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 the system, and why stablecoins may reshape competition for global dollar demand. Finally, Michael clarifies why “gold backing” narratives are often misunderstood and what a real shift in trade settlement could look like.
Guest links
CrossBorder Capital: https://crossbordercapital.com
About CrossBorder Liquidity: https://www.crossborderliquidity.com/about.html
Capital Wars (Substack): https://capitalwars.substack.com
X: https://x.com/crossbordercap
Host – Steve Yang | Natural Resource Stocks
Website: https://www.NaturalResourceStocks.net
YouTube Main: https://www.youtube.com/@naturalresourcestocks
YouTube Clips: https://www.youtube.com/@NaturalResoureStocksClips
X: https://x.com/TheSteveYang
LinkedIn: https://www.linkedin.com/in/thesteveyang/
Chapters
00;13;06;07 Stablecoins and the US advantage
00;14;55;02 Presidential cycle framing for 2026
00;20;02;16 Liquidity cycle age and late-stage risk
00;20;36;20 Asset allocation by liquidity regime
00;27;43;13 Collateral-based lending and market plumbing
00;47;55;25 International demand for stablecoins
00;48;41;26 Why gold backing is not a gold standard
00;49;07;16 Bretton Woods gold window context
00;49;25;26 China, trade partners, and “oil for gold” framing
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