American finance, always unique, is now uniquely dangerous
Donald Trump is putting an untested system under almighty strain
A LWAYS A HAVEN in dangerous times, America has itself become a source of instability. The list of anxieties is long. Government debt is rising at an alarming pace. Trade policy is beset by legal conflicts and uncertainties. Donald Trump is attacking the country’s institutions. Foreign investors are skittish and the dollar has tumbled. Yet, astonishingly, one big danger lurks unnoticed still.
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This article appeared in the Leaders section of the print edition under the headline “New and untested ”
From the May 31st 2025 edition
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