The Fed are never going to raise rates again.

They can't.

Because if you remember from the last time we went through the rate cycle, what happens is

everyone puts more leverage on at the lower rates.

So then you can't raise rates because you blow them all up.

And if you just remember what's just happened in the last three months was record

borrowings from corporates.

So the leverages just ratcheted it up a whole other level

at the lowest all-time rates, which makes it now impossible to raise rates.

Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and

the big picture power shifts remaking our world. The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDess.

What's going on, guys? It is Thursday, September 17th, and I am so excited to share with you my

conversation with Raoul Paul. Raul is the co-founder and CEO of Real Vision

as well as the CEO and publisher of the Global Macro Investor. Listen, I know that if you are listening

to The Breakdown, you know who Raul is, you've been watching Real Vision content, you've been

listening to his talks. And I think what's really important about what Raul is. You've been watching Real Vision content. You've been listening to his talks.

And I think what's really important about what Raul is doing for this industry is that it's not

just that he has interesting perspectives, although, as you'll see, if you don't know yet, he does.

It's more that he's also creating an alternative platform where independent media voices or independent

finance voices that have really different perspectives than traditional finance media

are aggregating to share their perspective on key debates that are shaping the world around us.

In this conversation, we talk about Raal's Insta take

...