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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 the sources of 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 new all-time highs in gold and bitcoin—along with rising long-term Treasury yields—suggest 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, bitcoin, and long-term bond yields suggest about where we are on the path toward financial repression as we explore the implications of this trajectory for investors, businesses, and everyday depositors who will be conscripted in the battle to fight the deficit as the nation moves from spending like a banana republic to inflating like one. We end the episode with a candid conversation about the sources of both America’s decline and the country’s potential for renewal once the reality of the current crisis becomes impossible to ignore. You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at https://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. 00:00 Introduction 04:21 Fiscal Dominance and Inflationary Tax 07:20 Charles' Background 24:09 Agency Problems in Financial Services 27:20 Political and Economic Constraints 41:32 Inflation and the Future of FinTech 44:36 Tariffs and Cognitive Dissonance 52:24 Political Consequences of Economic Policies 56:30 The Role of Religion and Economics 58:54 Global Human Flourishing Project 01:04:50 Leadership and Sacrifice 01:08:49 The Power of Community and Individual Action 01:18:04 The Role of Music in Social Change 01:21:27 Final Thoughts 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 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 05/22/2025