If you think of recession as a 2,000-mile-like event where we'll see, you know,

sub 1% inflation print, massive job losses, 10% of apartment trade,

I really don't think it's going to happen.

We have this kind of hyperactive policy making where the Fed cuts just because inflation

might slow below the 2% target in 12 months based on some, you know, number that, you know, they made up.

Welcome to bankless, where we explore the frontier of internet money and internet finance.

It's just me today. David's out, so I'm here to help you become more bankless.

I came into this episode with, I think, one question. What is the ultimate portfolio

for the debasement era? Aside from crypto, of course. Vincent Deloard is a macro investor. He's the

guest today. He advises the big, big money, the sovereign wealth funds, the pension funds on what to

buy and how to weather these storms. I think he shares

a similar thesis to many of us in crypto, but he comes to a different conclusion on what to buy.

A few things we discuss. Persistent inflation? The 15-year dominance of U.S. capital markets and

why he thinks that's peaked. Investing in China and India and why

that's a good idea. Fiscal dominance. Why recessions are dead. The Meg 7 concentration,

AI bubbles. Gold, all-time highs. And of course, we discuss crypto. Stay tuned to the end for his

takes on the debasement-resistant portfolio. Let's get to the episode, but before we do, I want to think of the sponsors that made this possible. Imagine a world where traditional finance meets the power of blockchain seamlessly. That's what Mantle is pioneering, with blockchain for banking, a revolutionary new category at the intersection of Tradfai and Web 3. At the heart is you are, the world's first money app built fully on chain. It gives you a Swiss I-Band account, blending fiaturacies like the Euro, the Swiss franc, the United States dollar, or the Rimini with crypto, all in one place. Enjoy real-world usability and blockchain's trust and programmability. Transactions post directly to the blockchain, compatible with TradFi Rails, and packed with integrated DFI futures.

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