He does great work.
Liquidity has mint been great lately, but there’s a big difference between liquidity rolling over and liquidity breaking.
The distinction matters because the failure modes are different. Rolling over is a flow problem — less new liquidity entering the system. Breaking is a collateral problem — the existing liquidity layer can't settle. 2008 was collateral impairment cascading through rehypothecated chains. What Howell is flagging looks more like flow deceleration, which compresses asset prices but doesn't fracture the plumbing itself.