You can’t keep a good market down. New record US levels seem to occur daily. But, why? The underlying picture of the US economy is not weak, but the political structures around it seem to be fraying. What might give and trigger the kind of reversal many expect, or might we get a more fundamental reassessment of what the USA will look like post-Trump?

The difference between successful democratic economies and autocracy is that the rule of law works better. Autocracies trend towards corruption and inefficiency. Insider dealing and corruption is a fact of the financial markets – punishing it is a matter of the enforcement of justice and the willingness to do so. Europe is acting over Epstein. What’s happening in the USA? 

We will likely never know the full truth about Epstein. It’s not a sex scandal – it’s a sordid tale of corruption, insider dealing, greed and arrogance dug deep into the highest echelons of business and society. It involves far more figures than the few who have been exposed. Some corruption is hidden. Increasingly much is in plain sight.