Part 12/16:
The macro discussion was critical. Despite signs of tightening liquidity—note the FED ending the Bank Term Funding Program (BTFP)—the host strongly believes the system is still flooded with hidden liquidity. Major US banks have trillions in off-balance sheet liabilities, and "stealth QE" is ongoing through various channels.
He cited the late-2023 trends: the M2 money supply has dipped but is expected to rebound sharply, pointing toward impending inflationary pressures. The reality is that central banks are compelled to keep injecting liquidity to prevent systemic collapse, especially with large bank failures looming.