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On The Margin
Fed's Stealth Liquidity Is Fueling A Stock Market Rally | Michael Howell
Nov 15, 2023
Michael Howell, CEO of CrossBorder Capital, discusses the global liquidity cycle and its impact on markets in 2023 & 2024. Topics include inflation, rising interest rates, reduced impact of QE, and the role of crypto & Gold in portfolios.
56:19
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Quick takeaways
- High street inflation is likely to decrease in 2024, while monetary inflation is increasing due to fiscal dominance and expanding central bank balance sheets, calling for investments in monetary inflation hedges like gold and crypto assets.
- Global liquidity is a significant driver of asset markets, influenced by central bank policies and the pool of collateral in the world economy, with rising liquidity calling for the inclusion of monetary inflation hedges such as gold, crypto assets, and real assets in portfolios.
Deep dives
High Street Inflation and Monetary Inflation
In this podcast episode, the speaker discusses the distinction between high street inflation and monetary inflation. High street inflation consists of cost inflation and monetary inflation, which includes the depreciation of credit or paper money. However, the speaker argues that high street inflation is likely to decrease in 2024 due to the supply adjustment following the COVID crisis. On the other hand, monetary inflation is increasing due to the fiscal dominance of governments and the expansion of central bank balance sheets. To mitigate the effects of monetary inflation, the speaker recommends investing in monetary inflation hedges, such as gold and crypto assets.
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