The David Lin Report ‘Absolute Madness’: Trillions In Debt Maturing Soon As Inflation Reignites | Michael Howell
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Dec 15, 2025 
Michael Howell, Founder and Managing Director of GL Indexes, delves into the precarious state of global liquidity and looming debt crises. He predicts a turbulent 2026, driven by inflexible monetary policies and massive COVID-era debt refinancing. Howell highlights the connection between liquidity cycles and market dynamics while warning about inflation pressures linked to rising Treasury issuance. He discusses the potential for precious metals as inflation hedges and emphasizes the impact of China's economic challenges on global finance.
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Liquidity Peaks Coincide With Bubbles
- Peaks in global liquidity align with asset bubbles, and downturns align with bubble collapses.
- An inflection down in liquidity poses a real danger to the current 'everything bubble.'
Adjust Allocation As Liquidity Phases Shift
- Move asset allocation defensively as liquidity moves from speculation to turbulence.
- Trim equities, favor commodities near peaks, and consider government bonds as liquidity contracts.
From Fed QE To Treasury QE
- A transition from Fed QE to Treasury QE is underway, with Treasury funding real-economy spending via short-term debt.
- That shift supports GDP but redirects liquidity into the real economy, reducing market liquidity.
