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Home » COL. Douglas Macgregor: Trump’s Biggest Mistake (Transcript)

COL. Douglas Macgregor: Trump’s Biggest Mistake (Transcript)

Editor’s Note: In this episode of Judging Freedom, Judge Andrew Napolitano sits down with Colonel Douglas Macgregor to analyze the escalating situation in Iran and the U.S. government’s recent, conflicting announcements regarding potential military action. The discussion delves into the skepticism surrounding President Trump’s reported negotiations, with Colonel Macgregor describing the current foreign policy approach as a potential disaster. Additionally, they examine the risks of being drawn further into regional conflict and the broader geopolitical implications of recent legislative efforts regarding intelligence sharing. (June 11, 2026)

TRANSCRIPT:

Opening: Is the Iran Announcement Believable?

Judge Napolitano: Hi everyone, Judge Andrew Napolitano here for Judging Freedom. Today is Thursday, June 11th, 2026. Colonel Douglas Macgregor joins us now. Colonel Macgregor, always a pleasure. Thank you very much for your time, particularly accommodating our time today, as you always do.

This morning at about 8:30, the president announced that he would begin a massive bombing in Iran, and within the next few days, American troops would take over Kharg Island. A lot of us scratched our heads, and then at 2:30 this afternoon, he said he called it off because the Iranians are coming back to the negotiating table. Is any of this believable?

Col. Macgregor: Funny you should ask that question, Judge. I was talking today to a friend on Wall Street, and we were trying to figure out just exactly what was true and what wasn’t. And I said, “Do you think this man Trump is Nero? Is he fiddling while Rome burns while we’re all deteriorating and falling apart here at home?”

He said, “No, no, no, no, Doug, you don’t understand. I know exactly who President Trump is. You’re dealing with the political incarnation of Bernie Madoff.”

And by that I mean, the man tells so many tall tales so frequently that even people on Wall Street that have religiously followed whatever he said, in the hopes obviously of making money, are now beginning to step back and say, “Are you kidding? This can’t be.” And frankly, I can’t imagine what he’s talking about, because everybody I trust that knows anything about the region tells me there are no talks of any kind with anybody.

Mossad Spying and Intelligence Community Dissent

Judge Napolitano: Wow. That is the same thing that your colleague Colonel Lawrence Wilkerson said just a few minutes ago. Do you think that Trump was surprised that his buddy Benjamin Netanyahu’s Mossad is spying on him in the White House and in Mar-a-Lago? The New York Times accepted the word of insiders and reported this. The Defense Intelligence Agency, which says Israel is a danger to United States intelligence— that’s how pervasive the spying is.

Col. Macgregor: Judge, that’s not really news. I don’t know about Mar-a-Lago and how well bugged that place is, but Israel is in line with several other nations that try to constantly eavesdrop on whatever is happening inside the White House or any number of different places in the Pentagon.

You know, one of the favorite spots to bug is, of course, the bar and restaurant in the— I guess not the Marriott— the Ritz-Carlton in Pentagon City. If you go into that bar and have any discussions, you might as well just put a sign up and invite everybody from DIA, CIA, NSA to listen, because they’re all there along with everybody else that has an interest in what happens in that place. So no, that’s not news, and I don’t think the Mossad—

Judge Napolitano: I agree with you, but I think that what is news is that some people fed up with this went to the New York Times and the Times ran with it.

Col. Macgregor: That’s because the Times obviously got permission from the intelligence agencies to do so, which means maybe they’re tired of it.

Judge Napolitano: Right, well, that’s the point I was trying to make. I spoke earlier today to Joe Kent, the former director of counterintelligence, and I asked him if people currently in the national security community share his view that this war in Iran is Israel’s war, that the president’s decision to go in was a colossal error, and that we should come home now. And without even thinking, he answered, “Yes, there are people in the national security community who agree with me.” Are you surprised?

The Strategic Petroleum Reserve and the Cost of War

Col. Macgregor: No, and I think even some of his closest political advisors are telling him to fish or cut bait, and at this point there’s no fish to be had, so just cut bait and get out. But that’s asking him to do something he can’t possibly do, and this latest statement is kind of a psyop of sorts. I think it is once again designed to create the illusion that there are some sort of negotiations happening, that he’s maneuvering, and that he’s finding a way out of this that’s going to satisfy his personal interests as well as the honor of the United States.

Now, the problem with this, Judge, is that while he’s doing this, he’s also cashing out our insurance policy to maintain the illusion of abundance. Right now the Strategic Petroleum Reserve has fallen from above 415 million barrels in March to about 350 million today. It’s on a trajectory to reach operational minimums— in other words, the bottom— by early autumn, probably September. So the longer you wait to act and end this, the worse the situation gets here at home.

And remember, war is an engine for inflation. And what are we witnessing? Inflation. And it’s getting worse. All the indicators are, if you’re the head of state right now: get out, stop.

Judge Napolitano: So the Dow Jones Industrial Average rose nearly 2% after Trump made the announcement about which your very wise friend on Wall Street laughed. That means that not everybody agrees with your friend.