Erik Townsend welcomes Raoul Pal to MacroVoices. Erik and Raoul discuss:
- The US Dollar backstory and how central bank policy divergence got us here
- US government bonds and the potential for interest rates to move much lower
- Weak growth in the US and a business cycle that is appearing to roll over
- The risks of loaning money to insolvent governments in the form of sovereign bonds
- Changing our operating framework to better understand a changing global macro picture
- Gold and real estate becoming hedges to the currency risk involved with negative interest rates
- Gold's ability to rally in the face of potential further Dollar strength
- The European banking system and "CoCo Bonds"
- The ban on cash and the real reasons the powers that be are moving in this direction
- "The Big Uglies" and what could trigger an economic recession
- Which forms further monetary or fiscal stimulus could take, and more...
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Raoul Pal has previously co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. He came to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. Other stop-off points on the way were Natwest Markets and HSBC. He started his career training traders in technical analysis.
Raoul retired from managing client money in 2004 at the age of 36 and now writes for The Global Macro Investor, his flagship publication on global markets, and is a cofounder of Real Vision TV, the worlds first video on demand service for investors.