Edward Chancellor
The Strategist
The long view, patient, analytical, playing several moves ahead.
Edward Chancellor reads as The Strategist because his method is to map causality across time horizons that shorter-cycle thinkers ignore. His excavation of interest rate history, at GMO and in The Price of Time, traces how central bank decisions distort capital allocation, pension sustainability, and risk appetite across decades. His framing of the can kicking back is characteristic: he identifies where trajectories terminate before others recognise the road has an end.
“Interest is an omnipresent phenomenon. What I'm trying to do with this book is to take this oldest of financial institutions that had been neglected by modern economists who just see interest as a lever to control inflation.”
“The thrust of the argument is that when central banks focused only on using interest to prevent the price level from falling, they neglected the impact on valuations, allocation of capital, savings and pensions, and risk taking.”
“We've been kicking the can for the last twenty-five years. Now we've reached the point where inflation makes it more difficult for central banks to kick the can any further. The can is kicking back.”
Masters in Business: “Edward Chancellor on the Real Story of Interest”
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