The Return of Economic Populism and the End of Two Percent | Vincent Deluard

Описание: In Episode 507 of Hidden Forces, Demetri Kofinas speaks with Vincent Deluard, Director of Global Macro Strategy at StoneX, about how the latest US midterm results fit into a broader global shift toward economic populism, why the two percent inflation target that has anchored developed-economy central banks for three decades is quietly being abandoned, and what the unwinding of a decade of foreign capital flows into US markets could mean for the dollar, interest rates, and the valuation of US assets.

The first hour covers the historic scale of the Democratic victory in this week’s midterm elections and what it reveals about a deeper global drift toward economic populism, including the unwinding of the Mexican peso, the surprising strength of the Canadian dollar, and the case for a new era of “national capitalism,” in which countries like Canada, Japan, and France look to repatriate capital that has been flowing into US equity and bond markets.

The second hour turns to France, where Vincent argues the eurozone is facing part two of a currency and debt crisis that has moved from the periphery to its political core, and why he believes the only realistic path to preserving the European Monetary Union is a dramatic, Japanese-style devaluation of the euro. The conversation then broadens to how rising political polarization is reshaping the public’s tolerance for inflation, the fragile link between elevated asset prices and US consumer spending, and where Vincent sees opportunity and risk across Treasuries, gold, crypto, and equities as these dynamics play out.

You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at https://hiddenforces.io/subscribe.

00:00 Introduction
03:03 The 2022 Midterm Blue Wave: Scale, Significance, and What It Signals
08:00 Economic Populism as the New Political Center of Gravity
12:25 The Death of the 2% Inflation Target and the Rise of Fiscal Dominance
14:39 How Subscriptions, Discriminatory Pricing, and Digitization Distort Inflation Measurement
19:19 The Unwinding of the Super Peso: Why Mexico's Tailwinds Are Reversing
24:29 The Canadian Dollar as the Anti-Peso: Energy, Pensions, and Negotiating Leverage
27:13 National Capitalism and the Risk of Foreign Capital Repatriation from US Markets
34:01 France's Debt Crisis: Political Paralysis, Far-Right Rise, and the Euro at Risk
40:32 Topics for the Second Hour

If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe.

If you enjoyed listening to today’s episode of Hidden Forces, you can help support the show by doing the following:

Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed

Write us a review on Apple Podcasts at https://apple.co/3fLSIgR

Write us a review on Spotify at https://spoti.fi/3tv4zYr

Subscribe to our mailing list at https://hiddenforces.io/newsletter/

Subscribe and Support the Podcast at https://hiddenforces.io/podcasts/the-...

Follow Hidden Forces on Twitter:   / hiddenforcespod  

Follow Demetri on Twitter:   / kofinas  

Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

Follow Demetri on Twitter at @Kofinas

Episode Recorded on 11/04/2026