The 2025 Macro Playbook: Central Banks, Crypto & Chaos ft. Andreas Steno Larsen from Real Vision Pro & Steno Research

🔥 *Get FREE ACCESS to Real Vision* https://rvtv.io/3Y4t5Pw. Steno Research founder and CEO Andreas Steno Larsen joins Raoul Pal to explore how central banks and governments are now openly coordinating to manage debt and engineer economic cycles, why this effectively removes left-tail risk from markets, and how investors can position themselves to profit from the long-term macro implications. From inflation, crypto, and AI-driven deflation to the inevitability of currency debasement, Raoul and Andreas lay out a blueprint of what markets could look like in the future. Recorded on April 8, 2025. 📣 *This episode is sponsored by SuperAI*. Join over 7,000 attendees and 1,000 companies on 18-19 June at SuperAI Singapore. East will meet West as we bring together the global AI ecosystem for Asia's Largest AI Event. Industry leaders will converge for 2 unparalleled days, stepping into the future to explore the exponential AI age. Expect an immersive experience that will unveil the latest developments from the frontiers of LLMs, the intersection of AI and crypto, robotics, drones, SpaceTech, the societal and economic impact of generative AI, and much more. 👉 *Grab your tickets at https://superai.com with promo code REALVISION for an exclusive 20% off—only while tickets last*. 📣 *This episode comes to you thanks to Arch Public:* It’s a hedge fund in your pocket. Built for retail traders, designed to outperform Wall Street. 👉 *Download our FREE Bitcoin Algorithm right now at* https://realvision.com/arch Timestamps: 00:00 SuperAI Singapore 2025 01:17 Intro 02:58 Andreas Steno’s career path 04:49 FX as macro playground 07:02 Macro lessons from QE 08:48 QE vs bond yields 10:27 Central banks and asset impact 11:39 Launching Steno Research 12:54 Governments + central banks = one 14:12 SVB proves full backstop 16:04 Fed needs lower yields 18:36 Forcing banks to buy bonds 20:19 Fed delay on QE 21:38 Everyone wants debasement 22:55 Hedge funds fund the deficit 24:14 QT is basically over 25:34 China dumping Treasuries? 26:48 U.S. follows Japan’s path 28:32 GDP vs debt trap 29:51 AI boosts productivity 31:41 Human value vs AI 32:51 How to tax AI? 34:11 Tariffs are permanent 36:07 Consumption tax over income tax 37:31 Inflation fears overstated 38:57 AI makes services cheaper 40:13 Tariffs didn’t cause CPI spike 42:08 Q1 slowdown is optical 44:01 Tariffs distort the cycle 45:51 No return of factory jobs 47:03 Robots + UBI future 49:00 Tariffs tax the middle class 50:26 No EU decoupling 52:18 European tech opportunity 53:39 Will EU stimulate? 55:31 China’s tariff strategy 57:18 No yuan deval, no selling 59:07 Bonds up, commodities down 1:00:57 Crypto = macro asset 1:03:33 SVB changed the game 1:06:06 Trading fund vs personal 1:08:43 System vs conviction 1:10:33 Market bottom window 1:12:18 Final thoughts + stock picks Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries. 🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com Connect with me: Twitter (X): https://twitter.com/RaoulGMI Instagram: https://www.instagram.com/raoulgmi/ LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ My other work: Real Vision: https://rvtv.io/3LHYIaH Global Macro Investor: https://globalmacroinvestor.com The Exponentialist: https://realvision.com/thefuture EXPAAM: https://expaam.com Connect with Real Vision™: Twitter: https://rvtv.io/twitter Instagram: https://rvtv.io/instagram Get a FREE membership: https://rvtv.io/3Y4t5Pw Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf Learn more about your ad choices. Visit podcastchoices.com/adchoices