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Michael Howell of Crossborder Capital joins Jack on Monetary Matters to share his outlook on global liquidity from three sources: central banks, cross border flows, and the private sector. Recorded on December 19, 2024.
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Timestamps
00:00 Intro
01:09 Liquidity Outlook For 2025
16:00 "Big Debt Problem": Debt Ratios Around The World
33:32 Giant Refinancing Need In 2025 & 2026
36:08 China "Impaled" On Spike Of Strong U.S. Dollar
41:34 China Is Devaluing Chinese Yuan Against Gold
53:43 Bitcoin and Gold As Liquidity Sensitive Assets
59:21 Mapping Out Plumbing of U.S. Monetary System
1:01:54 Where Is The New Liquidity Going To Come From?
1:15:00 Michael's Near-Term View On RIsk Assets: Stocks and Bitcoin
1:25:57 The Dollar
1:30:37 "The Everything Bust"?
1:33:53 Shadow Banks & Private Credit
1:37:14 People's Bank of China
1:42:29 Recession In U.S. Remains Unlikely With Huge Fiscal Deficits, Argues Howell
1:47:43 Summary of Howell's Macro Views
