In a follow-up to their fascinating conversation last summer, James Aitken joins Raoul Pal to talk macro. James doubles down on his assessment that inflation is now structural – that it’s here to stay. He thinks spending on a shift to regionalized trade and the renewable energy transition means higher and stickier prices across the economy. That’s different from Raoul’s view. But James is known as an “expert’s expert,” and exchanging ideas, especially opposing ones, is always healthy. And they find a lot of common ground, including the fact that a weakening yen means there’s something going on in Japan that few are paying attention to right now. Recorded on April 1, 2022.