By Greg Hunter’s USAWatchdog.com - March 22, 2025

Former Wall Street money manager and financial analyst Ed Dowd of PhinanceTechnologies.com is back with an update of a report on “Danger of Deep Worldwide Recession in 2025.” It was not just heavy government spending on illegal immigration, but “mind shocking” fraud that has been revealed with DOGE (Department of Government Efficiency). Investigators have uncovered $115 billion so far with many hundreds of billions more to be exposed. Dowd says, “Both sides of the aisle are probably going to have problems. The DOGE revelations are mind shocking. The clear way in which the government was spending money through NGOs (non-governmental organizations) and people taking kickbacks and profits along the way is going to come out. There may have been theft along the way. What business does Stacy Abrams have getting $2 billion for an NGO? This doesn’t make any sense. It’s going to be shocking, even shocking to me. I knew there was rot in the system, but the mind blowing way the NGOs were used to facilitate the illegal immigration just blows my mind . . .

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There is good news with the spending cuts, according to Dowd, and that will come in the form of lower interest rates in the bond market. Dowd still likes gold as a core asset and does not see Trump tariffs as inflationary. Dowd says the problems with tariffs are “overblown” and are a negotiation tool to get fair trade for America around the world. Dowd sees “deflation” and possibly a short but “deep recession” coming before inflation. A possible black swan event is an intensified war in Ukraine and no peace deal along with the EU getting deeply involved in a war with Russia. This could be a plus for the US if it stays out of the conflict. Dowd says, “There seems to be war drums beating in Europe, and capital will flee to the US. Martin Armstrong says all the gold movement coming to the US is because of a coming war, and of all the theories on this, that makes the most sense to me. I am not predicting war, but that is a geopolitical risk out there. That is one of those ‘black swan’ events. Another ‘black swan’ event is a Bank of Japan currency crisis and, also, something going on with Iran and the Middle East. . . . Black swan events add to the risk, and those are hard to predict.”

There is much more in the 50-minute interview.