🔥 Get FREE ACCESS to Real Vision rvtv.io/3MMeRfQ 00:00 - Sponsor: Token2049 event in Singapore 00:51 - Importance of subscribing and engaging with the channel 01:19 - Raoul Pal introduces his show "The Journeyman" 01:52 - Overview of Raoul Pal's "Everything Code" thesis 02:26 - Explanation of the debt refi cycle and liquidity's role 03:01 - Discussion with Mike Howell on liquidity 03:38 - Mike Howell's background and framework on liquidity 05:17 - Evolution of global liquidity concept 07:27 - Current liquidity frameworks and key metrics 10:39 - Dominance of liquidity in markets since the mid-2000s 12:13 - Correlation between global liquidity and market performance 15:11 - Importance of term premium and its impact on bond markets 17:14 - Liquidity's effect on P/E ratios and market dynamics 18:17 - Central banks' role in maintaining liquidity and managing debt 21:22 - Differentiating between monetary inflation and deflation crises 23:22 - The significance of debt refinancing in financial crises 25:38 - Various sources of liquidity in the US 27:39 - Treasury General Account and its impact on liquidity 28:42 - Discussion on the dollar milkshake theory and dollar strength 31:45 - China's role and challenges in the global liquidity landscape 33:52 - Janet Yellen's strategies to add liquidity 36:04 - Potential impact of Fannie Mae's changes on liquidity 39:28 - Challenges faced by China's economy and the need for liquidity 41:30 - Basel 4 and its implications for banks and bond markets 43:36 - Europe's green energy transition and its impact on liquidity 44:32 - Potential risks and opportunities in the French banking sector 45:00 - Likelihood of central banks using their balance sheets 46:38 - Forecast for the liquidity cycle in the next few years 50:44 - Prospects for risk assets in a sluggish economy 51:20 - Expected peak of the liquidity cycle and underlying trends 56:03 - Historical parallels with post-World War II debt cycles 57:01 - Necessity of liquidity for economic stability and growth 59:09 - Central banks' understanding of the global debt situation 1:00:05 - Importance of monitoring liquidity and potential future trends

Here for the hopium

@larafer77

3 күн бұрын

Same, much needed brotha

@kenfordbitana

3 күн бұрын

oh yeah, this latest sell off has been the most dramatic my time being in

@BootsOfLeather

3 күн бұрын

The dips from 14k back to 6k was much worse. Also the 3k double bottom was nasty. Although it was a similar feel.

@juliusfichtl4525

3 күн бұрын

Stayed for the education

@tomasnunez8518

3 күн бұрын

Much needed after those downward spiral fireworks on July 4th!

Working with professionals who have expertise and experience in the market can provide valuable insights and guidance to navigate volatile times. Thanks alot for this insight.

@camela8445

2 күн бұрын

Certainly can provide personalized insights and help align your strategy with your goals.

@V.stones

2 күн бұрын

Vanguard VTI. You can count on a net 9% with a reasonable standard deviation of 15 to 17%. Start early, be consistent and the miracle of compound growth will take over. Use time as the real basis of growth...it takes about 5 years.

@Deitricklaverne

2 күн бұрын

It's also essential to conduct thorough research, consider the long-term outlook of the companies, and diversify your investments to manage risk effectively.

@Deitricklaverne

2 күн бұрын

the problem is that most don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high in these challenging conditions.

@Deitricklaverne

2 күн бұрын

the strategies for diversification into other commodities are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skills and knowledge

Absolutely fantastic. What a fountain of economic knowledge Michael is. Thoroughly enjoyed this one

@RaoulPalTJM

3 күн бұрын

Glad you enjoyed it!

Michael is 2 steps ahead of most talking heads. Clever and forward looking. Zoomed out, yet present. Excellent!

@bizarreaudio

2 күн бұрын

78 gg. P ..b v😅😮😮😮😮😢😮😢😢😢😢😢😮😮😮😮😮😮😮😮😮😮😮😮😮😢😮😅😢😮😮😮😢😮 nm. . Ml. B Pp. M.7 . ..nm... g 😅😅😅. M. Nm

Came for the hopium, 11:33 stayed for the KNOWLEDGE 😊 !!!

Sorry Raoul but Michael is the absolute GOAT.

This was a great interview, a must to listen to. I’m on my 3rd time

Can we all pitch in and get Michael an external microphone?

@oggyoggy1299

2 күн бұрын

Go for it.

@AdamTemple8888

2 күн бұрын

No for real. He's speaking to us from 2005, about 2025.

@tommipommes

21 сағат бұрын

😂

Certainly Raoul / Howell makes it easy to stay in crypto on dumps.

@mwilliamson4198

7 сағат бұрын

Dump = retracement. It's a standard part of ALL markets. Just it's a higher % in crypto

Howell is the only person on RV who has been right about the market direction for the last 3-4yrs (Steno is another but with a bit lower accuracy). All other folks on RV are basically same as cramer.

@peterbedford2610

Күн бұрын

Exactly

Thanks for reiterating why value investing is dead (SPYV is perfectly fine) but picking individual value stocks led me to value traps.

2 veterans with a collective 85 years or so of experience. Just amazing

There is knowledge and experience. Experience is linked to time. These two gents have bucket fulls of time in the game and therefore the experience gained is invaluable. Fantastic .

It sounds like we have a Liquidity Super Cycle forming

Start early with diversified investments in stocks, bonds, and real estate. Maximize contributions to tax-advantaged accounts like 401(k)s and IRAs. Regularly review and adjust your strategy to ensure security.

Inverse banana so far

@radeque

3 күн бұрын

Lol

@alexmcleran9680

3 күн бұрын

On what time scale? Did you get into Crypto in 2024

@G-immortal7

3 күн бұрын

😂

@achimillner8109

Күн бұрын

😂

Another fantastic contribution to the space from RV. We learn when we listen - this is worth the listen.

U.S. Manufacturing PMI is at 48.5. It has declined each month for the last 3 months.

Liquidity inflow ✅

What a timing and what a guest. you are the man Raoul. we are in-debt to you. Hats off

@michaelholmes8848

3 күн бұрын

Why do people feel the need to speak for others?

Hi viewers, tickle the subscribe button, Raoul doesn't ask for anything else. I'm just a viewer, and this content is right on point, always.

Awesome analysis presented in such a clear and understandable manner by 2 amazingly intelligent and perceptive men….thank you both!

That was great interview

@RaoulPalTJM

3 күн бұрын

Thank you so much for watching and for your kind words!

Thank you so much for bringing clarity into whats going on and really driving the markets.

when MEWN? 🌔

13% sell off overnight. Fear at its height. Sounds like BTC is a lead for the economy slowing, fed cutting and pumping and then crypto flying

Super interesting. This liquidity is everything.

Great interview. Covers so much I’ll need to listen to this a few times. Thanks

Outstanding discussion

lovely talk!

Absolutely THE best podcast I've seen in a long time.

So, the S&P will continue to rise through the end of 2024, regardless of what the charts are saying?

When are you coming to Perth?

bombastic thnks a lot.

Buying 10 year Treasury Bills as we speak, nah ill just back crypto thank you very much!

Thank you! ❤❤❤

Thanks RP for creating a platform for high level discussion ❤

Really amazing. It's difficult to believe that's been so easy to invest. But it's not easy to not mid curve it. Dftu, don't midcurve

THANKS Raoul and Michael!

@RaoulPalTJM

3 күн бұрын

Appreciate your support, glad you enjoyed the video!

As the FED and the Treasury change their approaches to injecting liquidity, it’s really helpful to understand the timing and what the alternatives will be. Thank you Raoul and Michael!

My day gets better when Raoul post a video

Thank you 🙏🏾

Listening closely to you. You’re a crypto rock star.

What id TGA and liquidity drags the greenback down, then the OIL price shoots up and inflation comes back? How that is going to affect the interest rate cuts? Also, what if before the liquidity shooting higher we get into a recession in the US with spillover effects across global economy? Also OECD YoY 3-month MA has started rolling down for China and other developed economies. M1 has started turning up on a YoY basis, but China hasn’t participated so far. China Total Social Financing also still hasn’t turned up. Is China waiting for the FED to cut to start stimulating?

Great video. There are always great insights but don't really do much better financially then before. Still entertaining to watch and great insights from the guests.

The Vematum ecosystem is top-notch. Can't wait to see it grow!

Brilliant....

RAOUL has it down HODL Cool heads prevail

This was an incredible video. Thank you both, awesome.

Excellent! Thank you

Great show thx Raoul!

This guest is brilliant! Thank you Raoul for bringing such talent on the show!

Thanks both ❤

Can you please share where exactly can we find data about PBOC liquidity injections?

🥇🙏

Outstanding stuff. Loved it

Thank you Raoul and Michael. Another for keeps video. Save and Bookmark this!

Great job as always Pal! Love to have liquidity updates a quarterly thing 😊❤

2nd 😎

M. Howell is one of my favorites. So much insight.

@RaoulPalTJM

3 күн бұрын

Your support means the world to me. Thank you for being a loyal viewer!

Don’t fight against the price action

Raoul - phenomenal value as always. Thanks for all you do!

WAIT FOR THE LIQUIDITY YOU PHILISTINES 🚀🚀🚀

@yawzerdoink-a-sore-as8159

3 күн бұрын

What does philistines mean? 😂

@RaoulPalTJM

3 күн бұрын

Thank you for watching and for your comment!

@michaelholmes8848

3 күн бұрын

Why are you yelling?

@peterhoward8727

2 күн бұрын

😂

wow 🔥

That was mega

Great piece!

Awesome. I'm really beliver in that...

Raoul, if this debt refi cycle has been there every 4-5 yrs for the last 100 years, why havent markets always one up forever? Look at the markets in 1940s, 50s, 60s, 70s, 200s....markets have 0 return for 10-15 years many times.....only after 2008 did we see a secular markets go up

Appreciate the information sehr

Thanks guys/gals!

fantastic duo

Great listen

Great video

More liquidity means monetary debasement as was mentioned. Which forces gold monetisation and a gold revaluation. That is the end of the USD as the global reserve currency. What is being implemented is capital controls and further deindustrialisation. A permanent recession if you will. This stops domestic claims on currency so governments can meet oversea obligations.

The bananas must flow.

GM from The Real World by tate. Raoul Pal is a true G

Thank you!

Brilliant! Thanks for this, Raoul. Brrrrrrrrrrr.

Thanks!

Thanks

You need to interview Jeff Booth..

Brilliant guys

So-Lo--Man Brothers.

Just needed to reassure my bullish outlook. Thanks Raul!

Great stream gents

MH is a treasure

❤

You can almost hear Christine Lagarde's voice saying " Clever Men" while taking a sip of Tea lol

thank u

How is this channel less than 100,000 followers.

@michaelholmes8848

3 күн бұрын

Because it is

Will they ever help is that cant afford apartments and are living w family?

@OldmanCrypto100

3 күн бұрын

Help yourself. Stop waiting for a handout

@Eterna7Forms

2 күн бұрын

You have to become an owner of capital assets.

No way is this guys name More Cowbell, so epic

👌

When "Charlie's trying to diversify", we're talking big digits.

🐐🐐

Saudis are buying gold not dollars.

currently reading Capital Wars from Michael Howell, top stuff! Greetings from the Cardano family!

Please get a better mic

But crypto-twitter is freaking out and has everyone freaking out, and says bear market is here again, are we facing another 80-85% decline?

@OldmanCrypto100

3 күн бұрын

I’m not on twitter. Everything seems fine to me

@tjunglec

3 күн бұрын

No

@alexjulius69

Күн бұрын

This is why you lose, you believe that sentiment is what drives the markets, let them yap as much as they want on twitter, global liquidity is going up, so are the prices.