Great interview with Michael Howell, one of the men who best understands the phenomenon of global liquidity.

Highlights:

- Global liquidity drives the markets

- Markets rollover every 5 years, creating 65-month liquidity cycles.

- Every 7 years global liquidity doubles (this is increasing).

- Gold has a 1.5 multiplier against a 100% increase in global liquidity.

- Bitcoin has a multiplier of 4.5% versus a 100% increase in global liquidity.

- Importance of the MOVE indicator that measures the volatility of the US bond system since the real mission of the Federal Reserve is neither to control inflation nor to protect the labor market, the real mission of the Federal Reserve is to keep the bond system stable, i.e. with low volatility.