The so-called global liquidity is calculated by the dollar liquidity plus the balance sheet size of the European Central Bank, the Bank of Japan, the People's Bank of China and other major central banks. Last year, I talked to a friend that this is a very vague and broad indicator, which is not suitable for predicting the trend of the big cake because there is too much noise. Last year we talked about this https:// (x.com)/qinbafrank/status/1831275869869892035? The trend of the s=46&t=k6rimWSEbo2D2TXolYcM-A pancake is more closely related to the US M2 in the artist's chart (in essence, the lower level of US dollar liquidity is the change in reserve size of commercial banks). This can be seen from the artist's chart: if Global M2 is up but US M2 is down, it can be seen that the trend of the big pie has nothing to do with Global M2.