Michael Howell: Global Liquidity Is Peaking and 2026 Is the Risk Year

Recorded on December 16, 2025. In this Natural Resource Stocks interview, host Steve Yang sits down with Michael Howell, founder of CrossBorder Capital, to break down why global liquidity and collateral mechanics can move markets faster than most investors expect. The opinions expressed are solely those of the guest and do not necessarily reflect those of Natural Resource Stocks. Michael explains why the liquidity cycle appears late-stage, what that implies for risk assets, and why commodities often become critical near major turning points. We dig into the modern credit plumbing (including how collateral underpins lending), the refinancing pressures embedded in…