Might 2025 turn out to be the new 1925? In other words, are we currently in the Roaring Twenties and on the brink of another Great Depression? This historical analogy, according to the Financial Times’ chief economics commentator Martin Wolf, isn’t entirely fanciful. Economic history doesn’t exactly repeat itself, Wolf acknowledges, but it has a rhythmic quality. We are living, he suggests, in a “slow-motion” interwar moment. And while FDR is Donald Trump’s mirror image, perhaps the most similar President to Trump was Warren Harding whose administration was deeply tarnished by the Teapot Dome scandal. Crypto, Wolf suggests, might turn out to be Trump’s Teapot Dome. And 2026, Martin Wolf warns, might turn out to be significantly more turbulent for both the US and global economies than 2025.
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