EPISODE · Nov 26, 2025 · 54 MIN
The Mania Begins
from Global Macro Update
CrossBorder Capital founder Michael Howell built his framework for tracking global liquidity while at Salomon Brothers. His central thesis: the ratio between debt and liquidity predicts financial crises and asset bubbles. Howell explains why the $350 trillion global debt pile requires $70 trillion in annual refinancing, how ZIRP created the "everything bubble," and what happens when the bill comes due.
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The Mania Begins
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