With short- and long-term macro risks piling up across the globe, Carson Block of Muddy Waters capital enlists the help of Hugh Hendry in making sense of which of these risks matter most and the positioning that one might take to prepare. Together they discuss the potential for a US technical default, the energy crisis gripping Europe and China, Evergrande contagion risk, and the longer-term potential for a constitutional crisis surrounding the 2024 US presidential election. Hugh highlights long volatility trades, plays on the Chinese yield curve, and bets on $150 oil prices in the next few years as the ways he might consider positioning.