Welcome to the real vision daily briefing. It is Wednesday, November 9th, 2022. I am

Weston Nakamura, real visions, global markets editor, and I am joined today by the great

Derrius Del founder of 42 macro. How are we doing, man?

I'm good, man. How are you, buddy? How are you? It's good to see you.

Well, Term oil and crypto.

That's like that. Term oil and crypto every time I come on.

Term oil and crypto as we speak with headlines breaking right now. We have midterm elections

to cover, and we have USCPI on the horizon. We're going to try to figure out what matters for

markets writ large. I don't think that we can do that in a half an hour, but let's give it a shot,

shall we? Yeah, absolutely. It's our job, buddy. Yeah, so right now, as we speak, there are headlines

breaking that finances currently walking away from the deal with FTX. This is happening while

Gary Gensler is also speaking. This is all breaking headlines, and I'm not going to follow them

while I'm on. I am talking to Derrius with other matters going on as well, but that is clearly

moving markets to the downside. As a matter of fact, we do have a clip from

crypto daily briefing from earlier today, and so let's just play that because it's very relevant

to what I want to get into first. And I could tell you what brokerage firms work on is trust.

We put together things like capital rules and segregated assets and haircuts for risky things,

but all that's to say you have to trust me personally to run this firm. And when that trust is

gone, all the financials in the world don't matter. Everybody wants to get away from you because

their money is at risk. And what SPF didn't realize is that he wasn't trusted. So at the first

sign of trouble, everybody ran from him. And, you know, this is Dick Fall that Lehman Brothers.

This is John Corzine. He'd have a global in 2011. We've seen this movie over and over again.

...