42 MACRO PRO TO PRO with Hugh Hendry | REPLAY | March 12, 2025

In this episode, Darius Dale and Hugh Hendry explore the hidden forces driving global markets. Hugh breaks down the Eurodollar system’s role in asset inflation, arguing that Japan—not the Fed—is the true source of global liquidity. He warns of a potential yen collapse and market dislocations driven by shifting collateral dynamics.

They discuss the Fed’s recent policy shifts, with Hugh contending that rate cuts were aimed at preventing a refinancing boom rather than fighting inflation. Looking ahead, he sees a major market reset as U.S. policy shifts toward fiscal conservatism and protectionism, potentially triggering a deep asset price correction. The discussion highlights the need for investors to challenge consensus views and prepare for an era of heightened volatility.

#stockmarket #investing #Crypto #fourthturning #stocks #kiss #drmo #macroinvesting

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[Tufas]

Really inspirational to see that no matter how many drugs you take there will always be a place for you in macro

[ccarrol]

Hugh is a living legend! Thanks for letting him rant Darius

[mezcal]

This discourse is fantastic! A gem! Bravo!

[gen-X-trader]

Such a brilliant man, love his interviews

[jonEmontana]

Excellent. Thanks for having Hugh on and sharing. You're the best Darius

[bradapotamus]

AMAZING interview. Excellence in global liquidity flows. Excellence in the bond market and it's repercussions. Excellence in the euro-dollar market.

Darius, excellent interview. I'm a macro addict, and this guest had a TON of new ideas for me to digest. Great work. Great job.

[joeyhofmeister]

Incredible conversation this will probably be one I have to watch back a few times.

[DC-Economics]

Hugh has a remarkable talent for simplifying complex financial concepts with clarity and depth. I always appreciate his contrarian take on markets, monetary policy, and the broader economy. It’s refreshing to hear from someone who challenges conventional wisdom and encourages us to rethink the inner workings of global finance! Cheers 🍻🧠

[vjarjan]

Hi Darius, I built my own wealth management firm. This is the most insightful conversation I've listened to really since the 2008 crash. I was legitimately having trouble keeping up with what you guys were talking about; I mean this as a compliment. Bravo to both of you!

[frankievee]

this is the new benchmark against which my macro understanding is measured.

[squatfreak]

Feel like I’m watching drunk history: economics edition. Thank you both so much, this should be a quarterly chat.

[austinwalin]

Unreal interview between 2 legends! Awesome work Darius! Seen you on other channels but gotta say that you do an unreal job interviewing as well. Mad props and can’t recommend enough to anyone else! Cheers boss!

[bittram]

Wow!

Darius does these in his paid service, epic for people to be able to hear a convo with Hugh like this for free.


Highly recommended. Warning, you might feel St Bart’s envy 😎

[ftw]

Love Hugh. Such a refreshing "outsider" take.

[heathmulholland]

This is the best start to any video I have ever seen.
This Hugh is too much.

[EmmanuelRamirez-vrzb]

Darius, this was a fantastic interview. Hugh Hendry is brilliant and you complimented him perfectly. This interview solidified my decision to continue being a 42 macro subscriber.

[lak]

Hugh doesn't speak often, but when he does, I listen.

Even if I don't entirely agree on all points, that's 💯 OK. It's healthy to have independent viewpoints! 😺

[Jakethebeard]

Two of the hardest to understand people in macro. I'm doing the best i can to take it in. I love it anyway.

[idkmanwhat]

Thank you @42macro/skipper, this videos you. Ring are priceless, people we wouldn’t meet or know of in life and the free wealth and perspectives is just great

[bradapotamus]

Hugh is so correct. Followed. Get another interview after April 2.

The macro is so complex.. it's very difficult to find honest perspectives, let alone winning ones from the pros.

Darius/High, where can I sign up to volunteer?