Daily Briefing – August 21, 2020

Published on
August 21st, 2020
Duration
44 minutes


Daily Briefing – August 21, 2020

Daily Briefing ·
Featuring Jack Farley, Ash Bennington, and Raoul Pal

Published on: August 21st, 2020 • Duration: 44 minutes

Real Vision CEO Raoul Pal is joined by senior editor Ash Bennington to reflect on the future of markets at this unique juncture. Raoul begins by giving Ash a glimpse of how his "unfolding" thesis has evolved, particularly with regard to the dollar. The discussion of currencies naturally leads Raoul and Ash to talk about the ongoing meltdown of the Turkish Lira (TRY). Raoul explains the correlation between Bitcoin and the TRY and explores whether it's a sign of capital flight by Turkish investors. After a brief detour into New York City's woes, Raoul and Ash consider how this consumer-led recession is widening the divide between skilled and unskilled workers, as well as between the rich and the poor. They then discuss Joe Biden's recent nomination, the upcoming presidential election, and the importance of evaluating markets in a non-partisan way. In the intro, Jack Farley notes a stark contrast in the PMI data between Europe and the U.S.

Comments

Transcript

  • GB
    Griffin B.
    26 August 2020 @ 21:17
    Where can I find an in-depth look at Mike Green's hypothesis and the date he uses?
    • GB
      Griffin B.
      26 August 2020 @ 21:17
      Data*
  • JG
    Jason G.
    26 August 2020 @ 01:26
    It's not about tracking Bitcoin (or any other crypto). The choke point is the conversion to fiat. So, yes, you can run out of fiat to a crypto safe haven but regulators just need to regulate the conversion back to fiat. So, if you can get your money out but can't convert back to fiat to pay your rent, are you safe? No. And this is easily regulated. The only answer to this is for people to accept a crypto currency as a means of exchange and we are no where near that.
  • RD
    Russell D.
    25 August 2020 @ 08:59
    Hi Ash, Tried to go to http://www.taxpolicyfoundation.org/ and it didn't work. Could you please check that URL and post it? Thank you! Love what you guys do!
  • JA
    John A.
    24 August 2020 @ 16:10
    New York survived the 70's, it will survive this. It may not be pretty for a while but as a native New Yorker, there isn't another place in America quite like it. This city has been thru troubled times before, it is still one of the most important cities in the world.
  • JH
    Jesse H.
    22 August 2020 @ 00:09
    Generally enjoy these Friday updates, but respectfully strongly disagree with the idea that politics plays little part in markets. I think the next 5 years are about to be THE years which show investors that geopolitics can absolutely rock markets (and currencies as well). The investors who do really well soon, and sustain their gains over the next 5 yrs, are going to be the ones who look at the WHOLE picture, not just capital flows and market dynamics. Cheers, and thanks again.
    • JH
      Jesse H.
      22 August 2020 @ 00:10
      In my humble opinion, we are about to see a HUGE shift in the global balance of power over the next 5 years or so. Have a good weekend.
    • TN
      Tim N.
      24 August 2020 @ 07:13
      Agree Jess but I think this balance will ultimately tilt more in favour of the US when the rest of the world has to choose between US and Chinese spheres of influence.
  • IZ
    Ileana Z.
    22 August 2020 @ 02:25
    Do you really think the Dems are gonna take down the 5 megacorp monopolies? Have you seen how much money thes 5 have donated to the Democratic party? I mean I hugely despise both parties (albeit having gotten out of a communist hell hole I have a slightly greater disdain for the party that embraces outright marxism) but they are two sides of the same globalist coin!
    • LF
      Liam F.
      22 August 2020 @ 04:27
      Duopoly.
    • MS
      Michael S.
      22 August 2020 @ 11:40
      Perfectly said!!!
    • AT
      Anthony T.
      22 August 2020 @ 13:41
      Buy Bitcoin.
    • DS
      David S.
      22 August 2020 @ 16:34
      It may be more like the space race. The US big five against China's big five techs. DLS
    • SS
      Stephen S.
      22 August 2020 @ 18:34
      Totally agree, Dems are their enablers more than anything.
    • TN
      Tim N.
      24 August 2020 @ 07:07
      Agree - also these companies are strategically very important for the US - no will they break them up thus allowing Chinese rivals to move into the vacuum
  • MD
    Marjan D.
    24 August 2020 @ 06:43
    I really like the friday episodes of the Daily đź‘Ś The Bitcoin in Turkey part is huge for the BTC use case. I have been watching other correlations aswell. Check out Nigeria. https://trends.google.com/trends/explore?date=today%205-y&geo=NG&q=bitcoin Compare with the movement in the currency. Very high correlation and a lot of activity in the country (200 mil popul.) It is the 3rd world that will propell BTC.
  • RA
    Ralph A.
    22 August 2020 @ 13:35
    Bide is a fundamentally a good guy? Just raping women, sniffing children and threatening government officials to cover up his son’s corruption in Ukraine. Yeah, seems like a great guy. Not saying Trump is any better.
    • TL
      Thomas L.
      23 August 2020 @ 06:16
      consuming too much fox news mate
    • PB
      PHILLIP B.
      23 August 2020 @ 22:55
      Post your shit comment like this on ZH instead.
    • JC
      John C.
      24 August 2020 @ 06:18
      The real problem with Biden is that he is way too pro CCP and China. Also he seemingly is losing mental awareness at times. And his tax and business plan seems a little too out there. How the US ever got here and ended up with Trump vs. Biden I will never know, but it will not end well of that I can assure you. The Democrats wnet too far left and the Republicans stand for nothing and are seemingly stupid. Things across the west likey to get much worse as RV keeps pointing out
  • RM
    Russell M.
    22 August 2020 @ 13:41
    Upper West Side NY problem appears to be caused by filling the upper West Side single occupancy hotels with homeless people who are making other residence feeling unsafe. A friend of mine's daughter who has a young daughter moved to Scarsdale for this very reason.
    • JC
      John C.
      24 August 2020 @ 06:15
      That is what I have read as well and was highlighted in New Yorker piece I think.
  • JC
    John C.
    24 August 2020 @ 06:14
    Regarding NYC, the teachers and public sector unions have done quite well and are a big part of the bloated & unaffordable city budget and pension plans. Its essentially a democrat crony cartel that votes in the politicians who award them the biggest benefit schemes. DeBlasio has been an utter disaster and did not handle the pandemic very well, leaving public spaces and schools open way too late and then keeping many things shut down too long. Also playing favorites by (for example) not allowing religious services, funerals and weddings while at the same time eoncouraging protestors to go out in the streets. RE taxes, if I thought the government would spend wisely and that as a result society and I would benefit from it in myriad ways I would be happy to pay a little more. But that is unfortunately almost never the case as our massive, wasteful and ineffective governement bureaucracies usually squander a lot of the money on pet projects, expanding the administrative class, 'bridges to nowhere' and, increaingly, on non-productive 'social justice' positions and projects that kill productivity and are a sort of Soviet-style Zampolit / political enforcement role. All this focus on non-essential roles seems to be a sort of jobs program and something that is hurting productivity in both the public and private sectors. One thing RV does not seem to be as focused on is the incredibly destructive effects of 'cancel culture' coming from the extreme left and how people in the center and the right are literally aftaid to say anything or risk losing their job or become socially marginalized. People are literally losing their jobs over a tweet or casual comment at the water cooler. When 'silence is violence' becomes a political slogan you know scary times are here. Really seems like the US and other western countries that already tax at high rates and that seem to be more controlling and more anti-business are losing their way and increaingly making it up as they go along. They seem to be anti small & medium business, with crony capitalism propping up the Big Tech monopolies and other large multinational corporations, further marginalizing smaller firms and making it difficult for them to compete.
  • JH
    Joseph H.
    24 August 2020 @ 02:51
    It would be nice to see someone come on and discuss special purpose acquisition companies. The SPAC space is hot right now with EV, Online Betting (ie LCA & DraftKings) etc The asymmetrical risk -to-reward is high because the premerger floor price around $10.00.
  • DM
    Dominic M.
    24 August 2020 @ 02:45
    A cursive "w" ...
  • SG
    Skyler G.
    23 August 2020 @ 23:46
    Regulation of bitcoin will be done by regulating the exchanges and the mining pools especially.
  • DO
    DIOGO O.
    22 August 2020 @ 11:21
    Raoul and Ash, you guys must see the Grant Willians podcast with Russel Napier!! GOVERNMENTS FOUND A WAY TO TAKE CONTROL OF COMMERCIAL BANKS!! THEY ARE GIVING LOAN GARANTEES, THEREFORE BYPASSING THE BUDGET!! THATS WHY PRIVATE CREDIT CONCESSIONS ARE INCREASING WORLDWIDE!! Please, bring Russel Napier to Real Vision, if possible to talk to Richard Werner!! Cheers!!!
    • AB
      Alastair B.
      23 August 2020 @ 04:30
      Richard Werner was on a few months ago
    • PB
      PHILLIP B.
      23 August 2020 @ 22:56
      The Russell Napier interview with Grant was fantastic. He would be a good guest for RV.
  • SW
    Stephen W.
    22 August 2020 @ 19:20
    If you buy your Bitcoin from an Exchange with KYC they know exactly who you are and how much you bought. If you haven't taken care of privacy using coin control they may know how you spend it or who you send it to. Chain analysis is a serious business, never think that you are anonymous if you buy your bitcoin from a regulated exchange, you aren't. Exchanges like Coinbase have sold chain analysis software to government departments. In terms of the government confiscating your bitcoin though, that is another matter.
    • PB
      PHILLIP B.
      23 August 2020 @ 22:52
      I'm buying to put 1% of NAV into it. I'm not buying it for the privacy. If it goes up 50x and I transfer back into my bank account, I'll pay taxes on it no problem.
  • SS
    Stephen S.
    22 August 2020 @ 18:26
    I share Raoul’s view on NYC and cities in general. Possible we could see them return as places where art and music and flourish again, but’s is probably awhile to get there. I know I’m getting political but I think we shouldn’t be so touchy with happened following George Floyd’s death. There was perhaps the largest rioting in America ever and the destruction was real. The media doesn’t seem to be able to discuss that honestly.
    • DS
      David S.
      23 August 2020 @ 19:21
      Honesty and the news media are not two words that come to mind much. Agenda based and media seem to be more associated these day. DLS
  • JD
    John D.
    23 August 2020 @ 01:36
    Aoc and sanders creating fiscal policy? I'm terrified.
    • LB
      Lukas B.
      23 August 2020 @ 14:59
      Right. Because the Republican fiscal policy has been pretty fucking amazing over the past 20 years.
  • LB
    Lukas B.
    23 August 2020 @ 14:58
    "and the investment bankers have done quite well" My soul dropped at that line.
  • wj
    wiktor j.
    22 August 2020 @ 05:44
    Great take on the market. But the political view i dont agree on. Remember what Biden did in Ukraine? Fire the prosecutor or you dont get the billion? So much curroption in that family. Yet trump was investegated for 3 years and nothing was found. I am not saying trump didnt do fishy deals. But he still didnt do things like that.
    • MS
      Michael S.
      22 August 2020 @ 11:39
      Amen!!!
    • TL
      Thomas L.
      23 August 2020 @ 06:18
      Yes "nothing was found" except everything was found: https://www.wsj.com/articles/senate-intelligence-committee-releases-final-report-from-russia-investigation-11597758014
  • MS
    Mark S.
    22 August 2020 @ 15:05
    Raoul, If you're still long dollar, why did you dump copper?
    • JD
      Jesse D.
      23 August 2020 @ 03:27
      I think copper is more China and ROW related. Also, strong dollar = weak commodities.
  • PP
    Patrick P.
    23 August 2020 @ 02:15
    Whatever you tax you get a lot less of ... happens every time. And the rich write the tax law and include ways to avoid the tax.... The make up falls on the middle class.
  • MA
    MARIO A.
    23 August 2020 @ 00:20
    this conversation reminded me, an article I have read one year ago. https://bitcoinist.com/cryptocurrency-adoption-highest-5-countries/
  • DN
    Douglas N.
    21 August 2020 @ 22:42
    I hope Raoul is not sponsored by bitcoin also
    • JS
      John S.
      21 August 2020 @ 22:58
      Your comment shows no understanding of BTC
    • MG
      Manish G.
      22 August 2020 @ 20:23
      I wonder what are such people even doing on RV Platform. People pay to listen to interviews and get perspectives of the people here, Raoul being the best amongst them. And when he gives his view, just because people don't or cannot understand an asset class they start making funny accusations and / or reaching bizarre conclusions.
  • RM
    Russell M.
    22 August 2020 @ 13:51
    A game changer for the election is the likely imminent availability of a Caronavirus therapeutic that as we sit here today, is the subject of FDA and UK consideration for an emergency use approval. The drug, leronlimab, had impressive placebo controlled results and could end or significantly reduce the need for social distancing because it prevents progression of the disease from mild and moderate stage to hospitalization requiring severe and critical stage. https://www.cytodyn.com/newsroom/press-releases If approved now, the WH will push distribution so that it is widely available before the election so Trump can take credit for a "job well done".
    • JS
      Jon S.
      22 August 2020 @ 17:06
      I thought about it, but missed the concrete info you have given. Thank you so much!
    • RM
      Robert M.
      22 August 2020 @ 19:42
      The Governor of Minnesota has quietly put Hydroxychloroquine back on the ok to use list.
  • RM
    Robert M.
    22 August 2020 @ 19:38
    I really enjoy the 2 of you bantering back and forth, and hate when it ends. By all means, please feel free to extend the Friday session as much as you like!
  • JS
    Jon S.
    22 August 2020 @ 17:05
    I saw Raoul not extending himself so much in the bitcoin narrative. This has given me the chance to think for myself this time and buy some cryptos :). Now I want that he extends on the crypto narrative again :)
  • RY
    Roger Y.
    21 August 2020 @ 22:56
    Please forward to Raoul..... Mexican regulator “overwhelmed” as Banco Famsa liquidates Mexico’s National Banking and Securities Commission (CNBV) has been “alarmingly” slow in responding to applications from new financial institutions and “lacks senior technocrats to answer the more complex questions”, as it takes heat over the collapse of domestic lender Banco Famsa.
    • RP
      Raoul P. | Founder
      21 August 2020 @ 23:00
      I’m watching the Peso too...
    • AP
      Alfonso P.
      22 August 2020 @ 16:07
      not alarmingly slow, they are doing nothing at all
  • ZM
    Zac M.
    22 August 2020 @ 14:32
    I think the point between community recover on Upper East Side vs Upper West is somewhat addressed in the data on the site Raoul mentioned: https://tracktherecovery.org See key points of economic recovery by zip code: https://opportunityinsights.org/wp-content/uploads/2020/06/tracker-summary.pdf : “because of this reduction in spending by high-income consumers, businesses in the most affluent neighborhoods in America lost more than 70% of their revenue”. The UES has enough diversity of owners / renter allows for it to continue to function whereas the flight of owners and higher rent costs on UWS is decimating businesses.
  • TY
    Thomas Y.
    22 August 2020 @ 13:42
    Interesting points on Turkey impacting BTC's price. That said, I think the real driver of the correction was simple buyer exhaustion. DeMark indicator flashed a 13 sell countdown 4 days ago at the tippy top. Hourly TD combo indicator has been spot on as well this year. Wish I could post some charts to show it.
  • PE
    Per E.
    22 August 2020 @ 13:11
    RP, data mining much, gold corrects because of an announced Turkish natural gas find. Ok...
  • NL
    Nicholas L.
    22 August 2020 @ 07:13
    Why do so many posters on RV complain about Raoul and Ash discussing politics? Everything is political, especially finance/the economy! Some people on here should try to open their minds and, as Raoul says, don't let your own politics effect your investment philosophy.
    • MS
      Michael S.
      22 August 2020 @ 11:37
      Its because they talk about politics as if its an island... Politicians are not my favorite group of people but there is one party that is bent on Ruling on the ashes of all that is good in America... RV is not being totally truthful about being evenly handed when it has come to Tump... I have never heard of anyone with the exception of one guest make positive statement about Trump... While I always learn a lot from these conversations, and I do appreciate RV mission to democratize financial information, I have at times, like this interview, found that there is trace of coldness in comments... “We don’t care about the politics but we only need to know how we can navigate through it”... While most Americans worry about what America will look like tomorrow as a people
  • DB
    Darron B.
    22 August 2020 @ 10:53
    I want to get rolling drunk in raouls bar and then wrestle his dogs. That is all.
  • DR
    Danilo R.
    22 August 2020 @ 07:46
    I am not sure the US needs more fiscal support. It’s like getting money from a loan shark. Money is flowing to new construction, innovation and asset inflation for retiring boomers. A lot of service workers and college students will pivot to more compelling professions. There will be a more rapid boon to low tax states and the exodus from SF and NYC means there will be money to hire talent and invest in growth. The bank of mom and dad and multigenerational living will lead to increase take home income, increase savings and debt reduction. Companies like Wayfair, Target, RH have flourished as suburbanites are nesting.
  • RN
    Robert N.
    22 August 2020 @ 07:37
    Following recommendation I just watched the independently funded video on the strange role of the City of London in maintaining conduits for secret capital flows. https://youtu.be/np_ylvc8Zj8 With mentions of stories in the Caymans, Jersey, BVI and similar there must be some interplay with how Bitcoin or other crypto is being handled there. The implication from history so far is that regulation would not be permitted by the big players in the City who overlap with Uk government and regulators. Seems there is a story there for those brave enough to investigate and report back. Realvision?
  • JD
    John D.
    22 August 2020 @ 06:24
    Great conversation...Well worth the price of admission...
  • PJ
    Paul J.
    22 August 2020 @ 06:14
    Raoul always feeling the market, as though it is some heavenly-bestowed hunch.
  • HW
    Henrik W.
    22 August 2020 @ 06:08
    The Frugal Four have accepted the first round of loans, to "help" other European states/banking systems. No mainstream media backlash has occured, so nothing stops politicians from accepting a new round of loans.
  • EC
    Earl C.
    22 August 2020 @ 05:06
    The part about US elections result on the $US 's directions seems to me like a possible wash. I had thought republican's tax cut drove the $US up so my thinking was repeal + more taxes would do the opposite. Y'all must remember it was only Clinton who repealed any part of the 1936 Social Security Act, some say Obama care was US Treasury net positive throwing added cost onto more consumers. So physically democrats try to get away by throwing more cost onto those they claim to protect. Not meaning to get political but trying to catch the $US move correctly. Very good point Raoul I hadn't considered.
  • dw
    douglas w.
    22 August 2020 @ 00:55
    Bring Grant back for an interview and let him just rant about Tsla and gold. It would be great.
    • DD
      David D.
      22 August 2020 @ 02:45
      Lol
    • RP
      Raoul P. | Founder
      22 August 2020 @ 02:52
      Hahaha
  • TS
    Thomas S.
    22 August 2020 @ 01:37
    Raoul, there has been a few charts making twitter rounds showing dramatic pullback on dollar swap lines.. Seems like one of two scenarios . Either we have 1) dramatically overestimated the amount of global eurodollar debt or 2) countries are have another large source of procuring eurodollars besides currency swaps. Not trying to say is an organized conspiracy, just seems one of the two scenarios is likely
    • RP
      Raoul P. | Founder
      22 August 2020 @ 02:51
      Or speculators have funded them during the reflation trade of the last 3 months
  • JH
    Jesse H.
    22 August 2020 @ 00:16
    For what it's worth, everything I see, read and understand based on my knowledge as an investor tells me that we are coming up to the edge of a potentially very large event, or series of events, in markets in the next 3-6 months. I think it may be bigger than Feb / Mar of this year. All the best, guys ;-)
    • JH
      Jesse H.
      22 August 2020 @ 00:17
      Oops - more like 2 - 6 mo. October is always a risky month for equity markets, corporates, etc. Good luck.
    • LF
      Liam F.
      22 August 2020 @ 00:35
      Care to elaborate?
    • DT
      David T.
      22 August 2020 @ 00:50
      In 2-6 months, something major always happens. That's no brainer
    • MR
      Michael R.
      22 August 2020 @ 02:16
      There are always events. Could be an event next week. You should already be positioned for either outcome.
  • DS
    David S.
    22 August 2020 @ 00:44
    Excellent discussion on all fronts. I am especially encouraged by using Bitcoin to get money out of the country in Turkey and looks like China too. In addition, anyone with money in either countries will have accounts in foreign currencies in other countries. These accounts will be in their own name or with trusted friends and/or family. These folks have seen this game before. The movement of funds quietly across borders is the first step in a new financial order. The second and more important part of the story is the control of the value of fiat currencies by the FX market. The FX market is supranational with traders with skin in the game. If a country blows up its currency the FX market will punish them. The important question is how investors will hold surplus funds. They may settle in US dollars and instantly convert dollars to gold, silver or Bitcoin. Countries will try to manipulate their currencies, but the FX market a la Soros with the pound sterling will crack the whip. This is the new world where even the printing presses of the reserve currency will have to answer to the FX, gold, and Bitcoin markets. Government will not like it, but it will be what it will be – a constraint on money printing. I do not think that countries will be able to shut down the FX market if Bitcoin, gold, silver, etc. are around. DLS
    • MR
      Michael R.
      22 August 2020 @ 02:15
      For others looking to get into Bitcoin, I would not wait too long. Bitcoin can have explosive moves. It is possible that governments crack down on Exchanges if they sense capital flight to an alternative system. Should the US face a banking crisis, it may take a protcology exam to buy Bitcoin.
  • MR
    Michael R.
    22 August 2020 @ 02:11
    Fantastic discussion guys. Raoul, have something flammable to drink for me on the big island. Ash, great job as always.
  • sk
    saner k.
    22 August 2020 @ 01:43
    Only ~ 1% of the people in Turkey use crypto money. Most of them use BTC and 58% of them use for investment. So if the BTC price is up because of Turks, you can really expect more if things go worse in Turkey. You can translate this page to English if you are interested. It is also mentioning the Statista number of 20% which is totally wrong, i believe. https://koinbulteni.com/turkiye-bitcoin-kullanim-orani-yuzde-sifir-yedi-75752.html
  • CM
    Carl M.
    22 August 2020 @ 01:37
    My all cash offers on Los Angeles area real estate at about a million dollars are being trampled. Bat Shit crazy!!
  • DS
    David S.
    22 August 2020 @ 00:59
    US government stimulus like the US Cares Act poured money into the economy during the second and part of the third quarters. The US GDP will fall like Dr. Roubini's original lightning bolt projection without a new cares act by whomever wins the election. It will be especially hard on Europe trying to get 100% agreement on any possible solution. Make sure your portfolio is protected somehow. Turkey is not the only country in trouble. DLS
  • DT
    David T.
    21 August 2020 @ 23:09
    What no one prices in or is predicting is potential of major military conflict as the result of world's economic meltdown. War is unavoidable now.
    • jG
      james G.
      22 August 2020 @ 00:34
      I don't think war is unavoidable but I think it's a possibility that is under discussed. I have watched all of the videos on gold this week and more than a few talk about it's role transitioning from one failed system to the new system ... from the Roman Empire to the French revolution, the Weimar republic, Russia etc etc . not one time did they mention war and the ensuing destruction . There have been many times where this transition has been painful but bloodless and there have been an equal number of times when your gold was only any good if you were still alive to crawl out from under the rubble. I don't think it is an" unknowable unknown " type of event. I really don't want to answer my own question but I feel it's a sort of .... "Don't bet on the end of the world. you will only be right once and you will never be able to collect on the bet." kind of thing ....
  • GF
    Gordon F.
    21 August 2020 @ 23:21
    Regarding a "W" recovery, what about a backwards "N" recovery? If it drops again, I'm not sure when or how it may come back. Not like it has since March, I'm pretty sure.
    • LF
      Liam F.
      22 August 2020 @ 00:33
      What about a K-shaped recovery? Upper 10% going up, Lower 90% going down?
  • AS
    Ananth S.
    22 August 2020 @ 00:12
    What is Mike green's Twitter handle! tried to find but no luck
    • sm
      sam m.
      22 August 2020 @ 00:16
      @profplum99
  • NM
    Niall M.
    21 August 2020 @ 23:01
    Anyone know Mike Green’s Twitter handle? Tnx
    • RP
      Raoul P. | Founder
      21 August 2020 @ 23:09
      @profplum99
    • BC
      Barry C.
      21 August 2020 @ 23:54
      @profplum99
    • BC
      Barry C.
      21 August 2020 @ 23:59
      Excellent Youtube podcast out today with Mike Green, well worth your time. https://youtu.be/sMwg6fqseP0
    • BC
      Barry C.
      22 August 2020 @ 00:07
      If the link above does not work just google "Resolve Riffs with Michael Green on Market Reflexivity" recorded today....really interesting.
  • ND
    Nicole D.
    21 August 2020 @ 23:27
    I want to give you some feedback. I feel the platform used to be unbiased but now is palpably biased toward Bitcoin. Grant Williams who was noted for gold is no longer part of the platform and he should be. Raoul's pieces push Bitcoin and all his interviewees are pushed toward Bitcoin too. I also notice that during Precious Metals week Milton suggests to watch the interview that characterizes investments in precious metals miners as scams. I note the two hour old RV quote on Twitter of Rick Rule's interview. Of all the quotes that could have been pulled from that interview a negative characterization on precious metals mines in the US was used. I think that because Raoul is irresponsibly long Bitcoin that precious metals which are competition for Bitcoin are being undermined on RV. For disclosure I'm long both PM's and Bitcoin.
    • RP
      Raoul P. | Founder
      22 August 2020 @ 00:04
      Im long gold and have been for 4 years now... I just happen to think bitcoin is a better bet right now, that's all and crypto is part of finance and macro now, whether you agree or not.
  • AS
    Ananth S.
    22 August 2020 @ 00:00
    Same capital flight is happening in CHINA https://www.cnbc.com/2020/08/21/china-users-move-50-billion-of-cryptocurrency-out-of-country-hinting-at-capital-flight.html
    • AS
      Ananth S.
      22 August 2020 @ 00:00
      haha sorry, I was too quick. Raoul pointed it out soon after i posted this
  • GF
    Gordon F.
    21 August 2020 @ 23:49
    Regarding the closing comments, clearly, landlords and suppliers cannot continue without being paid by their clients, but if the clients close their doors, as Raoul, so clearly explained, the landlords and suppliers are likewise left without income. They will seek others, but having recently closed their doors for lack of income, how many of their former clients will be eager to jump right back in? And the landlords probably have mortgages that they have to keep up with, or the banks will come and foreclose on the building, and then things get really ugly. It seems to me that the knock-on effects are going to continue for a long time.
  • ER
    Ernesto R.
    21 August 2020 @ 23:38
    Ash and Raoul happy Friday excellent conversation plus the amazing interviews in the week thanks for the knowledge in this times enjoy the big city
  • DT
    David T.
    21 August 2020 @ 23:02
    Bitcoin BS again.
  • MC
    Max C.
    21 August 2020 @ 22:34
    Raul, I believe you have charts on another screen when you are discussing. Could you show those, please?
    • RP
      Raoul P. | Founder
      21 August 2020 @ 23:01
      I can’t, they are on a different computer sadly.
  • MH
    Matthew H.
    21 August 2020 @ 22:52
    Dogs, so cute. Raoul & Ash, not bad. Great chat though, lots of ground covered.
    • AB
      Ash B. | Real Vision
      21 August 2020 @ 23:00
      ha
    • RP
      Raoul P. | Founder
      21 August 2020 @ 23:01
      The coconut girls always steal the show...
  • LF
    Liam F.
    21 August 2020 @ 22:58
    Excellent discussion. The points on political orientation were right on target. Focus on the economics, not the politics. Solid gold piece of thinking this. Thank you!