Bessent’s Strategy Exposed — The Great Debasement Everyone Missed | Michael Howell

About this episode

Everyone called 2025 the year of the Great Debasement trade. Michael Howell says it never actually happened. And what comes next could be the biggest monetary regime change in 70 years. Michael Howell, liquidity expert and founder of CrossBorder Capital, returns to break down why global liquidity, not M2, is the real driver of Bitcoin, why the bond market just broke a 70-year-old pattern, and why the true debasement trade has not even started yet. Here is what we cover: • Why M2 is the wrong metric for Bitcoin and why global liquidity has a 13-week predictive lead on crypto prices • The BES dollar basket explained and why Bitcoin remains the dominant driver even against Ethereum and Solana…