You've asked, we listened: Michael Howell, CEO of CrossBorder Capital and renowned macro maestro, joins Raoul Pal for an analysis of the global liquidity cycle and how the latest developments in the U.S., China, Japan, the UK, and Europe will impact risk assets. Has liquidity already peaked, as some think Howell has claimed? Recorded on August 28, 2025. • 🕰️ A Slower Cycle Than Usual: Unlike previous cycles, this one is dragging on. Why? High interest rates have kept economic indicators like the ISM below 50 📊 — signaling stagnation and stretching the liquidity cycle beyond the norm. • 💸 Liquidity Over Everything: We’re no longer seeing a traditional business cycle. Post-COVID, global economies have flatlined — yet financial markets are booming. Why? They're responding only to liquidity injections, not fundamentals. 🚀💵 • 🧱 Structural Market Shifts: Issuance has been pushed into the short-term bills market, not into medium-term refinancing (like 5-year notes). This shift may be rewriting how cycles function — demanding constant liquidity instead of cyclical bursts. 🔄🧠 #MacroAnalysis #LiquidityCycle #RaoulPal #Economy2025 #InterestRates #FinancialMarkets #GlobalMacro #ISM #BusinessCycle #JourneyMan 🔥 Get my FREE PDF report https://rvtv.io/3YOZZUe 🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com ⚪ Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries. Connect with me: Twitter (X): https://twitter.com/RaoulGMI Instagram: https://www.instagram.com/raoulgmi/ LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ Newsletter: https://raoulpal.substack.com My other work: Real Vision: https://rvtv.io/3LHYIaH Global Macro Investor: https://globalmacroinvestor.com EXPAAM: https://expaam.com Connect with Real Vision™ Online: Twitter: https://rvtv.io/twitter Instagram: https://rvtv.io/instagram Web: 🔥 https://rvtv.io/3Y4t5Pw Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf #raoulpal #crypto #macro #macroeconomics #cryptocurrency #cryptonews #blockchain #web3 #nft #nfts #btc #eth #btcnews #bitcoin #bitcoinnews #bitcointoday #cryptotrading #cryptoinsights #cryptotips #cryptoinsights #macroinsights #realvision #solana #sol #solanasol #altcoins #bitcoinnews #btctoday #btcnews