Podcast: Have We Hit the QE Peak?

Tyler and Mike discuss Mike’s background, the global outlook and QE.

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Michael Howell, CEO, CrossBorder Capital

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In the latest episode of Blockworks’ new podcast “Generational Arbitrage,” Tyler Neville speaks with with Michael Howell, Founder of CrossBorder Capital.

Mike is a leading global macro thinker who watches giant trends in liquidity from global central banks. He is the author of Capital Wars: The Rise of Global Liquidity and has a process unlike most fundamental economic analysis. They talk about the Mike’s experience in the market, the global outlook, the end of the Bretton Woods system and the rise of China.

Check out what they had to say in the video below. 👇

The social fabric of contemporary American life is tearing itself apart. On “Generational Arbitrage,” once a week, Tyler Neville, author of Blockworks’ smash hit Daily Newsletter, digs into the institutions whose promises are left unfulfilled. The generational imbalances are vast and very few can speak out against entrenched interests. Let’s find them!

Episodes are released every Friday morning. 

Subscribe to Empire today on Apple or Spotify. Watch episodes on YouTube.

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Compute demand is two-sided, the precondition for any hedging market. Producers (neoclouds and independent data centers) fear their inventory clears below cost. Consumers (inference platforms and the agentic application layer) fear compute will get more expensive. The common read holds that nonfungibility keeps both off any general exchange, since a buyer wants a named SKU in a named region rather than a basket, so the trade stays bilateral and the only exchange users are dealers hedging their book. That describes launch conditions, but understates how commodity markets form. Canonical benchmarks get made through trading, and reservations standardize as the curve deepens. The dealer-intermediated structure is not the end state, it is the seed of one.

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