Alasdair Macleod doesn’t mince words. According to him, what we’re living through makes 2008 look small.

He calls today’s environment the largest credit bubble in history – one built on financial assets, margin debt, and leverage piled high in equities and bonds.

He warns that rising bond yields may prove stronger than central banks. If debt service becomes unsustainable, the cycle could flip fast, pulling markets down with it.

And he points to a familiar culprit from history: tariffs. In his view, today’s trade tensions echo the 1930s Smoot-Hawley Act – and risk worsening the downturn.

Inside the interview, Macleod explains:

• Why long-term bond yields, not Fed policy rates, may dictate where U.S. equities go.
• How a trillion dollars of margin debt amplifies the stakes.
• Why he sees “the end of the fiat era” – and gold as the final settlement that credit can’t match.

What might that mean for the future of markets?

Macleod’s conclusion may surprise you… (WATCH ABOVE)