In the fifth episode of The Hundred Year Pivot, Demetri Kofinas and I sit down with economist Charles Calomiris for a probing exploration of America’s fiscal future and the deeper societal forces shaping it. The conversation delves into the concept of fiscal dominance—the point at which mounting government debt and deficits compel inflationary policies, sidelining the intentions of central banks, with Charles warning that the US is edging closer to this scenario, driven by unsustainable deficits and a political system gridlocked by the self-interest of key voting blocs and an unwillingness to confront hard choices around entitlements like Social Security and Medicare.
However, the discussion moves beyond the technicalities of economic policy as Charles contends that the roots of the crisis are as much moral and societal as they are financial, pointing to a broader decline in civic responsibility and shared values across generations. Drawing on historical parallels, he suggests that periods of crisis can also spark transformative leadership and a renewed search for social cohesion. This leads to a reflection on the possibility of hope—if individuals and communities can rediscover a sense of purpose and responsibility—as well as the importance of integrity and leadership at every level.
Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.
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