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STUDY MACRO

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AI agents are going to need a way to pay for things, to transfer value, and they’re not going to have bank accounts; they’re going to use crypto rails.

Raoul Pal
Macro Pods
MAR 25, 2026Blockworks
  • Recessions have been effectively outlawed - record-high global debt levels mean central banks and governments must inject liquidity at the first sign of economic weakness to prevent a total systemic collapse.

    The central banks and the governments cannot afford a recession because of the debt levels... they will provide liquidity into every single hole.

    Raoul Pal
  • Crypto is the native infrastructure for AI agents - as AI moves toward autonomy, these agents will require permissionless, 24/7 payment rails to exchange value and access resources without the friction of traditional banking.

    AI agents are going to need a way to pay for things, to transfer value, and they’re not going to have bank accounts; they’re going to use crypto rails.

    Raoul Pal
  • AI-driven productivity leads to an era of abundance - the massive deflationary force of AI will collapse the cost of goods and services, shifting the focus of human value from labor to creativity and purpose.

    AI is the ultimate deflationary force. It drives the cost of everything towards zero, leading us into an era of abundance.

    Raoul Pal

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