Collateral Crisis: Why 77% of Global Lending Is Now Teetering on Edge - Michael Howell

Michael Howell analyzes the global financial system's vulnerabilities, focusing on the critical debt-to-liquidity ratio approaching danger levels. He explains why traditional economic measures miss the real risks of a refinancing crisis as COVID-era debt comes due at higher rates. The discussion covers China's strategic gold purchases, Treasury Secretary Bessent's refinancing challenges, and investor positioning at historically defensive levels. Howell outlines how monetary devaluation is the likely path forward and considers Bitcoin's role as a hedge against currency debasement in an increasingly unstable monetary system.

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0:00 - Intro
0:39 - Is liquidity crunch incoming
6:16 - Explaining the crisis
16:15 - Fold & Bitkey
17:57 - The Fed’s ineffective measures
20:47 - Powell/Trump standoff and China selling
28:20 - Unchained Evernt
29:45 - Digging out with better assets
34:52 - Bessent's reset & BitBonds
40:04 - Weimar & gold
45:29 - Cutting red tape
50:01 - Clear skies beyond the storm

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