The Grant Williams Podcast The Hundred Year Pivot Ep. 3 - Russell Napier
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May 15, 2025 
Russell Napier, a distinguished financial historian and investment strategist, joins the discussion to unravel significant structural imbalances affecting the global economy. He shares insights on the implications of financial repression and national capitalism. Napier emphasizes the shifting power dynamics influenced by China and the pressing need for new investment strategies. Highlighting challenges like wealth inequality and geopolitical shifts, he advocates for proactive adaptation and flexibility in wealth preservation amidst market volatility and changing global alliances.
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Global Imbalances Are The Disease
- The global economic disease is the unwinding of huge imbalances like debt, trade, and capital flows.
- China’s currency policy has driven these imbalances, which are now being politically targeted, especially by Trump.
Financial Repression Favors Workers Over Savers
- Financial repression hurts savers but benefits blue-collar workers and younger people without savings.
- Historically, savers have borne pain during debt unwinding while workers faced relative stability.
Policy Is Driven By Bigger Forces
- Policy moves like Trump's are symptoms of deeper structural forces, not the root causes.
- The non-system from China’s 1994 currency peg is breaking down, accelerated by trade and capital flow conflicts.
