Episode notes
Michael Howell joins TFTC to break down why the Fed is trapped by rising bond yields and surging nominal GDP, forcing a return to rate hikes despite market expectations. We dissect the AI capex bubble, Treasury’s hidden debt monetization via bill issuance, and why global liquidity trends point to a crypto bottom by late 2026. Howell explains why Bitcoin outperforms gold as a monetary inflation hedge, how China’s PBOC liquidity drives gold, and why $40 trillion national debt is just the beginning of a state-led capital war era.
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