Library of Mistakes
Ep 13: Capital Wars - The Rise Of Global Liquidity (with Michael Howell)
Feb 6, 2023
38:27
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Quick takeaways
- Global liquidity has surged to $170 trillion, emphasizing the shift towards a refinancing system for debt rollovers.
- Collateralized lending with quality assets like government bonds is crucial for liquidity and borrowing capacity.
Deep dives
The Concept of Global Liquidity and Financial System Evolution
Global liquidity, defined as the flow of cash and credit through financial markets, has surged to $170 trillion due to factors like COVID-19 and central bank interventions. A key theme is the shift from a new financing system to a refinancing system, where debt rollovers are crucial. Liquidity includes various instruments beyond traditional money aggregates, emphasizing the importance of balance sheet capacity and debt refinancing.
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