Today, we’re sharing a conversation with BHP’s former head economist and ANU Visiting Fellow, Huw McKay.

Huw is an incredibly deep thinker about global commodity markets, geopolitics and financial systems, making him the perfect guest for the current volatile environment.

We leverage Huw’s expertise to explore topics including:

• Xi’s push for the RMB supremacy

• The debasement trade & government debt

• Australia’s massive win from a commodity boom & a weak dollar

• Copper’s bull case

• Intricacies to the Rio-Glencore merger

• Western government policy to disrupt Chinese dominance

Connect with Huw McKay on LinkedIn

Australian National Uni’s REECON+ conference (Feb 19 & 20) registration: https://reecon.anu.edu.au/

Huw's AFR columns:

- Rio & BHP could both want Glencore

- Higher Aussie dollar didn't stop RBA rate rise nor should it

This was recorded on 5.2.2026.

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TIMESTAMPS

(0:00) Intro

(0:40) Hugh Mckay introduction

(1:10) RMB as global reserve currency

(4:00) Gold-backed alternatives to USD

(7:50) Fiat currencies and deflation

(11:00) Government debt sustainability

(13:00) Financial wealth and debt

(15:50) Fiscal adjustment challenges

(19:00) Australia's commodity boom advantage

(20:20) Aussie dollar and commodity prices

(24:50) Copper market dynamics

(31:30) Rio Tinto-Glencore deal

(34:30) Glencore's trading business value

(38:50) DRC copper and US involvement

(51:50) Libito corridor infrastructure

(56:10) Central African copper logistics

(1:00:00) China-Taiwan scenario

(1:06:40) Cognitive warfare and AI

(1:10:50) Australian smelter bailouts

(1:17:10) CMRG and BHP tensions

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Huw McKay Makes Sense of the Chaos