Unhedged Is the US an emerging market?
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Nov 11, 2025 
Joining the discussion are David McWilliams, an economist known for his insights on the Irish economy, and Mark Blyth, a political economist specializing in macroeconomics. They explore whether the US is starting to mirror emerging markets. The conversation dives into the role of the dollar in maintaining US dominance, the risks posed by financialization, and the precarious valuations of tech companies. They also reflect on the potential consequences of a financial shock and analyze the UK's emerging market vulnerabilities, concluding with strategic investment picks.
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How Kilkenomics Began After A Crash
- David McWilliams recounts Kilkenomics' origin after Ireland's crash and a one-man show to explain the crisis.
- He says the festival grew from that need to make economics accessible to ordinary people.
Dollar Centrality Sustains US Primacy
- The dollar's centrality makes the US functionally irreplaceable as the global hub for transactions and reserves.
- Mark Blyth argues no rival (China or the euro) currently can perform that role at scale.
Reserve Currency Protects But Doesn’t Immunize
- Printing the global reserve currency prevents a country from being an emerging market in the conventional sense.
- David McWilliams warns the US can still decline politically and economically despite that privilege.