在最新一期《Hidden Forces》节目中，Demetri Kofinas与CrossBorder Capital CEO Michael Howell探讨了金价和比特币上涨的原因，分析这是否预示着政府债务和赤字支付驱动的“货币印刷”回归。Howell凭借其精准的经济和金融预测，解释了为何风险资产在高利率环境下仍表现优异，以及金价和比特币创历史新高对全球流动性和投资者对法定货币作为可靠价值储存手段的信心有何启示。节目分为两小时，第一小时分析了Howell预测经济增长和通胀加速的指标；第二小时则预测了未来几个月哪些资产将表现优异，利率走向，收益率曲线陡峭化，以及银行定期融资计划（BTFP）到期、逆回购设施（RRP）缩水和税收支付带来的流动性暂时下降可能为投资者创造的买入机会。

💰 金价和比特币的上涨可能预示着政府债务和赤字支付驱动的‘货币印刷’回归，这反映了投资者对法定货币作为可靠价值储存手段的信心下降。

📈 尽管利率上升，风险资产仍表现优异，这与全球流动性和投资者对经济前景的预期密切相关，Howell认为经济增长和通胀将在今年和2025年加速。

🔍 Howell依赖多种指标进行预测，包括银行定期融资计划（BTFP）的到期、逆回购设施（RRP）的缩水和税收支付带来的流动性暂时下降，这些因素可能为投资者创造买入机会。

🌐 全球流动性状况和投资者信心是理解金价和比特币上涨的关键，这些资产被视为对冲政府债务和通胀风险的工具。

📊 收益率曲线的陡峭化以及利率的未来走向，将影响投资者的资产配置决策，Howell认为这些因素将在未来几个月内对市场产生重要影响。

In Episode 357 of Hidden Forces, Demetri Kofinas speaks with the CEO of CrossBorder Capital, Michael Howell, about the run-up in gold and bitcoin prices and whether this signals the return of "money printing" driven by overwhelming government debt and deficit payments.

Michael Howell has had the most accurate economic and financial forecasts of any analyst Kofinas has spoken with in the last several years. Demetri asked him back on the podcast to help explain why risk assets continue to outperform despite higher interest rates and what new all-time highs in gold and Bitcoin signal about global liquidity and investor confidence in the integrity of fiat currencies as reliable stores of value amid skyrocketing government debt and deficits.

In the first hour, Michael breaks down the indicators he relies on to make his forecasts and why he expects economic growth and inflation to reaccelerate this year and into 2025. In the second hour, Howell forecasts which assets and asset classes he thinks will outperform, the direction of interest rates, the steepening of the yield curve, and how the expiration of the bank-term funding program (BTFP), the draw-down in the reverse repo facility (RRP), and a temporary decline in liquidity from tax payments could create buying opportunities for investors over the next several months.

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Episode Recorded on 03/13/2024