Keen On America 2025 as the New 1925: Will Crypto be Trump's Teapot Dome Scandal?
Dec 17, 2025
Martin Wolf, Chief Economics Commentator at the Financial Times, shares insights on potential parallels between 2025 and the 1925 economic landscape. He explores how we may be in a 'slow-motion' interwar scenario and discusses Trump’s governance style as reminiscent of Warren Harding’s. Wolf posits that crypto could emerge as a significant financial scandal akin to the Teapot Dome, raising questions about economic stability. He also examines the risks of inflation and the geopolitical shifts shaping the future global landscape.
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The Post-2007 Interwar Analogy
- Wolf likens the post-2007 era to a slow interwar period reshaping world order.
- He cautions the full consequences may only be clear much later, as after World War II.
Trump As A Counter-Revolutionary Figure
- Wolf sees Trump as a counter-revolutionary force dismantling the postwar liberal order.
- He warns this political upheaval interacting with tech upheaval makes our moment unusually comprehensive.
Crypto As A Potential Teapot Dome
- Wolf finds parallels between Harding-era corruption and Trump's patrimonial tendencies.
- He suggests crypto is the likeliest vehicle for a Teapot Dome-scale scandal harming many ordinary people.