Raoul Pal, publisher of The Global Macro Investor investment letter, brings the highly requested follow-up to his original 2014 piece in The Reset II. In this discussion, Raoul explains why several European bank stocks may be facing Death By CoCo Bond, the black holes of illiquidity formed by QE, wealth preservation in a NIRP world, and the probabilistic outcomes of China, the U.S., Europe, and Japan after the next global crisis.