Crypto, Stocks, and Liquidity: The Truth They Won't Tell You | Drinks With Raoul Pal - September 3, 2026

Get those bud lights ready and those Doritos bags open, because it's time for another episode of Drink with Raoul. Raoul Pal cuts through the chaos with an urgent update on what’s really driving the market selloff. He’ll walk you through the broader macro picture, where we are in the business cycle, and what the extended cycle theory tells us about what’s next. This is about zooming out, understanding the structure beneath the surface, and staying focused while others lose their heads. Expect alpha, clarity, and yes... some snobby snacks and wine talk to take the edge off. If you need perspective, you’ll find it here. Today's episode is brought to you by TOKEN2049. TOKEN2049 Singapore, the world's largest crypto event, returns to Marina Bay Sands on 7–8 October. 25,000 attendees, 500 exhibitors, 300 speakers and 1,000 side events take over the city during TOKEN2049 Week. On stage: Raoul Pal (Real Vision), Jeff Yan (Hyperliquid) and Shayne Coplan (Polymarket). The Real Vision community gets 10% off tickets, claim yours. https://checkout.token2049.com/events/asia?promo=realvision10&utm_source=newsletter&utm_medium=email&utm_campaign=realvision&utm_id=realvision 🔥 *Download Raoul Pal's 4-year investing roadmap for free:* https://rvtv.io/41fVHWF Timestamps: 00:00 - Drinks With Raoul: Napa Valley Edition 02:18 - The Everything Code Is Coming 15:14 - Meet Raoul Pal AI 18:02 - What Happened to the Banana Zone? 21:09 - The Everything Code Framework 24:51 - Demographics, Debt, and the Liquidity Machine 28:09 - Why AI Could Trigger a Productivity Boom 31:39 - Financial Conditions and the 2027 Business Cycle 33:40 - Why Raoul Expects the Dollar and Rates to Fall 36:44 - Excess Liquidity: The Key Signal for Bitcoin 39:26 - Why Bitcoin Could Be Ready to Catch Up 42:00 - Bitcoin, Ethereum, Solana, and Zcash 46:32 - Raoul’s Sui Thesis 48:30 - Tesla, Circle, SpaceX, and Robinhood 51:26 - The Yen, Dollar, Bonds, and Gold 57:16 - Why Raoul Thinks the Crypto Cycle Isn’t Over Learn more about your ad choices. Visit podcastchoices.com/adchoices