In this episode, Michael Howell of CrossBorder Capital joins the show to discuss the uptrend in global liquidity, a possible Shanghai Accord 2 to weaken the dollar, and the relationship between debt and liquidity. We also discuss the real breakeven inflation rate, the yield curve, and why you need monetary inflation hedges. Enjoy!
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Timestamps:
(00:00) Introduction
(01:18) Powell's Jackson Hole Speech
(04:20) Uptrend In Global Liquidity
(05:53) Global Risk Exposure
(12:10) A New Shanghai Accord
(18:44) Mantra Ad
(19:24) Mechanics Of Yen Intervention
(22:01) The Treasury Market
(30:20) Breakeven Inflation Rates
(32:56) Debt-To-Liquidity Ratio
(35:52) Permissionless Ad
(36:33) US Public Debt
(40:14) Monetary Inflation Hedges
(43:11) Managing Bill Issuance
(47:03) Bull Vs Bear Steepener
(48:50) The Structure Of Global Liquidity
(50:08) The MOVE Index
(53:49) Treasury Buybacks
(55:06) Real Interest Rates
(56:38) Equity Market & PBOC Liquidity
(59:37) More Upside In Gold & BTC
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Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.