The biggest event of all of our lifetimes has now begun to come clear, and Raoul believes we are still only in the first phase – the panic. It will most likely play out in three acts over several years: First, the panic, which is the liquidity phase. Then the hope, which is the correction phase. And finally, the insolvency, the brutal phase that changes everything, including the system itself. Instead of publishing parts of it in the monthly Deep Dive, Raoul decided to publish the whole report instead, because it is likely the most important one he’s ever written.