Kyle Harrison
to-read

Capital Wars

Capital Wars: The Rise of Global Liquidity
Author
Michael J. Howell
Published
2020
Pages
327
Recommended
Once
Buy on Amazon ↗

Why it’s on the list: Howell’s case that global liquidity — the gross flow of credit and refinancing capacity, not central-bank policy rates — is the variable that actually drives asset prices and crises.

Where I saw it: Recommended by @MaxfieldOnBanks on X (April 27, 2025): “I gotta book rec for y’all … this guy gets it.”

Connections

  • Liquidity — the book’s central variable.
  • Capital Allocation — what the liquidity cycle does to it.

Referenced in