Michael Howell, founder of CrossBorder Capital and author of Capital Wars, joins Triangle Investor for a deep dive into the global liquidity cycle, Japan’s bond market, the yen carry trade, U.S. debt surpassing $40 trillion, Treasury QE, monetary inflation and the risks building inside global financial markets. Howell explains why he believes the global liquidity cycle has peaked, why rising bond yields are becoming increasingly important, and why investors should watch the repo market, SOFR, bond volatility and credit spreads rather than simply focusing on the Fed funds rate. We also discuss what the first 72 hours of a genuine global liquidity crisis could look like, why cash could become king, when central banks may be forced to intervene, and why Howell remains extremely bullish on gold, commodities and Bitcoin over the longer term.

🗓️ Recording date: September 7, 2026

📖 Chapters
00:00 Intro
01:10 — Japan: Why Are JGB Yields Rising?
03:24 — Could Japan Become a Global Liquidity Absorber?
03:37 — The Yen Carry Trade: Overhyped Risk?
04:45 — The $40 Trillion U.S. Debt Problem
05:14 — The New Debt Refinancing World
07:39 — Why Financial Market “Plumbing” Matters
08:31 — Financial Repression Is Already Happening?
10:58 — Treasury QE: Are Banks Printing Money for the Government?
12:16 — Has the Global Liquidity Cycle Peaked?
12:35 — What Happens After a Liquidity Peak?
14:42 — Why Rising Bond Yields Threaten Equities
17:01 — What Would the First 72 Hours of a Liquidity Crisis Look Like?
17:24 — The Debt-Liquidity Nexus Explained
19:49 — The Key Crisis Indicators: SOFR, Repo & MOVE
20:57 — Could Cash Become King Again?
21:17 — Why Central Banks Will Have to Intervene
23:32 — What Happens to Gold, Bitcoin & the Dollar?
23:45 — Gold, Silver, Dow & S&P 500: What Comes Next?
25:43 — Why Bond Yields Could Rise Further
26:30 — Gold: “100% a Buying Opportunity” on a Pullback