The ACID Capitalist Podcast

Send us a textWe're joined by the Macro Compass writer, Alfonso Peccatiello, former bank prop trader, to discuss all things macro in the wake of JP Morgan's chief, Jamie Dimon, issuing a hurricane warning - bad things are coming. We examine the meteorological  landscape.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textThe Acid Capitalism show went live this week. The Alchemist's hair morphed into a flock of seagulls. The Acid Capitalist levitated above the week's noise. He's a plastic thief with no belief in what he steals. A shirtless Good Kid B.a.a.d City holds it together. The Capitalist raps, 'The American Queen, she be smoking Prozac, The Totalitarians, they be smoking Napalm.' Macro thoughts from a bunker on a ting rock on a sea of oblivion. The church is open for prayers#chinanews #economics #trading #tradingstrategy #apocalypse ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textThere will be blood. Let’s discuss. The Acid Capitalist continues to fume about injustices. He has the Fed and the mercantilistes in his sights. First the global economy has failed to regain its previous trajectory of greater prosperity ever since the Great Financial Crisis of 2008. GDP is lost somewhere over the Atlantic, destination unknown. The economy has recovered for sure but its no way near the level that a rational investor at the turn of the century might reasonably have expected. The shortfall at the global level might be more than $20 trillion. It’s absence froments social anger. There will be blood.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textBloody hell. So much for stable coins. Fight it out in the comments; does anything matter anymore if the crypto well has been poisoned by lies and malfeasance? The Acid Capitalist saw a debate on twitter about whether he was a misunderstood genius or a pretentious riddler. Neither, he's a fool in a foolish world.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textThe Alchemist explores the mysteries of hedge fund management further. This week's deep dive sees him wearing a suit! Can he cut it? The Acid Capitalist had a rough night but he's taken a magic pill to restore his superpowers and he eventually finds his mojo. This week we review central bank rate hikes. Surely, its the end, not the beginning? Private providers of credit have been raising rates since the summer of 2020. The US economy contracted last quarter. Official economic data is heavily revised in later years. Did the British economy relapse into recession last year? Just why are they insistent on more rate hikes? The Acid Capitalist is afraid, very afraid that equity markets might need to reverse all of their post covid glory.But rather than accentuate the negative, he wants to offer guidelines and solutions. He believes that they should plead a mea culpa, their primary responsibility rests with preserving asset prices. Only by revealing that they're essentially custodian officers charged with preserving the collateral that underpins the huge debt mountain will we move forward. Better yet, they should move to enfranchise those citizens that have no assets. They should create a sovereign wealth fund. QE has only prolonged the depression. Better to impose a withholding tax on mercantilist nations that choose to park their trade bounty in treasury markets. These countries forsake endogenous domestic growth in favour of chasing exports. They perceive this as a more robust economic plan. But the world of international trade is the business of robbing Peter to pay Paul.To enact their cunning strategy,  global savings must rise. In China, savings rise because their currency is set too low, preserving a comparative trade advantage that market capitalism would otherwise bid away. Without their state interventions their currency would rise to bring the world  into balance. Chinese households' incomes would reset higher and they might reasonably consume more. This does not happen. Instead savings rise; the share of consumption to gdp is remarkably low for such an advanced state.The same  applies elsewhere. With their comparative advantage, their lower relative manufacturing costs, secured by their "cheap" currency, they bleed jobs and income security f⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textThis week's episode is probably the most profoundly ridiculous exercise in hyperbole ever attempted. The boys are sensing a regime shift. Volatility is like a prolonged period of high pressure in the atmosphere. Hedge fund types gunned it for all it was worth. Leverage, concentrated portfolios, lies and misdemeanours, they raked up huge profits and made themselves into billionaires many times over. But the times, they are a changing. Risk-less businesses are been revealed as risky. One by one, these feted masters of the universe are coming unstuck. We discuss. But we end on a deep dive into the theory of money. With US GDP contracting just as the Fed has committed itself to an aggressive hiking sequence of higher rates, we examine why they always seem so blind to events in the real world. Hiking during a depression has never worked. We've had four such calamities: 1830-1900, 1873 to 1900, 1930 to the onset of WWII and ever since 2008. They all ended with innovations: the railroads and the discovery of Californian gold, the chemical revolution of leaching that opened up the enormous S African gold supply and the mass adoption of telephony that facilitated  correspondent and then eurodollar banking.At each turn, the free world attempted to rid itself of tyranny. First we removed monarchs and kleptocracies from their nasty habit of specie clipping, then we successively removed governments from money printing. One hundred years since the introduction of the land line, does bitcoin offer the prospect of removing the banks from money? It's a tantalising prospect and it goes far to explain why the Feds are hopeless with money and hence the economy. Truth be told, they're no longer active in the domain of money creation.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textThe alchemist doesn't speak, he yells; he's a proclaimer seeking the truth. Hear ye, hear ye, he bellows, the apocalypse is coming. Fear, greed, loathing, they're all set to knock the financial world off its perch once again.The Acid Capitalist has seen it all before. A block of digital energy, he's vibrating wildly in his bunker and taking down all that antagonises him; poison pills, suave, beige, star hedge fund managers, Netflix, those that purport to save the planet by banning hydrocarbon extraction. This week he's uncut, unkempt, unruly, and channelling a higher frequency. This is financial improvisation at its most unexpected. Wannabe hedge fund stars stay tuned.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textThe Reverence Episode. The Alchemist @writes_sweeney finds himself exalting at the triple religious whammy of Easter, Passover and Ramadan. But it's Franz Kafka that holds sway. The messiah will come only when he is no longer necessary; he will come only on the day after his arrival. The  Acid Capitalist  proclaims that the mysticism demanded to see the future for risk assets demands that you listen to those pursuing deviant pathways. He offers up his wooly hat as evidence...reject the front pages, listen to the Church of Acid Capitalism.The editing this week has been excessive, "buts", "umms", " "halting silences", they've all been eliminated. The result being that the boys sound as though they've dropped some speed. Have no fear, wisdom awaits the patient. First on the block, the recurring message that society's fear for the planet has left the hydrocarbon complex under-valued, priced for imminent death and yet the impervious Saudi dollar peg sits unchallenged. Acid wisdom states that when the lego bricks don't fit, you have a  giant trading opportunity. Where have all the dollars gone? A common refrain at cyclical turning points. Stocks are down, government bond prices have been massacred, just where are those dollars? The Capitalist reveals the perils of turning points. That when dollar assets are destroyed, dollar liabilities remain forever, setting off a mighty stampede to deleverage. The Fed's greatest nightmare. In the 1920s the credit system was predicated on gold, by contrast it is dollar collateral that feeds today's eurodollar credit system. Gold scarcity, and the demands placed on society to cover gold deficits in the 1920s, caused the global economy to crash spectacularly in the 1930s. Could the same thing be playing out again with the dollar? Will the touch  point be a renminbi devaluation? Ruminations and distant rumblings are laid bare. The Alchemist has discovered Libya. Has he dropped some acid? The Capitalist adopts the Ringo Star note of diffidence when pressured to film the Let it Be album there. But in a world constantly changing, in a world where the giant Australian superannuation funds are suddenly pouring money into UK public sector assets, who is really the mad one.? "If I was responsible for $300 bn in pension assets, why not commit a cumulative $15b⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textThis week, the Acid Capitalist is restored to his spiritual home, Blanc Bleu and boy is The Alchemist on form ! He's dug up some ancient manuscripts from 2007 from the legend, James Dines, the original gold bull. The foolish reject what they see, the wise reject what they think and accept what they see. Except, the Acid Cap is about to do the unpardonable and reject the wisdom that defined his hedge fund career.He's been looking at the Ruble. He refers to it dismissively as the Barney Rubble. The Barney has eliminated all of its losses since the shock of the unexpected military campaign against Ukraine.  Men in Suits are adamant that this marks a profound moment in economic history. That Vlad the Bad is Vlad the Economic genius.The decision to peg to gold, a modern day gold standard, has many in the financial community proclaiming this as the moment Russia defeated the proxy economic war. But more than that, they claim it as a great pivot in history. Where Russia goes, we will follow. Huh??The Acid Cap is having none of this. The screen price of the Barney is paint taping propaganda. It doesn't trade except by invitation. It's the preserve of the monetary authorities in Russia and those shameful nations that continue to dance with the Bear. Russian citizens certainly can't sell their Barneys, foreign nationals still holding Russian assets can't sell the rally and, heck, even Russian exporters must return their dollars to the kleptocracy.A gold standard is feasible in Russia because they've defranchised their citizens but elsewhere, democracies rejected the rigours of gold a century ago. The Wizard of Oz captures this poignantly. In the 19th century it was the elites that determined the outcome of elections. The lion depicts the mighty William Bryan Jennings, the populist presidential candidate who ran 2x and lost. The elites robbed him of his courage...Gold ain’t neutral. It favours the creditor over the debtor, forces the pain on the We, the People. With no vote, the people back then had to take it on the chin. When Treasury Secretart, Mellon, said purge the system of its rottenness in 1929, he was set to crucify the populace on the cross of gold. Thankfully, saner heads prevailed and the system was de-weaponised within 3 years but not before adult unemployment had su⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...

Send us a textThe unplugged episode. The Acid Capitalist appears down on his luck this week. Recovering from another bout of dengue fever and yet another evening of rock and roll indulgence, he laments that if only he had found more time to prepare, perhaps the show would have been more spontaneous?  Have no fear, the show is interrupted as the French police arrive to question the Acid Cap, the screen drops to an intermission and  he returns  only to knock out his mic. This is a wild ride. Watch the mayhem unfold.This week, the membership is asked to reflect on the meaning of mysticism, fantasy and the occult. The Achemist, is incredulous that investors might turn to corn as an alternative to dollar reserves to preserve their wealth. An exasperated Chris demands, " who would do such a crazy thing?" Crazy, retorts the Acid Cap? No more crazy than the faith based system that underpins today's fiat money. I believe... believe...I believe. Our financial world is a religious cult collateralised by blind promises; a score card of broken promises.Wealth denominated in paper money. China owns around $3 trillion greenbacks at last count, The attraction seems to rest on a promise to pay the bearer on demand. But scratch further and you uncover a web of deceit and broken promises. A promise not to confiscate your assets, to maintain a civil, enterprising society, a promise to uphold civil liberties, a promise that the state serve We the People, a promise of free movement of labour and capital, a promise not to engage in reckless military adventures overseas. He who casts the first sone? No system is faultless but the dominance and endurance of the dollar as the reserve currency of choice testifies perhaps to fewer broken promises... Coca-Cola jealously guards the secrets of its magic formula. Imagine, instead, if the most successful nation in history were to broadcast its secrets openly to friend or foe? Surely other nations would seek to copy the "sauce" as they sought to emulate if not over take the hedgemon? Despite the transparency, many large economies seem reluctant to steal such a march. Few leaders are willing to let go of their iron-grip control. The Acid Capitalist doubts any command based economy will surpass the USA in our lifetimes.⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!🧢 Hats & Merch 📸 Instagram 🐦 Twitter / X📩 Substack👂Listen and 🔥 Subscribe📺 YouTube🎧 ...