Uploaded May 2026 | Updated September 2026, 3 weeks ago
"Civilization at the Crossroads with Alastair Crooke"
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Former British diplomat and intelligence officer Alastair Crooke is an independent commentator whose perceptive Middle East and global geopolitical analysis diverges sharply from the boilerplate Anglo-American policy consensus. Since founding the Beirut-based Conflicts Forum think tank in 2004, Crooke has addressed such important themes as the structural decline of U.S. and European power (and Western elites’ lost capacity for strategic realism), the emergence of a multipolar order (led by what he calls the “civilizational states” of Eurasia), and the ideological roots of Israeli policy.
John Titus and I have had frequent recourse to Crooke’s insights on Money & Markets, and this week I am delighted to have Crooke join me for his first interview on the Solari Report. And none too soon, given the fast-moving developments in Iran and the wider Middle East!
One of the most pressing questions we discuss is how to view the current conflict’s multiple fronts—military, trade, financial—on an integrated basis. We also discuss the escalating war on energy and U.S. efforts to control or bottleneck trade routes all over the world. The methodical shutting down of pipeline, production, and refining capacity suggests two possible (and not necessarily mutually exclusive) agendas: (1) an unacknowledged war between China and the U.S. to engineer the lowest cost of capital and energy (by curtailing access to essential resources) or (2) a radical and forced reduction in the general population’s energy usage.
I was also interested in getting Crooke’s assessment of developments related to the dollar as reserve currency and the U.S. competitive position compared to China. Though the unproductive financialization model, weighed down by corruption and grift, clearly seems to be coming to an end, its oligarchic instigators want to keep it going. The challenge for the rest of us is to avoid the financial repression and chaos where we can and stay focused on rebuilding civilization and a human future.
Crooke’s fascinating experience—Ireland-born, Rhodesia-raised, Scotland-educated, and with a stint in London banking before a three-decade career with Britain’s MI6 and twenty-plus years in direct contact with the movements that the intelligence apparatus was built to counter—make for penetrating analysis that can help you understand the deeper stories and the complex cultural dynamics behind propagandistic headlines.
The word Crooke chooses to describe the road ahead is “catharsis”—we are heading into a difficult time. His insights inspire our pathway forward and the possibility of the human future that makes it so worthwhile.
Full Report: solari.com/civilization-at-the-crossroads-with-alastair-crooke
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"Civilization at the Crossroads with Alastair Crooke"
Join us on Telegram: https://t.me/solarireport
Former British diplomat and intelligence officer Alastair Crooke is an independent commentator whose perceptive Middle East and global geopolitical analysis diverges sharply from the boilerplate Anglo-American policy consensus. Since founding the Beirut-based Conflicts Forum think tank in 2004, Crooke has addressed such important themes as the structural decline of U.S. and European power (and Western elites’ lost capacity for strategic realism), the emergence of a multipolar order (led by what he calls the “civilizational states” of Eurasia), and the ideological roots of Israeli policy.
John Titus and I have had frequent recourse to Crooke’s insights on Money & Markets, and this week I am delighted to have Crooke join me for his first interview on the Solari Report. And none too soon, given the fast-moving developments in Iran and the wider Middle East!
One of the most pressing questions we discuss is how to view the current conflict’s multiple fronts—military, trade, financial—on an integrated basis. We also discuss the escalating war on energy and U.S. efforts to control or bottleneck trade routes all over the world. The methodical shutting down of pipeline, production, and refining capacity suggests two possible (and not necessarily mutually exclusive) agendas: (1) an unacknowledged war between China and the U.S. to engineer the lowest cost of capital and energy (by curtailing access to essential resources) or (2) a radical and forced reduction in the general population’s energy usage.
I was also interested in getting Crooke’s assessment of developments related to the dollar as reserve currency and the U.S. competitive position compared to China. Though the unproductive financialization model, weighed down by corruption and grift, clearly seems to be coming to an end, its oligarchic instigators want to keep it going. The challenge for the rest of us is to avoid the financial repression and chaos where we can and stay focused on rebuilding civilization and a human future.
Crooke’s fascinating experience—Ireland-born, Rhodesia-raised, Scotland-educated, and with a stint in London banking before a three-decade career with Britain’s MI6 and twenty-plus years in direct contact with the movements that the intelligence apparatus was built to counter—make for penetrating analysis that can help you understand the deeper stories and the complex cultural dynamics behind propagandistic headlines.
The word Crooke chooses to describe the road ahead is “catharsis”—we are heading into a difficult time. His insights inspire our pathway forward and the possibility of the human future that makes it so worthwhile.
Full Report: solari.com/civilization-at-the-crossroads-with-alastair-crooke
Subscribe to shop.solari.com




![Report Cards Are a Great Way to Hold Legislators Accountable for How They Vote
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Local Pushback against Privatization of Public Infrastructure: One Person Can Make a Difference with Terri Hall
By Elze van Hamelen
The story of Terri Hall is a remarkable tale illustrating how—with perseverance, faith, and a refusal to give up—one person can have a major impact. In this interview, Hall describes how a call to action on local radio and a small meeting in a school library turned into successful, statewide grassroots pushback.
In 2005, the Texas Department of Transportation (TxDOT) had plans to convert an existing, taxpayer-financed freeway into a toll road and to transfer ownership to two foreign corporations in a 50-year deal. The contracts would have allowed no competing projects in the nearby area, hindering any future public development. The plans also called for expansion onto private land to be seized through eminent domain and transferred to the foreign companies—a clear infringement of property rights and an abuse of eminent domain (which is only supposed to be applied for urgent public purposes). For the private companies, there would be no limits to the toll fees that they could collect, and if the project failed to become profitable, citizens would be taxed to cover the investment gap.
Toll road projects of this type hit low- and middle-income citizens the hardest, forcing them to pay exorbitant toll fees just to get to work. Recognizing the “kitchen-table issues” in play, homeschooling mom Terri Hall was, therefore, shocked when she heard about the TxDOT’s plans. In response, she organized a highly successful grassroots initiative that led, in 2007, to a moratorium on privatized toll roads, and, in 2012, to the removal of a full chapter from the state’s transportation code. She explains,
“[As] anyone [knows] who has ever done legislative work, it’s hard to get a single line out of code. Sometimes it can take you years just to get a single initiative out of code. We managed to get an entire chapter of the transportation code completely erased.”
The toll road was intended to be part of a national NAFTA superhighway, with Texas selected as the starting point due to its gateway relationship to Mexico. Halting the “Trans Texas Project” stopped the superhighway network from spreading across the U.S.
Through her two non-profits, Texans Uniting for Reform & Freedom (TURF – “Defending Freedom to Travel & Property Rights”) and Texans for Toll-free Highways, Hall continues to push back against privatized toll roads and other threats on the horizon. Describing the ongoing efforts to privatize public infrastructure, attack property rights, and restrict citizens’ freedom of movement—for example, through the federally mandated kill switch in all new cars, driverless cars, surveillance, and non-competitive contracting—Hall observes, “The other side will never stop because they’re working 24/7, sometimes with our money, lobbying against us. So we have to be just as vigilant as they are.”
Hall also describes the importance of “training up younger blood” and growing the ranks of citizens lobbying for freedom. The practical information she shares is sure to inspire some to join the pushback.
Full Report: https://solari.com/local-pushback-against-privatization-of-public-infrastructure-one-person-can-make-a-difference-with-terri-hall/
Subscribe to shop.solari.com Report Cards Are a Great Way to Hold Legislators Accountable for How They Vote](https://i.ytimg.com/vi/wyS5RFbQ2Lk/mqdefault.jpg)



![The Returns on Private Equity Are Falling off a Cliff. Your Pension Is on the Line
Update on the Trouble in Private Credit with Tiffany Cianci
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In January, I welcomed private equity expert Tiffany Cianci to the Solari Report. Although our discussion focused on private equity, we also touched on private credit (lending that happens by private non-bank lenders, also called private debt) as an area equally prone to financial legerdemain. As I noted in that discussion, private equity deals are leveraged with debt, and this can give rise to private credit “funny business” when private equity leverages its own deals.
Tiffany predicted that the private credit bubble would soon pop, and she was right. With private credit defaults now rising and investors pulling billions of dollars from large private credit funds, some funds are responding by restricting withdrawals. This week, Tiffany returns to update us on these first-quarter developments, discussing their implications for the big banks that loan to private credit providers.
As Moody’s pointed out last fall, “the rise of private credit has altered the competitive landscape for US banks, which … ceded significant lending turf … following the 2007-08 financial crisis.” Somewhat paradoxically, however, banks also helped fuel the growth of private credit by shifting their lending focus to “non-depository financial institutions”—including roughly $300 billion as of last June to private credit providers. As of mid-2025, banks had also lent $285 billion to private equity funds and had another $340 billion in “unutilized bank lending commitments.”As these “bank linkages” have increased, said Vanguard last month, “From a systemic perspective, the primary consideration is less the likelihood of widespread private-credit defaults and more the interaction between private credit liquidity needs and bank balance sheets” [emphasis added].
Moody’s politely suggests that banks’ “indirect lending” to the private credit market comes with “inherently lower transparency” and requires “vigilant credit risk management.” Echoing that thought, media reports are emerging to suggest that with the current troubles, some private credit firms are “embellishing their financial health” and taking steps to mask their debt. A letter by hedge fund Rubric Capital warned its backers that “distribution cuts are so worrisome that some bad actors are playing Enron-like accounting games.”
Unfortunately, this is a crisis that is likely to hit pension funds. Tiffany’s sharp analysis can help you understand the potential reverberations for pensions, banks, insurance companies, and what they mean to you.
Full Report: https://solari.com/update-on-the-trouble-in-private-credit-with-tiffany-cianci/
Subscribe to http://shop.solari.com The Returns on Private Equity Are Falling off a Cliff. Your Pension Is on the Line](https://i.ytimg.com/vi/x_3E6jljxwI/mqdefault.jpg)
![Private Equity, Girl Scouts, and Underfunded Pensions—It’s a Sad Story
Update on the Trouble in Private Credit with Tiffany Cianci
Join us on Telegram: https://t.me/solarireport
In January, I welcomed private equity expert Tiffany Cianci to the Solari Report. Although our discussion focused on private equity, we also touched on private credit (lending that happens by private non-bank lenders, also called private debt) as an area equally prone to financial legerdemain. As I noted in that discussion, private equity deals are leveraged with debt, and this can give rise to private credit “funny business” when private equity leverages its own deals.
Tiffany predicted that the private credit bubble would soon pop, and she was right. With private credit defaults now rising and investors pulling billions of dollars from large private credit funds, some funds are responding by restricting withdrawals. This week, Tiffany returns to update us on these first-quarter developments, discussing their implications for the big banks that loan to private credit providers.
As Moody’s pointed out last fall, “the rise of private credit has altered the competitive landscape for US banks, which … ceded significant lending turf … following the 2007-08 financial crisis.” Somewhat paradoxically, however, banks also helped fuel the growth of private credit by shifting their lending focus to “non-depository financial institutions”—including roughly $300 billion as of last June to private credit providers. As of mid-2025, banks had also lent $285 billion to private equity funds and had another $340 billion in “unutilized bank lending commitments.”As these “bank linkages” have increased, said Vanguard last month, “From a systemic perspective, the primary consideration is less the likelihood of widespread private-credit defaults and more the interaction between private credit liquidity needs and bank balance sheets” [emphasis added].
Moody’s politely suggests that banks’ “indirect lending” to the private credit market comes with “inherently lower transparency” and requires “vigilant credit risk management.” Echoing that thought, media reports are emerging to suggest that with the current troubles, some private credit firms are “embellishing their financial health” and taking steps to mask their debt. A letter by hedge fund Rubric Capital warned its backers that “distribution cuts are so worrisome that some bad actors are playing Enron-like accounting games.”
Unfortunately, this is a crisis that is likely to hit pension funds. Tiffany’s sharp analysis can help you understand the potential reverberations for pensions, banks, insurance companies, and what they mean to you.
Full Report: https://solari.com/update-on-the-trouble-in-private-credit-with-tiffany-cianci/
Subscribe to http://shop.solari.com Private Equity, Girl Scouts, and Underfunded Pensions—It’s a Sad Story](https://i.ytimg.com/vi/yJVJELgs1AY/mqdefault.jpg)
