Afleveringen
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In Episode 418 of Hidden Forces, Demetri Kofinas sits down with award-winning journalist Karen Hao to discuss Empire of AI â her inside account of how OpenAI evolved from an idealistic, safety-first nonprofit into one of the worldâs most valuable private companies in its race to conquer the future.
This conversation takes you inside that transformationâfrom the heady idealism of OpenAIâs founding, through the billion-dollar Microsoft deal and the 2023 boardroom coup, to the unresolved questions that hang over Silicon Valley and Washington alike about the private concentration of power in the age of artificial intelligence and the nature of the world we are building.
Whether youâre an investor, a policymaker, or simply a concerned citizen trying to make sense of todayâs headlines, this episode will equip you with the context you need to understand whatâs really at stake in the race for AGIâand the levers we still have to steer it.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 05/12/2025
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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 discuss:
The narrative collapse stemming from a loss of faith and trust in political leaders and institutions
The informational overwhelm and confusion that accompanies technological modernity
The lack of credible voices and decline of journalistic ethics in media
The increase in conspiratorial thinking and popularization of alternative theories of reality, some of which have improved our understanding of the world, while others have left us more confused and less well equipped to find common ground in pursuit of the public interest.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 05/08/2025
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Zijn er afleveringen die ontbreken?
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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 Chinaâs advanced manufacturing ecosystemâand the geopolitical interdependencies and national security risks now baked into that relationship.
McGeeâs book âApple in Chinaâ tells two stories. First, it chronicles Appleâs ascent from being nearly bankrupt in the midâ1990s to becoming the worldâs most valuable company within just 15 years. Second, it traces Chinaâs historic transformation from an underdeveloped economy with ThirdâWorld cost structures and armies of unskilled laborers to the worldâs largest economy (by purchasing power parity) and the hub of the most advanced manufacturing base on the planet.
By the time this episode is over, you will have learned exactly how Apple off-loaded almost all its manufacturing to Asia by the late 1990s and early 2000s and then consolidated that entire operation inside mainland China. You will also learn how the same supply chain mastery that turned Apple into the worldâs most valuable company has left it existentially dependent on a single authoritarian state whose political goals now diverge sharply from Washingtonâs.
It's an incredible story with profound implications for all of us who depend on Chinaâs manufacturing prowess and intricate supply networks to sustain our way of life. Whether we can extricate ourselves from this web of interdependenciesâand the extent to which we should even want toâis one of a number of topics we explore extensively in the episodeâs second hour.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 05/01/2025
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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 âThe Solid Ground Newsletterâ and Keeper of the Library of Mistakes, Russell Napier about the end of the economic, monetary, and global trading & security order that has been the largest single driver of global growth over the last thirty years.
The consequences of the changes discussed for economic and national security, social cohesion, investment, and wealth preservation are nothing short of tectonic. Points of discussion include:
The Trump administrationâs economic and trade strategy
Efforts to isolate China
The creation of new monetary systems
The search for new safe assets
The realignment of global power
The escalating risk of war with China
There is also a long and detailed discussion about how investors can position themselves for:
The accelerating repatriation of capital flows
The onset of capital controls
A prolonged period of financial repression in which wealth preservation will take precedence over making money and chasing outsized financial returns.
If you want early access to this conversation, subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 04/25/2025
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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 Trumpâs 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 discuss:
Tariff-induced supply chain disruptions
Price inflation
Higher interest rates
Lower asset prices
A falling U.S. Dollar
In the second hour, Spindel and Kofinas focus on the investment implications that stem from a more accurate understanding of government policy and its effect on markets. Listeners will walk away with a deeper understanding of:
The governmentâs role in the economy
The myth of Fed independence
How policy impacts equity and bond performance
The role of alternative safe assets
The impact of new tax regimes on investment outcomes
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 04/29/2025
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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 âThe Fourth Turningâ Neil Howe about his and his co-author William Straussâ seminal generational theory framework. They assess how well it has tracked Trumpâs first 100 days in office, how well it explains the upheavals we are experiencing in both Western and Eastern societies, and what reasoned conjectures we can make about how events will unfold from here.
Access this episode by subscribing to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâat HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 04/26/2025
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In Episode 412 of Hidden Forces, Demetri Kofinas speaks with financial journalist and economic historian, Paul Blustein about the U.S. Dollarâs 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 Washingtonâand how they have been perceived abroadâmay mean for the future value and status of the Greenback.
The second hour builds on this foundation as Paul and Demetri speculate about what the future holds for dollar hegemony in a world characterized by growing trade protectionism, a breakdown in international cooperation, and a potentially irreparable loss of confidence among foreign investors in U.S. leadership and in the strength and reliability of U.S. capital markets.
This could not be a timelier conversation about a subject whose ramifications will continue to play out over many years if not decades to come.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 04/23/2025
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In Episode 411 of Hidden Forces, Demetri Kofinas speaks with Shehzad Qazi of China Beige Book about the impact Trumpâs 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 countryâs currency and stock market
Explanations for the punctuated sell-off in U.S. Treasuries
Chinaâs action plan to revitalize domestic consumption
Demetri also asks Shehzad about Trumpâs stated desire to âdo a deal with China,â what such a deal would look like, how big it could be, and what concessions either side is prepared to make in order to get it done.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 04/16/2025
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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 systemâand what this means for markets and investor portfolios.
The first hour revisits last yearâs discussion on âEM-ification,â 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 investors should be paying attention to in the year ahead.
In the second hour, the conversation turns to the implications of a full-blown trade and capital war, including:
The impact on U.S. assetsâespecially Treasuries and the dollarâif surplus nations redirect their capital flows away from the United States
Resurgent inflation fueled by strategic rearmament and industrial policy
A potential decoupling fromâand even a hot war withâChina
The abandonment of fiscal restraint in the face of an economic slowdown amid persistently high or rising borrowing costs for the U.S. government
The risk of massive wealth destruction triggered by a dramatic revaluation of the U.S. dollar
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespodFollow Demetri on Twitter at @Kofinas
Episode Recorded on 04/15/2025
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Demetri Kofinas and Grant Williams have teamed up to launch âThe One Hundred Year Pivot,â 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 through this gathering storm and position ourselves, our organizations, our families, and our portfolios for the changes to come.
You are invited to join them on this journey as they explore the implications of:
The breakdown of existing political, monetary, and social institutions
The emergence of new economic and financial trading blocks
The reprioritization of national and economic security
The channeling of national savings into a new military and technological arms race
The development of a new investment paradigm with historic implications for investors
Premium subscribers to the Hidden Forces podcast and the Grant Williams Podcast will have early access to the episodes in this ongoing series.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 04/08/2025
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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 âmegatrendsâ poised to shape societies, economies, and the marketâs distribution of returns for years to come.
James and Demetri spend the first hour of their conversation exploring a series of narratives and investment themesâincluding Trumpâs recent tariff announcementâthat have captivated markets and that are likely to be highly determinative of investor returns in the years to come. They discuss the investment implications of a fundamental reorganization of the global economy, along with its supply chains, energy systems, and underlying technological foundations, to say nothing about the changing relationship of government and fiscal policy to the economy and asset markets.
In the second hour, Citrini and Kofinas dig deeper into some of the more consequential themes that they identify in the first hour, including:
The wealth-driven white-collar recession that could accelerate the adoption of AI and rapidly reshape the workforce.
The rotation out of U.S. equities as America turns to fiscal austerity and as countries in Europe and Asia engage in massive fiscal stimulus.
The implications for Americaâs Democratic party base if its supporters increasingly find themselves out of work and under threat by the policies and changes underway in the new economy.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 04/03/2025
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In Episode 407 of Hidden Forces, Demetri Kofinas speaks with the Macro Touristâs 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 why thatâs the case, why the effects of fiscal policy continue to be overlooked and discounted relative to monetary policy, and what this means going forward if we take the Trump team at his word about wanting to reduce the deficit and scale back on fiscal spending.
In the second hour, Muir and Kofinas dig even deeper into the fiscal spending implications for U.S. equity and bond markets, concerns about rotation risk into global equities, the investment opportunities in Europe and Asia, downside risks to the US dollar, the China gold put, and much more.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 03/24/2025
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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 eventsâand 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 Jacksonâs abolition of the Second Bank of the United States (which financed westward expansion), the presidency of Rutherford B. Hayes (and the Long Depression), the consumer-driven growth wave following FDRâs 1930s reforms, and the neoliberal era sparked by the Reagan Revolution.
In the second hour, Friedman and Kofinas apply this framework to the era we are living in today, which according to George, is the first time in American history that both the 80-year institutional cycle and 50-year socioeconomic cycle are occurring concurrently. They discuss how (and why) so-called âwoke ideologyâ and a sclerotic and ineffective bureaucracy are symptoms of the end of the institutional cycle and why the economic policies of this new era will lead to more capital investment and a revitalization of the American economy.
Lastly, George provides listeners with a roadmap for geopolitical events in the 21st century that includes reconciliation with Putinâs Russia, a new paradigm of peace in the middle east, and a long and challenging period of economic weakness in China that will consume the energies of the Chinese communist party and challenge the PRCâs ability to assert itself on the global stage for at least the next several decades.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 03/17/2025
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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 administrationâs 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 Americaâs war in Ukraine, resetting U.S. commitments to Europe through NATO, reasserting dominance over the Western Hemisphere, and rebalancing trade relationships with both allies and competitors. What has not been clearly articulated in the Trump administrationâs public communications is how Americaâs grand strategic visionâand any potential âTrump doctrineââwill look over the next four years, how China fits into that vision, and how success should be measured.
Demetri and Rush begin their conversation by reviewing Chinese party documents, materials, and analyses of Chinaâs communications, conduct, and behavior over the last three decades to understand Beijingâs intentions and how they should shape U.S. policy during a time of waning relative American power amid a geopolitical rebalancing. They examine the new bipartisan consensus on China, discuss the Trump administrationâs strategic foreign policy tactics and objectivesâincluding the use of tariffs and incentives to rebuild American industrial capacityâand explore how the United States can successfully compete with China without risking imperial overreach or bankrupting the nation.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 03/11/2025
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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 many has come to feel empty and soulless.
In the second hour, Rod and Demetri discuss what the eastern tradition of Christianity can tell us about how we should live in the world, how those lessons apply to the culture wars, how to confront evil, and the appropriate role that Christianity should play in policy and politics.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 02/24/2025
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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 aimed at ending the Ukraine War
Russian factional politics
The future of Europe and European security
U.S.-China relations
U.S., Russian, and Chinese nuclear doctrines
The future of Americaâs alliance structures
The emergence of a new world order shaped by realpolitik, reciprocity, and a more transactional U.S. foreign policy
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 02/25/2025
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In Episode 402 of Hidden Forces, Demetri Kofinas speaks with Mark Holowesko, the founding Partner and Chief Executive Officer of Holowesko Partnersâa 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 economyâs direction and the ongoing geostrategic competition between the U.S. and China will impact asset markets in the coming years.
In the first hour, Holowesko and Kofinas discuss:
Markâs macro framework and approach to value investing
His concerns about government debt and its implications for interest rates and inflation
Trends in global liquidity
The future direction of the U.S. dollar
Why Holowesko believes that 2022 marked a long-term turning point for value investingâwith enormous implications for investors
In the second hour, Mark and Demetri explore some of the most promising investment opportunities outside the United Statesâparticularly in the UK and Japanâas well as how to assess similar opportunities in China, whether the country is investible, and the risks investors face when deploying capital in Chinese companies and the broader Chinese market. They also delve deeper into Markâs investment process, his views on the role of gold in oneâs portfolio, opportunities in the U.S. energy sector, and much more.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 02/11/2025
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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 âThe Fourth Turning.â
Demetri and Grant explore how cyclical historical theories apply to todayâs turbulent geopolitics, emphasizing the rise of populism, shifting alliances, and eroding trust in institutions. Kofinas highlights the role of media in shaping collective narratives and exacerbating societal fault lines, while Williams calls attention to the erosion of personal accountabilityâan absence that fuels trends in financial nihilism and accelerates the broader moral decline of American life. This decay, they argue, extends to the countryâs political structures and the integrity of its financial markets.
The conversation also touches on the fragility of complex systems, from social structures to global financial frameworks, underscoring the need for intellectual rigor and ethical leadership.
Throughout, they urge listeners to stay critical yet open-minded, balancing caution with the desire to seize opportunities that emerge from the transformative changes currently underway.
Subscribe to our premium contentâincluding our premium feed, episode transcripts, and Intelligence Reportsâby visiting HiddenForces.io/subscribe.
If youâd like to join the conversation and become a member of the Hidden Forces Genius communityâwith benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinnersâyou can also sign up on our subscriber page at HiddenForces.io/subscribe.
If you enjoyed todayâs episode of Hidden Forces, please support the show by:
Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed
Writing us a review on Apple Podcasts & Spotify
Joining our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos NicolaouSubscribe and support the podcast at https://hiddenforces.io.
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @KofinasEpisode Recorded on 01/27/2025
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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 Argentinaâs 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 Mileiâs initiatives to overhaul Argentinaâs political economyâincluding market reforms, changes to labor laws, industry regulations, and price controls.
The conversation covers the progress made so far, the challenges that remain, lessons for the United States, and the Milei governmentâs broader mission to transform the Argentine state and fulfill its mandate of restoring economic prosperity and freedom to a nation that was once among the wealthiest and most resource-rich in the world.
You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe.
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 todayâs 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 & Spotify
Subscribe to our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou
Subscribe and Support the Podcast at https://hiddenforces.io
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @Kofinas
Episode Recorded on 01/30/2025
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In Episode 399 of Hidden Forces, Demetri Kofinas interviews Bowtied Mara about Argentinaâs political history, its economy, the local real estate market, the energy sector, and President Javier Mileiâs efforts to revive growth, combat inflation, and liberalize the countryâs economy.
In the first hour, Mara and Demetri explore Argentinaâs 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 into the legacy of Juan PerĂłn, the significance of Peronismo in Argentine politics, what defines a Peronista, and why Javier Mileiâs libertarian approach and his election as Argentinaâs 59th president mark a departure from the countryâs history of alternating between Marxist and fascist regimes.
In the second hour, the discussion shifts to Mileiâs master plan, his initial priorities upon taking office, and the strategies heâs employing to achieve his political goals. They examine specific policy changes already enacted through his use of emergency powers, such as reforms to Argentinaâs price control system, export tariffs, privatization initiatives, and measures aimed at cutting through decades of bureaucratic red tape to liberalize the economy. The conversation also touches on Argentinaâs âcrawling peg,â efforts to align the official peso-USD exchange rate with the unofficial blue rate, the introduction of competing currencies, and Mileiâs controversial push to abolish the Central Bank of Argentina.
You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe.
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 todayâs 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 & Spotify
Subscribe to our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou
Subscribe and Support the Podcast at https://hiddenforces.io
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @Kofinas
Episode Recorded on 01/27/2025
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