Prof G Markets Breaking Down Warning Signals from the Bond Market — ft. William Cohan
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Apr 17, 2025 
William Cohan, a New York Times bestselling author and financial journalist, shares his keen insights on the bond market’s current landscape. He discusses potential credit crises and how Japan and China may use bonds as geopolitical tools. The dialogue also dives into how recent tariff changes affect both large banks and small businesses, revealing a growing economic divide. Cohan highlights the implications of a declining dollar and explores the shifting dynamics of international trade impacting U.S. Treasury securities.
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Tariff Impact on Small Businesses
- Scott Galloway recounts a conversation with a fraternity brother whose specialty products business has been severely impacted by tariffs.
- The business owner faces either closure or a costly restructuring of his China-centric supply chain.
Tariff Policy as a Game of Whack-A-Mole
- Trump's tariff policy has become reactive and inconsistent, influenced by market fluctuations and corporate lobbying.
- This erratic approach creates uncertainty, benefiting large corporations while harming small and medium-sized businesses.
Declining Dollar and Loss of Confidence
- The US dollar's decline against the euro signals a loss of confidence in the US economy.
- Investors are moving away from US assets, potentially jeopardizing the dollar's status as the world's reserve currency.