Raoul Pal: This is My Personal Life Story- Goldman Sachs, Predicting the Global Crisis & Why We Have 5 Years to Get Rich Before AI Changes Everything ft. Paul Guerra on ACCIÓN! Podcast

31:39By market cap, the top ones. Kind of like the same ones. What people lose their minds is they want to get rich quick. Chasing the next meme coin, the next big thing. Well, because people suddenly start to say, oh my God, I don't need to be trapped in the world of 10 % a year in the stock market. I've now been given this 100 % a year. And then you become greedy. All you see is I could make 1 ,000 % or 10 ,000%. And then you do stupid shit. And that's when you get scammed. Because now you're exposing yourself away from the simple bets of investing in the technology layer. So now you're investing in the applications layer.

32:16And that's when businesses are starting. Who's building what? It's a mean coin. It's a DeFi protocol. It's all of these things. ICOs back in 2017, 2018. And then you've got to ask yourself, are you qualified to be a venture capital investor, early stage? Are you doing the due diligence? Taking the risk as well. Taking the risk. Yeah. Most, they all are a power law. And so what that means is most of the bets go to somewhere near zero. Or let's say 20 % go to zero, 50 % don't do anything, and 10 % make all the money. Now, are you qualified to do that? No, then don't do it. You don't have to do that bet when the assets are growing at 150 % a year at the base asset, Bitcoin or Ethereum.

33:01You don't need to buy NFTs. You don't need to buy meme coins. You don't need to do any of these things. And that's the really hard thing is the system sucks you into greed if you're not careful and it's unnecessary. The other interesting part now for everyone watching and listening is that now the way I see it as the average person in crypto is that before it was always this fear of it could be taken away, it's backed by nothing, etc. Since January of this year of 2024, that we're about to end, it became finally with the ETF approval of Bitcoin pretty much legal in the US. Now we have a government like Trump that is going to be more pro-crypto, pro-innovation, pro-technology, and it's Elon on top of that.

33:44But you get these predictions by Bitwise and these giant institutions now giving really crazy predictions of where it's going to be. So my point that I'm trying to make here is like now we're having also the institutional big money, the big players putting their chips into crypto. Yeah, it doesn't matter. You see, everybody looks at it through their lens. And the lens may be you're from Venezuela, so you think you can have it expropriated. Or a gold investor in the US, well, they took gold. They didn't do it in Europe. But different people use their different lens. But we don't realize. And so you're worried about regulation.

34:22It's a global asset. The Chinese have banned it. In the Indians, nothing happens. Little dip here and there. Why? Because this is a network of millions of individuals. This is not driven by the institutions. It doesn't matter whether they come or not. People want to be validated. It's a ridiculous thing. Oh, BlackRock think it's good, so therefore I'm not stupid. It's like, you're not stupid because literally hundreds of millions of people are using this, making money from it, building on top of it, and creating a new future. So therefore you can't be stupid. You do not need some bloke on television telling you that it's valid.

35:00So what we've done for the first time in history, if we go back to how I started this journey, those of us at the center would get the opportunities. And then you would charge layers of fees until it comes down to the individual. Well, they didn't even see them. They don't get to invest in Facebook when it launches. Or Uber or Airbnb or whatever. Anything, right? We don't get any of that stuff. It eventually goes into the public stock market at several billion dollars. Yes, it went up a lot after that, but somebody's made a million percent returns before that. This is the complete inverse. There are no gatekeepers.

35:37Retailer first. They front run all of the institutions. They get all the opportunity, all of the upside. And the institutions come later and force the prices up, and we all get hilariously rich. Genius. It's a complete inversion of how the financial system works. So it doesn't really matter. So I know people want the validation. Regulation helps because it stops governments shutting down your business in a different country. So yes, it helps. But don't forget, it's currently a$3 trillion asset. I think it goes to$100 trillion. The only way it gets there is to have more larger and larger pools of capital coming into the space.

36:18But if you think of it in those terms, it's still only 3 % of the journey to where it's going to in the next 10 years. Jesus Your thesis of 100 trillion Yeah So therefore it goes up 30x from here Again people don't realise that Am I too late? Bitcoin's at$100 ,000 Am I too I'm like it's 3 % And it's Therefore it should go up 33x from here Okay Find me anything else Assume that I'm wrong by 50 % It goes up 15x from here Find me another investment Anywhere in the world That will unfuck your future like this It doesn't exist Certainly not one you've got access to. Or that's legal. The other one would be drugs or whatever.

36:59That's a completely different conversation. Yes, but that has a massive risk profile of loss of life. Yeah. Right? So I understand. People in economic hard times choose extreme situations. Now, given the choice, let's say you're on a border town in Mexico. Right. And you can either work for the cartel and get a decent living, but you've got risk of death. you can probably make higher percentage well you will make higher percentage returns in crypto and not have to have risk of death so really it kind of should force a lot of people out of other industries more illegal industries where people need to make money because the reality is people in the drug business aren't bad people necessarily the system is bad of what they're doing but really they're just individuals trying to unfuck their future if you're you know if you're in uh the the cocoa farms in peru you're not thinking that your farming is killing kids in nightclubs in chicago you're like i need to make a living pay for my kids i don't want my kids to die off you know so the incentivization structure is very different but here we've got something that can get you out of that it's fascinating the life raft you know and i i see it here you know the guy cuts my hair is from the philippines and all the guys in the barbershop are all filipinos and they're all crazy crypto dudes i'm like why what got you into this and yeah asians like gambling okay i get that but he's like simple is we spent send money home to our parents or to our families remittance payments yeah and we just learned that crypto was these israel so we all opened the finance account yeah p2p and that's it and then once i've got a finance account like what's this oh this is going up and then they're in right and so these are pretty simple folk from the philippines i mean my barber had um here in the cayman islands if you're here for if you haven't got a permanent residency every seven or nine years you have to leave for a year and come back reapply for your permit and he'd been off for a year and i just saw him last week like jules what have you been up to were you working in the philippines it's like no so why not he goes solana he's like i don't need to work oh really so yeah because i made 10x in solana i spent a bit of that didn't work so i spent a year with my family doing some good stuff traded a bit of crypto i'm like okay that's the empowerment that's why you call the lifestyle chips this is a barber from the philippines that's working in the Cayman Islands, and he can not work for a year because of his investments.

39:43That's la la land. Go to a barber in New York City and say, hey, you're not going to work for a year. Can you survive? No, zero, zero. For a week. Yeah, zero chance. Jesus. You mentioned a key word here into this whole thing. By saving or by anything, you mentioned asset, right? That would be the logic, what it demands. You put your money into assets. that's how you get out of the rat race. That's at least the idea we got by the system. But then... Because you can, so just to clarify that, you can earn income. Right. The game is to try and get some excess income. But if you don't invest, then you're always having to work for that excess income.

40:25Yeah. And you're not compounding the ability to get somewhere different in life that you want to. And one of those asset classes that's been the ultimate aspirational goal for most of people is real estate. My house, the peace of mind. You have no idea. I love to leave in the comment section of stuff. And this is a fascinating one because 90 % of people say, no, my mortgage is cheaper than rent. The peace of mind that I get by having my own place that is mine is priceless. Then my head is like, okay, technically it's not yours. You stop paying property tax. The government will take that property from you.

41:05There's property tax, there's maintenance costs, there's opportunity costs that you could have put on Bitcoin, let's say. You're missing those gains. So there's a lot of things that people are phantom things that they don't see, and they're missing on the boat. How can you elaborate on that? Because I remember when you went on Stephen Bartlett's podcast, you went bananas when you said your house is not an asset anymore. It's not an asset. Find me anybody who sold their house to take the money out. You don't. You live in it. You only would sell it under the worst duresh, the worst situation. Like I was speaking to a friend of mine who fled Venezuela.

41:45They sold all their assets via sale prices. But otherwise, look at your parents. They still own their house. So what the fuck was that money for? What? So they have a roof over their heads? Well, you can rent and do that because as you rightly you said, if you don't pay, you go through tough times, you lose your job, all your business falls apart, and you can't pay your rent. You don't own the house. It's gone. Goodbye. So what's the difference to renting? If you're not actually getting an asset. Now, it's different if you're buying other houses as assets to build a portfolio. A multifamily complex and rent.

42:23Whatever. And I still don't even like that business. But let's assume you'd want to do it. Fine. But your house is not an asset. It will get you nowhere in life. You mean the average single family home? Yeah, your apartment or whatever it is, it is not an asset. Now, it becomes an asset in lifestyle terms when you don't have a mortgage on it. Because now it can't be taken away. Yes, the government can theoretically, but it comes much harder. So therefore, that is the game, which is the lifestyle chips. That's lifestyle ratchet. it. That is not an investment. So the game should be, how do I make enough money that I can buy that apartment in cash?

43:08That is very different because the apartment is not the asset. The lifestyle is the asset. Funny, here I see you have a point in common with Dave Ramsey, pay cash for your property, for example. Yeah, but most people don't have the opportunity. But I'm giving you the opportunity. I'm telling you what it is. I'm telling you how to do it. And most people still don't take it because they've been so poisoned by this idea that the house is everything now if you go to germany most people don't own houses they rent same in france very pragmatical people yeah but also because that they don't have a giant financial system and it's a story told a mimetic which is you must get a mortgage as soon as possible in the house why because you're financialized so here's a story about this back in the early 80s the uk had been a more socialist, more on the left than the right, as countries go from one to the other.

43:57And Margaret Thatcher came into power. Now, after World War II, we had a huge issue. We had asked men, all our men to fight, and women to go through the hardship of war. 20 % of the entire population of Europe was killed. Many people came back from war injured. They had nowhere to live. They had to rebuild their lives. and we started the national health service so did several european countries that's why the europeans have free health care the u.s don't it's because we owed it to all of these people who came back from war injured there's no way they could afford it so the government had to okay so people don't really understand the impact of world war one and two they were so big um the other thing is that there were people houses have been destroyed people didn't have to rebuild lives and there was this young boom of baby boomers and people couldn't afford by the houses so the government built houses they were called council houses and you can get them for free or very small rent you just had to prove that you didn't have a larger income etc and much like healthcare you had free housing revolutionary idea what Margaret Thatcher did was realise those people because they don't have a stake in the economic system voted left give them the house and give them some debt they vote right so what she did was an populism yes and what she actually did was gave a friend of mine We had a council estate nearby me.

45:44My closest oldest friend grew up on the council estate. Their parents got to buy it for virtually nothing. Huge discount to its actual value. So it's like your airdropped a house. Jesus. And you buy it for 20 grand and it's worth 120 grand. So suddenly you buy the house. How do you buy the house? With a mortgage. Now you're financialized. These people went from creditors, because they used to have their savings, to debtors. And now you're in the financial system, and you're in the banking system, and you're the self-perpetuating thing. Buy a house, buy a house, get more debt. Fund the banking system.

46:22The banking system funds the government. It's all part of this kind of industrial finance complex. And the housing story is one of the stories told to you, much like the S &P 500 pension story is one of these stories told to you that don't actually solve the problems anymore. They used to many years ago. And that's why I urge people to think differently and opt out of that system. I'm not saying a house is a bad thing, but don't think a house is an asset because you will never sell it. We go back to this. So I think the most important concept here is debt. And you mentioned World War II and World War I.

47:02And that one is key because with the fall of the Ottoman Empire and after that World War I, you see what you've talked about this before, the Treaty of Versailles, and pretty much in today's money, it's like, what,$8 trillion of debt? So pretty much so people can get the big picture. We're speaking about that Europe got fucked from 1920. No, not just Europe. It was one country. Germany. So what happened was after World War I, which was the last kind of gentlemanly war, we did the unthinkable, which had never been done before, which is we forced the country who went to war to pay reparations to everybody else.

47:41And we forced such a large debt. Now, World War I was horrific. It was the largest loss of life the world had ever seen. It was awful. But they forced reparations on the Germans. The Germans couldn't afford it. They didn't have enough income because they've been crushed by World War I too. And so what happened? Hyperinflation. What happens in hyperinflation? Populism. What happens in populism? Militarism. Rise of Adolf Hitler. Then Europe goes to war all over again because the Germans are pissed that they've lost everything. Was it their fault? Was it not their fault? Yeah, wars, of course, are the madness of people.

48:30but also they were forced into a terrible situation. This is no justification for the Nazi Germany or anything else, but just saying what changes a population to do ridiculous things is when they become desperate. And then led by an insane leader, they can do truly terrible things. So that was the start of everything. That's why we went to war. After that, we killed each other to such disgusting degree people were so relieved when war finished they all had kids. They're like it's over. They'd seen two world wars that generation. Two world wars. So they had kids. The Americans had come and become the peacekeeper of the world.

49:15We're safe. We can have a family. And we had the largest population boom in all recorded history. Now, that seemed fine. Population growth equals economic growth. The economy starts taking off once these kids get a little older and they get into the workforce. Problem is, you put too many people in the workforce earning their first paycheck at the same time, buying their first table, chair, house, car. Well, that's an unprecedented amount of instant demand, which caused unprecedented inflation. Obvious. The other problem is, is you put these, in the US alone, the 79 million baby boomers, you put them all into the workforce at the same time.

49:56Guess what? Wages don't go up. Too many workers. So they're all competing with each other. And then you get to the 90s, and we've got the WTO agreement and the NAFTA agreement. So now you're adding foreign workers into the equation. So you're competing with foreign workers, and you're competing with all of your other baby boomers around you. Oh, and then we throw in the technological revolution of the computer. And the dot-com bubble and then the 2008 crisis. And so the baby boomers, people talk and say, well, you know, these are the richest generation of people ever. Utter bullshit. The rich baby boomers are the richest people who ever lived.

50:37The medium baby boomer in the United States has$150 ,000 in their pension. Jesus. That's basically going to see them. Let's assume they spend 50 grand a year. That's three years. How are they ever going to survive? Which is what's keeping them having to work in their 70s in Walmart. it's horrific. And their kids, the millennials, well, there was 86 million of them. It wasn't as large a percentage as the baby boomers were, but 86 million millennials. And guess what? Everyone's working three jobs. Why? Too many millennials. Look at what happened to university degrees. They were told this story, get a university degree.

51:16It's the most valuable thing you can do. You'll earn more money. All the millennials being a quite compliant cohort, all went and got a university degree. What happens? You devalued them. You debased university degrees to worthless pieces of paper. So then they all had to go and do master's degrees. And they were still worthless. And behind those degrees, there's again the same word, debt. Yeah. So then, so they forced you into doing it, telling you this is the only way to unfuck your future whilst fucking you with debt. Right. So the average master's degree student leaves with$120 ,000 in debt at the age of 24 years old, is working now three jobs, can't afford to move out of their parents, can't afford to get married.

51:56Can't afford to buy a house. Okay, so the next 10 years of their lives is paying off the$120 ,000. They can't make investments. I mean, really? Is this what we're going to do to people? That's what we've done. And this is why people are opting out. And this is why people are angry is we are not solving this. We're making it worse. And we make it worse because we keep financializing everybody. And here we've got this asset, again, that's outside of this financial system. it's a parallel one that's being bootstrapped from the ground up by the people for the people and they will take it Rao why all of this I could see so many people thinking well this guy clearly did well why bother putting himself into places where sometimes people are nasty online or they are you know disgusting and send bad vibes what's the legacy that you want to leave behind like once ralph how living in this uh carcass of your body this avatar that you got in this life will die i've been blessed with something and that's somewhat the ability to see the future and i can also see around me and recognize that people are fucking angry and i can see why i'm very i'm one of the very few people who put together all these component parts almost nobody's put together that it's world war ii that caused it or World War I actually, and it was the fall of the Ottoman Empire and the end of the British Empire.

53:26It makes so much sense. It's all the same thing. And I figured out how the economic machine works and what's driving it and the debt thing. So if I can help people get off this journey and onto a new journey, then we can reset all over again. And if I can do that and still make money out of it myself, I can walk away with a sense of pride. I've unfucked my own future. And I've taken millions of people along with me. Now, I won't be perfect. I will get many things wrong. People will hate me for periods of time. And that's painful. But I don't know any way around it. And I'm pretty damn sure I'm right.

54:08And I've been right since 2013. I mean, don't forget, it was$200 back then when I said it was the greatest trade of all time. I didn't hold on to it all the time. I've owned it for most of it, but I still fucked it up myself. But you missed that 10x, right? Yeah. Well, let me explain. I bought it at 200, sold it at 2 ,000. Then it went up to 20 ,000. Fine. It then fell, and I did the right thing. I was buying a bear market, and it was down 50%. But I bought it back at 6 ,500. And so if I had just held my 200, I would have made a lot more money. But anyway, it's a really, so what's so amazing about this is basically, I can forget all of the description of the space.

54:59This will make a higher return than building any business you will ever build. These fancy SAFs businesses, they grow at like 50 % a year. That's an amazing business. This thing grows at 150 % a year. So it almost makes doing anything else irrelevant. You're almost better to sell your house and sell your assets, fuck off to a beach shack in El Salvador, stick it in Bitcoin, come back in 10 years' time, and your life will have been changed forever. And that sounds stupid, but that's what it is. Are you afraid of death? That's a question.

55:44yes and no why because I haven't finished the journey I mean yeah I've finished many chapters but I haven't finished the book it would only be that I'd be like really for fuck's sake I haven't finished this yet what do you think is the worst advice that someone has ever given you

56:14I don't know no idea no because I tend to to get through life you have to forget all of the negative things because if not they sit inside you I could have they shouldn't have I shouldn't have why did it happen to me all of that stuff you have to leave all of that stuff behind and so I don't think in those terms. Is there still a piece of advice from a mentor that you have in your life that you apply up to this day? No, you piece it together from everybody and everything and seeing life lived in different countries and different places and, you know, at different points, different things become motivating to you or different things make you rebel against them.

57:01You know, what might have been my motivation when I was a kid, which was like an English country house with a gravel driver and a jaguar is now makes my skin crawl i could never want to do that ever again you know i want different things so but that was my motivation to get into university i want to be that guy you were at kiv in the 80s right in yeah in the uk yeah and that was the thing i wanted the big house and the you know the english country house and the english car and you know all of that and now i'm like this is the worst thing in the world i could never want that different things motivate you at different times so everything shifts around but the one piece of advice that was given to me which is a bigger story than it sounds which was somebody said to me back when i finished university and they said hey what do you want to do it's one dad's friends what do you want to do now you graduated and i graduated in a recession so i was not going to get a job quickly but okay um i said i don't know it's between marketing because dad was in marketing and i kind of understood it or finance because that was all the cool kids and he said it's pretty simple, really.

58:01He said, you can go and work for Mars, one of the great consumer marketing companies of all time, and you can get free Mars bars. Or you can go and work for a bank and get free money. So it's like, you can apply that to anything. You can be an investor and you can make 8 % a year because you own the S &P 500. Or you can be an investor in cryptocurrencies and make 150 % a year. You can go and work in finance industry now. Let's say you want to work for a hedge fund because that was glamorous. And the hedge fund industry is shrinking. And the returns have gone down from when I first started, a great macro hedge fund would try and make 30 % a year returns.

58:41They now are forced by their investor base to make 6 % returns. So you don't make any money. But it's still deemed to be glamorous. There's still some shine on it. Well, if you want to go and be an investor, go and do it in crypto. where the returns are miles higher and you're going to get paid and you're going to get rich. Look for the secular trend. And it's not always the technology trend. It doesn't have to be technology or crypto. It can be the complete opposite too. I talked about this in the Stephen Bartlett podcast is as we get more digital, most of us crave authenticity and humanness.

59:20So let's say again you are in Ecuador and you're thinking, how the fuck do I get out of this? Start a high-end guiding company in the Amazon and charge rich people from Silicon Valley five times the going rate for a luxury experience. You will get rich. Because it's a scarce thing, that humanness, that nature. You find a cohort of people that will pay for the right services. Deal with them. So there's many ways of skinning this, but it's looking at the megatrends. nature will be a mega trend as well as technology at the same time. Speaking of the audience that are watching this and they watch the podcast, in terms of advice, you already said someone from a mentor that you had or a friend of your dad back in the day.

1:00:04Now from you, this journey that you had in your life, if you could sit down with Rao in his 20s, in his 30s, and in his 40s, what's one piece of advice for every decade for 20s, 30s, and 40s? I wouldn't have done anything different. Literally, I would never have done anything different. But what could you tell them or Raul or people in those cohorts in terms of like, what's the one thing that you should focus in your 20s, in your 30s and in your 40s? Your 20s, you don't know anything. You think you know everything. Right. I think we still believe that in whatever it is we have. And so, yeah. Okay.

1:00:40But yeah, 20s is more. Your 20s is identify the trend and throw everything into it. Okay. Go all in into something. Also start building a network. you are going to be defined by the people around you. Yeah. The opportunities that come are from the people around you. Yeah, you're the average of the five people that you surround yourself with. Nobody gets the dream job by applying to a job in the paper. You're asked because you've met somebody who knows that you're good at what you do. Network, network, network. And that's not to be the dick who just tries to network everyone. Let me have a coffee and hit them up on LinkedIn.

1:01:12Just be useful, be around people, be a good guy or girl. Add value. Yeah, add value. in your 30s is the time to cement all of that and start thinking about okay what's the first part of the lifestyle i want to take but you're still gonna have to work really hard and then by the time and the 30s is most people go through the complications of marriage kids those choices and they become slightly obsessed by that whole thing but that's the time you should now have decided what risks you're going to take with your future and you should be taking them because you've now gain knowledge and experience.

1:01:48You might get one wrong, but generally you should not be now making bets that you're going to get too many things wrong. Your 20s is for getting things wrong because you can blow up and start again. In your 30s, you don't really want to blow up and start again. Most people will take one big bet then. And you should have made a good enough defined decision as, is this the right choice for me? Whatever industry you choose, whatever job it is or investment is uh in your 40s it's all about compounding compounding lifestyle compounding friends compounding network and that will pay for the rest of your life so you're setting yourself up in your 20s and 30s for your 40s 50s and 60s people don't kind of realize that i think the world owes them a living the first yeah in the 20s and 30s the world doesn't own the living you need to earn your place in it before we start wrapping up this because we have a plane to catch um how do you do it i there's there's a two-part question here because i i really admire the capacity you have to be a founder and a co-founder in different businesses have a life have a wife have everything and how do you like your time management or how do you do how are you able to do so many things at the same time because i break it down to the single common elements, all the same trade.

1:03:09Everything I do is the same trade. Lifestyle? No, the trade is capture the crypto opportunity or the technology opportunity. So it's all one bet. All I'm doing is just doing a few different ways of the bet. Yes, there's complexity with managing people and businesses and all of that stuff and not letting it take over your life, but it also is a period of time where this is it. This is the fucking big one. There's no time to do anything else. This is it. This is the most important moment pretty much of everybody's lives. And it's probably one of the most important moments in all of humanity because of what's happening with AI.

1:03:46And so as people in crypto say, it's time to lock in. Second part of that question, how your power of resilience is big because I've seen the online, sometimes the negative comments when the markets are bearish and everything's red and people are nasty. how do you manage to don't let that affect you? I do, of course it affects me it hurts me to the core what you have to do is separate that group of negative emotions from the positivity that still exists and realize that it's not everything many people become overly sensitive because they see the negatives only and think that is the truth but the truth is there's a whole bunch of people who like you for what you do.

1:04:33So somehow you just need to balance it by percentage weighting. Now, if the negative comments are growing faster and faster and faster, maybe you've got a problem. But if it's not growing excessive versus the overall opinion of Raoul, Paul, whoever it is, you just need to separate yourself. You can't get sensitive when somebody criticizes you. Develop a thick skin, pretty much. I don't think you can develop thick skins. You just have to park it away in a box. but it does hurt and it builds. And so you do get sensitive. So it doesn't go away. I mean, I'm still very scarred of 2022.

1:05:16But it's in a box and it kind of goes away. And in that part, so what, what is it that you do also to get out of it? So you love music, the lifestyle, this house is called rock and roll. So clearly it's not called rock and roll. This is, but yes. Oh, I thought it was a house name. No, Oh, it's just the theme. Yeah. Gotcha. But I think that for you, that vehicle that encapsulates everything that you are at the core is music. Right? So is that something you use to get out of negative moments or you isolate or what do you do to? Music, nature, travel and learning. Growing, yeah. Yeah, just learning stuff, everything, anything.

1:05:54Broaden, deepen your knowledge base on everything is a joy. um music is like traveling it just it's passion it's emotion it's memory music to me is a snapshot of memory i remember where i was when i heard something who i was with everything else it's like food same wine same their memories so a smell memory of a wine taste memory of a food what meal people were having together right these are just memory anchors right so yes they're pleasurable in their own right but they also they become a collection of memories power of nostalgia yeah yeah and that's super good so so there's that and travel does the same yeah because you're taken out of your everyday life getting up in the morning having a coffee reading your email blah blah and suddenly you're in the jungle and the howler monkeys have stolen the bread from your table and you're like okay i won't forget this not because it's extraordinary for the howler monkeys they live that life every day, but it's extraordinary for you.

1:06:54So you've now got a new life experience of living with howler monkeys. The howler monkeys were like, well, you know, I've robbed humans every morning. But, you know, it was amazing. It's like it happened to me in Zambia. It was really funny. We parked our expedition trucks, and a friend of mine who was kind of guiding us, he's like, just be careful of the baboons. They're a nightmare here. because they got used to humans coming. And baboons are super smart. And they are thieves. They're just the worst. Ladrones. I mean, they're just the worst. They're just the worst. And so we're all being careful, but the friend of mine, typical bloke with ADHD with his dad, leaves the door open.

1:07:38I turn around, I hear this screaming and shouting in this strong South African accent, swearing like, motherfucker. Turn around, and there was a giant baboon sitting in the driver's seat of the car full silhouette like a human throwing packets of biscuits of food, ripping over with these guys trying to get the baboon out but he's so scary because he's got massive teeth and it's kind of just laughing the baboon's like I know how to do this, I've been doing this all the time but I will never forget that memory of me going into baboon world and seeing the baboons beat the humans Do you recall the first memory when music hit you and you were like oh this is it, was it Bowie or were you a kid?

1:08:20What was it? What was the first? My parents were not massively musical. I had background music. I think it was my sister probably buying or getting an ABBA single. And then I remember I bought a single. I remember the first album I bought was by The Beat, British album, British band. That was the first one I saved up. In fact, what I'd done is not eat my lunch at school and save the money. And that's what I used to do. I said, not eat lunch and buy records. And then I was really lucky. So music, you know, it was just a very thing. And the music of the late 70s in England was the music of rebellion because we'd gone through these awful economic times and there was a lot of racism and music came out to get rid of racism and anger and all of this.

1:09:07And so it was a really powerful time. This was the clash and - The pistols. The pistols and all of this stuff. Yeah. But the pistols weren't really, they were a bit more fuck the system, the clash and stuff. there was a lot of this race stuff. And these were multicultural bands who grounded on rock and reggae and just kind of overthrew a lot of the awful stuff that was going on. We get through the 70s and it ends up in, wham, Club Tropicana. And everything's now perfect. We drink cocktails and life moves on, which is the story of the 80s. So it really signifies social change more than it does now.

1:09:41Now we've kind of got most things down to pop. And yes, we did have pop, but even Wham Club Tropicana meant something. It was the chance for my generation who grew up with violence, rioting in the streets, to go, you know, it's all right. We can just go to Spain, drink cocktails, meet girls. And it was like being given permission not to be scared anymore. So music has a big place. I was also very lucky. I grew up in a street of 10 houses. One of the kids' uncles owns Reading Rock Festival. It's one of the oldest, largest rock festivals in the world and certainly in England. So at the age of 11 years old, I had backstage passes.

1:10:21Oh my God. We see all the heavy metal bands of the age because it's a very heavy metal period. So 11 years old. Jesus. That's great exposure. Yeah. So it's been in my blood ever since. Holy. Okay. Final one, Raul. Real Vision. Raul Pal itself. What's coming for you in Real Vision?

1:10:42um the story is this the same story it just keeps getting bigger you know as you bring more people into the system and more people are understanding you can help more people at scale which is what we do we just have to figure out how to do it it's not just media anymore there's millions of podcasts you don't know what's good and what's not i can see it i can see that terrible information people are getting i can see the videos of mine being cut up and taken out of context yeah like you're shilling a token. It's like, nope, I didn't. Adam Chapnick No. And it's like, so the power of the people, I've talked about this.

1:11:16This is a ground up movement. The whole financial system is being built from the ground up. The power is to educate people, give them the tools, and they will make better decisions. Most people who are investing in crypto at a sensible level, not punting around mean coins, are making better of decisions than most investment advisors. Who would have thought that, right? We were told that you can't. Surely you needed to have a degree from Harvard to do that. You needed to be trained and you need to be a CFA. None of it is true. We as the people can educate each other, make mistakes, learn and do things together.

1:11:53So it's the power of the hive mind to unfuck our futures collectively is what I'm trying to get to. And that is the next leg of Real Vision. And that's the leg for me. And at some point I'll get off that ride, but it ain't done yet. Thanks so much, Raul. This was incredible. I appreciate the time and the conversation. I feel like we could keep going, but we just need to leave. There's something I just wanted to leave you with. You just mentioned authenticity. And we've seen this over and over and over. You see now people, I am an old soul. I miss vinyl. my car has a cassette player i'm an old soul in a way so the more digital we're going to get the more avatars avatars and everything i think my thesis is that people will crave more of the analog experience of this of a face-to-face of the real person with the real authenticity showing who they are and i think that's one of the components of why you excel at what you do you as you said you're a great communicator you can synthesize you know me i'm the same person yeah yeah you're not putting a show i don't change no yeah whether it's a work meeting or whether it's a but that's what will be the big thing i think yes attention but blended with an authentic person that's all going you think with ai it's all gone i think that people will crave the original person you won't even know we'll see you won't even know it's like oh they're never going to listen to vinyl they're never going to listen to it on cd they're never going to stream it's all bullshit you just you get over it before you know it everything else is just nostalgia the nostalgia is powerful yeah but it ain't the size of Spotify oh no no not to that mainstream level but there will be a group of weirdos like me that will crave the authentic analog experience of course and we talked about that that was the authentic you know the other side of the coin which is you're leaning into technology you're leaning away from it yes but trust me most people won't care awesome Raul please everyone watching here to this camera where can they find you and follow you?

1:13:54Easiest way to find me is on X or Twitter. So that's at Raoul, R-A-O-U-L, not the Spanish spelling. This is the French Portuguese spelling, R-A-O-U-L-G-M-I. And really, I think if there's one thing I can do for you is there'll be a link below this, which is, I put together a plan and we didn't really talk about it today, but I think we've got about six years left before everything changes and the economic system gets warped by AI and robots and all of these things. And I think we've got a six-year period that we can actually unfuck our futures in the ways that I've talked about here. And I've put a document together.

1:14:31It's free. It's part of Real Vision. But click on the link below. Go to that. Read it. Watch the video. You'll have a much better understanding of what you can do for yourself, how you can take control of yourself and navigate this journey. and really, you know, most people probably watching this are millennial because most people are in the world. And therefore, you're probably 35 years old. So basically what I'm saying is we can sort this out that you're out of the other side by the time you're 40. That's pretty decent. So give it a go. Thank you so much. Not actually that you said the six-year thing.

1:15:02Fuck, well, the thing is, I think this is important that we'll add value, but like in layman's terms, you have, like, you know, the GDP formula. So population, productivity, and debt. Those indicators are fucked, right? So productivity is down at this point. Let me explain. Yeah. GDP growth, the growth of economies, the health of economies is the population growing because more people mean more GDP. But they need to be productive. So they can't just be rice workers or they can't be homeless or they can't be whatever. They need to be productive workers. Yeah. So growing workers that are productive and growing debt, because we talked about how the debt system builds economic growth.

1:15:42Yeah. It robs it from the future. we've got the opposite. Population growth is falling, productivity because old people aren't productive, and debt growth broke in 2008, and we're just servicing debt. AI and robots change the entire equation. AI is infinite human knowledge, and infinite human knowledge workers. Robots are infinite physical labor. That's the end of the system. Our entire political system is based on capital and labor. All of the labor side, within 15, 20 years, gone. Completely. So we've got a complete change to the system coming. We don't know what it means. You can either fear it or invest in your own demise.

1:16:20But most of the big changes from AI and robotics don't happen immediately. But by five or six years, things are going to get weird. Going to get really weird. So all I'm saying to people is, you don't have long. I don't know what looks on the other side. I'm not a do-mist. I think it's pretty optimistic and it's different ways of doing things. but in a wholesale societal shift, let's sort our shit out first so we can embrace it with security and comfort that we're going to be okay. And the way that, okay, population and productivity gets attacked by AI and robots, okay, but the debt will be paid by the gains if you invest in this trend.

1:17:04So that's how you kill the debt component. How will that get fixed? Debt only matters as a percentage of GDP. So let's say you earn$50 ,000 a year and you're in debt$200 ,000 a year. And that matters. Well, if your earnings are$200 ,000 a year and you're in debt$50 ,000 a year, $200 ,000, less so. You earn a million. It's a matter of GDP growth. AI and robots increases GDP growth. Debt to GDP goes down. And so therefore, it's not a big burden. because the economy is growing fast enough to make all the economic activity. It really is pretty basic. But what we've got right now is an over-indebted person that is now working in Walmart, but they used to work in the Ford factory building cars.

1:17:56And they're up to their eyeballs in debt. That's where the world is. And what we're going to do is replace them by infinite people, infinite knowledge, lower cost. And it's not like we're going to rob those people of their future because they're going to retire. They want to retire. They just can't afford to. And then the debt will disappear and that will unfuck a lot of people's future. Amazing. I think that's the best spot to end this. Thanks so much for your time, Raul. And go get that guide. It's amazing. I think it's very simple and Real Vision will help you unfuck your futures, guys. So join.

1:18:31It's free. Talk soon. Thanks. Bye-bye. If you liked this episode, I'd love for you to head over to realvision.com forward slash join for a free membership. Start your journey today to unfuck your future. Just one click away.

1:19:04Feel ready? You can move to real money with as little as$100 once your account is approved. And the great thing is that in addition to crypto, Plus500 gives you access to a wide range of instruments. S &P 500, NASDAQ, gas, and much more. Explore equity indices, energy, metals, Forex, and beyond. With a simple and intuitive platform, you could trade anytime, anywhere. Experience the fast, accessible futures trading you've been waiting for with Plus500. With over 20 years of experience, Plus500 is your gateway to the markets. Visit us.plus500.com to learn more. Trading in futures involves the risk of loss and is not suitable for everyone.

1:19:41Not all applicants will qualify. Plus 500. It's trading with a plus.