In this engaging conversation, Michael Howell, Founder and CEO of Crossborder Capital, shares his insights on global liquidity and financial markets. He predicts a potential liquidity drain in 2025, driven by rising debt refinancings, which could disrupt market stability. Howell emphasizes the cyclical relationship between liquidity and asset prices and flags inflation and corporate debt as significant risks. He also discusses the Federal Reserve's tightening policies and their impact on the U.S. Treasury market, warning investors to prepare for a bumpy road ahead.

Michael Howell of Crossborder Capital and Andy Constan of Damped Spring Advisors join Forward Guidance to discuss and debate all things liquidity.Today’s interview is brought to you by YCharts. For a free trial and 15% discount on new memberships, visit https://go.ycharts.com/forward-guidanceFollow Michael Howell on Twitter https://twitter.com/crossbordercap___Follow Andy Constan on Twitter https://twitter.com/dampedspringFollow 2 Gray Beards on Twitter https://twitter.com/2GrayBeardsFollow Jack Farley on Twitter https://twitter.com/JackFarley96Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidanceFollow Blockworks on Twitter https://twitter.com/Blockworks_More info on Damped Spring Advisors: https://dampedspring.com/More info on Crossborder Capital: http://www.crossbordercapital.com/Michael Howell’s Substack: https://capitalwars.substack.com/____Timecodes:(00:00) // Defining Global Liquidity(04:07) // Only Looking At Federal Reserve Liquidity Is A Big, Big Mistake(11:23) // Why Has Michael Howell's Global Liquidity Index (GLI) Been Rising?(18:49) // The U.S. Treasury's Issuance Composition Has Been A Huge Factor For Liquidity(31:36) // Is This "Shadow Quantitative Easing (QE)"?(44:06) // Inverted Yield Curve & Repo(53:19) // Michael Howell's Bull Case For Stocks(59:10) // The "Short All Assets" Trade(01:07:43) // Will The Fed Return To Outright Quantitative Easing (QE)?(01:11:41) // Is Liquidity Going To Expand? Yes, It Is - Michael Howell(01:17:44) // Final Points On Term Premia, Fiscal Arithmatic, And The Dollar____Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Michael Howell, Managing Director of Crossborder Capital and author, offers deep insights into liquidity's pivotal role in global markets. He unveils how rising liquidity could favor risky assets, countering the belief that the Fed is tightening. With $70 trillion in annual refinancing needs, he argues inflation is probable, significantly impacting gold and equities. The discussion also navigates intricate FX market dynamics, recent yen fluctuations, and hints at potential strategies to weaken the US dollar, suggesting substantial implications for liquidity and asset values.

The podcast discusses the surge in gold and bitcoin prices hinting at looming money printing. The CEO highlights indicators for economic growth and inflation, forecasting asset performance and interest rates. They delve into global liquidity signals, yield curve dynamics, and the impact of quantitative easing on interest rates and economic policies.

Guests Michael Howell and George Robertson debate the true drivers of the bull market, with Michael focusing on global liquidity and central bank balance sheets while George dismisses their influence. Topics include contrasting views on the Fed, impact of liquidity on markets, Bitcoin ETF availability, government influence on Treasury yields, and predictions of a market downturn by 2025.

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.

Michael Howell, an expert on global liquidity from CrossBorder Capital, shares his insights on the shifting financial landscape. He discusses how BRICS nations are accumulating gold to challenge the U.S. dollar's supremacy. The conversation delves into the implications of central bank policies and liquidity on asset markets, emphasizing gold's role as a hedge against monetary inflation. Howell also offers investment strategies for navigating economic shifts, advocating for reallocating assets into gold and cryptocurrencies.

A bull market in liquidity started in October of 2022, and we know liquidity leads asset markets. Raoul speaks with Michael Howell, CEO of CrossBorder Capital, about why the biggest force in global macro is pointing towards a new bull market in equities. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Raoul Pal welcomes Michael Howell, industry's liquidity expert, discussing global money flows, impact on markets, and the potential 'Banana Zone'. Chapters explore liquidity history, central bank roles, correlation with assets like NASDAQ and Bitcoin, debt refinancing importance, challenges in liquidity management, and global economic trends.

Exploring the impact of liquidity on markets, predicting a peak by 2025. Discussions on investment cycle rebound, global liquidity's influence on equity markets, and strategic options trading for safety. Analysis of unsustainable market valuations, possible downturn by 2025, and importance of expert financial advice for navigating economic challenges.