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🔥 *The Future of Finance is HERE: Join 6,000+ on the waitlist* https://rvtv.io/3IQ5Bs6 Raoul Pal and Andreas Steno dive deep into the new macro regime — where liquidity, policy, and technology intersect to drive the next great investment cycle. They unpack how private credit creation, AI-driven CapEx, energy transitions, and the “debasement trade” across gold, crypto, and equities will reshape global markets in 2026 and beyond. Recorded on October 3, 2025. ⚪ Follow Andreas Steno on X: @AndreasSteno 📣 This episode is brought to you by Figure, the platform to Earn and Borrow. Need liquidity without selling your crypto? Figure offers Crypto-Backed Loans, allowing you to borrow against your Bitcoin or Ethereum with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event. You can always see your BTC ownership in your FM account and verify holdings in your personal BTC vault onchain. Unlock your crypto’s potential today. 👉 Visit their app to apply for a Crypto Backed Loan today https://figuremarkets.onelink.me/Plnq/2uhuytay 📣 Bitwise has been all-in on crypto since 2017 and has more than 20 crypto-based products to help investors get the access they need. Bitwise manages the world’s largest crypto index fund, one of the top Bitcoin ETFs, and one of the largest institutional Ethereum staking solutions. Bitwise has over $10 billion in assets under management and employs over 100 people in the US and Europe to manage a range of products, including ETFs, private alpha strategies, and SMAs for large investors. 👉 Check out Bitwise at https://bitwiseinvestments.com and let them know that Real Vision mentioned them. Carefully consider the extreme risks associated with crypto before investing. Unlock the potential to showcase your brand to our global audience. Contact us at [email protected] for advertising inquiries. Timestamps: 0:00 – Sponsors 2:01 – Intro 3:30 – Business Cycle and Macro Analysis 7:59 – Liquidity and Credit Creation in the Economy 12:33 – Global Yield Curve Dynamics and Bank Lending 15:13 – Central Bank Strategy and Messaging 17:03 – Gold, Bitcoin, and the Debasement Trade 19:42 – Employment Trends and Capex Cycle Outlook 20:00 – Tariffs, Capex Cycles & US Manufacturing Policy 22:04 – US Debt Strategy & AI as Economic Solution 23:03 – Macro Investing: The Greatest Risk-Taking Opportunity 23:29 – Japan’s Interest Rates & Global Impact 26:01 – France, Politics, and European Market Stagnation 27:21 – European Defense Spending & NATO Commitments 30:14 – European Liquidity & Bank Revival 32:06 – Private Sector Credit Creation as Global Policy 33:46 – Global Equity Markets: Return of Non-US Opportunities 35:28 – Strong Bank Balance Sheets Enable New Credit Cycle 36:48 – Low Rates & Steep Yield Curves to Attract Foreign Investment 40:00 – Central Bank Independence & Political Influence 41:12 – Macro Trades & Liquidity-Driven Investing 42:03 – The AI Trade: Beyond Big Tech 43:04 – The Energy Trade as the Next AI Play 44:11 – The Urgency of Energy Infrastructure for AI 45:33 – Intelligence per Unit of Energy: The New Arms Race 46:18 – Why Oil & Nuclear Won’t Scale Fast Enough 47:02 – U.S. Solar Market is Still Undervalued 47:52 – NextTracker & Solar Yield Optimization 48:37 – Macro Investors Turning to Equities 49:13 – Thematic Investing vs Traditional Macro Trades 50:00 – Mega Macro Trends: AI, Crypto, Energy, and Defense 52:03 – Bubble Dynamics & Right-Tail Opportunities 53:10 – Crypto Legislation & the Genius Act's Impact on Ethereum 54:42 – Q4 Market Outlook & Repeating 2024 Patterns 56:03 – Extended Market Cycle & Delayed Capex Boom 57:46 – Tech Arms Race: AI, Geopolitics, and the Biggest Trade Ever 59:18 – AI Adoption & Personal Anecdote on Medical Use Case 1:00:20 – Wrap-Up & Reflections on Andreas’ Investing Style 1:01:25 – Outro 🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com Connect with me: Twitter (X): https://twitter.com/RaoulGMI Instagram: https://www.instagram.com/raoulgmi/ LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ My other work: Real Vision: https://rvtv.io/3LHYIaH Global Macro Investor: https://globalmacroinvestor.com The Exponentialist: https://realvision.com/thefuture EXPAAM: https://expaam.com Connect with Real Vision™: Twitter: https://rvtv.io/twitter Instagram: https://rvtv.io/instagram Get a FREE membership: https://rvtv.io/3Y4t5Pw Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf #raoulpal #crypto #macro #macroeconomics #cryptocurrency #cryptonews #blockchain #web3 #nft #nfts #btc #eth #btcnews #bitcoin #bitcoinnews #bitcointoday #cryptotrading #cryptoinsights #cryptotips #cryptoinsights #macroinsights #realvision #solana #sol #solanasol #altcoins #bitcoinnews #btctoday #btcnews #sui #suicrypto #ethnews