Michael Howell: Hidden REPO crisis could BREAK the system

Michael Howell returns to the Macroscopic Podcast to break down the truth behind the latest repo market blowout, the Fed’s hidden QE, and the coming liquidity war between East and West.

In this powerful conversation, Howell explains why every financial crisis is ultimately a refinancing crisis, why liquidity is the real lifeblood of the global system, and how the U.S. and China are fighting a silent war through collateral, stablecoins, and gold.

We discuss how the Fed is already being forced to restart liquidity injections, the rise of “Treasury QE”, and how this shift will shape the future of equities, bonds, gold, and Bitcoin.

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›› Recording date: 29/10/25 ‹‹

◻️ About Michael Howell:
- Website: https://www.crossbordercapital.com/
- X: https://x.com/crossbordercap
- Substack: https://capitalwars.substack.com/

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00:00 — Intro
02:00 — The Fed’s Hidden QE and Liquidity Stress
05:00 — Why Every Crisis Is a Refinancing Crisis
09:00 — The Global Debt–Liquidity Imbalance
13:00 — The Coming Refinancing Wall (2026–2028)
17:00 — Are We at the Liquidity Cycle Peak?
19:00 — The Fed’s Next Move: Treasury QE
23:00 — Bank Reserve Shortfall: $400 Billion Missing
27:00 — Can the Fed Avoid a 2019-Style Crisis?
30:00 — The “Bad News Is Good News” Dynamic
33:00 — From Fed QE to Treasury QE: What’s Changing
38:00 — Stablecoins, the Dollar, and U.S. Power
43:00 — China’s Debt Trap and Gold Strategy
47:00 — The Birth of Two Monetary Systems: Digital vs. Gold
50:00 — The Global Capital War: U.S. vs China
55:00 — Positioning Ahead: Gold, Bitcoin, and Equities
59:00 — Long-Term Gold Forecast: $25,000
1:03:00 — Inflation, Generational Wealth, and the Future of Money
1:07:00 — Why Gold and Bitcoin Are the Assets to Hold