Global liquidity strategist Michael J. Howell of CrossBorder Capital joins Andy to unpack the market’s true heartbeat. The discussion moves past textbook valuation frames and into collateral, repo mechanics, and the debt refinancing cycle that actually drives risk assets. We dig into signs of repo stress, why liquidity momentum may be rolling over, and how policy is shifting from Fed driven QE to Treasury directed liquidity that chooses winners and losers. We also explore China’s push to cushion monetary inflation with gold and why stablecoins could extend US Treasury demand. #Millettian GuestMichael J. Howell Founder and CEO, CrossBorder CapitalCapital Wars…