“The Whole World’s F**ked!” – Raoul Pal Pulls No Punches In Latest Interview | Zero Hedge
And now, with stock markets down 20-40% (depending on geography), bond yields collapsed, credit spreads still blown out, oil almost in the teens, and gold topping $1700, Pal continues to think (even after Monday’s manic short-squeeze meltup), that COVID-19 will cause “the largest insolvency event in all history.” And, as Business Insider notes, given his track record as of late, that’s not reassuring.
“I think the balance of probabilities are that this is a much longer event – in terms of economic impacts – than anybody is pricing in,” he said.
“I think it’s a huge societal change that’s coming from all of this.”
Sadly, I agree with Raoul. I just wish I was in my hidey hole in the Caymans. But it’s not all bad. There will be opportunities, especially for young persons in all this. I know many of them will make us oldsters proud.