Russell Napier on the coming bifurcation of the monetary system
And the role that capital controls will play in this new system.
I had the privilege of addressing a gathering of the Society for Professional Economists on Wednesday night, alongside two of my most favourite monetary system thinkers, Felix Martin and Russell Napier.
For context: Felix Martin is a macroeconomist, fund manager, and author of the acclaimed book Money: The Unauthorised Biography — a sweeping intellectual history of money that explores its nature as a social technology. Russell Napier is a highly regarded financial historian, independent strategist, and author known for his deep analysis of monetary regimes, credit cycles, and historical lessons from financial markets (including his influential book Anatomy of the Bear).
Napier had the tough job on the night. He had just 10 minutes to map out how he sees the international monetary system evolving through the lens of his long-standing thesis on the coming era of financial repression. But he did a really good job, and given the clarity and succinctness of his presentation, I thought it worth recounting the core arguments here for readers who aren’t yet familiar with his work.
