Raoul Pal(@RaoulGMI):The aim, every business cycle, is to build more intelligence... more GDP. 1. Population is the raw compute, the nodes in the network. 2. Productivity is the intelligence each of those nodes generates. 3. Debt is the energy you pump in when the first two stop carrying the load. When the first two are firing, the economy compounds. When they stall, debt takes over, and the debasement that follows is what holds the whole thing together. That's most of the developed world since 2008. In a debasing economy capital flows almost entirely to two places... technology and crypto. They're the only things that still scale economic intelligence, so they compound faster than everything around them. @RealVision

2026.08.11 18:19

The aim, every business cycle, is to build more intelligence... more GDP. 1. Population is the raw compute, the nodes in the network. 2. Productivity is the intelligence each of those nodes generates. 3. Debt is the energy you pump in when the first two stop carrying the load. When the first two are firing, the economy compounds. When they stall, debt takes over, and the debasement that follows is what holds the whole thing together. That's most of the developed world since 2008. In a debasing economy capital flows almost entirely to two places... technology and crypto. They're the only things that still scale economic intelligence, so they compound faster than everything around them. @RealVision