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Capital Wars

Michael Howell, Prometheus Research
Thousands of paid subscribers

Global Liquidity Insights

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Issues497Founded3 years agoLast Issue7 days ago
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Latest Issues

Global Liquidity Watch: Weekly Update

Rising Volatility Yet to Hit the Collateral Multiplier

Headline global liquidity rose to US$196.6tr last week, supported by a record collateral multiplier despite the jump in bond volatility. Rising volatility typically forces higher hairc...

7 days ago
31
2
Paid

Crypto, Gold and Bonds

Global Liquidity Still Dominates

Global Liquidity, measured on our full-sample basis and expressed in US dollars, continues to reach new all-time highs. Admittedly, and contrary to our expectations at the start of the year, the cycle has e...

8 days ago
56
23
Paid

China’s Next Phase

Yuan’s Necessary Internal Devaluation

China is entering the next stage of a prolonged balance-sheet adjustment. The challenge is no longer simply weak economic growth, a troubled property market and indebted local governments. It is the in...

11 days ago
66
17
Paid

Global Liquidity Watch: Weekly Update

Shadow Monetary Base Dips. Bond Volatility Rises

Global liquidity has hit a record US$196.3tr, but underlying liquidity is at a 16-month low. A stronger US dollar, weaker collateral values, and slower Chinese liquidity growth are weighing...

14 days ago
31
7
Paid

Phoney Press Panic

With some private US nowcasts suggesting that Q3 growth may already be approaching an extraordinary 7%, buying long-dated bonds might appear premature. We have been bearish fixed income throughout this year for exactly this reason. In the n...

16 days ago
120
15

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Authors

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  • Michael Howell

    Dr Michael J. Howell has worked in finance for over 30 years. Formerly Research Director at Salomon Bros where he developed the concept of 'Global Liquidity'. He is author of 'Investing in Emerging Markets' (1995) and 'Capital Wars' (2020).

  • Prometheus Research
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