Erik Townsend and Aaron Chan welcome Raoul Pal to MacroVoices. Erik and Raoul discuss structural issues in LIBOR and Eurodollar markets as bullish for USD, update on Raoul's business cycle framework, 100% probability of recession following 2-term U.S. presidencies, Brexit contagion spreading into the rest of Europe, gold and USD pairs-trade timeline and expectations, precarious state of and systemic risk of the European banking sector, potential moonshot in soft commodities due to weather cycles, and much more.