Michael Howell 

@capitalwars
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).
Latest post
Global Liquidity Watch: Weekly Update
Global Liquidity: Waving Or Drowning?

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Is Trump 2.0 Planning A ‘New’ Gold Exchange Standard?
Global Liquidity Watch: Weekly Update

Explaining a bit about collateral and QT

Higher bond volatility increases the size of 'haircuts' and this reduces the size of the collateral multiplier. QT, in theory reduces funds in money markets, and this by definition means lower banks' reserves. The Fed does not have to sell bonds directly to the banks to reduce overall money market liquidity. MH

Higher bond volatility increases the size of 'haircuts' and this reduces the size of the collateral multiplier. QT, in theory reduces funds in money markets, and this by definition means lower banks' reserves. The Fed does not have to sell bonds directly to the banks to reduce overall money market liquidity. MH

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Dollars, Bonds, and Digital Currencies
Are Stable Coins About To Revolutionise Global Liquidity Supply?
Global Liquidity Watch: Weekly Update
The Debt-Liquidity Spiral

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Dollars, Bonds, and Digital Currencies