#720 Global Liquidity Has Peaked with Michael Howell

Marty sits down with Fernando Nikolic to discuss how Bitcoin can learn from the music industry's mistakes, the communications failures that have held back adoption, and how AI tools and data curation are reshaping the information landscape for the next wave of Bitcoiners. Fernando on X: https://x.com/basedlayer Bitcoin Perception: https://perception.to/ STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bitkey.world/ OPNEXT https://tinyurl.com/tftc2026 Unchained https://unchained.com/tftc/ SLNT https://slnt.com/tftc Salt of the Earth: https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

Markets are underestimating the gravity of what's unfolding in the Middle East, but Bitcoin is showing signs it might be pricing in the inevitable response. 🔗 https://bitcoinproducts.com In this episode:\ Why oil infrastructure attacks may be a strategic move against China\ How the Strait of Hormuz closure affects 45% of China's oil supply\ Private credit stress meeting energy inflation - the perfect storm\ Signs Bitcoin may have bottomed while traditional assets struggle\ The chess match between US energy dominance and Chinese supply chains \ - TIMESTAMPS: 00:00:00 - Monitoring the Middle East situation 00:01:06 - Strait of Hormuz closure and energy infrastructure damage 00:02:11 - Physical world constraints returning to markets 00:04:18 - Ten year yields rising with oil prices 00:07:26 - Markets underestimating refinery damage severity 00:11:06 - China's 45% oil dependence through Hormuz Strait 00:12:57 - Helium supply disruption threatening chip production 00:13:58 - US vs China leverage points in the chess match 00:17:13 - Strategic objectives behind the Middle East operation 00:19:31 - Private credit stress at Blackrock and Blackstone 00:22:17 - Refinancing wave hitting 2020-2021 deals 00:25:15 - Double whammy of inflation and credit stress 00:27:20 - Bitcoin's resilient price action amid global turmoil \ 1. - SUBSCRIBE › Newsletter (free): https://tftc.io/bitcoin-brief/ › YouTube: https://youtube.com/@TFTC?sub_confirmation=1 FOLLOW US › X: https://x.com/tftc21 › Nostr: https://primal.net/tftc FOLLOW MARTY › X: https://x.com/MartyBent › Timestamp: https://www.ten31timestamp.com/ › John Arnold: https://x.com/JohnArnoldTen31 › Ten31: https://ten31.xyz \ 1. - TFTC #MartyBent #MiddleEast #EnergyMarkets #PrivateCredit

Marty sits down with GMoney to discuss Bitcoin as a peaceful weapon for individual sovereignty, the moral case for tax resistance, and the theory that Bitcoin is part of a larger coordinated counter-insurgency against the global fiat banking cartel. GMONEY on X: https://x.com/GMONEYPEPE STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bitkey.world/ OPNEXT https://tinyurl.com/tftc2026 Unchained https://unchained.com/tftc/ SLNT https://slnt.com/tftc Salt of the Earth: https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

Marty sits down with Bitcoin developer Matt Corallo to discuss why the emergence of AI coding tools and agentic payments represents the most critical and time-sensitive opportunity in Bitcoin's history to become the dominant payment rail of the internet. Matt on X: https://x.com/TheBlueMatt STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bitkey.world/ OPNEXT https://tinyurl.com/tftc2026 Unchained https://unchained.com/tftc/ SLNT https://slnt.com/tftc Salt of the Earth: https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

Marty sits down with Bitcoin developer Matt Corallo to discuss why the emergence of AI coding tools and agentic payments represents the most critical and time-sensitive opportunity in Bitcoin's history to become the dominant payment rail of the internet. Matt on X: https://x.com/TheBlueMatt STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bitkey.world/ OPNEXT https://tinyurl.com/tftc2026 Unchained https://unchained.com/tftc/ SLNT https://slnt.com/tftc Salt of the Earth: https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

World War 3 is heating up and most people are missing the bigger strategic picture. What just went down in Iran and why anthropic got blacklisted by the Pentagon. 🔗 https://bitcoinproducts.com In this episode: US-Iran conflict as part of broader China decoupling strategy Pentagon vs Anthropic: The AI Patriot Act moment Why this administration is acting on wartime footing Bitcoin's surprisingly strong response to geopolitical chaos 10-year Treasury signals and what they mean for monetary policy Block's massive AI-driven layoffs and implications for the future TIMESTAMPS: 00:00:00 - World War 3 is upon us 00:01:31 - Iran conflict through China strategy lens 00:06:06 - Energy as weapon against China 00:08:36 - Pentagon blacklists Anthropic: The AI power grab 00:11:24 - Sovereign is he who decides the model weights 00:13:44 - Pattern recognition: The AI Patriot Act moment 00:16:57 - Bitcoin's resilient weekend performance 00:19:39 - Ten year Treasury reaction signals trouble 00:22:52 - Block's AI layoffs: 40% workforce reduction 00:26:23 - Data centers overtake office construction 00:27:03 - High profit margins meet Bitcoin treasuries SUBSCRIBE › Newsletter (free): https://tftc.io/bitcoin-brief/› YouTube: https://youtube.com/@TFTC?sub_confirmation=1 FOLLOW US › X: https://x.com/tftc21› Nostr: https://primal.net/tftc FOLLOW MARTY › X: https://x.com/MartyBent TEN31 › Timestamp: [https://www.ten31timestamp.com/](https://www.ten31timestamp.com/) › John Arnold: [https://x.com/JohnArnoldTen31](https://x.com/JohnArnoldTen31) › Ten31: [https://ten31.xyz](https://ten31.xyz/) TFTC #MartyBent #Iran #China #AI #Pentagon

Marty sits down with Mark Suman, co-founder of Maple AI, to discuss the explosive growth of AI agents, the privacy risks of using closed-source models, how open-source AI is catching up to frontier labs, and why building private, decentralized AI tools is critical to preventing a dystopian future. Mark on X: https://x.com/marksuman Maple: https://trymaple.ai/ STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bit.ly/4pOv2L4 Promo Code: TFTC99 Unchained https://unchained.com/tftc/ SLNT https://slnt.com/tftc Salt of the Earth: https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

Marty sits down with Calle, prolific Bitcoin and Freedom Tech builder behind the Cashu eCash protocol, BitChat, and Clawi AI, to discuss the AI agent revolution transforming software development, the launch of Numo tap-to-pay for Bitcoin, eCash as the ideal payment rail for autonomous agents, and what it all means for the future of human creativity and work. Calle on X: https://x.com/callebtc Clawi: https://clawi.ai/ STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bit.ly/4pOv2L4 Promo Code: TFTC99 Unchained https://unchained.com/tftc/ SLNT https://slnt.com/tftc Lygos: https://bit.ly/4koiJmB Salt of the Earth: https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

Marty sits down with Michael Howell, founder of Cross Border Capital, to discuss the state of global liquidity, its impact on Bitcoin and risk assets, and what the current cycle peak means for investors navigating the road ahead. CrossBorderCapital: https://x.com/crossbordercap Capital Wars: https://capitalwars.substack.com/ STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bit.ly/4pOv2L4 Promo Code: TFTC99 Unchained https://unchained.com/tftc/ SLNT https://slnt.com/tftc Lygos: https://bit.ly/4koiJmB Salt of the Earth: https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

Reality distortion fields aren't just for Steve Jobs anymore - they're everywhere in our sclerotic institutions, and the latest examples show just how disconnected official narratives are from what's actually happening. 🔗 https://bitcoinproducts.com In this episode: - Supreme Court blocks Trump's IEEPA tariff authority, but multiple alternative paths remain - Fed minutes show rate hike discussions while Treasury assumes massive ongoing RMP purchases - Bitcoin's recent performance amid changing liquidity conditions and institutional crosswinds - Hash rate recovers 14.6% after winter storm, debunking quantum and AI pivot theories - Why there's "no fishing in the Rubicon" when economic reordering is underway - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - TIMESTAMPS: 00:00:00 - Introduction and Reality Distortion Fields 00:01:07 - Steve Jobs Concept Applied to Modern Institutions 00:02:42 - Supreme Court Tariff Ruling and Trump's Response 00:06:14 - No Fishing in the Rubicon 00:08:44 - Fed Minutes vs Treasury Funding Assumptions 00:11:49 - RMP Program Becoming Structural 00:16:34 - Bitcoin's Recent Performance and Liquidity 00:20:38 - Fed Chair Transition Dynamics 00:23:05 - Hash Rate Recovery Validates Weather Theory 00:25:30 - Mining Equipment Markets and Tax Incentives - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - SUBSCRIBE › Newsletter (free): https://tftc.io/bitcoin-brief/ › YouTube: https://youtube.com/@TFTC?sub_confirmation=1 FOLLOW US › X: https://x.com/tftc21 › Nostr: https://primal.net/tftc FOLLOW MARTY › X: https://x.com/MartyBent TEN31 › Timestamp: [https://www.ten31timestamp.com/](https://www.ten31timestamp.com/) › John Arnold: [https://x.com/JohnArnoldTen31](https://x.com/JohnArnoldTen31) › Ten31: https://ten31.xyz - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - TFTC #MartyBent #RealityDistortionField #MonetaryPolicy