Raoul Pal: The Journey Man September 2025: Raoul Pal The Journey Man's Monthly Recap
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Sep 28, 2025 
Emmett Hollyer is a product engineer who pioneered Solana Mobile's Web3-first smartphone vision, sharing insights on creating an open crypto ecosystem. Michael Howell, a macro strategist, delves into the liquidity cycle's maturity and its impact on gold, tech, and crypto investments. The discussion touches on the muted business cycle since COVID, the implications of Treasury issuance, and potential market shifts toward high-quality altcoins as Bitcoin trends exhaust. Tune in for a mix of tech innovation and macroeconomic expertise!
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Remove Wallet Friction For Builders
- Build developer tooling that removes wallet friction so teams can focus on great app experiences.
- Provide secure signing and infrastructure so builders don't wrestle with mobile wallet restrictions.
Late-Stage Liquidity Cycle Warning
- Michael Howell said the liquidity cycle is mature and late, driven by treasury bill issuance and corporate cash deployment.
- He warned refinancing of COVID-era debt and big corporate IT spending will drain liquidity into 2026–27.
Markets Follow Liquidity Over Economy
- Howell contrasted a missing business cycle with a dominant liquidity cycle where markets follow liquidity not the real economy.
- He described a shift from Fed QE to Treasury-driven short-term issuance that reduces volatility and pushes banks to monetize deficits.