Doug Casey joins Matt Smith from Buenos Aires, after the New Orleans Investment Conference and Nomad Capitalist in Cancun. They start with the US midterms, which Matt reads as a resounding vote against Trump's policies. Doug restates his bet that Trump will not finish his term, and says a Greater Depression in the next two years would be blamed on the Republicans and would cement the Democrats in office: "that's the end of America, basically." Doug thinks they are still on the track to war with Iran, with a third aircraft carrier group arriving in the region. They also discuss immigration, and DOGE, which they treat as a PR stunt that left the budget bigger than ever. Then the 72-hour preparedness warnings from dozens of countries, the US plan to make military bases self-sufficient because the grid can't be relied on, and a possible 30-day shutdown of financial systems. Doug says the AI data-center boom is heading for huge misallocations, and that Trump has already taken government stakes in over 40 companies. If the market melts down, he expects the government to buy more shares with printed money: runaway inflation and an economy that is "actively socialized."