Are We About to Enter the First White-Collar Recession? | James van Geelen

Hidden Forces

Demetri Kofinas

Government, Business

4.8 • 1.6K Ratings

🗓️ 7 April 2025

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 “megatrends” poised to shape societies, economies, and the market’s distribution of returns for years to come.

James and Demetri spend the first hour of their conversation exploring a series of narratives and investment themes—including Trump’s recent tariff announcement—that 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 America’s 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.

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Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 04/03/2025

Transcript

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0:00.0	What's up, everybody? My name is Demetri Gaffinus, and you're listening to Hidden Forces,
0:06.1	a podcast that inspires investors, entrepreneurs, and everyday citizens to challenge consensus
0:12.9	narratives and learn how to think critically about the systems of power shaping our world.
0:18.5	My guest in this episode of Hidden Forces is James Van Galen, the founder of the boutique
0:23.4	research firm, Satrini Research, which specializes in illuminating and demystifying the
0:29.0	transformative mega trends poised to shape societies, economies, and the market's distribution
0:34.8	of returns for years to come.
0:37.4	James and I spend the first hour of our conversation exploring a series of narratives and
0:41.8	investment themes, including Trump's recent tariff announcement on April 2nd, that have
0:46.3	captivated markets and that are likely to be highly determinative of investor returns in
0:51.4	the years to come, as we undergo a fundamental reorganization of the global economy,
0:56.0	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.
1:08.0	In the second hour, James and I dig deeper into some of the more
1:12.0	consequential themes that we identify in the first hour, like the wealth-driven white-collar
1:17.2	recession that could accelerate the adoption of AI and rapidly reshape the workforce, the rotation
1:23.0	out of U.S. equities as the U.S. turns to fiscal austerity and as countries in Europe and Asia
1:28.3	engage in massive fiscal stimulus, and what could be in store for America's Democratic Party base
1:33.8	if its supporters increasingly find themselves out of work and under threat by the policies
1:38.8	and changes underway in the new economy.
1:41.3	If you want access to all of today's conversation, and you're not already subscribed
1:46.2	to Hidden Forces, you can join our premium feed and listen to the second hour of today's
1:50.7	episode by going to hiddenforces.io slash subscribe.
	...

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