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Capital Wars
Capital Wars: The Rise of Global Liquidity

2020

Technical Guide

by

Michael J. Howell

This book defines global liquidity and explains why it's a central force in shaping economies and financial markets. It examines how central banks influence liquidity and how those shifts affect prices across various asset classes. It also explores the broader implications for debt-driven systems and highlights China’s growing influence in global capital flows.

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Jermaine's Notes
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August 2023

I enjoyed listening to Howell’s thinking and reading his CrossBorder Capital Substack, which led me to buy this book. It’s a dense but worthwhile read that offers a valuable perspective on how central banks create and manage liquidity. The “Global Liquidity Cycle” he outlines is especially insightful and reminds me of concepts from Howard Marks’ book–Mastering the Market Cycle. Read the 2021 paperback edition.

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