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A strong recovery could be bad for asset prices

Michael J. Howell founded CrossBorder Capital, a London-based advisory and investment management company in 1996, and has published a book, Capital Wars on the turbulent rise of global liquidity. In this post, he argues that despite the pool of cash and credit available to investors breaking fresh records in 2021, global liquidity may prove to be more positive for economies than for asset markets. Money moves markets. Following the Covid emergency, huge amounts of new liquidity were pumped into the system by the world’s central bankers and financiers to help support hard-pressed economies. These flows totalled a whopping tn, equal to a quarter of global GDP and paced by tn of central bank quantitative easing, or QE. Global liquidity looks set to rise by a further

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Michael J. Howell founded CrossBorder Capital, a London-based advisory...

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