In this episode of the Forward Guidance podcast, Felix hosts Quinn Thompson and Michael Howell to discuss macroeconomics and crypto. Michael Howell shares his framework for understanding global liquidity, noting that markets are driven by money flow rather than textbooks and that we are in a strong up wave but nearing the top of the cycle. The conversation explores the relationship between liquidity cycles and economic growth, the impact of central bank policies, and the role of treasury QE. They delve into the drivers of Bitcoin's price, including global liquidity, risk appetite, and the gold price, and examine China's monetary easing and its concerns about stablecoins. The discussion touches on the societal impacts of monetary debasement, such as housing unaffordability and declining fertility rates, and concludes with a reflection on the uniqueness of the current economic moment and the chase for the debasement trade.
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