Liquidity is Coming...! (MOAR COWBELL)

🔥 Visit www.realvision.com/token2049 for 15% off tickets, only with the code 'REALVISION'. 🔥 Get FREE ACCESS to Real Vision https://rvtv.io/3U1GFAD. It's time for a liquidity masterclass with Michael Howell. Raoul's Everything Code thesis suggests that liquidity is the biggest driver of asset prices across both macro and crypto. Today for all viewers, he welcomes the industry's foremost liquidity expert Michael Howell, founder and CEO of CrossBorder Capital, where global money flows are headed, how this impacts markets, and whether it could push us into the next "Banana Zone." Recorded on June 24, 2024. This episode is brought to you by TOKEN2049 Singapore. Join over 20,000 attendees for the world's largest crypto event: TOKEN2049 Singapore from 18 to 19 September. Balaji Srinivasan, Solana's Anatoly, Arthur Hayes, and over 250 others will hit the stage, as TOKEN2049 takes over the iconic Marina Bay Sands in Singapore. With over 500 side events during TOKEN2049 Week, Singapore will transform into a crypto hub from 16 to 22 September, capped off by AFTER 2049, and the Formula 1 Grand Prix race weekend. Everyone will be there – this is the one event you can't miss this year. 🔥 Visit www.realvision.com/token2049 for 15% off tickets, only with the code 'REALVISION'. Timestamps: 00:00 - Sponsor: Token2049 event in Singapore 00:51 - Importance of subscribing and engaging with the channel 01:19 - Raoul Pal introduces his show "The Journeyman" 01:52 - Overview of Raoul Pal's "Everything Code" thesis 02:26 - Explanation of the debt refi cycle and liquidity's role 03:01 - Discussion with Mike Howell on liquidity 03:38 - Mike Howell's background and framework on liquidity 05:17 - Evolution of global liquidity concept 07:27 - Current liquidity frameworks and key metrics 10:39 - Dominance of liquidity in markets since the mid-2000s 12:13 - Correlation between global liquidity and market performance 15:11 - Importance of term premium and its impact on bond markets 17:14 - Liquidity's effect on P/E ratios and market dynamics 18:17 - Central banks' role in maintaining liquidity and managing debt 21:22 - Differentiating between monetary inflation and deflation crises 23:22 - The significance of debt refinancing in financial crises 25:38 - Various sources of liquidity in the US 27:39 - Treasury General Account and its impact on liquidity 28:42 - Discussion on the dollar milkshake theory and dollar strength 31:45 - China's role and challenges in the global liquidity landscape 33:52 - Janet Yellen's strategies to add liquidity 36:04 - Potential impact of Fannie Mae's changes on liquidity 39:28 - Challenges faced by China's economy and the need for liquidity 41:30 - Basel 4 and its implications for banks and bond markets 43:36 - Europe's green energy transition and its impact on liquidity 44:32 - Potential risks and opportunities in the French banking sector 45:00 - Likelihood of central banks using their balance sheets 46:38 - Forecast for the liquidity cycle in the next few years 50:44 - Prospects for risk assets in a sluggish economy 51:20 - Expected peak of the liquidity cycle and underlying trends 56:03 - Historical parallels with post-World War II debt cycles 57:01 - Necessity of liquidity for economic stability and growth 59:09 - Central banks' understanding of the global debt situation 1:00:05 - Importance of monitoring liquidity and potential future trends Connect with me: Twitter (X): https://twitter.com/RaoulGMI Instagram: https://www.instagram.com/raoulgmi/ LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ Newsletter: https://raoulpal.substack.com My other work: Real Vision: https://rvtv.io/3LHYIaH Global Macro Investor: https://globalmacroinvestor.com EXPAAM: https://expaam.com Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf Learn more about your ad choices. Visit podcastchoices.com/adchoices