Kyla Scanlon

But I never had really thought about the fact that we might be exiting it.

And a lot of people thought that we exited the Great Moderation after 2008 when we had the Great Financial Crisis.

We perhaps entered this era called the Great Stability, where the 2010s were almost like an ambient period, more or less, until Donald Trump came along and introduced a fair amount of volatility to markets, but nothing like we've experienced in the second term so far, just objectively.

And the goal of this piece was to sort of look at the great moderation and then talk about what I think we might be headed into, which is the great entertainment.

And so I tried to trace the beginning of the United States as an entertainment first country, of course, beginning with Ronald Reagan, who was the entertainer president, the great communicator.

And then tying it into what is now the second Trump presidency, where he is a reality TV star.

And I think the way that he does social media, the way that the White House is doing social media, it just really all feels like we're a part of some version of The Apprentice, some version of a show that he's having a lot of fun and not a lot of people are other than him.

So the goal of the piece was just to illustrate that.

Yeah, I mean, I think the consequences are sort of the taco situation that we keep on ending up in, where, like, the bond market has to be the one arm of government.

So the bond market, you know, responded to this talk of Greenland and what we were going to do with Greenland and stocks sold off.

Part of that was also what was happening with Japan, Japan.

japan's going through their own crisis so we just saw the market start to go down and then the next day more or less trump kind of walks back some of the stuff with greenland says that he has the what is it the future concept of a deal a future a framework for a future deal a concept of a plan it was the previous thing that happened i think with liberation day

So anyway, but yeah, so he's always talking and doing stuff.

And the consequences are that what we're seeing, like Mark Carney, prime minister of Canada, gave a speech at Davos where he was like, listen, all of this is kind of over.

Like the rules-based order is probably gone.

Nostalgia is not a strategy.

Like us middle power countries have to move on from the United States because they're being really weird and aggressive and

And that will come at great cost to the United States in the long term, for sure.

I mean, Europe, I think, is really questioning the U.S.

as a partner.