Michelle Makori, President & Editor-in-Chief, Miles Franklin Media, interviews Edward Dowd, Founder of Phinance Technologies.

Markets may be watching the wrong risk. While headlines focus on the Iran war and geopolitics, Edward Dowd warns the real breakdown is already underway beneath the surface of the U.S. economy. From a weakening housing market to a bursting AI bubble and a frozen private credit system, Dowd argues that the conditions for a major downturn were already in place – before the war even began.

He explains why any relief rally driven by geopolitical optimism could be a selling opportunity, why a 40-50% market crash remains on the table, and how structural risks in housing, credit, and global growth are converging. Dowd also shares his outlook on China’s slowing economy, the Federal Reserve’s limited options, and why he believes gold remains in a long-term bull market – even after recent volatility.

In this episode of The Real Story with Michelle Makori:

Why the real economic breakdown has already started
Housing market weakness and why prices may need to fall
The AI bubble and signs it may already be cracking
Private credit stress and why it’s the “canary in the coal mine”
Why a relief rally could be the last chance to exit
Dowd’s outlook for a 40–50% market correction
China’s economic slowdown and global implications
Gold’s long-term trajectory and why it could reach $10,000

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