在《Hidden Forces》第199集中，主持人Demetri Kofinas与投资者兼金融历史学家Russell Napier对话，探讨Napier新书《The Asian Financial Crisis: 1995-1998》中的亚洲金融危机。对话分为两部分，首小时回顾危机本身、驱动因素及促成其发生的政策和实践；第二小时则讨论危机的解决之道，并将那时的经验教训应用于当今，对未来的利率、通胀、增长、政治稳定以及在新市场体制下的投资机会提出见解。

📚 Russell Napier的新书《The Asian Financial Crisis: 1995-1998》深入剖析了多数投资者不太熟悉的亚洲金融危机，这一历史事件对当前投资环境具有深远影响。

🌍 当前被称为“债务时代”的投资环境，特点包括过度的私人和公共债务、金融压抑、市场集中，以及由此产生的扭曲激励带来的所有意外后果。

🔍 对话的首小时，两位专家讨论了亚洲金融危机的起因、驱动因素，以及促使其发生的政策和实践，为听众提供了宝贵的历史视角。

💡 第二小时的讨论聚焦于危机的解决方案，以及如何将那时的经验教训应用于当今市场，对未来的经济走向和投资策略提出了独到的见解。

📢 节目明确指出，所讨论内容不应被视为财务建议，嘉宾的观点仅为个人意见，不应作为财务决策的依据。

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.

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Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 07/09/2021