This chapter analyzes how the Great Replacement conspiracy theory is exploited in far-right discursive strategies. Indeed, the common ground and/or collective narratives identified in discourses such as the Great Replacement theory have been created through re- or de-construction of current news, such as the influx of migrants. We draw on the Dynamic Model of Meaning theory, combining the theoretical concept of (emergent) common ground – fundamental to intercultural pragmatics–and the notion of proximization. Our data comprises Marine Le Pen interviews, Viktor Orbán speeches, and Matteo Salvini tweets, where we examine various aspects of their narratives as well as the specific contextualization. Our analysis reveals both common ground and cross-cultural variation in the conspiracy narratives disseminated by these far-right leaders: inferences vs. directness; national history vs. doomed future. We conclude by suggesting that such narratives work as metaphor scenarios and could, in fact, represent covert hate speech against a specific community. Moreover, these narratives function as useful political arguments, since they arouse strong emotions against the declared enemies of populists. While a rational and well-documented counter-discourse is needed to answer such strategies, it is crucial to both deconstruct and understand the beliefs underlying the emotions that lead a person to trust such beliefs.