The US has been a great Anglo-Saxon creation and experiment, but the way in which 6 conservatives hold the reins of power, and are showing they are prepared to flex them is causing rising doubt.
The US just took another step towards the end of the Age of American Exceptionalism. It will have major consequences on markets and geopolitics. The West has limited time to prepare for some profound changes.
Last night’s US local elections threw out some interesting signals as to where gridlock, polarisation and the apparent decay of American Democracy are headed next. Its maybe not all as bad as we fear, but the outlook remains risky!
If there is common theme to some of the market’s speculative bubbles its their thin supporting veneers of fake credibility and plausible deniability. Trump’s Social Media empire, Bitcoin and Evergrande – all share a core of fundamental emptiness.