Is a stock market crash getting closer? In this interview, veteran Swiss wealth manager Clive Thompson shares his outlook on the record $1.5 trillion in U.S. margin debt, the growing risk of margin calls, AI-driven market valuations, recession probabilities, inflation, and soaring government debt. Clive explains why he has reduced his exposure to technology stocks, discusses whether today's market resembles 1929, reveals why gold and silver remain essential portfolio hedges, and shares his eye-opening experience traveling through China's nearly cashless economy. He also discusses digital currencies, privacy, central bank gold buying, and the future of the global financial system. If you invest in stocks, gold, silver, commodities, uranium, or follow macroeconomic trends, this interview provides valuable insights into today's biggest investment risks and opportunities.

🗓️ Recording date: July 27, 2026

📖 Chapters
00:00 Intro
01:50 Record $1.5 Trillion Margin Debt – How dangerous is it?
03:24 How margin calls can trigger a market selloff
05:03 Why Clive reduced his technology & semiconductor exposure
06:17 Is today's market starting to resemble 1929?
07:04 Similarities between past crashes and today's market
10:51 Markets can stay irrational longer than expected
11:25 Which sectors are safest if markets decline?
11:52 What are the chances of a global recession?
13:46 Government debt, deficits & why GDP can still grow
14:46 Best assets for inflation, recession & high debt
16:48 Why Clive favors gold and silver over government bonds
18:35 Which companies can survive the next downturn?
20:09 Could Russia selling gold crash the gold market?
20:53 Why central banks continue buying gold
22:58 The global debt spiral & loss of confidence in government debt
25:45 George Soros, the pound crisis & lessons for today
26:46 China, digital money & the end of financial privacy?
29:11 What surprised Clive most about China