This is the final part of a four-part series on capital, power, and credibility in 2025. The first essay argued that monetary policy is now necessary but not sufficient, because the cost of capital is mediated by fiscal strain and political choices around tariffs. The second described how trade, sanctions and industrial policy have turned globalisation into geometry, with blocs and corridors shaping where goods, data and capital can move. The third treated emerging markets and low and middle-income economies as the periphery, where this regime is already being stress tested.