Global liquidity is best understood as a perpetual refinancing machine. Debt continues to expand faster than economic output, which means liquidity must expand in tandem—otherwise the machine stalls. The solvency of governments, banks, and the entire financial system depends on it. The problem is that in the United States, debt growth is now outpacing liquidity expansion. This imbalance is becoming a more important indicator of systemic stress than the debt-to-GDP ratio ever was. This chart is not perfect. It only captures a narrow definition of liquidity—excluding short-term Treasury issuance and private lending pools. But it is still useful. It tells us when the financial system is stretched too far in one direction or another. When the ratio is high, excess liquidity fuels inflation. When it is low, funding pressures emerge, and risky assets become vulnerable. The last time the ratio fell to today's level was in September 2019, just before the repo crisis. For reference, US stocks were reaching record highs at the time. Within weeks, pressures in the pipeline forced the Federal Reserve to launch emergency repo operations. So what? This doesn't mean we've reached the end of the cycle. But it does signal fragility. If debt growth continues to outpace liquidity growth, we should expect funding pressures to re-emerge—and the market will become more sensitive to a collapse in collateral values. I don't see this happening. The spice must flow.