Capital Wars | Session 1

This is the first of two sessions on Michael J. Howell's 2020 Book Capital Wars: The Rise of Global Liquidity.

https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392902/

From the Description:

Global Liquidity is a much-discussed, but narrowly-researched and vaguely-defined topic. This book deeply explores the subject by clearly defining and measuring liquidity worldwide and by showing its importance for investors. The roles of central banks, shadow banking, the rise of Repo and growth of wholesale money are discussed. Additionally, covering the latest developments in China’s increasingly dominant financial economy, this book will appeal to practitioners, policy-makers, economists and academics, as well as those with a general interest in how financial markets work.

This week, we discuss through the first seven chapters.

Chapter 1: Introduction: Capital Wars
Chapter 2: Global Money
Chapter 3: Synopsis: A Bigger, More Volatile World
Chapter 4: The Liquidity Model
Chapter 5: Real Exchange Adjustment
Chapter 6: Private Sector (Funding) Liquidity
Chapter 7: The Central Banks: Don't Fight the Fed, Don't Upset the ECB and Don't Mess with the PBoC