The Tomorrow of Financial Repression

Strategy Report ·David Roche ·02 Jun 2026

#Protectionism #Nationalism #Protectionism-State Intervention #Nationalist Agenda #Capital Protectionism #Financial Repression #National Economic Policies
The Tomorrow of Financial Repression
Nationalist Economic Policies, Protectionism and Financial Repression are usually three peas in a historical pod.  We have the first two peas.  This piece checks if there are incipient signs of the third, Financial Repression,  being on the way.   The answer is not yet.   But it is a danger to be constantly on the alert for.

The US has avoided the need for financial repression so far under this Administration. That’s probably because the US$ remained stable. US capital markets have been boomy. Capital was attracted to the US rather than fleeing its shores. Tariffs did not cause much inflation and were perceived to fund profligate deficits. Such serendipity is not likely to last forever. 

If financial repression were to happen it would dramatically shift investor appetite for US assets. It would encourage a home bias elsewhere. Appetite for hard assets would be boosted. Impediments to the free flow of capital would hold great significance for the productive allocation of capital – both in the US and globally. 
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