Raoul Pal, CEO of Real Vision and one of crypto's most prominent macro voices, has stated that he believes that recessions are no longer structurally possible anymore. His comments come as prediction markets price 36% odds of a recession by year-end, a rise from a low of 21% in January. Pal argues that central banks have always used the post-2008 playbook that injecting liquidity raises collateral values and they will not allow this to reverse if the S&P 500 falls by more than 25%, resulting in an 8% annual currency debasement. He also mentioned proposed changes to the Supplementary Leverage Ratio (ESLR) that would allow banks to buy Treasuries without capital constraints, reprising the late 1990s Greenspan playbook where banks levered up and inflation kept low.