“When we have the next crisis, the word ‘private’ is going to be in every headline,” says Cornell Professor Dave Collum. In this interview with Daniela Cambone, Collum warns that the biggest risks in the next financial crisis won’t come from the public markets—stocks, Treasuries, and the like—but from the shadowy private markets: private credit, private equity, and private debt, where leverage and valuations are opaque.
He also explains why today’s debt-driven economy is unsustainable and why he believes inflation and policy missteps are setting the stage for a severe reset. “At some point you either default outright or you inflate it away, but either path is a reset.”
Collum also reflects on his recent appearance on the Tucker Carlson Show, where he exposed the risks of a “digital deep state” and the growing disconnect between official narratives and economic reality. “When information itself is weaponized, markets become even more dangerous,” he concludes.