The Federal Reserve is flying blind – and Wall Street is ignoring the warning signs. In this explosive interview, market historian and Wellington Letter founder Bert Dohmen joins Jeremy Szafron to break down why he believes the U.S. is heading toward a “deflationary depression,” why 2026 is the danger year, and how smart money is quietly unloading risk onto retail investors.

Dohmen explains the distribution phase now underway, why QT was never real, and how rising bank loans and hidden liquidity make today’s market appear stronger than it really is. He also addresses the missing BLS jobs report, the $8.5 trillion FHA debt dispute inside Washington, and why he believes the Fed ended Quantitative Tightening early because “the plumbing is breaking.”

We also cover Nvidia’s earnings surge, the AI bubble stress, margin-call risk, credit fragility, tokenized gold concerns, and whether Bitcoin deserves to be called “liquid gold.”