Martin Wolf
speaker
495 appearances
3 recordings
1 series
first heard Nov 2024
last heard Jun 2025
Martin Wolf’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, there are clearly people in his administration who sort of agree with your view, um but as in so many areas, I I feel that Donald Trump is simply a very confused man.
He he i I think the very important thing to understand is he doesn't think rigorously and he's to put it bluntly, not very educated, so he doesn't see how these various things work.
Relate to it to one another.
So just to take this example, he uh clearly wants to reduce the US external deficit.
And that means, by definition, that he wants the world uh to lend and invest less in the US than it does now, because it's the lending from the rest of the world and the investment, equity investment, that is actually.
Actually financing this external deficit he hates.
So he can't rationally, or at least not very easily, simultaneously want the people to go on buying all these US assets, including, of course, US Treasuries, which they're very concerned about, because they're creating so many, and at the same time want them to buy less of it.
They can't buy more and less at the same time.
But that confusion just seems to be there in his mind.
What does he really want?
I think they do uh what does a rational person want?
I can understand the argument for reducing the current account deficit.
I don't think it's that important.
Um but uh and I think it is possible for the dollar to remain the world's currency without a huge current account deficit.
But ultimately the more
He wants people to invest in his country, the more likely it is that there will be an external deficit.
And that's a real puzzle.
So he can have a screw he can have a dollar as a reserve currency without huge external deficits.
That's not universally accepted, but I believe that is the case.
But
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