MacroVoices Erik Townsend &amp; Patrick Ceresna welcome, Michael Howell. They discuss the 65-month global liquidity cycle, where we stand currently, and what comes next. https://bit.ly/3UfVKBc ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/fOY4YJYX 🔴 Subscribe to Patrick’s Youtube Channel: https://www.youtube.com/@Patrick_Ceresna 🔴 Subscribe to Erik&#x27;s Substack: https://eriktownsend.substack.com/

MacroVoices #545 Michael Howell: Warsh vs. The Markets

Macro Voices

This everything bubble will never come to an end, and you're starting to see signs that the quality is rolling over. And therefore, we've got to accept the fact that after every bubble comes a bust. That was Michael Howell. I'm Erik Townsend, and this is Macro Voices, the free weekly podcast targeting professional finance and sophisticated private investors. Episode 545 was produced

on August 13, 2026. Michael and I will discuss the 65-month global liquidity cycle, where we stand in that cycle currently, and what comes next. Michael agrees with my view that gold has probably bottomed and is likely to rally from here. So we'll also discuss precious metals, inflation, and where Fed policy is headed longer term. And I'm Patrick Ceresna. Let's dive into this interview.

You probably know Michael as the founder of Cross Border Capital and the publisher of the Capital Wars Substack. There's also another business there, which is Global Liquidity Indices that we're going to talk quite a bit about. Michael, it's great to get you back on the show. It's been six months or so. Let's dive right into the slide deck that you prepared. Listeners, you'll find the slide deck linked in your Research Roundup email. If you don't have a Research Roundup email, just go to our homepage, macrovoices.com. Click the red button above Michael's

picture that says looking for the downloads. Let's go ahead and dive right into it. Talk about the liquidity cycle and so forth. Where do you want to start? First, Eric, thanks for the invitation. It's always a great pleasure to be on your podcast. I think the best thing to start with is the global liquidity picture. That's the lens that we look at markets through.

MacroVoices #545 Michael Howell: Warsh vs. The Markets

Read the full transcript

The candid version is on a podcast,
not the earnings call.

MacroVoices #545 Michael Howell: Warsh vs. The Markets

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.