What if markets aren’t really valuation machines?

What if they’re refinancing machines?

In my latest ATOMIQ LEVEL conversation, Michael Howell of Capital Wars breaks down one of the clearest frameworks I’ve heard for understanding what is actually driving markets right now.

Liquidity. Debt rollover. Collateral. Treasury stress. Gold. Stablecoins. The dollar. China. And the invisible plumbing beneath global capital flows.

This one connects a lot of dots for anyone trying to understand why asset prices often feel disconnected from “value,” and why the next phase of the Capital Wars may define how investors protect and grow wealth from here.

This is not surface-level market commentary.

It is a look inside the machine.

Watch/listen to the full episode here: cc Shoutout thank yous for tuning in live to Garrett Baldwin George Noble King CAMBO MarketStack and 400+ others!