Raoul Pal: The Journey Man

Mike Howell RETURNS: The Dollar Fix Is In — The Playbook for Gold, Tech & Bitcoin

58 snips
Sep 11, 2025
Guest
Michael Howell
Michael Howell, CEO of CrossBorder Capital, returns to discuss the global liquidity cycle's impact on markets. He dives into the intricate dynamics influenced by high interest rates and significant debt refinancing post-COVID. Howell highlights how countries like Japan and China shape market behavior and bond yields. He also touches on Europe's economic challenges, the rising necessity for assets like gold and Bitcoin, and the strategic role of stablecoins in the financial landscape. Prepare for a thought-provoking analysis of today’s economic intricacies!
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INSIGHT

Markets Drive The Fed, Not Vice Versa

  • Long-term bond yields ultimately anchor Fed policy through market signals rather than the Fed dictating long rates.
  • Fair value for long bonds ties to nominal GDP growth, limiting Fed wiggle-room across the curve.
INSIGHT

Japan: Ultra-Long Bonds Dumped For Equities

  • Japan's sell-off is concentrated in ultra-long JGBs, not across the curve, suggesting demand shifts rather than supply stress.
  • Investors appear to rotate from very long bonds into equities, helping Japan's stock rally.
INSIGHT

China Stimulus Aimed At Debt-Liquidity Ratio

  • China is expanding liquidity to reduce its debt-liquidity ratio and push investors into risk assets.
  • That stimulus correlates with stronger commodity prices and equity rallies in Shanghai.
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