This was the most essential RV video ever.

Agree with the deflationary tendency described but still think the view of tech and what it will achieve in the near-term is hyperbolic. I have worked for most of my career in business roles in Silicon Valley companies and have become much more tempered in my expectations on technology. The CEOs, Engineering and Product Teams always have grandiose visions on what they will achieve and they are great storytellers, but delivery usually way underperform expectations. Having seen product roadmap after product roadmap fail to deliver, I now feel engineers usually only able to solve simplistic problems, especially in the real world. Not to make this an empty statement I am happy give some examples: - Autonomous driving - if anyone believes this is that close I believe you are fooling yourselves. It will be years and years until it reaches (1) sufficient technology and (2) a price point where it can outcompete delivery drivers. And unless every warehouse in America adopt the same standard for how you enter and unload goods with standardized robots the full automation of goods flows is far far off. But with Silicon Valley talking their book people are already choosing not becoming truck drivers because they've read in the media they will be displaced, so the industry is short drivers. Great. - Diagnostics - IBM's Watson was supposed to make Doctor's Cancer diagnosis a thing off the past, a much more accurate data driven analytics would displace it. This was early 2010s. Fast forward 10 years and while it has some uses it is not near even being a fully reliable breast cancer (the simplest cancer) diagnostics tool. https://spectrum.ieee.org/biomedical/diagnostics/how-ibm-watson-overpromised-and-underdelivered-on-ai-health-care - Google Ads: For all of that data they are collecting, profiling me and allegedly knowing my innermost secrets, the Ad software usually just shows me exactly the same pair of shoes I viewed last week, collected from my cookies. Agree there is some very scary tricks like picking up a conversation about painting the house on my whats-app and finding that I suddenly get paint commercials but on the whole it seems like they have no better model of predicting what then can sell me than nudging me on items I am already interested in. Some will say no doubt that Facebook and Google also planted the idea of what to buy into me prior to me looking forward in the first place but honestly think that effect is overstated. - If anyone has any useful house robots that are close to displacing any humanoid tasks of any atoms task of significance greater than lawn moving and vacuum cleaning I would love to learn more Raoul - given your healthy skepticism of the Fed and their dot plots that they never manage to deliver on you should apply the same and not to be such a technology fanboy. Go back and review Tech CEO statements on how they would change the world and how fast change was coming the last few years and I believe it will be a sobering experience. If we were even close to the visions we would have A LOT better products and software than we have. Development in tech is much more linear than exponential. Huge sidetrack on a minor part of the conversation here but this technology evangelism is starting to concern me more and more. Great conversation overall - really enjoyed it and strengthen my own deflationary views, very good to get the tech perspective on this in addition to the macro, just believe the impact cannot be taken at face value from people with vested interests in the industry.

Bought his book the price of tomorrow, really interesting stuff. Thanks you RV you have wonderful guess with great insight.

Great video thanks RV!

When inflation comes and governments are fighting out of control currency devaluation we should expect emphasis on capital controls. We should expect that everyone entering or leaving a physical border will have their luggage/person searched for precious metals and hard crypto wallets and confiscated (or at least heavily fined/taxed). These rules are already in place now. If you are leaving the country now the law requires that you declare if you have anything valuable over a certain limit (eg $10000). If you don't declare it you are breaking the law and customs can confiscate your property.

Amazing and brilliant discussion!

Wickedly thought provoking!! Ty Raoul and Jeff

"Way bigger force than money printing can be" How so? The kind of money printing we have seen so far has pretty much only reached assets. We are only starting to open the floodgates and seeing UBI and MMT type of printing.

Really loved the interview. I loved the on in January already and I was looking forward to this one. I got to questions which I am struggling to put into context of my framework: 1. Example with the cabin at the lake. Rent is up from USD 500 / month to USD 1'500 / month (or s.th.). Why do you consider it "wage deflation" instead of "cost of living inflation"? I don't get that. 2. I get the point of technology driving efficiency and therefore being a massive deflationary force. I get that the exponential component of it is (always) underestimated (paper to sun). And I also agree that it is more likely that central banks try to "Print" their way out of this problem instead of accepting a deflationary bust. But what I don't get and I was missing the question from Raoul: The FED wasn't able to create inflation for a long time. What will give them the ability to create it in the future?

Just wait until secular deflation hits RV subscription fees!!

I have stated in several places that we are headed either for a deflationary depression or a hyper-inflationary depression. To have this opinion supported by Jeff, coming at it from a different perspective, makes me more confident in my opinion, but leaves me much more worried as well. I don't think the world can go through a depression of either sort without major military conflicts, the likes of which we have not seen since WWII, and possibly much worse. I hope I am wrong.

...why do I trust a piece of paper that can be manipulated? .... I do not trust it! ....why do I not rust this other thing that can not be manipulated..... because I am not sure it can not be manipulated, because it relies on other devices, networks and energy to exist, because even tough I own it I am not sure I will be able to access it in the moment of need, because there are other assets that can not be manipulated that I can choose to own, that I can posses and have a proven track record as stores of value.

Bitcoin is an escape hatch. If you are trying to escape from the guys that control the network that is vital for bitcoin to transact, how can it be an escape hatch? can someone explain?

Mr. Booth promotes Bitcoin, but I think he realizes that cash generating companies are the best answer to profitable investments that will weather any storm. It does not matter if we are in an inflationary or deflationary environment, cash flow companies will do well. That is why AMZN, AAPL, MSFT, NFLX etc. are doing so well. Gold, Bitcoin, etc. balance the package. It does not hurt his cash flow to be on a lot of BOD either. He will pick up a lot of information and a few bucks. DLS

By the way - it is always so interesting to see that every interview has some "thumbs down". I get that when I am on FB or alike but here? What does this express? I don't agree with the opinion? The opinion is badly presented? Or is it just a double check that also the thumbs down button is working...? Come on ...

Here is innovation and deflation coming in housing... https://www.boxabl.com/

Again I CANT stress enough how grateful I am to be part of real vision and get this kind of information that I would never dream I could afford and I mean that I scratched together enough money to be a member and I am so grateful to Raul and his team for helping members like myself. I Thank you from the bottom of my heart and if at some point I can afford to be a plus member I will gladly throw in the extra money to get your personal recommendations. Thank you again for all you do for us. Best Regards Wayne Marriott

I like this conversation but I disagree that "They see the price of goods rising. I'm not sure the price of goods are rising. I think their wages are deflating.JEFF BOOTH: That's what's happening. That's what's happening. " Wages are going up but health care, day care, college, housing are going up faster. It's only consumer products due to globalism that are deflationary or digital products that scale so well.

Every time I get a bit jaundiced with RVTV, along comes an interview like this. Loved it.

I'd be depressed but for my agreement. A few years ago I understood that something bad was going to happen to humanity but I didn't know what or when. Eventually (Jan this year) I start studying finance, because it's probably the most forward looking industry of them all. Another all new best ever interview :) thanks.

Fun Education question while I am watching college football today. When colleges fail/cut back etc because others can provide a better educational experience cheaper, what is going to happen to college football?? Do they have an exit strategy I wonder and what could that be?

Great interview Raoul and Jeff. There was one part of the interview where Raoul made a comment along the lines of... and I'm paraphrasing here.... "most people don't understand why deflation is good for bitcoin, but it is"... but then didn't expand on this further. This is something I'm trying to get my head around myself so I was disappointed they didn't explain this... has anyone else cracked this nut?

Strong case for the deflation argument...I can't disagree. Humble request to invite back Kevin Muir (Macro Tourist) for a counter-argument. If memory serves, prior to converting his free newsletter to a paid one, he had a more inflationary view... I'm torn between both points of views as both are solid...

Raoul, I was thinking about your comments on education and the idea of creating an RV university. Given the quality of the content on Real Vision, one thing you should consider in the near term is getting your organization accredited by the various professional organizations, accountants, lawyers etc as a provider of CPE / training. My professional association requires that I undergo 20 hours of CPE annually. This usually means I have to pay to attend courses by accredited trainers. If RV could get accredited then I could satisfy my CPE requirements by learning from the best on RV. It would add a great deal of value to my RV subscription, saving both time and money. Fascinating interview. I went straight to Amazon and bought the book. Immediately downloaded to my Kindle and Audible iPhone account. The power of tech and the internet demonstrated! Valuable content distributed instantly and almost without cost. No paper or postage required!

Charlie Rose interviews James Goldsmith https://www.youtube.com/watch?v=wwmOkaKh3-s Far-sighted reasons can't find myopic consensus.

Raoul, this was the most important piece of content you have generated to date. Brilliant.

Been with RV almost since the beginning and so far THIS is the best Video I’ve watched...and that statement is a difficult one to make as I have MANY favorite ones.....wait for it....CONTENT IS ALMOST FREE, BUT RV CURATION IS INVALUABLE, IMHO.

Some fascinating discussion about software eating the world, the efficiencies created by the software industry creates wealth that is being concentrated there and in the related industries, the pick and shovels of the internet etc. A similar effect can be expected in blockchain, blockchain businesses and what will be born there. It is true that it is affecting the value that individuals can add to processes because processing power is exponentially growing and benefit is accruing to the creators and supporting members of that industry while wages in other industry jobs, the users of the software are affected/deflated due to the democratization of the technology, which is made generally available. However I think you are not giving partial credit where it is due, which is to the elimination of a hard asset backed currency, which in itself is debasing wage earner rewards, combined with our debt creation system. The debt creation aspect without a limiting anchor is affecting all. For instance, debt inflates prices ie. - through govt. gteed mortgage financing , housing values are increased by a certain factor. Through student loans gteed. by govt. University tuitions are inflated by a certain factor. Through auto financing loans car's prices are inflated, via government financing- transfer payments- covering health care at hospitals etc fake money financing inflates health care pricing. There are various other examples with similar effects. Everyone benefits from the technology and the exponential growth of processing power indirectly - great phones, computers, more productive at work, nice entertainment at home, safer planes, cars, there are many benefits. But the outsized profits go where the technology is creating that benefit. During the industrial revolution we had similar displacements and a huge change from agriculturally focused society to a more urban one with new types of jobs. I have a disagreement with the stated outcomes and the assertion that the problem will become uncontrollable (the "building a fire the size of the sun" allegory) . The fluctuation or ebb and flow from monetary policy dominance to fiscal policy dominance and back again has happened in the past in our country and elsewhere. Today we have monetary policy at the zero bound and therefore it is no longer an effective policy. The use of fiscal policy and the growth of the money supply is the inflation of the denominator under the debt numerator, to inflate away the numerator, and actions have been taken to do this int he past. Also action has been taken unilaterally by our government, with consent of the people, by elected officials, to change the system and reset when active fiscal policy becomes untenable ( price inflation rising too high). Gold could again be the reset and Bitcoin by dictat could be on the periphery. Not out of existence, and still a store of value, like other hard assets ( silver, gold, diamonds, art, land, whiskey, etc.) , it may have characteristics that are more attractive than these other hard assets and because of continued support by the blockchain network participants and its inherent utility in that network could be found to be of value as a continuing medium of exchange ( barter not legal tender), but if the government says legal tender is the new US dollar 2.0 and it has real asset backing again, then Bitcoin will be relegated to be considered property like the others. This is a long conversation, but just wanted to shake the tree a little. A balance must and will be struck. Libra will not dominate, as we now know, therefore why would Bitcoin owners be allowed to make the rules ("eat the world")?

Just subscribed to Plus to view this video. It answered a lot of questions I had about the end game of central bank printing. Mind blowing, life-altering content.

Just excellent thought provoking stuff.

Amazing

What a fascinating conversation and so very few people understand these forces that are rapidly changing our world . This one interview is worth was my year’s subscription! THANK YOU. Grabbing more of that life boat each month!

Is the 185 Trillion stimulus number referred to a Global number?

Hey Jeff, I loved your book. Really interesting and very accurate in my opinion. Thank you

Booth highlights the debt bubble and deflation..bitcoin is certainly not the answer as the problems will be perpetuated in other ways...the only way ( and it is utopian admittedly) is to go beyond debt...and that means a complete reengineering of a society whose desires and wants are largely manufactured...and so it is unlikely to happen..bitcoin will help because it will instill low time preference but bitcoin is not enough

Hi - Whats the name of the Ag Anywhere business on the TSE?

Fascinating, far-reaching, exciting discussion. I just heard Jeff Booth on a different Youtube video, and glad to see that RV is adding to the momentum on this important discussion. Bitcoin could be a lifeboat for the average person, but it's still not the easiest thing to access and it isn't big enough to save billions of people. What we increasingly need urgently is all the brightest minds you tap into to not only identify the problems (which they do so brilliantly), but to help formulate possible solutions and promote them at scale. Central banks and governments are becoming increasingly impotent. We need really bright and capable entrepreneurs -- and frankly, the large-cap FAANGs and others are not pulling their weight -- to put their minds to the problem, raise their voices, and drive improvements to all of society instead of exacerbating the problems.

Out of all the great interviews on RV, I personally find the Booth interviews the most thought provoking and keep me up at night thinking about where it could all eventually lead and it concerns me. In nature, the weak and non-productive (self sufficient ) die. In capitalism, as in nature we all agree that the weak and non-productive companies should be allowed to die and that artificially preventing that event (Zombie companies) keeps things artificially high, inefficient and non-productive and a drain on the economy. But the thing that separates human beings from the natural world is that we don't allow our weak to die...that's what makes us human. But as more and more people are displaced by technology with less need or opportunity for them to add to productivity and providing them with income in order to consume, they become the same as the Zombie companies draining from the whole and a breaking point where the system can't artificially support them any longer. Is there a horrifying point in the future where global governments cross the line of humanity and begin talking about the necessity of population control? It's happened before in isolated regions and governments...but can it become global? What kind of world can we be headed towards? Is it inevitable or can it be prevented and how? I find it disturbingly difficult to wrap my head around.

Loved the interview. Agree with all that was said.....except talk around the newness of the issue. Our long term history is full of massive productivity leaps. Steam engines, rail roads, electricity. Although to be fair Jeff Booth said deflation is the "Natural state of affairs". That is, with a fixed, or at least largely fixed, monetary system. More stuff, same amount of money = lower prices. With regard to Central Bankers / Politicians and "Do they understand what is happening?" I say yes, but are trapped. No one wants the 'reckoning' to happen on their shift. See Greenspan's essay from 1967 "Gold and Economic Freedom" (OK Happy to substitute BTC for Gold) https://www.math.snu.ac.kr/~hichoi/finmath/AlanGreenspan-GoldEconomicFreedom.pdf Ron Paul use to ask Greenspan year after year about monetary inflation at the Humphrey Hawkins testimony and about how bad it was and Big Al's stock reply was "You guys (government) are in charge of the system design, i just run it for you, so back off." The fix in the end has to involve a leveling of the wealth inequalities. Neither Gold nor BTC do this. Not every one can get in the life raft. Gold/BTC would have stopped it happening in the first place if our monetary system used them. But it is too late for that. By the way i am right wing / Austrian Eco type person but i also value my life and are therefore keen to avoid a "French Revolution" style exit. I think talk of MMT and Central Bank Digital Currencies by our central planners is because they are preparing to level the wealth inequalities using these tools.

On year worth of RV value delivered in one interview. These two Jeff Booth interviews are compelling viewing. Thanks Raoul and team for bringing such high quality thought leaders to this platform.

Thank you RV team, Raoul and of course Jeff. Yet another incredible rabbit hole of learning to explore. Jeff's book The Price of Tomorrow is on my list of must reads. Pura Vida

Once people watch The Social Dilemma, this talk may not age so well Agreed on Bitcoin

I love rv plus the only issue is that I put so many books on my list to read because I like to go to the source of ideas... I need 40 hours/days. Thanks RV Plus! Great service with reasonable price!

Bottom-line...society breaks And that, is inflationary Money will move from corporates, who waste money on buybacks (near zero velocity) and dividends and money ends up with people (high velocity)

Amazing interview - Raoul mentioned a interview with James Goldsmith... it's a must watch in order to understand the past 25 years and the current US political situation: https://www.youtube.com/watch?v=4PQrz8F0dBI&feature=emb_logo Also, there's a nice dovetail in here w/ what Michael Saylor was saying about everything being a tech company. Deflation hits every industry because every significant business is a technology business.

If the network effects that get created cause this massive deflationary wave isn't the answer to step in and disrupt the network? Why not use Anti-Trust laws/actions rather than money printing?

James Goldsmith wrote a very interesting book in 1994 call "The Trap" it was, and no doubt still is, a great read. "Essays on the major social, economic, and environmental issues threatening our society. The answers to these questions, and the solutions proposed, will determine the shape of our society in the twenty-first century." He faced a very bit of criticism for it and followed it up by another book called "The Response" where he addressed each major criticism one by one. "Sir James Goldsmith’s previous book, The Trap, warned that global free trade and GATT would create unemployment and poverty in the industrialised world while, at the same time, ravaging the third world. This brought a torrent of rejection from the critics. Here Sir James answers his critics and, point by point, explains why they are wrong."

When he talks about borders don’t matter if everyone is working remote, this true. It may actually be tragic for many white collar jobs in the US and perhaps Europe. I’ve seen it start at my own workplace, a well known tech company. May come for me soon enough. Good if you own the Tech company but very tough on rank and file tech employees.

Outstanding discussion

Jeff Booth has been on a lot of back to back interviews explaining and educating people about the cunning collapse of the global economy. His book “The Price of Tomorrow” is the one of the best books to come after “The Bitcoin Standard”. He’s been tirelessly expounding his thesis that deflation is the inevitable outcome and deflation is a blessing to the mankind. But we can’t transition there without some economic turmoil and he’s on a mission to ease it as much as possible. A true visionary and a benefactor to mankind! Thanks Real Vision to bring him back! A masterclass!

Absolutely fantastic interview. Might be the most insightful and fascinating interview I’ve seen on RV all year. Incredible.