Marching Toward a Liquidity Cliff Matthew Piepenberg
In this lengthy yet substantive/timely discussion with Alex Deluce of Gold Telegraph Conversations, VON GREYERZ partner, Matthew Piepenburg, leads viewers through the fog, confusion and volatility of recent headlines toward a simple lighthouse.
In short, Piepenburg places tariff headlines, seismic geopolitical shifts, de-dollarization trends, extreme market volatility and recessionary reality into a simple lens: It all boils down to an unprecedented national and global debt crisis.
Or even more simply: A liquidity crisis.
Piepenburg reminds that every market crisis, without exception, boils down to a liquidity crisis. And every liquidity crisis is simply the derivative of a credit crisis, which in turn, is simply the derivative of a debt crisis. Mathematically, global and US markets are facing the greatest debt crisis in the history of capital markets, so it should come as no surprise that we are marching toward a liquidity cliff.
The evidence of this looming crisis has been hiding in plain sight for years. The repo crisis of 2019, the “Covid” crisis/market plunge of 2020, the failed “higher-for-longer” market fall in 2022, the 2023 banking crisis and now, the April volatility of 2025, all boil down to screaming warnings of drying liquidity in the face of unsustainable (and growing) debt levels.
This means only one thing ahead, namely, more bazooka (fake) money/liquidity and more falling fiat purchasing power. In such an obvious backdrop, gold goes up as paper money goes down.
Matthew Piepenburg, Commercial Director at Matterhorn Asset Management and co-founder of SignalsMatter.com, has extensive experience in alternative investments, law, and finance, with particular expertise in managed futures, credit and equity investing. He also has years of experience researching, evaluating and investing in alternative investments: hedge funds, private equity vehicles, VC and real estate. Matthew Piepenburg's skills include asset allocation, portfolio management and macro economic analysis. He has written numerous white papers on the long-term distortions of central bank policies here and abroad. He has guest lectured at numerous family office forums, law firms and universities, including Georgetown, Brown, Harvard and Cal State. Matthew Piepenburg is also a published author and regular contributor to The Good Men Project and the author of the Amazon No1 New Release “Rigged to Fail,” which bluntly details the systemic and structural flaws behind central-bank distorted capital markets.
All of these combined monetary distortions are directly responsible for the staggering level of currency debasement ignored in plain sight by a majority of policy makers and investors, which is why Matthew is committed to informing of, as well as addressing solutions to, these systemic fault-lines in the global system. Toward this end, all rivers flow toward precious metals as currency insurance (hence Matterhorn role in Zurich) as well as sober yet actively managed portfolio construction (hence the SignalsMatter service).
