Michael Howell: Oil Shock, Bitcoin Outperformance, and Why the Global Liquidity Cycle Is Turning

<p>Michael Howell joins me to break down one of the most important macro setups in the world right now: falling global liquidity, rising oil prices, a growing debt maturity wall, and the changing relationship between the Fed, the Treasury, and the global monetary system.</p>

<p>We cover: </p>

<p>• Why Michael believes the global liquidity cycle peaked in late 2025 </p>

<p>• How the Iran war and oil shock are draining liquidity from financial markets </p>

<p>• Why oil could move much higher from here </p>

<p>• What the debt maturity wall means for financial stability </p>

<p>• Why the Fed’s reserve management purchases matter </p>

<p>• How stablecoins could re-dollarize the world </p>

<p>• Why China may be moving toward a different monetary model </p>

<p>• How Michael is thinking about asset allocation in this environment </p>

<p>• Why bitcoin and gold remain core long-term holdings</p>

<p>This is a big-picture conversation on liquidity, monetary inflation, commodity shocks, bond markets, stablecoins, and bitcoin’s role in a changing global system.</p>