40-Year Wall Street Vet Warns: 6 Months Before the Bubble Bursts (Bitcoin Next?) | Michael Howell

Show Notes

Michael Howell explains how the Federal Reserve has painted itself into a corner at Jackson Hole, facing impossible choices between political pressure and market stability. The discussion covers global liquidity cycles, the shift from Fed QE to Treasury-driven monetary policy, and why 80% of lending now depends on collateral markets. Howell details China's gold accumulation strategy, the coming debt refinancing wave in 2026-2028, and how $2 trillion in AI capital expenditure is draining liquidity from financial markets. The conversation explores Treasury volatility targeting as implicit yield curve control, stablecoin demand for Treasury bills, and why Bitcoin serves as the ultimate monetary inflation hedge. Key topics include the 65-month liquidity cycle, collateral shortages driving SOFR spreads, and the transition from traditional asset allocation to hard money systems. STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ CrossBorder Capital on Twitter: https://x.com/crossbordercap Bitkey https://bit.ly/TFTCBitkey20 Unchained https://unchained.com/tftc/ Obscura VPN https://obscura.net/ 0:00 - Intro 1:12- Big day at Jackson Hole 7:57 - Bessent’s contradictions 14:03 - Yield curve control 18:35 - Bitkey & Unchained 20:16 - AI and global liquidity cycle 35:01 - Stablecoins 38:44 - Obscura and Opportunity Cost 40:09 - Mechanics and future of liquidity cycles 46:42 - Questioning AI productivity 52:18 - China’s influence on liquidity cycle Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/