Why Central Banks Are The "Buyers of First Resort" (w/ Raoul Pal & James Aitken)

[@RealVisionFinance]

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[@noahdemill1707]

Not sure how long you've been doing this but I really appreciate the added text on the bottom to better understand acronyms in a fluid manner "RV=Relative Manner".

[@danescerri3297]

James had a thoughtful and clearly articulated answer for everything. Many thanks for sharing his expertise with us

[@goldnutter412]

This one goes on the most recommended list too :) thanks guys

[@andrewarmstrong3550]

This is by far the best guy you've had on the channel - beg him to come back Raoul!

[@MsXfi]

19 years working in finance, this guest is one of the sharpest macro I’ve ever heard in the business

[@memoryrinehart]

Seems like it's his whole world. Nosedeep. 🖐___👃___🖑

[@peterlattimore6013]

@@memoryrinehart also helps when the interviewer knows what questions to flow thru with too?.

[@memoryrinehart]

@@peterlattimore6013 I wasn't saying it admiringly. He needs saving from this being his life! Acts 2:38 Mark 16:16 Acts 22:16 Revelation 1:5 Hebrews 9:17 Fyi

[@Endthefedplease]

Smartest interview I've seen in months, well done Mr. Aitken.

[@kevinrawle3383]

After listening to James Aitken I just realized how much I don't know - like a babe in the woods so to speak.

[@memoryrinehart]

ikr

[@sebastianaguiarbrunemeier9192]

James is quite a compelling and clear speaker.

[@michaeldarcangelo3109]

Wow, what an interview.. So much to take in.. I think I'm gonna listen to it again. Ta

[@MisterCurious]

Truly an outstanding and highly informative interview. I would say that Mr. Aitken ranks right up there with the very best you have ever had on Real Vision. Kudos to you Raoul.

[@shreyasshetty6189]

He's one of the wisest people I have ever heard! Thanks for the interview.

[@normandolinic2044]

Why don't we admit we are in a depression, stop the federal reserve,from buying stock and let the. Chips fall where they may.

[@oahola237]

All organisms have a survival instinct including dysfunctional institutions.

[@christopherhosking6310]

@@oahola237 never truer words spoken.

[@DuaneMckenzie80]

Boomers need to retire so we can't deflate the bubble.

[@stanrock8015]

and then recover stronger, wise, and better. than we were before.

[@lachlanscanlan5621]

because the reason for the "crisis"in its manifest form is social transformation but letting chips fall may become the narrative at some point anyhow

[@patrickshanghai2064]

Raoul, in my opinion, the Fed makes dollar swap lines available to other countries because the alternative is these countries sell US treasuries to access dollars. it's not a "our dollar, our problem" thing, it's a "our debt, our problem" situation. this is my reality. am i dreaming?

[@giulioallegri1366]

Nope. But i think the way Raoul looks at it implies that they might one day not be an asset for the central bank and the US might close the swap lines.

[@orpheusepiphanes2797]

Theyre not that different from each other. In both cases the dollar loses its reserve status

[@kevinj5989]

That was a wonderful interview. I like listening to James Aitken.

[@NonameNoname-bj3xk]

Must be a top 5 Real Vsion interview sofar.. Well done.

[@amanimotto]

Thank you for this amazing interview. My goodness, both of you were so impressive and I've learned so much from this EPIC show. I hope Mr. Pal can have a follow up amazing interview with Mr. Aitken in a few months. Thanks again for these amazing interviews. 👍

[@marketbarometrix4983]

Truly enjoyable - watching this nearly 8 months after it was first aired Mr. Aitken's foresight is remarkable. I appreciate his focus on "sensibility" in an otherwise and generally insensible world.

[@hansbass5028]

I Forgot to say ,you too Raul ,are a joy to behold for us less knowledgeable and informed than your brilliant self!

[@julianewell9595]

I live in Australia. I remember chatting with a young friend (I am 63 ) twelve years ago. In this chat I remember saying to him that I believed that in he near future that younger people would have to go home and live with their parents to be able to survive. I see this happening in Australia now. Thank you for explaining to me what is happening in America as it seems that Australia follows America in a lot of cases. With great thanks. Julia.

[@postscript5549]

Your guest is so knowledgeable. At least twice he was speaking above my head - but I got most of it! Thank you.

[@jsm6557]

Best Interview . Very succint. I would appreciate more from him.

[@POMOZKI]

It says the broadcast date of this interview was April 10 - so why is it being reposted now?

[@akirchhoff24]

Paid subscribers on their site get first access. We get free access later.

[@rhysherbert8569]

All free real vision stuff is at least a month behind.

[@taylorj6177]

Because it's a manipulation.

[@rd9102]

Great video, absolutely fantastic. I like that he seems very down to earth and visionary in how he approaches the trades he talks about. One of the best video's i have seen out of RVF so far.

[@damienmills293]

Its a financial Aussie David Bowie !!

[@Project2013B]

Let's Dance!

[@MoneyEducator]

What a panel...two of the top macro analysts! Thanks, Raoul! Thanks Real Vision Finance! Great Team!

[@cautiousoptimist1926]

This is just what I have taken from this wide ranging and confusing discussion. There are no solutions to our problems just endless liquidity given freely to the speculators, the corrupt, the unprofitable and the profligate. The global fx markets can't be understood or explained even by those who trade in them. We just need to muddle through the next couple of quarters because something unnamed is going to save us all from a global depression.🙄

[@akslopforever7709]

Correct, you just defined FEDONOMICS

[@kirstinstrand6292]

What? Not MMT?

[@Mor4me]

Cautious Optimist sounds like your a cautious optimists

[@Vilemoney]

Yes Val all true . The tough part is trying to explain this to family members.

[@cautiousoptimist1926]

Magnus, perhaps I should update my name. Concerned Realist is currently more accurate. Valerie, I hope you're incorrect, but people are willingly giving up their freedom for convenience and instant gratification and most are blissfully unaware of the possible consequences.

[@bigbadgjn]

...I’m going to go and try to find some moral redemption at the roulette table...

[@vuven8930]

Best comment of 2020?

[@zuriman86]

Unfortunately the economic system we have been using (fiat central bank money) is no longer fit for purpose. The productivity of capital far outpaces the productivity of labour, and this divergence started in the 1990`s. Debt based money with an interest rate attached, even if it is only 1% is an exponential equation and over time leads to mountains of unpayable debts. We have been playing a game of musical chairs with MMT and Quantitative Monetary Theory, the advent of negative interest rates signals the end of the system (the debt has gotten so large, that any increase in interest rates collapses the entire system). Until we end this system and have a full reset and move to more sound forms of money (blockchain/crypto, silver and gold), this insanity is just going to get worse, the divide between rich and poor is going to widen until there is civil unrest, perhaps even civil wars. Bailing out the boomers pension funds (the stock market) and inflating housing prices beyond the affordability of the next generations adds to the anger and frustration felt by millions across the western world. Central banking through the reduction and increase in interest rates steals the wealth of the population and businesses; additionally the productivity of capital continued to increase and has forced wages to stagnate and decline for 99% of working people in the western world. This system of theft through inflation to enrich the elderly is the root cause of much of the worlds anger and resentment toward a system that gives the young no reason to invest their time and energy into it, and thus over time, this system and the perception of value it represents will crumble and disappear. Money is and has always been based on peoples trust, that trust has been eroded and abused in order to enrich a very few. - From someone who`s forefathers founded one of those big banks mentioned in the video, originally founded almost 200 years ago. We are now reaching the endgame of a system created to man the factories of the industrial revolution, not designed for a digitised automated world. The people behind the system have known this time was going to come for a long time, most central bankers are just puppets that hide the true owners/beneficiaries of the systems central banks (the ones that stole the wealth of countless nations over the last 300 years and fought wars to install central banks in almost every nation on earth).

[@downunda107]

Well stated Zuri . ThankYou. Your perspective makes sense. Solutions ? Regards Stephen australia

[@lachlanscanlan5621]

but the system we all know creates crises is fitting for its owners who want social transformation via crisis management economics.

[@ponzo1967]

Absolutely brilliant! Thank you for expressing what I sense but could never articulate so well 👍

[@vanessa271]

What a treat of opportunity to listen to James. I'm listening to this twice!

[@tomyshaw977]

Absolutely love the content.

[@tcpwiz1]

Was hoping it was a new segment with James. He is an awesome interview!

[@bitsnbots7541]

There’s very few go to financial tubes I subscribe to. Real Vision is one of them and right at the top. Thank you for producing first class content! Fellow Bitcoiner as well. Love that deflationary emission schedule and fixed supply 💪

[@patrickshanghai2064]

Real Vision is great! this interview was frustrating though.

[@mrenovatio3739]

Excellent interview... Gives us a glimps of the actual plumbing of the financial system...

[@postscript5549]

I am watching this a second time, and I am still not "getting" it all (and I have some training and experience in the capital markets). I have NO knowledge of the currency markets. Your guest is absolutely fascinating!!! Thank you!

[@catchagrip1322]

From one James to another James. Thank you Real Vision thank you.

[@anne6418]

That s the best I heard about the market situation, thanks a lot !! It s very enlightening !!

[@davidschrader3257]

Amazing guest! Thank you! I'll be following this guy.

[@postscript5549]

Raoul, There is an echo on your side. The sound quality is o.k. on guest's side.

[@martinclennon4640]

Thanks for providing great interviews like this. You guys are always moving forward and providing even greater insight into the world financial system.

[@WorldReserveCurrency]

I feel like he's about to Rick Roll on cam.

[@JM-gu3tx]

99% of people who get Covid 19 recover. If you are fat or diabetic, you should be worried. (Being fat doubles one's chance of a heart attack already, but did anybody care?) Only 6% of "covid deaths" are actually deaths from Covid 19. Lockdowns have caused 151 million people to be pushed into poverty. Millions are in danger of starving from lockdowns. Emerging markets are going to take a long time to recover. Thousands more die per day from suicide than the actual CCP virus.

[@jessicapae9642]

LOL. I had such a laugh when the guest speaker said "cash is trash". Every time I look at Dalio, I think of that famous statement.

[@toomaszobel]

Great interview, absolutely amazing and fresh insight on Chinese games with USTs and the Fed repo response, among other insights.

[@djkamalanyc]

Greatly enjoyed this video. It was not the easiest to follow for someone like myself without a finance background but as someone wanting to better overstand how the world tics this is very enlightening material. 🙌🏾

[@geoffgourd]

Fantastic discussion. An enormous amount to reflect upon.

[@healthygrowth7760]

You typed it for me thank you!!!

[@LAMilner]

I wonder how many times I'll have to watch this to understand it all.

[@OMGAnotherday]

Same here 👍🏼✌️🌅

[@deanmyers9889]

they are explaining BS to you,that is why it is confusing,,it is all fraud

[@trevorhare1815]

@@deanmyers9889 it's not fraud, it's corporate socialism

[@bradl2636]

Can we get a translation in English? Perhaps the layman version? LoL... or a summary elsewhere would be helpful. Thanks.

[@martinclennon4640]

Brad L I feel for you. Know that everyone here on this channel has at one time been where you are today. they were listening to someone that has a great deal to offer but did not understand what was being said. Do what we all have done and pause the video look up the particular topic which you need a definition for and then return to the video. Play the video a couple of times. Hang in there. There is another channel which goes more into the fundamentals. Will provide a link below.

[@martinclennon4640]

checkout george gammon’s channel. he does a whiteboard session on various fed topics. george is not an expert, he is learning like us and passes on the information as best he can. wish there was more peer reviews on all of this.

[@martinclennon4640]

@@fockewulf190d checkout Steven Van Metre next and find me on twitter. twitter is the way all of the analysts are sharing information. I just use twitter to eavesdrop on the conversation. :)

[@MoneyEducator]

Thanks Raoul. Great conversation with great minds. My question is how long can those foreign/corporations governments with dollar debt conduct swap lines with the Fed before they debase their currencies and inflation begins to ravage the local economies?

[@TheAgTeam]

Inspiring as always guys. Really sterling critically objective analysis

[@ajith-fz8sl]

This interview made me realise..I know nothing...I have to watch it again

[@JamieKidman]

The subtitle explain the RV was great please continue to do that

[@jackswift2]

Need to get this guy on more regularly

[@sirluciussquigglesworthlll6503]

Fantastic conversation

[@Curdle7]

When I look him up I get Michael James aitken from New Zealand is there a relation there he seems to be in the same kind of research

[@stanrock8015]

bold title I'm down for this one.

[@dolganthecute]

Why did opec+ need to cut to make the shale survive? But dont underestimate protectionsim during these times.

[@midasman1768]

Great info Raoul and James, many thanks.

[@alansuys6573]

Thanks for your information, greets from Mexico. Brecht Arnaut . Is there a Ponzi ¿¿¿¿

[@alansuys6573]

Thanks for your information, greets from Mexico. Brecht Arnaut . Is there a Ponzi ¿¿¿¿

[@josehawkins4276]

The only sector of the covid-19 economy expanding is finance, and in particular, an inflating stock bubble. The covid-19 bailouts continue on as stock buybacks and other asset inflating gimmicks. The real economy is shrinking, where supply relentlessly extorts ever vanishing pockets of liquidity, through compulsory rent and debt inflation. Instituting a passive income and/or intangible capital accumulation tax, rent control, debt forgiveness, a job guarantee and redirecting the bailouts to States and households will put money in our hands, spending it on the goods and services we need and want, creating immediate demand that directly translates into an inclusive, productive and sustainable economy.

[@josehawkins4276]

Money is a social unit of account having a fiscal/tax relation between the issuer of the currency and it's users. Unlike States and households, government expenditures and not taxes pay for entitlement/discretionary spending and interest on the debt. Demanding that taxes be paid in dollars, insures the validity of the dollar as the means of exchange. Taxes are vital for restraining concentrations of wealth, (power) and include capital gains, dividend, interest, corporate, inheritance, estate and passive income tax. The National Debt is the amount in dollars spent into the economy that the federal government buys back in exchange for interest bearing Treasury securities, essentially transferring dollars from checking to savings. Deficits occur when the federal government spends more into the economy then it taxes back out. Deficit spending provides the liquidity necessary for the economy to function. Inflation is a continuous rise in prices across the economy due to a shortage of resources and/or productive capacity. Hyperinflation is a collapsing value of the currency across the economy due to a collapse in resources and/or productive capacity. Stagflation is a decline in economic activity compounded by a continuous rise in prices across the economy due to the scarcity of a vital resource. Recessions are cyclical contractions of liquidity across the economy that cause a corresponding decline in economic activity. Depressions occur when the federal government runs a surplus, starving the economy of liquidity that cause deep and systemic unemployment, and an unsustainable escalation in private debt.

[@jutlandgroup9938]

Did James Aitken ever work with Philippe Heilberg at AIG?

[@endeavorwebs719]

Didn't understand the topics? No worries mate, save the video, play it backwards and it will all make sense.

[@incessantobsession]

I rather enjoyed his insight and tenacity. it would be amazing to see an update of his views and investment projects within a couple of months, since it seems like the "injected economy" remains buoyant

[@BlergleslinkVettermoo]

Excellent Discussion!

[@patrickshanghai2064]

i also thought it would be impossible, politically, to buy the high yield market... we are old stiffs. the modern Fed is doing it. with both hands. although apparently these things are "so complex" that they hired Blackrock to do it. why would buying a bond be so complicated is unknown to me, but apparently the banker/trader/hedgies tribe has made it so. maybe buying 100 billion in bonds is more complex? it's a farce. the Fed needs to step away from asset prices.

[@majorowe]

it's not complex, the FED goes via Blackrock to circumvent laws preventing it doing so directly

[@chewie1355]

Great interview

[@accessgranted83]

Money printers go brrrrrrrrrrrr brrrrrrrrrr !

[@MrYatesj1]

Cute Chucky image in the open, very professional

[@moriartyco]

I'm hoping for a second wave so I've got enough time to an OU economics degree and have some chance of fully understanding this conversation!

[@matthewstirzaker2091]

What a great, humour full and informative interview. Thank you

[@postscript5549]

How could anyone or any country NOT be worried about insolvency. (Yet the markets are sky high, again, on Tuesday.)

[@ronarraegoras999]

great video but the lopsided pictures by the light switch is driving me mad

[@maplenook]

Audio quality please

[@jorgegomez524]

This guy can be cast for the next The Crown serie

[@rifekimler3309]

he expects the real economy to come back in the third and fourth quarters--it aint happening. the hyper abstractions of international capital are truly divorced from real production.

[@goldnutter412]

Yep but he didnt expect it to come back, and says that it would be optimistic or whatever.. so as to talk about it at the time since that was a long way into the future back then... but realistically we all know what has happened and would happen, the fed is continuing their only option and anyone who knows fiat knew that already. So we get to where we are now and it would be amazing to hear any new insight on the same topics because we are closer to the vertical part of the curve (hyperinflation) than was perceivable, still not perceivable with the USD still at same exchange rates and only a relatively small rise in gold so far. Gold should definitely be pushing higher soon and silver will have its glory days again after that, as most wont be able to afford much gold and the ratio is mental, as it always does eventually when gold is frontrunning a big move like this and on everyones mind it goes over 100x, wont be selling silver for any less than 50x, ill convert everything to gold if we hit 20 ever again

[@nunya2954]

Who is "he"?

[@ShoelessNomadThailand]

Words of wisdom chaps I wish you guys were looking over my portfolio.

[@mcgovernandco]

Great Interview! Job well done Raoul. Learned a lot about China current monetary situation.

[@annettecaltabiano6872]

Hang on.. he’s an Aussie.. great interview

[@goldplaybest]

James looks like he came straight out of a 'Bond Movie'

[@phillipalexandercarr1462]

Only just caught this. Will watch later. Quality guy this... best Mancuniancryptoguy

[@bernardting3361]

Excellent

[@Banobile1]

At min 50-51 James states that Chinese banks are the ones mostly holding the $denominated Chinese Corp debt issued in $’s. What’s the benefit to Chinese corp’s or Chinese Banks of issuing Chinese debt in $’s if most of the debt is going to be held onshore in their own banks and mutual funds? Unless I’m missing something that is the MOST dangerous way to issue their debt, to issue in a currency that you don’t control the printer of but hold it onshore. I don’t see the benefit if it’s not to be sold into int’l markets.

[@jeffhaislipmusic]

Great content!! Thank you for the conversation

[@ppierodds]

your lucky i know several 1 that died

[@MoneyEducator]

Second question...with US trade imbalance shrinking, crude demand and other import shock, less dollars are going overseas...these dollar swaps and monetary injections into debt markets by the Fed show up in Fed's balance sheet...how long is the world going to accept such outrageous money printing...and when do precious metals take off...once investors notice there is no end to magic money...and vertical lift-off has taken hold of the Fed.

[@justinreynolds1392]

Next time, don’t release a video that’s 2 months old.

[@jonl9192]

Justin Reynolds instead of complaining u could just pay for a real vision account

[@mattjames4978]

Who tf are you?

[@nairbyad7188]

Is James really the late David Bowie? LOL - great info

[@richardgrosvenor5084]

The Ocker Speaketh Connaught Bar Talk. How out of date is this?

[@yakyak3831]

Just because he hasn't got a toffy mouth doesn't make him ocka. I love the mix of colour and insight.

[@postscript5549]

Have things changed?? Is the Fed now buying high yield/junk bonds????

[@risoletadarin2206]

Right on, mate!

[@Jackrobert28]

This is great. Hope you release after a month passes next time

[@kevinjohnson7418]

Subscribe to real vision and you don't have to wait a month. Where's your free content?

[@alanread4763]

More of the same please. Awesome! 👍

[@badgn2002]

Fantastic stuff.

[@ianbardon8581]

Has anyone any idea why the Thai bhat has been immune to 2 military coupe & CV 19 as it has risen year on year for the last 8 years

[@135iN55]

The Fed buys buggy whips when their friends want out. What could be more important?

[@schoolofstock.1483]

To only be in The ole' boy club... Cheers from the states.

[@Project2013B]

Jealous democrat?

[@linmal2242]

Great comment-stay right to the end!

[@sjmcn500]

Was this recorded before the riots? No mention of that

[@stevewilliams846]

The air date is shown in the upper left of the screen.

[@JoaoLuissonhar]

Excelent Thanks for sharing your ideias

[@coffeeandlifting]

Honestly, I stopped watching you guys after you said to pull out of the market and wait for things to settle down a few months ago. That would have been precisely the worst thing anyone could have done. I did the opposite... left all my investments in, and actually put extra money in at the bottom and made back all of my losses and then some. I was really dumbfounded by that advice, and it stuck with me. Now I'm skeptical of everything on this channel.

[@JenNy-bl5we]

Everyone is a genius in a bull market . Unless you predicted the Powell would much stronger and much faster than 2008 then you probably a genius otherwise you were just lucky.

[@alexconnors1027]

Stocks can go up in a escalator and down in an elevator. Don't mix brains up for a bull market or worse a bear market rally. The markets can pull your pants down when you're least expecting!!! Never has a bull market corrected in 27 days. Watch this space.

[@colloredbrothers]

Warren Buffet got out of the market, does that make him clueless as well? Iv watched countless interviews with worldclass investors who didnt understand what was going on. You just think you’re smart because you caught a lucky break, but holding on to your stocks past stop los is generally considered to be bad practice.

[@coffeeandlifting]

@@colloredbrothers You think Buffet "got out" of the market?? He has cash as a defensive position (as do I) but he has billions in equities. His strategy most closely resembles buy-and-hold which is my strategy as well. Get out of your own way and let your money work for you. For it to work you have to leave it in the market and not freak out all the time. Everyone knows this until they get a little bit scared and pull the plug when they're in the red. I've heard countless stories... people who sold their whole portfolio when Trump got elected (lol). People who sold the dip in 2018, and now people who sold in March 2020. All because they panicked and didn't have a long term strategy.

[@510gt1]

Catches a 50/50 swing. Flips a coin, and now all of a sudden your an economics professor.......

[@bathroomraids43]

thx for the enormous shout out but the realty is that i`ve seen my hospital never that empty nor does anyone of my colleagues.... this statement is truely a punch in the face of those who really suffer like 5.9 millon kids under the age of five starving every year but who cares ....enormous shout out from germany

[@spencerwinston4334]

Fascinating, full spectrum interview. The philosopher extraordinaire, Ralph Waldo Emerson, delivers the master key to this chaotic, dark, fixed monetary poker game we find ourselves in the following one profound quotation. "The higher the truth the simpler the answer." Along this line, as James expertly defines the myriad suspect, insidious policies resulting from radical Keynesian, Marxist "lite" govt. fiscal policies and central banks run out of the pirate playbook of Captain Morgan, the original legendary pirate of the Carribean. So as visionary architect Buckeminister Fuller wrote, "only a problem defined and understood is well on it's way to being solved." Just 3 steps and processes are needed to bring order and stability to this economic chaos while at the same time allowing dynamic stratospheric growth and most important of all restoring trust and truth to the larger macro economic system. 1. The Austrian School of Economics becomes the new gold/bitcoin standard and guiding light for fiscal and central bank policies. Out with the gaslighting of central bankers pretending Keynesian and Marxism do not lead to the road to serfdom. Let's play pretend is a "children's game" not a way to run Fed/ECB/Bank of Japan and China policy. 2. George Gilder's pioneering work on the vital importance of dynamic information flow and network effects must be the guiding light of all govt. business legislation. 3. A 5 to 10 percent flat "tax", maximum on all profits. Less is more. No complexity, no endless charade of forms, aim for simplicity. You earn a million in a year you pay maximum $100,000 of total tax to cover the casinos "rake." Tax applies to corporations as well so no more need to play an endless shell game and lost hours focusing on taxes instead of focusing on the most important part of business, the customer's needs for better, quicker, faster and above all promoting trust and dynamic information exchange between market participants using stable payment authenticity worldwide. 3 simple baby steps to allow the baby nascent information model to first crawl before quickly reaching stratospheric levels of technological progress under the glowing sublime grandeur of the stars above. The truth shall set us all free from this dark matrix of this monetary "confidence game." 3 simple baby steps!!!!

[@publicojornas1787]

Go with Central Banks.

[@joeface03]

Is this the guy from Westworld?