Michael Howell warns that the global financial system is approaching a breaking point, not from a recession, but from a massive mismatch between debt and liquidity. As the U.S. and other governments try to roll over trillions in short-term debt at rising interest rates, the quiet result is monetary inflation.
In this explosive interview with James Connor, Howell explains why 5% bond yields are the new normal, why the 60/40 portfolio model is obsolete, and why China, not just the Fed, may be driving the gold bull market. He warns that global bond markets are flashing danger, and the coming 2026–2028 refinancing cliff could trigger the next big crisis.
Key Topics:
• Why bond yields are rising globally, and what that means for markets
• The most overlooked metric: debt-to-liquidity, not debt-to-GDP
• How governments are quietly monetizing deficits, risking long-term damage
• Why China’s liquidity surge may be fueling the gold and Bitcoin rally
• The real reason traditional portfolios won’t survive this macro regime
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Chapters:
01:23 - Markets on Edge: What April’s Chaos Taught Us
03:23 - Bond Yields Are Screaming—Is Anyone Listening?
13:14 - America’s $9 Trillion Problem No One Wants to Talk About
23:18 - Why 5% Treasuries Might Be Here to Stay
27:49 - Will a Recession Be the Pin That Pops the Bubble?
34:15 - Market Mania vs. Debt Reality: Who Wins?
36:08 - Japan & China Are Dumping Treasuries—Should You Worry?
37:57 - Can Raising Retirement Ages Save the System?
40:33 - Trump’s “Big Beautiful Bill”: Boom or Budget Buster?
45:45 - The Fed’s Dilemma: Rate Cuts or a Crash Landing?
50:24 - Gold or Bitcoin: What Survives an Inflation Storm?
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