Conversation with Michael Howell of CrossBorder Capital : The Macro Dirt Podcast
> "What are financial markets there for? They're there to roll over our huge debt piles. Something like 80% of all primary transactions in capital markets today are debt refinancing transactions." - **Michael Howell** [[00:08:23](https://youtu.be/fF55Cg-SCTQ?si=kZ_0QV-uF2621E6g&t=0h8m23s)] > "The reason that liquidity is going down is plain and simple because the real economy is taking more... all money that's…





