Hi Raoul, when institutions realize that crypto is where they need to be in this low growth, money printing environment, do you think they will prefer to buy up crypto stocks (insitutional crypto services companies like GLXY, KR1, VYGR, exchanges like COIN, miners like MARA, RIOT, ARB) as an all rounded diversified, easy access play on the infrastructure of the space rather than speculating on individual coins? And since there might be regulatory barriers to buying/ holding coins?

A few of those charts just look terrible. Yet Nasdaq S&P at new highs and Dow one last lunge from a new high. Raoul is right, the deaths from the Delta variant are very low yet media seems to be gearing up for another click bait outburst demanding lockdowns which I think could prompt a hugh increase in social disturbance if they become more widespread. Add to this the farce playing out in Afghanistan and the relatively suppressed illegal immigration crisis at the US southern border together with the rapidly looming next migrant crisis at the Middle east / Europe border. To say nothing of the "social issue wars" and anti CO2 mania now pervading Western societies. I have been around for a pretty long while now and following geopolitics since I was about 20. I remain absolutely amazed that most people still seem "relatively sanguine" about it all. Feels to me that we are building to a "real" crisis with most folks still asleep at the wheel. The Fourth Turning appears undeniable at this point.

Hi Raoul, do you think it makes sense to hold up some cash for dip-buying as you foresee some turbulence in the stock/crypto market due to economic slowdown in September/October?

Morning Raoul, so how would you suggest to be tactical in terms of the expected financial tightening during the taper flip flop, and usd rally with regards to crypto? Would you just hold through a possible pullback in crypto prices to add on?

“Central Bank Balance Sheets are barely growing in rate of change terms...” Does that say 20% YoY?

The labels on the time axis of Caixin China PMI chart seems shifted, which seems to be a feature within the charting software. Does anyone know how to shift chart by certain time to examine the leading/lagging effect, on Tradingview?

I think Raoul and Julian missed an opportunity to inject some humor here - you can't have Julian issue a report called 'Gangbusters', take the absolute opposite of this position and than headline your report with the numbingly boring title 'Still Slowing...' At a min..you should have call this report 'Ghostbusters' - because, I mean, what's there left to do for us mere mortals .....who you gonna call ?

Raoul - The ETS Carbon trade seems to be thinly correlated to Oil and Coal. With Oil showing a possible H&S correction, do you have any concerns about a strong correction in the ETS?

But, but... passive flows and FED put...

Raoul is it a fair assessment to state that risk assets are going to get pummeled in Q4, including that of Crypto? so a perfect buy in opportunity for Crypto would be after this happens sometime in Q4? Or do you see Crypto exploding prior to the economic growth slowdown reaching a critical inflection point in Q4, so that you dont miss the Crypto bull peak?

Great storytelling!