Uploaded May 2026 | Updated September 2026, 1 week ago
Michael Howell walks through how the US is actually funding itself in 2026. The Fed has stepped back as the main liquidity provider, and the Treasury has stepped in by flooding the system with short-dated bills that banks readily absorb. Together, this Fed-to-Treasury shift is keeping the deficit funded, papering over volatility in the bond market, and quietly reshaping the playbook for global liquidity.
This clip comes from our recent live Q&A with Michael Howell, exclusively for TBL Pro subscribers on Substack.
The full 1 hour 6 minute Q&A goes deeper into the collateral multiplier and why 77% of global lending is now collateral-backed, the MOVE Index as the most important rate in markets, and why the Treasury is actively trying to keep bond volatility contained. Howell also walks through his 65-month liquidity cycle and where we sit heading into 2027, the gold-oil ratio that points to $250 oil, why gold is increasingly being set in China, and the case for holding both bitcoin and gold as the world's two parallel monetary systems expand.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-michael-howells-q-and-a-presentation
🔓 Subscribe to TBL Pro: https://thebitcoinlayer.substack.com/...
The Bitcoin Layer is proud to be sponsored by The Bitcoin Way. Most people know how to buy bitcoin, but few know how to truly secure it. The Bitcoin Way offers one-on-one, white glove self-custody training so you can take full control of your bitcoin wealth with zero counterparty risk. They never touch your bitcoin. From air-gapped hardware to inheritance planning to node running, they handle the full stack. They also offer personal cybersecurity services and Plan B residency in Panama for those seeking jurisdictional sovereignty. Book a free consultation today: thebitcoinway.com/tbl
Inside TBL Pro you get:
Two weekly macro updates from Nik Bhatia (one letter + one exclusive video)
One weekly Bitcoin market analysis
Access to the TBL Research Dashboard to track liquidity metrics yourself
Monthly report collaboration with James Check (Checkonchain)
About The Bitcoin Layer
The Bitcoin Layer provides macro research focused on liquidity cycles, global markets, and Bitcoin’s role in the financial system.
New Global Macro Updates are released every Thursday for TBL Pro members.
Michael Howell walks through how the US is actually funding itself in 2026. The Fed has stepped back as the main liquidity provider, and the Treasury has stepped in by flooding the system with short-dated bills that banks readily absorb. Together, this Fed-to-Treasury shift is keeping the deficit funded, papering over volatility in the bond market, and quietly reshaping the playbook for global liquidity.
This clip comes from our recent live Q&A with Michael Howell, exclusively for TBL Pro subscribers on Substack.
The full 1 hour 6 minute Q&A goes deeper into the collateral multiplier and why 77% of global lending is now collateral-backed, the MOVE Index as the most important rate in markets, and why the Treasury is actively trying to keep bond volatility contained. Howell also walks through his 65-month liquidity cycle and where we sit heading into 2027, the gold-oil ratio that points to $250 oil, why gold is increasingly being set in China, and the case for holding both bitcoin and gold as the world's two parallel monetary systems expand.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-michael-howells-q-and-a-presentation
🔓 Subscribe to TBL Pro: https://thebitcoinlayer.substack.com/...
The Bitcoin Layer is proud to be sponsored by The Bitcoin Way. Most people know how to buy bitcoin, but few know how to truly secure it. The Bitcoin Way offers one-on-one, white glove self-custody training so you can take full control of your bitcoin wealth with zero counterparty risk. They never touch your bitcoin. From air-gapped hardware to inheritance planning to node running, they handle the full stack. They also offer personal cybersecurity services and Plan B residency in Panama for those seeking jurisdictional sovereignty. Book a free consultation today: thebitcoinway.com/tbl
Inside TBL Pro you get:
Two weekly macro updates from Nik Bhatia (one letter + one exclusive video)
One weekly Bitcoin market analysis
Access to the TBL Research Dashboard to track liquidity metrics yourself
Monthly report collaboration with James Check (Checkonchain)
About The Bitcoin Layer
The Bitcoin Layer provides macro research focused on liquidity cycles, global markets, and Bitcoin’s role in the financial system.
New Global Macro Updates are released every Thursday for TBL Pro members.
