Hidden Forces - podcast cover

Hidden Forces

Demetri Kofinaswww.hiddenforces.io
Get the edge with Hidden Forces where media entrepreneur and financial analyst Demetri Kofinas gives you access to the people and ideas that matter, so you can build financial security and always stay ahead of the curve.

Episodes

In The Future China Will Be Dominant & the US Irrelevant | Kyle Chan

In Episode 420 of Hidden Forces, Demetri Kofinas speaks with Kyle Chan—an expert on the Chinese economy and China’s industrial policy—about why he believes China is poised to dominate high-end technology and manufacturing, and why factories worldwide will reorganize their supply chains with China at the center, as the world’s preeminent technological and economic superpower. Kyle and Demetri spend the first hour dissecting China’s industrial policy and dispelling misconceptions about the histori...

Jun 02, 202547 minEp. 420

The Path Through Financial Repression | Charles Calomiris

Episode 419 is the fifth episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with fmr. Chief Economist for the Office of the Comptroller of the Currency, Dr. Charles Calomiris about America’s economic emergency and what our response to it should be once conditions push the country into a full-blown political crisis at some point over the next few years. In this incredibly timely conversation, Charles Calomiris explains what the recent moves in gold, ...

May 27, 20252 minEp. 419

Empire of AI: Inside OpenAI’s Race to Conquer the Future | Karen Hao

In Episode 418 of Hidden Forces, Demetri Kofinas sits down with award-winning journalist Karen Hao to discuss Empire of AI — her inside account of how OpenAI evolved from an idealistic, safety-first nonprofit into one of the world’s most valuable private companies in its race to conquer the future. This conversation takes you inside that transformation—from the heady idealism of OpenAI’s founding, through the billion-dollar Microsoft deal and the 2023 boardroom coup, to the unresolved questions ...

May 19, 20251 hr 7 minEp. 418

Narrative Collapse & the Search for New Theories | Pippa Malmgren

Episode 417 is the fourth episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with some of the smartest and most plugged-in people they know to help them navigate the once-in-a-century economic, political, and geopolitical reordering that is currently underway. In this episode Kofinas and Williams speak with political-economist Pippa Malmgren about the wide-range of socio-political, economic, and technological challenges facing societies today. They ...

May 15, 20251 hr 47 minEp. 417

Dangerous Dependency: Apple & the Rise of China | Patrick McGee

In Episode 416 of Hidden Forces, Demetri Kofinas speaks with Financial Times correspondent Patrick McGee about the integral role Apple played in helping to build China’s advanced manufacturing ecosystem—and the geopolitical interdependencies and national security risks now baked into that relationship. McGee’s book “Apple in China” tells two stories. First, it chronicles Apple’s ascent from being nearly bankrupt in the mid‑1990s to becoming the world’s most valuable company within just 15 years....

May 12, 202554 minEp. 416

Wealth Preservation During a Fourth Turning | Russell Napier

Episode 415 is the third episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with some of the smartest and most plugged-in people they know to help them navigate the once-in-a-century economic, political, and geopolitical reordering that is currently underway. In this episode Kofinas and Williams speak with economic historian, author of “The Solid Ground Newsletter” and Keeper of the Library of Mistakes, Russell Napier about the end of the economic, ...

May 08, 20251 hr 29 minEp. 415

How To Monetize Government Policy | Mark Spindel

In Episode 414 of Hidden Forces, Demetri Kofinas speaks with Mark Spindel about monetizing government policies and how an improved understanding of their effect on markets can enhance the value and performance of your portfolio. Demetri and Mark spend the episode's first hour evaluating Trump’s first 100 days in office, assessing his policy objectives and his effectiveness (or ineffectiveness) in turning those policies into tangible economic and political victories for his administration. They d...

May 05, 20251 hr 1 minEp. 414

Trump’s First 100 Days and What Comes After | Neil Howe

Episode 413 is the second episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with some of the smartest and most plugged-in people they know to help them navigate the once-in-a-century economic, political, and geopolitical reordering that is currently underway. In this episode Kofinas and Williams speak with historian and author of “The Fourth Turning” Neil Howe about his and his co-author William Strauss’ seminal generational theory framework. They ...

May 01, 20251 hr 42 minEp. 413

Will the U.S. Dollar Survive the Breakdown of the International System? | Paul Blustein

In Episode 412 of Hidden Forces, Demetri Kofinas speaks with financial journalist and economic historian, Paul Blustein about the U.S. Dollar’s historical resiliency in the face of international shocks and crises, and whether Dollar hegemony can survive the breakdown of the international capital and trading system. In the first hour, Kofinas and Blustein trace how the U.S. dollar became the de facto currency for global trade, savings, and investment and what recent policy shifts in Washington—an...

Apr 28, 202544 minEp. 412

The Economic Fallout from Trump’s China Tariffs | Shehzad Qazi

In Episode 411 of Hidden Forces, Demetri Kofinas speaks with Shehzad Qazi of China Beige Book about the impact Trump’s China tariffs are having on the U.S. and Chinese economies and prospects for a grand bargain. Demetri and Shehzad discuss: The material impact that the trade war has had thus far on both economies The companies and sectors most likely to be impacted, as well as those best positioned to weather the storm The respective performance of each country’s currency and stock market Expla...

Apr 21, 202542 minEp. 411

Capital Wars and the Death of Fiscal Illusions | Paulo Macro & Le Shrub

In Episode 410 of Hidden Forces, Demetri Kofinas speaks with investors Paulo Macro and Le Shrub about the consequences of a breakdown in the international capital and trading system—and what this means for markets and investor portfolios. The first hour revisits last year’s discussion on “EM-ification,” the breakdown of the rules-based global order, and the urgent search for a new safe asset in a world of deteriorating fiscal balance sheets. Together, Demetri, Paulo, and Le Shrub map out what in...

Apr 17, 202548 minEp. 410

The Hundred Year Pivot | A New Podcast Series by Demetri Kofinas and Grant Williams

Demetri Kofinas and Grant Williams have teamed up to launch “ The One Hundred Year Pivot ,” a new podcast series that explores the once-in-a-century economic, political, and geopolitical reordering currently underway. These transformational changes demand that we develop new maps and investment frameworks to help us navigate the challenges ahead. Over the course of the series, Grant and Demetri will be speaking with the smartest and most plugged-in people they know to help us chart a path throug...

Apr 14, 202540 minEp. 409

Are We About to Enter the First White-Collar Recession? | James van Geelen

In Episode 408 of Hidden Forces, Demetri Kofinas speaks with James van Geelen, the founder of Citrini Research, which specializes in illuminating and demystifying the transformative “megatrends” poised to shape societies, economies, and the market’s distribution of returns for years to come. James and Demetri spend the first hour of their conversation exploring a series of narratives and investment themes—including Trump’s recent tariff announcement—that have captivated markets and that are like...

Apr 07, 202555 minEp. 408

Why Fiscal Policy Is What Really Matters For Investors | Kevin Muir

In Episode 407 of Hidden Forces, Demetri Kofinas speaks with the Macro Tourist’s Kevin Muir about the power of fiscal spending and why fiscal austerity and trade tariffs will lead to lower asset prices, U.S. equity market underperformance, and a falling U.S. dollar. Kevin and Demetri spend the first hour of this podcast discussing the importance of fiscal policy and why government spending has been one of the biggest sources of outperformance for investors in the last five years. They discuss wh...

Mar 31, 202558 minEp. 407

Navigating the Twin Crises of the 2020s | George Friedman

In Episode 406 of Hidden Forces, Demetri Kofinas speaks with renowned geopolitical analyst and forecaster George Friedman about the pivotal institutional and socioeconomic cycles that shape historical events—and how their convergence is driving the economic and political crises of the 2020s. George and Demetri examine critical turning points in American history, including Andrew Jackson’s abolition of the Second Bank of the United States (which financed westward expansion), the presidency of Rut...

Mar 24, 202553 minEp. 406

Is the US at Risk of Losing the Long-Game to China? | Rush Doshi

In Episode 405 of Hidden Forces, Demetri Kofinas speaks with Rush Doshi, former Deputy Senior Director for China and Taiwan on the National Security Council about the state of the U.S.-China competition, the Trump administration’s China policy, and how the United States can compete successfully with China without risking imperial overreach or bankrupting the nation. Foreign policy in the first two months of the Trump administration has focused predominantly on ending America’s war in Ukraine, re...

Mar 17, 202557 minEp. 405

Living In Wonder: Finding Mystery and Meaning in a Secular Age | Rod Dreher

In Episode 404 of Hidden Forces, Demetri Kofinas speaks with religious writer Rod Dreher about the crisis of modernity and how to open our eyes to the reality that life and the world are far more mysterious, exciting, and adventurous than we have been led to believe. Dreher and Kofinas spend the first hour of their conversation engaging on fundamental questions about the nature of existence, the knowability of God, the centrality of love, and how to find mystery and meaning in a world that for m...

Mar 10, 202557 minEp. 404

Ending the Ukraine War: A Reset in U.S.-Russia Relations? | Andrea Kendall-Taylor & Michael Kofman

In Episode 403 of Hidden Forces, Demetri Kofinas speaks with Russia and U.S. national security experts Andrea Kendall-Taylor and Michael Kofman about the Ukraine peace talks between the United States and Russia, and whether they are part of a larger vision by the Trump administration to reset American grand strategy and the global order. Across the first and second hour of the podcast, Taylor, Kofman, and Kofinas discuss: Ongoing negotiations in Saudi Arabia between the United States and Russia ...

Mar 03, 202553 minEp. 403

A Turning Point for Value Investing | Mark Holowesko

In Episode 402 of Hidden Forces, Demetri Kofinas speaks with Mark Holowesko, the founding Partner and Chief Executive Officer of Holowesko Partners—a Bahamian-based, value-oriented investment firm that allocates capital across a wide range of industries, geographies, and market capitalizations. This episode is part of a series in which Demetri interviews value investors, motivated by his concerns about how the global economy’s direction and the ongoing geostrategic competition between the U.S. a...

Feb 17, 202557 minEp. 402

Navigating the Fourth Turning: Power, Technology, & Moral Decline | Demetri Kofinas

In Episode 401 of Hidden Forces, Demetri Kofinas shares his recent appearance on the Grant Williams podcast in which he and Grant discuss how the interplay of political power, technology, and moral decline in society are driving the unraveling of the social order as we pass through the final stages of what Neil Howe has famously described as “The Fourth Turning.” Demetri and Grant explore how cyclical historical theories apply to today’s turbulent geopolitics, emphasizing the rise of populism, s...

Feb 13, 20251 hr 39 minEp. 401

Taking the Chainsaw to Argentina's Bureaucracy | Federico Sturzenegger

In Episode 400 of Hidden Forces, Demetri Kofinas speaks with Federico Sturzenegger, the current head of the Ministry of Deregulation and State Transformation under President Javier Milei in Argentina. Demetri asks Sturzenegger about Argentina’s political and economic history in the 20th century, comparing its industrial model, capital markets, and political system to those of the United States. They then explore President Milei’s initiatives to overhaul Argentina’s political economy—including ma...

Feb 10, 20251 hr 8 minEp. 400

Is a Libertarian Revolution Underway in Argentina? | Bowtied Mara

In Episode 399 of Hidden Forces, Demetri Kofinas interviews Bowtied Mara about Argentina’s political history, its economy, the local real estate market, the energy sector, and President Javier Milei’s efforts to revive growth, combat inflation, and liberalize the country’s economy. In the first hour, Mara and Demetri explore Argentina’s political history and the roots of its economic decline, drawing comparisons with the United States during the pivotal decades of the 1930s and 1940s. They delve...

Feb 03, 202547 minEp. 399

Finding Value in an Upside-down World | Charles Heenan & Geoff Legg

In Episode 398 of Hidden Forces, Demetri Kofinas speaks with Kennox Strategic Value Fund investment directors Charles Heenan and Geoff Legg about their investment framework and macro worldview. Known for their focus on top-quality, sector-leading companies, Charles and Geoff share valuable insights about what it takes to build and manage a portfolio with a long-term, value-driven perspective. This conversation explores the challenge of finding value in a world that seems to have gone absolutely ...

Jan 27, 202559 minEp. 398

What’s Driving the Rise in Long-Term Bond Yields? | Jim Bianco

In Episode 397 of Hidden Forces, Demetri Kofinas speaks with Jim Bianco, President and Macro Strategist at Bianco Research, about the macroeconomic factors driving the recent rise in bond yields and a range of other variables shaping the economies of the U.S., Europe, and China, as well as their impact on investors' portfolios. In the first hour, Bianco and Kofinas analyze the factors behind the surge in long-term interest rates across the developed world. Their discussion covers the Federal Res...

Jan 20, 202557 minEp. 397

Extinction of Experience: Being Human in a Disembodied World | Christine Rosen

In Episode 396 of Hidden Forces, Demetri Kofinas speaks with Christine Rosen about her book, “Extinction of Experience: Being Human in a Disembodied World,” which explores the cultural and emotional shifts that accompany our embrace of technology and its effects on our experience of life as embodied human beings. Christine is a senior fellow at the American Enterprise Institute, where she focuses on American history, society and culture, and technology and human behavior. Rosen is also a monthly...

Jan 06, 202555 minEp. 396

Investing in Argentina, AI, and More in 2025 | Zach Abraham & Chase Taylor

In Episode 395 of Hidden Forces, Demetri Kofinas speaks with Zach Abraham and Chase Taylor about the recent revision in the Fed’s summary of economic projections, the investment opportunities in Latin America, the economic effects of the war in Syria, the state of the outgoing Biden administration, and the economic prospects associated with a second and more invigorated Trump administration in 2025. They spend the first hour discussing how Fed policy, demographics, and systematic passive flows c...

Dec 30, 202448 minEp. 395

The Fall of Damascus and the New Geopolitics of the Middle East | Kamran Bokhari

In Episode 394 of Hidden Forces, Demetri Kofinas speaks with geopolitical analyst and forecaster Kamran Bokhari about the fall of Damascus and the implications of Bashar al-Assad’s ouster in Syria for the balance of power in the Middle East. Kamran last came on the podcast a year ago to discuss the violence ignited by Hamas’ October 7th attacks, the nature and scope of Iranian involvement, and how various regional actors, including Turkey, Saudi Arabia, the Houthis, and Hezbollah were exploiting...

Dec 16, 202451 minEp. 394

Will AI Generate a New Growth Wave of Creative Destruction? | Herman Mark Schwartz

In Episode 393 of Hidden Forces, Demetri Kofinas speaks with Herman Mark Schwartz, a professor in the Politics department of the University of Virginia and the author of three books on economic development, globalization, and the geopolitics of the subprime mortgage crisis. Demetri and Mark discuss an article that he recently co-authored in American Affairs about AI’s potential to create a new growth wave of creative destruction that could rival or surpass those of previous innovation cycles, wi...

Dec 09, 20241 hrEp. 393

National Capitalism & Death of the International Monetary System | Russell Napier

In Episode 392 of Hidden Forces, Demetri Kofinas speaks with author, investor, and financial historian Russell Napier , about how to navigate a seminal transition in the global trade and monetary order. This episode aims to provide you with the tools to understand, value, and manage the assets, exposures, and risks in your portfolios and to capitalize on opportunities that come along only once every hundred years. In the first hour, Demetri and Russell Napier discuss the origins of the non-syste...

Dec 02, 202457 minEp. 392

The End of the German Economic Miracle | Wolfgang Münchau

In Episode 391 of Hidden Forces, Demetri Kofinas speaks with Wolfgang Münchau, the director and co-founder of Eurointelligence and the author of a phenomenal new book about post-WWII Germany, the rise and fall of the German economy, its industrial sector, and the end of what he dubs “The German Miracle.” Wolfgang Münchau and Demetri spend the first hour of this episode laying the foundation to help listeners understand how Germany became the economic and financial juggernaut that we have known i...

Nov 25, 202452 minEp. 391
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