If you're not making 11%, you're not actually making money at all. There are only two asset classes that really beat debasement over time. Technology and crypto.
The average person gets [ __ ] because they don't own enough assets. And assets are the only thing that go up. So, the rich get richer and [music] the poor get poorer.
Where did our problems begin? Is it the government's fault? Whose fault is it?
Is it the people on the political left spending too much money? the people on the political right doing other it's none of that I began to realize that there was [music] one dominant macro force above all others that was driving everything we don't have long before economic singularity join me [music] Ral Pal as I go on a journey of discovery through the macro crypto and exponential age landscapes in the journeyman I talk to the smartest people in the world so we can all become smarter together. Hi, I'm Ral Pal and welcome to my show, The Journeyman.
The Journeyman, as you know by now, is where we travel together to that nexus of understanding between macro, crypto, and the exponential age of technology. Some of these, you know, are interviews where I interview some of the best thinkers in the world, people I find interesting to take us on that journey of understanding. Other times I like to give you a presentation of some of my thinking and today we're going to do that and we're going to revisit the everything code.
The everything code to me was really the culmination of 35 years of macro research when I had that aha moment that I realized that everything was part of a code, how markets worked and particularly after 2008 when the world blew up and debt became the problem. And I started thinking deeply about what it all meant and why things were the way that they were. And I began to realize that there was one dominant macro force above all others that was driving everything and that was global liquidity.
And liquidity itself gave us a framework of understanding of how the world works and allowed us to build a whole range of indicators and tools to understand what's going on and where we're going. And that was combined with my work on the business cycle analysis. You see, it came about because I noticed that the ISM survey, which is the proxy for the business cycle, had become almost perfectly four years in shape.
And I thought, that's weird. Why is it suddenly like a metronome every four years? And I realized after digging in that it was the debt refinancing cycle caused by the zero interest rates back in 2008.
and everybody refinanced their debts and that caused them to set the duration the average weighted maturity of debt at around four years and so every four years they need to roll the debts so it becomes predictable because rolling the debts means printing of money which is liquidity that's how we pay for this stuff we don't have the money to pay for the debt so we print money instead and that's a factor because the private sector was over 100% of GDP and debt as was the government sector. So that's two times GDP. And if GDP was growing on average back then at around 2%.
If interest rates were 2% as well, then 4% had to go to paying for the debt. But the economy was only growing at 2%. So where does the money come from?
Well, that was done by the printing of money. So the creation of money by central banks and the government themselves via various mechanisms. So let's recap a little bit on the on the everything code because it is becoming incredibly important and it remains important.
That fouryear cycle that shifted to about 5. 6 years as they've moved out the maturity of the debt and that's extended the cycle which is where I think we are now in an extended cycle. There's also a risk, as I've talked about in previous presentations, that we're in the middle of a super cycle because of technology and capex and how governments are now funding themselves at the short end.
But anyway, all of this is all going to be part of a book that's coming out in October, The Everything Code. Um, so obviously you can pre-order it in the links below. Um, but I think you're going to enjoy that.
But this will give you a really good idea what it's all about and why it matters. and I think it should help you obviously go back and see the full presentation of the everything code because this is merely an update u that's you can find on the journeyman YouTube channel or on the real vision website okay so I'm now proudly going to use some dashboards that I built so these dashboards it's more than a dashboard it's a platform within a platform that's about to appear on real vision for alpha and pro members alpha and pro both get different versions of it um alpha has a intelligence compressed version of the macro investing tool that overlays on top of what I'm about to show you and Pro gets a whole lot more on top of that. Uh these are really powerful platforms within a platform that I think members are going to massively enjoy.
Anyway, let's go to the first one that I built, the important one for the everything code. It's in fact called the everything code and there's a bunch of tabs here and it shows you various parts of the everything code. But today we're going to start with the big picture.
So the big picture is okay, what's causing all of this? Where did our problems begin? Is it the government's fault?
Whose fault is it? Is it the people on the political left spending too much money? The people on the political right doing other.
It's none of that. What it is is World War II. It's World War II and the baby boom generation that came after it.
That is the largest kind of hump cohort ever to exist. And that group of people and their spending habits and their saving habits are what has caused the world to be the way that it is. And let me show you.
So what we've got here is the fall of birth rates that have happened after the baby boomers came in. And we can project that forwards because we know the birth rates currently. And so what we've got is the labor force participation rate falling over time.
That's the number of people in the workforce. So it's hard to generate GDP growth when you got a retiring population. And going forwards it only gets worse.
So that tells us something about GDP growth and that GDP growth will be slowing. But you see, it tells us something else as well. Because GDP growth is slowing and we have this magic formula that GDP growth equals population growth plus productivity growth plus debt growth.
We know that the population is aging and therefore they're less productive and that has slowed the trend rate of GDP and we bolstered it by increasing debt. So what you can see here and I call this the most important macro chart of all time. It basically shows the correlation between the labor force participation rate which is falling and government debt to GDP.
Here it's inverted. So that's rising but they're the same chart. You see the debt is going up because of the aging population.
That is what is driving it. And so that continues because if we go back to the chart above, this tells us debt to GDP is going to keep exploding higher. and it'll keep exploding higher until we get to the economic singularity.
That's when the exponential age has fully kicked in and technology has created a new population of AI and robots and new productivity. And that then changes that magic formula and finally frees us from the shackles of these debts because GDP should rise faster than debt growth and debt to GDP falls. That's what we did in the 1950s.
That's what we're going to do now. In the meantime, we use financial repression to keep rates lower than where they should be in order to fund this and printing of money. So there's the debt to GDP and here is US total liquidity.
So this is the US Fed net liquidity. So that's the balance sheet that is the TGA that was the reverse repo which has now been drained entirely [snorts] and it's the um banking sector and its total loans and leases. And what you find is that exactly mirrors debt to GDP.
It's because this is the liquidity that pays for it. We've switched from just the central bank balance sheet and then it went to Fed net liquidity and now it's gone to this broader measure. And the broader measure is because they've now reinvigorated the banking system to start lending again and they need it for the capex boom, but they also need it to fund the government because they can take more risk now.
And so they tend to buy more debt and that was some changes in the ESLR as well. And US liquidity also perfectly matches the interest payments. So we can project it out into the future.
So the liquidity is the creation of money because only the central bank and government and the banking system can create money. So this is them creating money to pay the interest. And we can look forwards because it's lagged by 36 months.
And all we see is a wall of increasing liquidity or printing of money to pay the debts. Now the printing of money is very interesting for us because it has other mechanisms. If we go to global liquidity now, now we understand that liquidity is the important picture here.
So this is global liquidity because the Chinese print money and the Europeans print money and the Brits print money and everybody prints money for the same reason. They're all kind of in it together. So what we've got is global liquidity keeps going higher.
I can shrink this down. We can see it over a longer period of time on this chart and it just keeps going and going and going and that's the debasement of money. It's this that forces the denominator lower which is the value of money falls.
Therefore, scarce assets, real estate, equities, crypto, gold, keep rising, but they're not actually necessarily rising. It's because you're devaluing the denominator, the purchasing power of the dollar, the world's global currency. And this is the picture of that.
This is when it happens is when this keeps going up. And it's going at about 8% a year. So, global liquidity increases about 8% a year, which is how much money you are losing on holding non-scarce assets.
On your money, you're losing 8%. And this, you've probably got something like 3% inflation to deal with as well. So, you've got an 11% hurdle rate on your investments.
If you're not making 11%, you're not actually making money at all. And that's something that's quite difficult to understand. And my work over time has suggested there are only two asset classes that really beat debasement over time.
And those are technology and crypto. Crypto I think of as just a technology. And what we've got there is two massive secular trends.
And those secular trends as the world adopts new technologies massively outperform the debasement. So those things make us wealthy. Things like gold tend to be in line with global liquidity.
So they protect our wealth and that's important too. But most others don't really make us money at all. The S&P 500 barely breaks the 11% hurdle rate.
It's really not compounding because it's not fully technology. You see, technology and the output of intelligence is the most important thing in the world right now. And blockchains are a technology and they work extremely well in this environment, but they're more volatile as we all know.
So, a quick break in your regular programming. If you're serious about your future, grab my free report called Prepare for 2030. I think you've got 5 years to make as much money as possible, and this guide will help you navigate what's coming.
The link is in the description. Download it now. So, moving lower, we can see, okay, where are we in global liquidity right now and you can see yearonear it's a bit choppy.
Some of these are just base effects and some of it is because of the recent strength in the US dollar. The US dollar is a big component of global liquidity. But over time, you can see the rate of change keeps going up and I fully expect this to hook higher again um as we see global liquidity accelerate.
Why? because we know we've got the interest payments to pay. Now, you can see you can peer into the future somewhat.
Nothing is ever going to be perfect. It doesn't go in a straight line. It's not a perfect correlation at all times, but over time, you know that they have to increase liquidity to paper over the cracks in the system to fund the interest payments on the debt.
And what they keep doing is keep printing money to do it. And what we find is different versions of liquidity are the drivers of assets. and we can sort of prove it.
So, here's total liquidity against the against Bitcoin. Now, you get leads and lags and they keep moving around a bit, but generally speaking, if I I can match these two up, and we can see in recent times, they're highly correlated. We've had them with a 90-day lead and lag.
It shifts around over periods of time. You know, markets are are basian as opposed to, you know, strict sets of rules. they shift and the factors change, but liquidity is the dominant driver of Bitcoin and explains over time about 87% of Bitcoin's movements.
The NASDAQ and total liquidity is even tighter. It's a 97. 5%.
Right now, I think the lead is about 115 days. It suggests we've got some strength to come. We'll wait and see.
Again, look at the the spreads between the black line and the red line. They're not perfect. They're not supposed to be perfect.
This is not a crystal ball. This is contextualization and understanding of what markets should be doing. But it suggests that we should see further strength in the NASDAQ because of liquidity and then it probably slows down as liquidity slowed down.
So that gives you some understanding there. Let's now drop into US liquidity. The US is the big driver of assets because the US is the world's reserve currency.
something like 85% of all world trade is in dollars. It's the currency that everybody wants to save in. It's the currency of business.
It's the currency of the world. So, it matters the most. So, US broad liquidity, this is the one with the full banking sector loans and leases.
Well, that's been going up quite sharply. Let's zoom out, get the bigger picture. In fact, let's hit it to all time.
And it just does one thing. The US loves debt. The US loves the printing of money, the creation of new money.
It's the thing that drives that system. Yearon year, however, it's still strongish at about 3 and a half%. But not super strong.
We've seen in the past liquidity rise, and again, I can go back in this fabulous dashboard that I built myself. Um, you can see that if we go back further periods of time, it goes back and we've seen it over above 10%. And I would expect liquidity to keep increasing because of the debt we've got, but it's been mild, which is why, for example, crypto has been mild this time around because there's not a massive amount of liquidity around.
There is liquidity, so everything's going up. I mean, Bitcoin still outperformed the NASDAQ since the low in liquidity, which was back in 2022. But it's not been strong enough to deal with the amounts of focus and attention on AI.
So technology generally in the last couple of years has done better because of liquidity itself. [snorts] The US narrow liquidity well this one is the measure of of just the treasuries that the banks hold plus the Treasury general account and the Fed balance sheet. This has been growing and starting to accelerate.
We had a big fall off the cliff and that was to do with um the government shutdown and we're starting to recover these levels. Year on year growth is slow, right? So they're not really creating money and the reason being is the yield curve isn't particularly steep and that holds back the banks from buying more treasuries.
So one of Walsh's key missions is to steepen the yield curve. Once they steepen the yield curve, the banks tend to take more risk and we'll see this measure increasing. Why does this measure matter so much?
I'll come on to that in a sec. The other measure, simple measure of liquidity is USM2. USM2 is improving.
If we go back, we can still see that it's it's still low compared to previous cycle peaks. So we should expect USM2 to keep increasing over time to fund the interest payments. Now US broad liquidity does a really bloody good job with the NASDAQ.
Maybe it's not as good as global liquidity, but it does a very good job and explains most of the price action. And that's with a 120day lead. when we get to Bitcoin, the narrow measure has been the better measure with a 45day lead.
And you know, we can try and map it up now. And it would suggest that Bitcoin does okay, but nothing amazing yet until um that narrow liquidity starts really rising. So, it's what's been holding it back.
Now, as I said, these things shift around a bit. So, there's nothing perfect, but contextually, Bitcoin is trading at a discount to where liquidity is. It could play catchup and then continue with this or it could continue to mirror the pattern and sort of readjust itself at these lower levels.
We'll have to wait and see. But over time, Bitcoin should go higher because global liquidity is going higher. US broad liquidity is going higher and US narrow liquidity should go higher as soon as they can get the yield curve to steepen.
We can see the um bank securities. So this is the the the treasuries that the banks hold. This is what's in the narrow money part.
And this is where the government can stiff the banking system with the bonds, right? And they need them to do that. They need a lot of bonds being bought.
And you can't just rely on the foreign central banks and sovereign wealth funds. You need domestic buyers. And the banking system has been out of action so long after 2008 because of the regulations like Barasel 3 that came in place.
And what they're doing now is trying to free those up because they want this to accelerate. They want the banks to hold more treasuries and then to increase their lending. Why do they want to increase their lending?
Because somehow you've got to lend for this massive capex boom, the biggest uh capex spend in all of history. So these are big times and the game is intelligence. The most valuable prize the world has ever seen.
You see, he who owns the most intelligence owns the world. And that's a race between China and America that can never be won. The great race.
And so there will be endless amounts of money spent. And governments will finance this if need be. Because if one country is allowed to win the intelligence race, they basically control the world and that can't be allowed to happen.
So everything is being now moved around the funding of this intelligence and the funding of the government and what the game is is that the economic singularity kicks in. The AI and the robots and productivity accelerate and debt to GDP falls. But what we can see is we can see after the deleveraging in 2022 as we had inflation, we're back at pretty much all-time highs now with the amount of treasuries the banks hold year on year.
However, again, it's kind of growing like everything else. It's about 5% 4%. Not that exciting.
And six month doing the same. If Walsh and Bessant want to goose markets returns and people's pockets into the midterm elections, they're going to have to drive up these measures of liquidity because if not, we keep getting the Y-shaped economy because most of this liquidity doesn't flow into regular lending or regular activity. The rates are too damn high for mortgages for people to afford and the prices are too damn high, too.
This stuff needs to get fixed and Scott Bessant is working hard on doing it because without it this whole game doesn't work. The other measure that I like to use as part of the everything code is excess liquidity. This is liquidity growth in excess of GDP.
And if you think about it, it's liquidity that spills into the system for speculation and investment. And what we find is again correlated with Bitcoin. We've got excess liquidity turning up and Bitcoin should be following it too.
Again, nothing's supposed to be perfect, but contextually I'm laying out a picture for you where Bitcoin and crypto is undervalued versus most of the liquidity measures, but it's influenced by them is very clear. So when we look at excess liquidity um both at the broad measure and the narrow measure, they're both just about positive and they haven't really been positive for a while now. And we need this to be more positive over time.
When we go back to see alltime history, we've tended to have extended periods where it's much higher. And we need that. We need excess liquidity to drive other assets to flow into the generalized economy.
If not, we keep creating the K-shaped economy. And then we're on top of the K-shaped economy, we're debasing the currency. So those wage earners, the average person gets [ __ ] because they don't own enough assets.
And assets are the only thing that go up. So the rich get richer and the poor get poorer. And this game, you know, is highly political now.
You can see it spilling into the UK, all across Europe, into the US. This is politics right now. It's all based on these problems.
Debas in the currency drives up asset prices. The average person doesn't get a look in. House prices are too high.
Mortgage rates are too high. So, they're just left on the sidelines. And it's not fair.
How do you answer it? Well, we got to grow our way out of it. We've also got to allow some leverage back into the system, some lending back to people so people can buy houses, etc.
try and get the rates down, hoping that the productivity boom from AI starts lowering inflation over time and allowing rates to come lower. Excess liquidity means that there's enough money for us to start speculating in because we've got some excess money around. Um, and that means that we can start driving returns.
So, it's really important to get this done. So, those are other component parts that I think are important. We also need productivity to rise.
Productivity is part of the magic formula and productivity minus inflation is still negative. But once it goes positive, then productivity is outpacing inflation. I think that is going to happen this year and then it'll trend higher over the course of the next four, five years plus.
And in which case that's the right market for bond yields to fall, for GDP to grow, for the wealth effect to spread out, and eventually less debasement of currency that's screwing everybody. Financial repression. Well, this is the uh this is 5year Treasury yields, which is roughly where the refinancing is, minus nominal GDP growth.
And what we've got is um interest rates are still below nominal GDP growth. That's stimulative. It's financial repression.
Um they should be higher, but they're kept lower. Let's now flip across to the business cycle. So the business cycle is now really driven predominantly by the debt refi cycle, but it drives everything.
It drives all asset prices. It is where our corporate earnings come from, where our increase in wages comes from. It's where unemployment comes from.
It's where inflation comes from. They're all component parts of the business cycle. And within the Everything Code, we have the Everything Code dominoes.
The dominoes are allowing us to look into the future and understand what is coming. So, at the front of all of this are financial conditions, and we'll look at those in a minute. Financial conditions in our context of global macro investor are really about the dollar and interest rates and a deviation from trend.
We calculate an index from that and that tends to lead the ISM the business cycle by about 9 months. So we sort of know what is coming but it also and gold seems to currently live and gold shifts around um but gold seems to reflect current financial conditions. So as a proxy you can use the gold price to say what is the business cycle going to be doing in 9 months time.
Again, we're not looking for perfection, but we're looking for contextualized understanding and an ability to see into the future somewhat to see. You might not part all of the clouds and all of the fog, but you can see generally through to the other side. The next thing is it leads liquidity by 3 months.
And liquidity is the thing that we track the most because it's the single most dominant factor in all of macro history right now. It's the printing of money. So that's three months behind financial conditions.
And then behind that we've got Bitcoin, NASDAQ, the yield curve. So now we're back in now into asset classes. And we can see now that liquidity leads Bitcoin.
Financial conditions lead bit leaves liquidity which leads Bitcoin. So it's giving us an ability to forecast somewhat not to perfection. you know um many of you saw the breakdown between global liquidity and bitcoin uh which happened in uh the last 18 months it doesn't mean that the everything code is wrong it's it's liquidity shifts around in its influence and where it's driven and a lot of it went into the AI trade and Bitcoin basically got down to the narrowest measure of liquidity the pure debasement side that drives it which which is telling us there's less speculation in crypto than there is in AI.
Less capital is being attracted, but it still is driven by the debasement cycle. Then T plus0 today, that's the business cycle. That's earnings.
That's where the S&P 500 lives. Cyclical equities, small caps, emerging markets, commodities, all of it lives there. Even altcoins in the crypto complex, they're actually driven by the business cycle.
And it makes sense because the business cycle is our earnings and corporate earnings and excess earnings because the business cycle is strong go into speculative assets and investments. And so altcoins tend to work there much like small cap equities do. And then lagging all of that by another two to three months is GDP and inflation.
Now there's a whole set of inflation dominoes as well around this but this is what you need to know for the everything code. It's a very useful chart and we've got here here is for example we talked about the three-month lead the six-month lead of of liquidity to ISM and here it is on a chart and you can see it works very well. So we expect ISM to continue to rise.
There's this period where it comes off a bit. Now, that's not always matched by these. Is it going to be matched by this this time?
Will ISM slow down? I don't think it matters because we're not near the top of the cycle. The top of the cycle comes later and that's where financial conditions comes into play.
So, here's financial conditions against the ISM. So, remember this is nine months into the future, we should be seeing ISM weakness. In fact, it kind of suggests that around the end of the year, so let's call it November, we should start to see a shorterterm peak in the ISM.
Um, and therefore, liquidity will have peaked before it and markets will be choppy or corrective over that period. But other than that, it looks relatively plain sailing. Obviously, we would like to see liquidity pick up, particularly in the US measures where it's been a bit sluggish, but all the component parts are in play.
We're in full cycle expansion. Everything's moving forwards. We've got a warning side in the future.
That tightening of financial conditions was driven by Iran and the strength that that caused in the dollar and interest rates. Now, if that begins to unwind, which I think it will, then we'll extend the business cycle out further after having some corrections in markets. It kind of makes sense.
We go into the midterm elections, we correct afterwards. You know, we we saw that we kind of were really strong after the US election and then beginning of the year everything went south. And I think, you know, that's not unreasonable to ask.
And that will probably happen with technology stocks as well as crypto. the markets in general, they'll need to take a pause, but you know, they're going to try and goose the economy and the markets as hot as possible going into the midterms. So now, as you can see, we can peak into the future.
Now, you might argue that the ISM, which is a manufacturing cycle, maybe doesn't represent the world as well as the services cycle where you and I tend to live. Well, it works perfectly there, too. It suggests that the services economy should strengthen.
We should get much higher services economy and that's particularly good for the US economy overall and particularly good for markets and savings assets and speculative assets. So I think that's good. The other thing that we've got going on in the background which is creating a potential super cycle is the ISM which is the standard business cycle and then we got capex and capex being driven by this massive data center boom and AI buildout.
Well, that's kind of decoupling and I expect it to decouple and it should drag up ISM even though it itself lags. But we've got so much forward projected capex that it's very hard to see the business cycle slow down for long. Sure, it can slow down for periods of time, but if you're spending trillions of dollars on this the largest buildout humanity's ever seen, then that's going to drag up the ISM and very much negates or offsets any cyclicality that exists because of the debt refi cycle.
So they've they've moved the debt issuance to the short end which tends to be liquidity stimulative and then they've got the capex cycle on top and that I think smooths out the business cycle and we've seen this before. I'm not just plucking numbers from the thin air is this was the '9s. This was the Greenspan era.
What did Greenspan do? He cut rates a couple of times and then did nothing. and he let productivity lower CPI and let the capex boom um build out and what we got was yes ISM had some ups and downs but we didn't get close to a recession or anything else we just moved around and the markets were very well behaved yes there were corrections uh 1998 was the correction when the emerging market crisis and after that markets exploded but I think something similar is going to happen this time around.
So those are the general everything code monitors. I'm trying to see anything else that's here. Anything else that's useful on the dashboard for this is we're seeing that the technology cycle and the intelligence cycle is now leading the business cycle and Taiwan exports of semis are the very front end of that.
You know, it's like TSMC orders, chips get made, they export them, it comes to the US, the US builds data centers, it builds more intelligence, the intelligence compounds, drives corporate profits, um, and drives capex buildout, and the ISM goes higher. So, this proxy suggests the ISM goes much higher over time. But again, it kind of peaks out the same thing.
around the end of the year we should see a slowdown. Why is that in the semis? It's pretty straightforward is a the year-on-year rate of change can't just keep going up at this exponential, but also the data center buildouts are slow because of the electricity permitting.
Um and so electricity permitting and other kind of blockages in the pipeline mean that the data centers are maybe 30 to 40% built versus where they should be at this stage for this year alone, let alone next year and the year after which we're all committed as well. So what you might find is that the hyperscalers slow down on their chip purchases for a while because they don't need them yet. And that also allows Nvidia um to bring out new more powerful chips because we need new more powerful chips endlessly because the rate of demand for intelligence and creation of intelligence is parabolic exponential.
It's a double exponential right now. And so we need these ever growing improvements. We're seeing the same with South Korean exports.
This is DRAM and other parts of the component parts of this chain. So there's lots of leading component parts, but most of this is all down to liquidity and liquidity is the main driver of the everything code. It drives asset prices.
And that's the thing you need to understand is over time. Let's put the Bitcoin one over time. I have to scrunch these charts up because I mean this is a long-term chart and Bitcoin is very parabolic as is as is everything else.
So these are on a log scale, but you can see that over time global liquidity and crypto are basically the same chart and you get the excesses and it depends where you draw the line, but you you draw it somewhere there. Bitcoin's cheap. In speculative periods, it gets expensive versus global liquidity.
And that's how it goes. You know, people expecting a perfect fit. And you know, maybe it's my mistake by showing times when it does fit perfectly like the NASDAQ chart does.
You now think, "Oh my god, it's definitely going to go up here and it's definitely going to follow this chart. " And then it doesn't because it doesn't most of the time. But overall, when you step back and you look at it on a monthly basis, what you get is super high correlations.
You don't need to do anything. So the everything code is really for you. It's for you to have a simple way of understanding how the world works, why the rich are getting richer, why the poor are getting poorer, what assets actually make you money, how to forecast them, how to think about the world around us, and how most importantly you can put the gain in your favor by owning the right assets, by putting your excess savings in the things that matter and reducing the noise because we don't have long before the economic economic singularity when we don't really understand what happens when the agents are running a lot of this where the agentic economy is hidden from our eyes.
It's a machine economy for machines by machines with machine money and we don't even see it. when GDP goes parabolic goes to 10 15% a year but who does it acrue to we don't know when intelligence continues to climb exponentially beyond any comprehension that we as humans have. And where's our role in all of that?
Our role of all of that is going to be to be human. Human experiences are really vital. Humans aren't going away.
We're not going to be replaced because we can do one thing that the AI can't do and that's be human. But what I do know is the times will be uncertain. The politics are going to get noisier because a we've got the K-shaped economy that's splitting politics.
And as you can see, it's driven by demographics and there's no way around it. And then we're going to fight the rise of the machines. And that's where politics is going.
And the world is going to feel quite uncomfortable. And our job is to try and unfuck our future and just ride these trends that the everything code give us. And that will put you, me and all of those around us on a much better footing to deal with the economic singularity.
Anyway, I hope that was useful and I'll see you next time. So, you obviously like this video enough that you've got to the end. That's quite a big task, but listen, do me a favor.
Hit the like and subscribe button and also check out what videos next because I think you'll love it. But if you want even more, and when I'm talking more, I'm talking about memberergenerated ideas, incredible alpha research, everything there to help you in your journey, just head to realton. com/join for the best financial intelligence out there and the pure alpha that's within the platform.
