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Hugh Hendry, macro investor and former chief investment officer of Eclectica Asset Management, joins Jack Farley to make the case that central banks are not in control of the global monetary order. Hendry argues that an inverted yield curve is showing that the Federal Reserve is making a severe policy error. He insists that the rises in consumer prices is not “inflation” as he defines it because they are not due to the extending of credit by commercial banks.
Hendry passionately exhorts the Chinese ruling class to empower the Chinese consumer and allow the Chinese Yuan (“RenMinBi”) to strengthen to what Hendry thinks is its true market value. Hendry tells Farley he expects commodity prices to remain high due to bad energy policy and he thinks that portfolio managers who are fueling the recent rally in risk assets are making a mistake. Filmed on August 4th, 2022.
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Timecodes:
00:00 Introduction
09:56 Why Rising Consumer Prices Is Not Inflation
11:06 The Energy Crisis
19:13 Paul Volcker
21:56 China and the Global "Glut of Saving"
28:09 The Eurodollar System
34:08 Is The Fed Effective
39:31 Did the Fed save the world in 2020
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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