The primacy of the dollar is considered one of the pillars of American might, conferring exorbitant financial privileges and coercive power. But what maintains the global dollar system is in fact inseparable from what’s driving American domestic decline.

Spectators watch a demolition in Glasgow in 2025. (Jeff J Mitchell/Getty Images)

Our economy was broken long before the referendum

Gör Amerika dyrt igen – och lär inte stoppa landets nedgång

Iran’s economy is large relative to its current external liabilities stock, which sits at a miniscule 2.5% of GDP.

A little empirical test, why both current and constant PPPs are conceptually inappropriate, why chained PPPs are the approrpiate methodological compromise, and why probably none of this matters.

There is no well-defined single answer to whether the US has been outgrowing Europe

The Economic Government of the World, Martin Daunton, 2023 (Pt.II).

Both Europe and America are in decline—but not relative to each other and from very different levels of development and material wellbeing.

13 May 2026, Online, 2PM EST / 7PM BST