Raoul Pal: The Journey Man

Mike Howell RETURNS: The Dollar Fix Is In — The Playbook for Gold, Tech & Bitcoin

52 snips
Sep 11, 2025
Guest
Michael Howell
Michael Howell, CEO of CrossBorder Capital, returns to discuss the global liquidity cycle's impact on markets. He dives into the intricate dynamics influenced by high interest rates and significant debt refinancing post-COVID. Howell highlights how countries like Japan and China shape market behavior and bond yields. He also touches on Europe's economic challenges, the rising necessity for assets like gold and Bitcoin, and the strategic role of stablecoins in the financial landscape. Prepare for a thought-provoking analysis of today’s economic intricacies!
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INSIGHT

Liquidity Cycle Late But Not Over

  • The global liquidity cycle is mature but still in an upswing and likely near its peak.
  • Expect pressures from large refinancing needs and corporate cash outflows to test markets into 2026.
INSIGHT

Treasury Bills Are Quietly Increasing Liquidity

  • Treasury's shift to heavy bill issuance shortens duration and boosts measured liquidity.
  • That forces investors and banks into the short end, lowering market volatility but effectively monetizing deficits.
INSIGHT

Markets Drive The Fed, Not Vice Versa

  • Long-term bond yields ultimately anchor Fed policy through market signals rather than the Fed dictating long rates.
  • Fair value for long bonds ties to nominal GDP growth, limiting Fed wiggle-room across the curve.
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