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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Trumpism Is Ego, Not Ideology
- Gideon Rachman argues Trumpism is driven more by Trump’s instincts and ego than by a coherent ideology.
- That personalised, ego-driven politics makes behaviour unpredictable and hard to systematise.
Country Examples Of Personalised Diplomacy
- Gideon contrasts how Pakistan flatters Trump while Switzerland's rule-bound ways irritate him.
- He uses these country examples to show Trump prefers personalised deal-making over formal processes.
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.