The Next Financial Crisis Isn’t In Banks. It’s In Insurance & Private Credit | Nick Nemeth [BWildPfQJ9b]
Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): Private credit has ballooned to roughly a trillion dollars, but Nick Nemeth of Mispriced Assets argues the danger isn't the banking system — it's insurance. In this Monetary Matters interview with Jack Farley, Nemeth lays out how private-equity-owned insurers have become highly leveraged holders of private credit and CLOs, why he thinks annuity surrenders could spark a run with no federal backstop, and how adjusted EBITDA, layered leverage, and lax loan ratings mirror the setup before 2008 — except, in his view, the scale looks more like 1929. He closes with contrarian rankings of Apollo, Ares, Blackstone, and Blue Owl. Recorded July 14, 2026. Teucrium on X Nick Nemeth on X Jack Farley on X Nick Nemeth’s article, “The Smart Money Is the Subprime This Time”: Follow Monetary Matters on: Apple Podcasts Spotify YouTube Timestamps 00:00 Intro 00:22 Teucrium $CORN Pre-roll 01:08 The Next Financial Crisis Is In Private Credit Argues Nemeth 09:04 Loan Quality In Private Credit Is Often Subprime And It Is Getting Worse 20:41 Teucrium $CORN Mid-roll 22:26 Software Loans Are Going To Be Very Bad Because of AI 30:50 Insurance Sector Deep Dive 40:20 Leverage In Insurance Is Extreme 44:30 Structured Credit & Ratings Agencies 56:00 Apollo Has The Best Reputation... Right? 1:04:30 Blackstone 1:05:17 Blue Owl 1:07:00 "Problem with Refis" 1:11:06 Teucrium $CORN Endroll This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs CORN Fund Page & Prospectus: www.teucrium.com/corn This material must be preceded or accompanied by a prospectus. The prospectus is available at Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. #financialcrisis #privatecredit #macro #insurance #stockmarket ____