The Path Through Financial Repression | Charles Calomiris

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May 27, 2025

Explore America's looming economic crisis and the signs of financial repression. Experts discuss the implications of rising gold and Bitcoin prices for investors and everyday depositors. Delve into America’s decline and the potential pathways for renewal as political instability threatens. This insightful conversation reveals how the nation may navigate these turbulent times and what it means for the future of its economy.

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INSIGHT

U.S. Faces Impending Crisis

The U.S. faces an economic emergency risking a political crisis within a few years.
Financial repression will force ordinary depositors and businesses to bear the cost of deficit reduction.

INSIGHT

Signals of Financial Repression

Gold, Bitcoin highs, and rising Treasury yields indicate movement toward financial repression.
This signals a shift from excessive spending to aggressive inflation to manage debt.

INSIGHT

Banking’s Role in Deficit Battle

The banking system will be conscripted in the battle to reduce the national deficit.
Everyday depositors will effectively finance government deficits through inflation and repression.

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Episode 419 is the fifth episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with fmr. Chief Economist for the Office of the Comptroller of the Currency, Dr. Charles Calomiris about America’s economic emergency and what our response to it should be once conditions push the country into a full-blown political crisis at some point over the next few years.

In this incredibly timely conversation, Charles Calomiris explains what the recent moves in gold, bitcoin, and long-term bond yields suggest about where we are on the path toward financial repression as we explore the implications of this trajectory for investors, businesses, and everyday depositors who will be conscripted in the battle to fight the deficit as the nation moves from spending like a banana republic to inflating like one.

We end the episode with a candid conversation about the sources of both America’s decline and the country’s potential for renewal once the reality of the current crisis becomes impossible to ignore.

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