Destination Unknown – Live with Raoul Pal & Larry McDonald

Published on
June 23rd, 2020
52 minutes

Bonds: The Instrument of Truth – Live with Raoul Pal & George Goncalves

Destination Unknown – Live with Raoul Pal & Larry McDonald

Live ·
Featuring Larry McDonald

Published on: June 23rd, 2020 • Duration: 52 minutes

In the space of three months we have witnessed a global pandemic, jaw dropping equity sell offs and recoveries, multi-trillion dollar stimulus packages, unprecedented monetary policy decisions, mass unemployment, a decade’s worth of job creation gone in a month, civil unrest, and global debt soar to levels unseen since the last world war. To say that uncertainty rules the day would be an understatement as the fate of economics, politics, geopolitics, and individuals lay in the balance. In an attempt to understand where we find ourselves today and where we may be headed, Raoul Pal sits down with New York Times best-selling author Larry McDonald in this week’s segment of Real Vision Live. Find more information about Larry McDonald's work at



  • tr
    tom r.
    30 June 2020 @ 21:22
    My bet is that most opinions in this interview are way off. Play it back after 6 months and that will tell it all. My take is that Trump will win easily and the same characters that couldn't believe it last time will go through it all over again. Fourth turnings are full of surprises and this one will be the grand daddy. This interview was a waste of time in my opinion. Everyone I know is pretty fed up with all the looting, burning, etc.,etc. That can't continue much longer. This will be the year of the boomerang.
    • BC
      Burton C.
      2 July 2020 @ 00:31
      Hope so
  • JK
    Jeanne K.
    23 June 2020 @ 16:56
    This was a fabulous interview. Larry McDonald is well worth listening to.
    • JC
      John C.
      30 June 2020 @ 09:45
      Great interview. Larry spot on as always
  • FC
    Frederick C.
    24 June 2020 @ 09:50
    AOC as running mate would clinch it...
    • CS
      Christopher S.
      24 June 2020 @ 20:18
      For Trump or Biden?
    • CD
      Chris D.
      26 June 2020 @ 07:51
      She literally cannot run as VP, she is not 35. It's illegal.
  • MS
    Mike S.
    24 June 2020 @ 03:14
    Dogshit audio. Common RV...
    • PB
      PHILLIP B.
      25 June 2020 @ 00:34
      I'm calling dogshit on your comment. What minute in the presentation are you at that you noticed this? I'm at minute 4 and it's good enough. Cancel your subscription if you think RV sucks. Move along.
  • GF
    Guangle F.
    24 June 2020 @ 23:36
    Audio is not ideal.
  • GP
    Geoff P.
    24 June 2020 @ 13:39
    It seems this whole reflation debate can be narrowed down to whether or not governments will spend money. Most of the more serious thinkers have completely eliminated Fed response as smoke and mirrors (moderately positive for asset prices all else equal (though all else is far from equal), but a bunch of nothing for the real economy). I think we're going to be facing the next phase of the debate. Is fiscal stimulus 2020 like QE circa 2008? Is there any real meat there for growth/reflation? There is a case to be made if the Fed eats most of the debt issuance so we don't take real money out of potentially productive investment and move it to government spending, but we would still need the productivity of government spending to exceed the cost of the debt. This is a big ask. There seems to be only two potential solutions for any real movement out of this deflationary phase. Mandate bank credit growth (they won't do this on their own), or cancel all the bonds on the Fed balance sheet corresponding to treasury debt. I just don't see another alternative.
  • SW
    Scott W.
    24 June 2020 @ 12:04
    Why is Larry implying that there was austerity in USA & Europe over the last decade? The Tea Party got bulldozed. Spending was never cut. Debt/GDP ratios are higher than ever in USA & Europe.
  • AW
    Andrew W.
    24 June 2020 @ 04:36
    Light saber battle happening over at someone's place in the other room
    • FC
      Frederick C.
      24 June 2020 @ 10:31
      easily solved, use the force and Raoul could press mute while Larry talks...
  • MC
    Mike C.
    24 June 2020 @ 10:10
    Hi Raoul, Can you get one of your Italian contacts (or Christophe Ollari who sounds Francais but lives in Milan) back on to talk about Italy and the Euro? Larry's comment about Italy being the driver for the USD in the short term (via the Euro I suppose) was very interesting. Think we need a European perspective on this.. Also the CNH/CNY topic is getting interesting since the Yuan is back at 7.06 after failing to break. James Aitken seems to think (ref. his talk with Bill Fleckenstein and Grant Williams) that China has enough USD hidden under the mattress to last for ever but I don't see how this stock vs flow argument is sustainable with persistent trade weakness and growing US pressure on China (note that China has not done big fiscal and which would put pressure on the Yuan). Great interview. Thanks so much.
  • MD
    Matt D.
    24 June 2020 @ 05:59
    Great interview Raoul and Larry. Thanks. Some interesting insights - Italy-EU for one, and "If they go negative, they will try and shock and awe you with negativity. Crush the dollar." I think that means the beast crushing the FED again ? "Something deep and dark happened here" (Deutsche). Thank you.
  • LG
    Lior G.
    24 June 2020 @ 01:28
    Love you guys but the audio is horrible!!!
    • LG
      Lior G.
      24 June 2020 @ 01:55
      It got better, sorry. Great talk!!!