Hodges is of the view that the changes evident in global demographics have yet to be fully acknowledged by central banks and says the decline in birth rates evident in G7 countries post the biggest threat yet to global growth and economic recovery.
He also questions why central banks are pursuing inflation at all costs and points out that the world is moving into an environment where one in five people in developed markets will be retired.
They have most of the things they need and earn less than they once did, he says, and in a world like that, it is impossible to expect growth to continue.
