The Asian Financial Crisis & the Birth of the Age of Debt | Russell Napier

Hidden Forces

Demetri Kofinas

Business, Government

4.8 • 1.6K Ratings

🗓️ 19 July 2021

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In Episode 199 of Hidden Forces, Demetri Kofinas speaks with investor and financial historian Russell Napier. Napier's latest book, "The Asian Financial Crisis: 1995-1998," covers a period of time that many investors are either not familiar with or haven't studied anywhere near as closely as they should given its relevance to the investment regime in which we are living today.

Today's investment regime—what Russell Napier called "The Age of Debt"—is characterized by excessive private and public debt levels, financial repression, market concentration, and all of the unintended consequences that arise from the perverse incentives that these dynamics create. We spend the first hour of our conversation discussing the crisis itself, its drivers, as well as the practices and policies that made it possible. The second hour is spent on the resolution of the crisis and applying the lessons learned from that period to today, with implications for the future path of interest rates, inflation, growth, political stability, and most practically, opportunities for investing in the new market regime that we are moving into.

Since this episode deals with markets and investing, we want to make absolutely clear that nothing we say on this podcast can or should be viewed as financial advice. All opinions expressed by Demetri Kofinas and Russell Napier are solely their own opinions and should not be relied upon as the basis for financial decisions.

You can access the episode overtime, as well as the transcript and rundown to this week's episode through the Hidden Forces Patreon Page. All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application.

If you enjoyed listening to today's episode of Hidden Forces you can help support the show by doing the following:

Write us a review on Apple Podcasts

Subscribe to our mailing list through the Hidden Forces Website

Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

Subscribe & Support the Podcast at https://patreon.com/hiddenforces

Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

Follow Demetri on Twitter at @Kofinas

Episode Recorded on 07/09/2021

Transcript

Click on a timestamp to play from that location

0:00.0	What's up, everybody?
0:22.8	My name is Demetri Gafinas, and you're listening to Hidden Forces, a podcast that inspires
0:28.3	investors, entrepreneurs, and everyday citizens to challenge consensus narratives and to learn
0:34.3	how to think critically about the systems of power shaping our world.
0:39.2	My guest in this week's episode is Russell Napier.
0:43.2	Russell is one of those people who you can't really define with simple labels like investor
0:48.2	or professor.
0:49.7	He's both of those things, but he's also an absolutely brilliant storyteller who has produced
0:55.3	some of the best work in financial history that I've ever read.
0:59.7	So when I saw that he was out with a new book, I knew first, I had to read it, and second
1:04.2	that I had to talk to him about it, because it covers a period of time that I think many
1:08.9	investors are either not familiar with, or haven't studied anywhere near as closely
1:13.9	as they should, given its relevance to the age in which we are living today, an age characterized
1:18.8	by excessive debt levels, financial repression, market concentration, and all of the unintended
1:24.7	consequences that arise from the perverse incentives that these dynamics create.
1:30.1	We spend the first hour of our conversation discussing the crisis itself, its drivers,
1:35.0	as well as the practices and policies that made it possible.
1:38.6	The second hour is spent on the resolution of the crisis, and applying the lessons learned
1:42.6	from that period to today, with implications for the future path of interest rates, inflation,
1:48.2	growth, political stability, and most practically opportunities for investing in the new market
1:53.9	regime that we are moving into.
1:56.6	Since this episode deals with markets and investing, I want to make absolutely clear that nothing
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Demetri Kofinas, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Demetri Kofinas and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.