The challenge is technical and psychological. It is difficult to imagine a post-American world because America crafted that world. When the US becomes a volatile actor, the very architecture of the global financial order starts to wobble. We saw this in the crisis of confidence in the dollar in the aftermath of Trump’s “liberation-day” tariffs. The robustness of the rule of law and separation of powers – cornerstones of confidence in an economy – are also now in doubt, as the administration goes to war with its own judiciary and the president himself boasts about how many people in the room with him made a killing out of his stock market crash. Is it insider trading if your source is the president?