In this episode, Raoul Pal and Julien Bittel explain their “Everything Code” framework showing how global debt cycles, demographics, and liquidity drive all asset prices. They argue fiat debasement is running at ~8% annually, meaning only tech stocks and crypto have outperformed over time, while gold just preserves purchasing power. They discuss the societal and economic implications of AI replacing human labor, the end of traditional recessions, why liquidity will keep increasing to roll debts, and how this cycle could mirror or exceed 2017’s asset booms. Enjoy!

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https://blockworks.co/event/digital-asset-summit-2025-london

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Timestamps:

(00:00) Introduction

(01:54) Big Macro Picture

(10:37) Liquidity & Real Returns

(14:32) Aptos Ad

(15:18) What is the Endgame?

(17:51) The Everything Code

(25:10) Financial Conditions

(31:39) 2017 on Steroids

(35:57) Aptos Ad

(36:54) Nothing Stops This Train

(38:34) Removing Recession Risk

(44:24) Immigration

(46:38) All Jobs Are Gone

(52:08) What Happens Next?

(54:50) Resurgence of Religion

(58:12) When Banana Zone?

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Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Macro #Investing #Markets #ForwardGuidance