Raoul, you are missing the point of centralised digital currency. It allows the state to FORCE negative interest rates as it makes it harder to withdraw YOUR MONEY from the system. It is a MASSIVE increase in risk to civil liberty. massive.... :(

Raoul you say you're bearish on the energy sector because of too many headwinds. Do you have a view on renewable energy stocks as the energy sector is transformed from old fossil based energy to renewable? An example is Orsted a big Danish energy company which sold off all oil/gas assets and went full on into renewables.

Very interesting talk about centralized digital currency, we should explore possible scenarios further, there really could be embedded opportunities and /or risks for bullion and other untraceable means of payment....

170,000 NYC restaurants to close? I don't think there are that many restaurants there. I think Raoul might be thinking about the recent estimate that 170,000 restaurant workers might lose their jobs. So far around 1,000 NYC restaurants have permanently closed.

Adoption of Bitcoin may accelerate the stripping away of our constitutional freedoms by world governments.

On the topic of governments extending their powers, something I find troubling from my native NZ, is the implementation of managed isolation. Anyone who tests positive for convid must quarantine in a government managed isolation. IMHO.... this is outrageous, we should expect people to comply with regulations and go after those who don't, not take the easy way out and constrain law abiding citizens. Also speaks to what freedoms are easily tossed aside for the benefit of the greater good. It should have part of the analysis of the eradicate model, not everyone will comply and do we want to make them? I'd vote no.

With governments using the current health crisis to extend their powers socially, politically and financially, I fear that we're in a long-term bear market for individual freedom.

All hail the technocracy. :[

I'm late here, but I think it's an important point that central banks aren't likely to interact with the public direct due to the multitude of loan and savings product terms, and CBs aren't set up to manage that. They are better off propping up the banks to keep people employed, keep value there for pension funds and manage product terms, conditions, loan defaults etc. Eliminating tax avoidance is potentially a much more valuable return on capital for the CBs.

Politicians need to formulate polices from many points of view. I was looking at Florida early opening from the COVID point of view. The second front to the COVID war is the economy. The opening up will help Florida’s economy, especially small businesses. One of the Florida’s strongest money makers is death and dying. The warm weather attracts millions of elderly people. The hospital, rehab, home health care, banking, funeral, and trust attorney economies will be enriched by the complete opening. This is not the only reason for opening, but it will benefit the economy. DLS

Hi guys, Does anyone know how I can find the Weston post he is referring to?

why can't we have 'forever'stimulus and an long drawn out deep insolvency side by side .So we get a mixture of deflation ( goods, rents, commercial property) , inflation ( A rated equities , housing , food) . So we get the insolvency phase but we dont get equities collapsing. Eventually a devalued $ will reprice the equities correctly. Does that make any sense?

Because us Europeans, we believe in Ye Olde Science, not guns, god or thoughts and prayers!

The odds mildly tilt toward the Senate shifting Democrat. Is Biden's 28% corporate tax plan on anyone's minds in this market?

The big news is the president of the United States has Covid and markets are reacting adversely. That is what this update needed to be about. However it seems we got the update prepared BEFORE the Covid announcement - which was not timely or helpful.

I call them chinos too

George Gammon pointed out something really interesting in his previous video. How many people have seen "US coin shortage" signs in stores? Notice how 80% of Walmart's self checkouts are not allowing cash payments or cash back? It looks like they are trying to condition us to cash free society. Speculation of course, but how do we magically have a coin shortage?

Kevin C. something is wrong with your audio. there is a static distortion sound repeating in the recording every minute or two. like a loose microphone connection. this annoying noise has been present for 3 days now on daily briefing. It distracts me from you excellent presentation.

Really interesting discussion this week. Raoul - any recommendations on books or papers on the theme of behavioural economics as it relates to governments and central banking as you discussed ? I found this concept fascinating in the context of digital currency. Thanks and have a great weekend.

Fantastic RVDB. On the Bitmex side, the industry is talking about DEFI consequences.

Thanks for a thoughtful and interesting RVDB as usual. I respectfully disagree with many of the views expressed here, except that we are nearing a top in US markets - that seems spot on to me. I would love to be as sanguine as Raoul is about the benefits of a centralised digital currency, but I see real political and human risks here if we allow government & corporates to get bigger and have yet more control. Thanks again. :-)

Raoul predicting a "Brave New Animal Farm" on the horizon with impeccable arguments and a smile on his face. Almost, don't worry, be happy that our neofeudal overlords are coming for us. That can't be our destiny. Can it? There has to be another way where ordinary folks can actually be relatively free and prosperous, rather than nudged and pharmacologically induced to believe that debt slavery is freedom.

Can some one refer me to the video post Raoul mentioned on trading geopolitics event? thanks!

Raoul often talks about bonds, 'the bond market tells us something'. Would you please take a minute and explain that. How does the bond market speak? How do I interpret it?

I have said many times and will again here now. - The daily briefing has been a fantastic addition to the RV line up of content. - Pura Vida

Can’t wait for the Gundlach interview!

The last part would be very interesting, financial government 2.0. What are the possibilities and also how Europe can get tax income from the Internet companies.

Raoul, always good to see you on a Friday. I'd like to hear more about your thoughts on what Europe will be doing. Sounds like an idea for a themed week. Thanks.

Raoul mentions a video around 21. https://exchange.realvision.com/post/video-before-you-trade-trump-covid-5f76ef6f598d81276223e586

170,000? I have no words.

Raoul, how does the evolution of sovereign digital currencies effect the long-term investment prospects of Bitcoin?

Love the value you give Raoul

I agree with the Behavior Economics commentary. US taxes have long been used for social engineering (for better or worse). The potential to use Behavioral Economics to shape economic growth and asset allocation in a more transparent fashion is interesting.

With the news of deflation in euro area, this digital euro is certainly coming soon. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog201002~12ab1c06b5.en.html It basically means a euro issued by the central bank directly to citizens/businesses (circumventing banks) which isn't withdrawable. So you cannot cash it out. Definitely a bit dystopian but hardly stoppable Like Raoul says. From ECB point of view, it will be their new tool for direct fiscal stimulus, and negative rates on that same money. They can also discriminate between different categories of beneficiaries by rates and taxes. I am thinking of writing my master's thesis on this topic abd would be interested to hear some different suggestions on how to approach the topic.

As a Boomer who can't spend on ourselves there is a significant change to the trickle down to our kids, Gen Y and our grandchildren. Gen X could be stuck support their very senior parents needing care! Pandemic causes ramp in chaos everywhere including increase in generational chaos.

Gotta watch this again!!!! Mr. Pal you have again opened my eyes to the future. And...I am going to tie my wife to a chair and force her to watch this!! So how's that for a recommendation???

Great to see Raoul again. Most economies in the world for the last few months: 1 step forward and 2 steps back. Try and square that circle :):)

I am amazed that I can listen to great people in money managing who do this for a living, I am a guy who is working in construction and can take part of this it is truly great. It is never to late to learn still learning at 56 years old.

What i am looking for is 2 stock picks from each of your experts for the next 12 months, so I can track the results and find one true winner to follow.

Bitmex CTO Sam Reed was an excellent coder and a good dude when I worked with him. He lives 5-10 years in the future and was never afraid to follow his convictions. Bitcoin feels like Napster and Bittorrent back in the 2000s so hopefully the PTB will catch up in a similar manner. https://www.youtube.com/watch?v=PjGM0LufPWQ

Raoul’s “Intellectual” thought at the end is definitely one that got my head spinning, the following are my thoughts. I am biased towards the Libertarian perspective, I think this is the case because I perceive the government ( I am from California) to be pretty much dysfunctional, and I would like to reduce the power of the government to make the world more functional in general. However, if I had been raised in an environment with a more functional government (Sweden?) I would imagine my bias might be towards a stronger government that I would trust to spend my taxes wisely and safeguard my personal information from harm. Ultimately, I think prosperity is usually a condition where a balance is reached rather than pursuing an extreme of an argument, in this case the two extremes are (1) a monetary system with 100% anonymity (in other words the government fully trusts the citizens to do the right thing and sustain the civilization and not end up in a “tragedy of the commons”), and (2) a monetary system where everyone’s information if fully known and tracked by the government, which would simplify the taxation of citizens, but the citizens would have to 100% trust the government to do the right thing and not take advantage of its own citizens with an unbelievable information arbitrage that could lead to God knows how much blackmail. I think the right balance is kind of what we have right now, which is to say, we all still have access to anonymity (cash), however it isn’t realistic to use it for large transactions, as such a small percentage of our transactions are truly anonymous, we can choose to follow tax rules or not on them, or to use them for legal or illegal means. However for large transactions, your information is pretty much in your personal record, and your property (address) are all known. So if we do transition to a digital currency, I would suggest a smaller percentage of the currency should be left anonymous (untraceable), but for large transactions (where the majority of the tax revenue comes from) I would be willing to give up my personal information for that to prevent a “Tragedy of the Commons” scenario. This is the best compromise I can think of.

The governments are going to ruin my life :)

the government will ruin my lifestyle again.

Had a good back and forth with Weston over GE when they popped about 2 weeks ago. Pretty sure that guy is like you top contributor that isn't employed by you guys right now.

Roul - Are you leaning in Ken's direction on consumption taxes???? https://kenmetcalfe.blogspot.com/

Thanks Ash, Jack and Raoul!

https://vimeo.com/464408286

Well they have to do something this current system is about to blow up.

Last five minutes were worth 500 RV pro subscriptions! Thank you.

How Orwellian of you Raoul!

Governments "short their load" early... I don't even watch TV anymore, just RV and youtube. From Horror to comedy.... all you need, and you learn in the process.

Thanks as always guys. How would I find that exchange video by the chap explaining how institutional trades ‘news’.?

Currently in the US banks make most of the loans to small and medium size businesses. Even with digital dollars, I hope that our regional and local banks continue to do a great job in funding business. National and multi-national banks will be required in the future as well. What may be the best development will be a lot of excess capital in the stock market and under invested money in pension funds will be used by private investment firms to fill in for former bank loan responsibilities. The governments digitizing their currency will only function in part of the mega economy. I agree, however, the long arm of the tax collector will get longer and more intrusive. DLS

THE Bitcoin bias ... If there was a alleged fraud in any other derivative all hell would be lose

I was told there would be trumpets Ash!!!