The current global monetary system, which Napier calls the 'non-system,' was created when China devalued its exchange rate in 1994 and pegged its currency to the US dollar, with other countries joining by 1998, creating a world where China and other central banks bought large quantities of US Treasury securities, depressing yields, and driving down global inflation while enabling American corporations to move production capacity to China.

factualpending

Speaker

Russell Napier

Evidence Quote

China devalued its exchange rate in 1994, pegged its currency to the United States dollar. By 1998, lots of people are joining in.

Source

Understanding The AI Opportunity with Russell Napier | The 2025 Prime Quadrant ConferencePrime Quadrant
Created: 8/11/2026, 7:40:36 AM

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