thanks for interviewing him.

  39. Lew

    Great show Greg!

  40. Fredrick (Rick) Getzschman

    Great report.

  41. Lebowski

    I’m beginning to think Stan is Gina

  42. Chris

    Greg, i wish you had pressed Karl on why he doesn’t believe in or Hold any Physical Gold or Silver. I know personally that he does not believe in holding any gold or silver. For as smart as Mr. Denninger is i don’t think he is that smart for this reason, he doe not understand that Gold is money, he thinks Gold is a commodity. Maybe next time you can press him to explain his view for your audience. Thanks

  43. JM

    Why haven’t you interviewed James Wesley Rawles? He would seem the perfect fit for your website. He is a Christian, former US Army Intelligence officer, author, and head of the modern prepper movement in the US.

  44. al

    Listen to this Man, especially the last 10 min.
    I keep saying the same thing Karl says but I will go one step further. A message to the left, deep state and anti-Americans… You have not seen a revolution. If the people rise up you will get swift justice! Not this Barr dragging slow “justice” that’s happening now.
    Thank Donald J. Trump, our duly elected and beloved President that no true revolution has taken hold yet. Call him what you may, but he is holding back the MAJORITY WITH GUNS!
    God Bless the 2nd amendment (of late Hong Kong cried for).
    I’m just an observer and this is my take on things.

    • regaleagle

      Obviously, the totally idiotic Left are also totally brainwashed in just how quickly most Americans would be READY TO RUMBLE to preserve their National Sovereignty and Constitutional Rights if pushed to the brink blatantly like the Commie Left Demon-rats dream of. The majority will win……and that will not be the side of the Commie Left.

  45. Andrew Johnson

    Everyone on here knows the numbers are bs. You had John Williams on here from and he says as much. Unemployment is 20% Inflation 8% real. That is a horrible economy but they will not admit it. Trump as a candidate said the numbers were bs. As president, he says they are the real numbers. What a liar. I’m for him but he lies as much as Obama or Bush. Truth is truth and lies are lies I don’t care what party you are in.

  46. susan

    My husband and I Celebrated our 49th anniversary today. Amazing how time changes…….

  47. Oxfarmer

    Thanks, Greg, for your perseverance and for rooting out the truth. God bless you and may USAwatchdog prosper.

    • Greg Hunter

      Thank you “Ox”!!

    • Justn Observer

      Ditto on that Oxfarmer, Greg gets the nod for sticking to his beliefs and his journalistic integrity! Seeking truth in a world mired in illusions and deception requires faith for sure.
      As for rooting things out..Greg might have a return of Bix Weir concerning his ‘dates’ predicted on the derivatives takedown as he sees it via the Road to RootA …also don’t know but maybe if Mr. Denninger is not an PM gold stacker as some here say…maybe he finds some stock in the expansive availability of it if the story of the grand canyon is true…which would diminish the value of it ….and the meeting at Jekyll Island over it is true?

      The FED rate situation seems a lot like the theme played out in the movie ROLLOVER does it not? You can find it on You Tube….

  48. tim mcgraw

    I’ve been watching Karl Denninger for over ten years now. His outlook on the markets is always spot on. Good to see him again. Last time I saw him on video, he said the jig was up and it was time for him to enjoy what time he had left. The math is there and can’t be stopped. We’ll be lucky to make it to 2024 without a major financial crisis. It’s already begun with the Fed panicking and printing billions per day to keep interest rates down.

  49. Gary K

    It’s certainly eye opening to see the real Greg Hunter. You’re just as much a control freak as the socialists themselves are. All the while you condemn them for their behavior you do the same things. Any idea you don’t like you suppress, and thereafter suppress all posts from that person.

    So you’re actually a deep state operative, huh? Keep the truth covered up as much as possible. Your rants on the evils of the deep state and what they do are quite eyeopening in the context of your own censorship. Yeah, it’s your site, and you can do with it what you please, but your hypocrisy is still exposed.

    You claim to be a Christian and yet your entire persona when seen in it’s true light is anything but Christian as it is based in deceit/hypocrisy. Show one face to the world and be someone else entirely behind the scenes. Claim to be an opponent of socialism and ban those who point our socialist ideas being infiltrated through your site. Decry redistribution of wealth and then promote the same type of thinking.

    I’m reading both Henry George’s and Jett’s books. They are both wrong on this. God set up a much better system of removing poverty with the Isrealites when they first entered Caanan. God gave each family land that was to stay in their possession forever. All the land was privately owned until the Isrealites demanded a king in the days of Samuel. Then came the creeping ownership of private lands by government. The kings eventually took what they wanted. Remember Ahab taking Naboth’s vineyard by force? It was pure evil and a direct violation of what God had in His love and mercy given to the Isrealites to protect them from poverty.

    In addition to private property God instituted the 50 year cycle of jubilee that forgave any and all debts so that the land stayed perpetually within the ownership of the same family. A Hebrew who fell on hard times through whatever the cause and had to sell his land to pay his debts was assured at getting his land back in the year of jubilee. It was God’s way of eliminating grinding poverty and it is by far the best way ever devised.

    What George and Jett are promoting is socialism, just of a slightly different form. And any time we give government that kind of monopoly power it will be abused for government always becomes corrupt because the human race is sinful. And when we give government the ownership of all land we intensify it’s power in no small way. That kind of monopoly by government increases it’s power by orders of magnitude. It makes a commercial monopoly’s power look tiny in comparison.

    George says that his solution will work “because” of government” for government will judge and act with justice if it gets ownership of all lands. Really? Since when has government ever been without corruption in the last few thousand years? It’s the socialist’s mantra that if we give government control/effective_ownership of the economy it will act justly and correctly as the corruption will somehow magically disappear. That, in effect, is what George is promoting. And Jett buys right into it by repeating that fallacy with a straight face in his book while claiming this is the best idea he’s ever heard of.

    Greg Hunter, a fighter for truth. It’s too bad the reality doesn’t meet the profession.

    That you wish to cover all this up says nothing good about you. You ought to be shouting it from the rooftops, but you won’t. At least at this point I don’t believe you will.

    • Greg Hunter

      If you want to be Mr. Big Pants “Gary K” post a verifiable full name and own your words. Don’t expect me to keep posting your swill when you can’t stand behind your words. I stand behind mine.

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