Unhedged Will markets ever care about anything?
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Aug 14, 2025 
Gideon Rachman, chief foreign affairs commentator for the Financial Times and a specialist in geopolitics, discusses the paradox of climbing markets amid political chaos. He delves into Trumpism's blurred lines between democracy and authoritarianism, exploring its impact on the U.S. economy. The conversation also touches on how autocratic regimes affect global market dynamics and contrasts them with democratic stability. The hosts add humor with a light take on workplace attire influenced by climate change.
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US Norms Had Been A Global Stabilizer
- Rachman says US adherence to post‑1945 norms provided global stability that now looks shakier.
- The erosion of unwritten norms makes world affairs significantly harder to predict.
Unpredictability Can Temporarily Calm Markets
- Rachman proposes unpredictability can paradoxically stabilise markets if investors expect reversals.
- But Rob warns that Trump may no longer always back down, reducing that stabilising effect.
Institutional Ties Provide Ballast
- Allies rely on deep institutional ties (eg, intelligence cooperation) as ballast during political turbulence.
- Those embedded structures offer hope the US‑ally relationships can survive erratic leaders.