Former Goldman Sachs executive Raoul Pal believes that there are three important charts for understanding both cryptocurrency and the global macroeconomic landscape. The first chart compares the US labor force participation rate and the US birth rate, showing how demographics impact GDP growth over time. The second chart shows the relationship between the US labor force participation rate and US government debt, highlighting how debt is influenced by the size of the working population. The third chart examines federal net liquidity and US government debt as a percentage of GDP, demonstrating how debt is serviced through debasement and liquidity increases. Pal argues that these charts indicate a cycle where an aging population leads to lower GDP growth, necessitating increasing debt and money printing, ultimately driving up asset prices.



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