Making Sense of Massive Change

Making Sense of Massive Change

Russell Clark, one of Real Vision’s favorite guest-personalities, returns for another engrossing conversation with Raoul Pal. Russell always brings fresh perspectives, and Raoul is always keen to draw on his current thinking to help make sense of what’s happening around us. In short, Russell’s current sense is that everything has changed. In a far-ranging conversation, Russell and Raoul weigh the impact of innovations such as extracting oil and gas from shale, the ongoing center-of-gravity shift from capital to labor, and the vulnerabilities of centralized risk management. Russell notes that clearing houses are now the center of trading activity; they price risk differently than central banks, and he describes how that works and how that doesn't work. “The collateral,” says Russell, “can never go bust.” The world is changing, rapidly. This is a great way to catch up. To read more of Russell's work, visit www.russell-clark.com. Recorded on March 1, 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Episoder(2137)

Is Risk-On Too Risky? | Macro Mondays: August 31, 2026

Is Risk-On Too Risky? | Macro Mondays: August 31, 2026

Andreas Steno and Mikkel Rosenvold are back to unpack Kevin Warsh’s surprisingly hawkish message at Jackson Hole and what it could mean for markets. They also turn to the latest escalation in the Midd...

31 Aug 30min

Bitcoin Just Flipped! Is the Bottom Finally In? w/ Kris Bullock & Bijan Maleki | Trading the Markets August 26, 2026

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Bijan Maleki and Kris Bullock are back to break down a potentially important shift in the macro setup for crypto. With the U.S. Treasury stepping up long-dated bond buybacks, long-end yields are falli...

26 Aug 58min

Scott Bessent Just Changed the Liquidity Setup | Macro Mondays: August 24, 2026

Scott Bessent Just Changed the Liquidity Setup | Macro Mondays: August 24, 2026

Andreas Steno and Mikkel Rosenvold are back to ask whether Friday’s stock market rally marks the return of a more bullish macro setup, and how far this move could run. They break down Scott Bessent’s ...

24 Aug 33min

Treasury Just Flipped the Setup for BTC & Gold w/ Kris Bullock & Bijan Maleki | Trading the Markets Aug. 19, 2026

Treasury Just Flipped the Setup for BTC & Gold w/ Kris Bullock & Bijan Maleki | Trading the Markets Aug. 19, 2026

Bijan Maleki and Kris Bullock are back to break down a potentially important shift in the macro setup for crypto. With the U.S. Treasury stepping up long-dated bond buybacks, long-end yields are falli...

19 Aug 50min

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Andreas Steno and Mikkel Rosenvold are back on this Macro Monday episode to discuss why the Fed may still be overreading inflation risks; Mikkel digs into why Donald Trump ordered a pullback on milita...

17 Aug 32min

Gold Is Outperforming Bitcoin - Can It Continue? | Trading The Market: August 12, 2026

Gold Is Outperforming Bitcoin - Can It Continue? | Trading The Market: August 12, 2026

Bijan Maleki and Kris Bullock join Real Vision members to break down the crypto charts, market conditions, and trades that matter right now. They examine Bitcoin and PAXG, as gold begins to show stren...

12 Aug 56min

Is the Economy Running Too Hot? | Macro Mondays: August 10, 2026

Is the Economy Running Too Hot? | Macro Mondays: August 10, 2026

Andreas Steno and Mikkel Rosenvold are back to unpack a seemingly contradictory macro setup, with the economy running hot despite slowing jobs growth and fading inflation. They break down Andreas’ lat...

10 Aug 32min

Are Financial Conditions Finally Turning for Crypto? | Trading The Markets Aug. 06, 2026

Are Financial Conditions Finally Turning for Crypto? | Trading The Markets Aug. 06, 2026

Bijan Maleki and Kris Bullock join Real Vision members to break down the crypto charts, market conditions, and trades that matter right now. They examine current financial conditions, which are approa...

5 Aug 53min

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