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Daily Briefing - August 21, 2020

Real Vision CEO Raoul Pal is joined by senior editor Ash Bennington to reflect on the future of markets at this unique juncture. Raoul begins by giving Ash a glimpse of how his "unfolding" thesis has evolved, particularly with regard to the dollar. The discussion of currencies naturally leads Raoul and Ash to talk about the ongoing meltdown of the Turkish Lira (TRY). Raoul explains the correlation between Bitcoin and the TRY and explores whether it's a sign of capital flight by Turkish investors. After a brief detour into New York City's woes, Raoul and Ash consider how this consumer-led recession is widening the divide between skilled and unskilled workers, as well as between the rich and the poor. They then discuss Joe Biden's recent nomination, the upcoming presidential election, and the importance of evaluating markets in a non-partisan way. In the intro, Jack Farley notes a stark contrast in the PMI data between Europe and the U.S.