About this episode
The next major financial crisis won't start in the banks—it will start in the Life Insurance sector. That is the urgent warning from legendary financial analyst James Grant, founder of Grant’s Interest Rate Observer. In this interview with Jeremy Szafron, Anchor at Kitco News, Grant details how the "Search for Yield" has pushed insurance giants into dangerous Private Credit and Private Equity allocations—assets he describes as "inherently junk" and completely lacking price discovery. He warns that policyholders and retirees could be the "unknowing participants" in the next great deleveraging. Grant also dissects the sudden spike in Repo rates, accusing the Federal Reserve of becoming a "puppet master" that has lost control of the bond market. He breaks down the AI bubble (calling data centers the "Pyramids of Egypt"), explains why the economy is hanging by "dental floss," and gives his latest forecast for Gold at $4,200 and Silver’s "Trump-like" volatility. Recorded on December 9, 2025 Watch this on Kitco News Youtube Channel