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.
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Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou
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Episode Recorded on 11/04/2026