Keeping it Simple | Ep. 46: With a Liquid Howell, She Cried More, More, More

This podcast interviews Michael Howell, an expert in global liquidity, discussing his unique perspective on market liquidity, its measurement, and its impact on asset prices. The conversation covers Howell's flagship chart showing global liquidity versus world wealth, different types of liquidity, and the impact of factors like the U.S. Treasury's issuance policies and volatility on market behavior. Howell argues that current measures of liquidity are insufficient and that a hidden stimulus is impacting the US economy. The discussion also touches upon the potential impact of a "Mar-a-Lago Accord" and the implications of a shift towards a less dollar-centric global financial system. Listeners gain insights into alternative liquidity metrics and the interplay between fiscal policy, monetary policy, and market dynamics.