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Populism is a deeply contradictory form of politics: populist ideations include a deep suspicion of political elites and an intense preference for popular democracy. Yet populist movements frequently coalesce around charismatic leaders who exert total control over their followers, while showing little respect for representative democracy. Such leaders are rarely punished for their hypocrisy. This paper resolves this paradox by arguing that populist attitudes contribute to crises of self-efficacy, and that a lack of efficacy predisposes individuals to charismatic bonding with leaders, rendering them unable to critically evaluate those leaders’ actions. Data from an observational study in Spain and an experiment in the United States are used to test this hypothesis. These findings should make us skeptical of the democratic potential of any form of populism.