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Raoul Pal & Julian Bittel: Making Sense of Everything (Masterclass)
Raoul Pal: The Journey Man
Demographics Drive Economic Trends
High levels of debt, particularly in US dollars, make a US dollar crisis unlikely. The combination of an aging population and slowing productivity leads to increased debt that becomes monetized or results in currency debasement. Since 2008, there has been a clear trend of rising liquidity, paralleling patterns seen in Bitcoin and NASDAQ charts. The fundamental driver of these economic patterns is demographics, particularly low birth rates, which impact future growth unless offset by substantial immigration. Historical economic phenomena, such as the inflation of the 1970s and the disinflation in the 90s and 2000s, can be understood through the lens of demographic changes.
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