“That probability [of banks freezing your money] like mercury is rising because we experienced the Fed folly,” says Hugh Hendry, former global macro hedge-fund manager. “The Fed hiking is the fastest with the greatest magnitude. They have never done this before,” he argues, explaining that rate hikes inherently destabilize the U.S. banking system as banks are no longer able to match the federal-funds rate. However, Hendry argues that the Fed’s recent 25-basis-point increase shows the central bank has failed to learn from the ongoing banking crisis. “As banks are offering 5% CDs, their net interest margin now is heading to zero,” Hugh warns. Hugh compares central bank digital currencies with TikTok because the two elicit much debate but he doesn’t see a legitimate reason for concerns. He concludes that de-dollarization is a “bluff” and doesn’t treat it as an imminent threat.
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Chapter stamps:
00:00 Regional Banks
11:51 Big Banks
14:26 CBDCS
16:17 De-Dollarization
20:46 BRICs as rising power
25:41 How can investors protect their wealth?
27:19 Recession
28:21 “Are you buying gold?”
30:40 “What is your strategy?”
32:50 Bitcoin
35:00 Real Estate
36:25 Island Life
38:00 Top 3 Cities
39:00 outro