In the latest Expert Networks podcast, host Neil Williams is joined by Ernst Knacke to explore what he calls The Fiscal Age — a structural shift where debt, demographics and democracy collide.

They examine the forces driving this regime change: collapsing fertility rates, rising dependency ratios and the growing strain on the modern welfare state. As working populations shrink and structural costs rise, the discussion turns to the political realities facing governments and the increasing dominance of fiscal policy over monetary independence.

The conversation explores the implications of debt monetisation, financial repression and inflation volatility, alongside the deflationary and inflationary tensions introduced by the AI revolution. From labour market disruption to energy demand and geopolitical competition, the episode considers how technological change may accelerate rather than offset fiscal instability.

Finally, the discussion turns to what this means for investors. If the past 40 years of falling interest rates and monetary stability were an anomaly, how should portfolios adapt to a more volatile and politically driven regime?

This episode builds on the themes explored in soon to be released The Fiscal Age: Thematic Investment Report 2026, authored by Ernst Knacke.

Listen in on the conversation below 👇🏼

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