8 Shocking Takeaways From Dave Collum's Latest Year In Review: The Financial Disaster He Sees Ahead

Every year, the release of Professor David Collum's "Year in Review" is one of the most anticipated events in the contrarian financial and geopolitical sphere, offering a sprawling, no-holds-barred look at the state of the world. As of December 15, 2025, the latest definitive and comprehensive work available from the Cornell professor remains his monumental 2024 Year in Review: What Is a Fact?, a multi-part essay that dissects everything from monetary policy and asset valuations to the deepest cultural and geopolitical fault lines that define our era. This article dives deep into the core themes, the chilling predictions, and the enduring relevance of his most recent major analysis, which continues to shape the worldview of thousands of serious investors and thinkers.

The review is not merely an economic forecast; it is a synthesis of finance, geopolitics, energy, and cultural commentary, presented with the dry wit and intellectual rigor one expects from an Ivy League academic who also happens to be a prominent "Fintwit" personality. Collum’s work is a must-read for anyone seeking an escape from mainstream narratives, offering a stark warning about the potential for a "financial disaster" on the horizon, a theme he has consistently highlighted across his career. His analysis provides a crucial framework for understanding the complex risks facing markets and society today, making his 2024 review a critical piece of literature as we look ahead to 2026.

The Unconventional Mind: Professor David Collum's Biography

Dr. David J. Collum is a figure whose professional background starkly contrasts with his public persona as a leading macroeconomic and geopolitical commentator. His academic career is distinguished and his credentials are impeccable, providing an unusual foundation for his famously contrarian views on global affairs.

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• Full Name: David J. Collum (often referred to as Dave Collum).
• Primary Occupation: Betty R. Miller Professor of Organic Chemistry at Cornell University.
• Academic Tenure: Has been a professor at Cornell since 1980, dedicating over four decades to teaching and research.
• Education:
  • B.S. in Biology from Cornell University (1977).
  • M.A., M.S., and Ph.D. in Chemistry from Columbia University (1980).
• Leadership Roles: Served as the Chair of the Cornell Chemistry Department from 2013 to 2017.
• Public Persona: Widely known as an influential "Fintwit" (Financial Twitter) personality and the author of the widely-read annual "Year in Review" series, which critiques financial markets, central bank policy, and geopolitical events.
• Key Themes: His commentary frequently focuses on the dangers of excessive debt, central bank intervention (the Fed), inflation, and the decline of truth in media and politics.

Decoding the 2024 Year in Review: A Contrarian's Financial Reckoning

The financial section of Collum's 2024 review is arguably the most impactful, serving as a stark warning about the fragility of the global monetary system. His analysis is rooted in the belief that central bank interventions, particularly those by the Federal Reserve, have distorted asset prices and created systemic risk that is now reaching a critical point.

The Financial Disaster and Valuation Bubble

Collum’s core thesis centers on the potential for a significant "financial disaster" or "reckoning" on the horizon. His analysis points to unsustainable debt levels—both government and corporate—and historically extreme stock valuations, particularly when viewed through metrics like the Shiller PE ratio. He argues that the market's reliance on continuous liquidity injections from the Fed has created a massive bubble, where price discovery has been replaced by policy-driven euphoria. This theme of a looming reckoning is a perennial warning in his work, but the 2024 edition emphasized the heightened risk environment.

He meticulously details how inflation, which the Fed initially dismissed as "transitory," has become structural, eroding the purchasing power of the dollar and forcing central banks into a corner. Collum suggests that the only real options are a massive, painful deleveraging event (a true recession) or a continuation of inflationary policies that ultimately destroy the currency.

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The Role of Gold and Bitcoin in a Collapsing System

In a world of financial instability, Collum consistently highlights hard assets as essential portfolio insurance. His 2024 review dedicated significant space to the outlook for both gold and Bitcoin.

• Gold: Collum views gold as the ultimate store of value, a non-fiat asset that retains its purchasing power across millennia. He sees its performance as a direct reflection of declining trust in central banks and government-issued currencies.
• Bitcoin: While initially skeptical, Collum has acknowledged Bitcoin's growing importance as a decentralized, mathematically-scarce asset. He views it as a potential hedge against the debasement of fiat currencies, positioned as "digital gold" for the modern era, though he often couples his praise with cautionary notes about its volatility and regulatory risk.

The takeaway for investors is clear: diversification into assets outside the traditional financial system is no longer a luxury but a necessity for capital preservation against the backdrop of a potential system-wide shock.

Geopolitics and the Cultural Divide: Collum's Societal Critique

What sets Collum's review apart is its expansive scope, moving beyond traditional finance to address the deep-seated cultural and geopolitical issues that he believes are inextricably linked to economic instability. The subtitle of the 2024 review, "What Is a Fact?", encapsulates his critique of the modern information landscape.

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The Crisis of Truth and Consensus Narratives

Collum argues that a primary danger to society is the erosion of objective truth and the rise of powerful consensus narratives. He explores how media, government, and corporate interests often align to present a unified, often misleading, version of reality. This section of the review delves into topics like:

• Conspiracy Theories: He doesn't necessarily endorse all theories but emphasizes the importance of questioning official narratives and the inherent danger of dismissing counter-arguments out of hand.
• Healthcare and Energy Policy: He critically examines the policy decisions made in these sectors, often highlighting the disconnect between official statements and on-the-ground realities, particularly regarding the energy transition and public health responses.

This focus on the information war provides a philosophical anchor for his financial views, suggesting that if the public cannot trust the data on inflation or economic growth, they cannot make rational financial decisions.

Geopolitical Fragmentation and Cultural Issues

The 2024 review also offered a grim assessment of the global geopolitical landscape. Collum highlighted the accelerating trend of deglobalization, the rise of new power blocs, and the increasing risk of military conflict. He views the shift away from a unipolar world as a massive source of uncertainty that will have profound economic consequences, disrupting supply chains and exacerbating inflationary pressures.

On the domestic front, his commentary on cultural issues is sharp. He observes a widening cultural divide, fueled by identity politics and a breakdown in civil discourse. This societal fragmentation, in his view, makes it increasingly difficult for the country to address its pressing economic and financial challenges, creating a feedback loop of instability.

Anticipating the Next Chapter: The 2025/2026 Outlook

While the 2024 Year in Review remains the latest deep-dive, the financial and geopolitical events of the subsequent year have only amplified many of Collum's concerns. The ongoing volatility in financial markets, persistent global conflicts, and the continued debate over central bank policy make the themes he covered more relevant than ever.

The eventual release of the 2025 Year in Review (expected in late 2025 or early 2026) will be critical. Readers will be looking for his retrospective analysis on the performance of the US dollar, the effectiveness of the Federal Reserve’s interest rate policies, and the implications of the most recent geopolitical escalations. Until then, the 2024 Year in Review stands as a powerful, essential guide to navigating a world defined by financial uncertainty and a crisis of truth, solidifying Professor Collum's reputation as one of the most important contrarian voices of our time.