Crypto, Stocks, and Liquidity: The Truth They Won't Tell You | Drinks With Raoul Pal - September 3, 2026

Raoul Pal (0:09)

I bet you fucking miss me. Welcome to the greatest show in the history of the internet, Drinks with Raoul. Cheers.

I've missed this. It's always good fun looking at myself in a camera on a computer screen and getting shitfaced. It's the slightly weirdest experience in the world, but there we go. You're all with me with it. Hopefully, you've got a drink. We will be addressing your Philistine behavior yet again. I've been educating you, trying to educate you and I fail. I just don't know what to do with you lot, but we're going to try. Well, I'm enjoying a nice glass of a Napa Valley Method Traditionelle Rose sort of champagne-ish, Vintage 2022 by Tramsberg. We've had Tramsberg on the show before. Fantastic stuff. Really, really excellent sparkling wine. Here from Napa Valley and that's where I'm today in the stunning Napa Valley. Come to sunny California, they said. The sun always shines in California. Got a fucking open fire going and it's been cloudy in fog and in rain for the last five days. So, they lied to me about that as well. So, Napa Valley, obviously, what Americans think is the home of great wine. How I think of it is probably the home of the world's most overpriced wine, created for people with no taste by people with too much money. That's generally Napa Valley in a nutshell. But it is absolutely gorgeous and I know one of our VIP members at Real Vision has the state here in Napa Valley. So, obviously, your wine is amazing. The rest is swill and it's fucking sweet as well because there's so much alcohol in it. I don't know how they do it. It's more like port.

It's just 15 percent alcohol in a red wine. Why? Anyway, that's part of the story. So, before we get going, I need to have a... I guess I'm not very good at these sponsorship readouts, but the sponsorship readout from our partner is, my book, The Everything Code, is now on pre-order by the fucking book. Thank you. Anyway, back to the programming. Okay, so, Napa Valley. Napa Valley is probably one of the most civilized places in America. If you put your fingers in your ears, don't listen to anybody, it could be Spain. You've actually got a great selection of food and wine here. Even the fucking supermarket here is epic. And it's a local little supermarket, nothing fancy, but it's kind of got all the boutique foods, all of that kind of stuff. I haven't got a lot of boutique foods with me today. I've got some special foods. One of the things I love doing is cooking. And Blondie and I will make breakfast, and I will often do, find some great sourdough bread, slice it, toast it, drizzle some extra virgin olive oil, some Maldon sea salt, slice some really fresh of those kind of heritage tomatoes, and then drizzle a bit more olive oil, maybe a sprinkle of oregano, maybe some basil leaves over the top, crunchy, delicious, soft, sweet of the tomato. And when Blondie makes breakfast, she brings Captain fucking Crunch. Captain Crunch's Crunch Berries.

Yeah, I don't know what to say either. These people have me exasperated. So when we look at the ingredients of Captain Crunch, we look at why Americans are the 47th longest living people in the world, yet are the richest. So here we go. Cornflour, sugar, oat flour, vegetable, coconut oil, palm oil, salt, molasses.

Do you get the thing, this sugar thing? Americans put fucking sugar in everything. They put sugar in salts. Well, they do, basically in everything. Just to sweeten it up. Sodium citrate, red, 40, mannac acid, and then there's a list of like 50 different colorants. Thiamine, monotritate, blah, blah, blah, blah, blah, blah, blah, blah. That's nutrition. Isn't that lovely? Doesn't it make you feel special in the morning? And it comes in all of those colors too.

The other thing that we look at is, I am from the civilized continents of Europe, where we do things slightly differently. And so, I've talked about this before, Spain makes the best potato chips or crisps in the world. This is one you can buy in the US. You can buy it on Amazon. José Andrés, I think I've featured on the show, also can do these. The entire list of ingredients is potatoes, extra virgin olive oil and salt.

Not too thick, like those fucking kettle crisps which are revolting. They give you a heart attack. And not like processed oils like Lays. This is just a whole different game. You've got the potatoiness, the clean salt and the olive oil just gives it a richness. So, that's my version of that crunch. You need to have a crunch. When you're having a drink, you need something a bit crunchier.