Global Liquidity Cycle & the Worldwide Rush Into Hard Assets | Weekly Roundup

In this episode of the Forward Guidance podcast, Felix hosts Quinn Thompson and Michael Howell to discuss macroeconomics, global liquidity, and crypto. Michael Howell shares his framework for understanding global liquidity, noting that markets are driven by money flow rather than traditional economic indicators. The conversation explores the current upswing in the global liquidity cycle, potentially nearing its peak, and the trend of governments debasing paper money. Quinn Thompson suggests the U.S. has already experienced a recession and is now seeing economic reacceleration, driven by government debt issuance and Fed liquidity. The discussion covers the relationship between liquidity cycles and economic growth, the impact of central bank policies, and the role of Treasury QE. Michael Howell emphasizes the importance of global liquidity in driving Bitcoin's price, along with risk appetite and the gold price. The conversation shifts to China's perspective on stablecoins and its efforts to collateralize its financial system through gold. The panelists discuss the capital war between the U.S. and China, Europe's economic challenges, and the societal impacts of monetary debasement, including declining fertility rates and wealth inequality.