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Michael Howell on GENIUS Act: Stablecoin adoption could mean slower credit growth

Less Noise, More Signal

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Dynamics of Global Liquidity

This chapter explores the key factors influencing global liquidity, including the roles of the US Federal Reserve, the People's Bank of China, and collateral markets. It discusses the effects of reduced US Treasury debt issuance and China's liquidity stimulus on the financial system, while also emphasizing the importance of stability in bond markets. The analysis incorporates historical context and examines the implications of current monetary policies and debt cycles, underscoring the potential risks associated with ongoing financial practices.

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