The Global Liquidity Index (GLI) picked up recently, but it’s still not nearly as high as it was late last year or even earlier this year. The data reveals moderate overall levels of risk exposure of investors and the gathering evidence that capital is flowing out of the US dollar. Economic activity is faltering. The US Fed, the ECB, and the People’s Bank of China are all tightening now, although the ECB seems to be the most advanced. Equities still look a decent long-term investment, but we expect some near-term pull-back because of softening economies. Author: Michael Howell, managing director at CrossBorder Capital. This is a companion piece to Real Vision Live airing October 7, 2021.