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 [https://www.ft.com/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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2025 as the New 1925: Will Crypto be Trump's Teapot Dome Scandal?

“If they want to put on my tombstone ‘The Last Idealist’, that’s fine,” the iconic (and I don’t use that word lightly) American journalist Ray Suarez [https://en.wikipedia.org/wiki/Ray_Suarez] tells me. But even Suarez’s idealism was tested by Trump’s America in 2025. It was a “jaw-dropping” year, he tells me, astonishing for a veteran journalist like Suarez. In some senses, he says, America has reverted to being a 19th century colonial power. So what happens when you “repeal” the 20th century? For all his idealism, Suarez is a realist, particularly in economics. So it's worth noting his warnings about the “devils of inflation” in 2026 which he sees as a likely consequence of Trump’s economic populism.

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Ray Suarez on 2025: America's Last Idealist Looks Back at a "Jaw-Dropping" Year

So what does the latest Time Warner brouhaha tell us about the state of America? According to Daniel Bessner [https://danielbessner.com/], host of the American Prestige [https://americanprestigepod.com/] podcast, it reflects the imminent death of Hollywood itself. Having written a recent Harper’s cover story [https://harpers.org/archive/2024/05/the-life-and-death-of-hollywood-daniel-bessner/] about “The Life and Death of Hollywood”, Bessner is no stranger to the existential struggle of America’s dream machine. And for Bessner, the latest Netflix-Paramount drama is just one proof point not just of Hollywood’s last dance, but also the imminent crisis of American capitalism. It’s the canary in the coal mine, he argues, about the future of every industry. His apocalyptic take would, of course, make a great movie. The only problem is that Hollywood won’t be around to make it.

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Hollywood's Last Dance: Time Warner and the Death of the American Dream Machine

It’s been quite a week in tech. The Australian social media ban, the Netflix vs Paramount fight over Warner Bros & the Disney-OpenAI deal. That Was The Week’ [https://www.thatwastheweek.com/]s Keith Teare and I try to explain all this in the broader context of the future of media in 2026 and beyond. Has Australia really gone Orwellian in its teen social media ban, who should own Warner and will movie theaters & serious journalism have a future in the AI age? Our answers aren’t always what you’d expect.



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Big Brother Down Under: Is it 1984 Already in Australia?

Mount Rushmore, with its images of four Presidents carved into the Black Hills of South Dakota, is America’s most identifiable monument. It might also be its most monumental contradiction — which is saying a lot, given the country’s gaping contradictions. According to Matthew Davis [https://www.matthewdaviswriter.com/], the mountain’s biographer, the history of the Rushmore project captures both the remarkable engineering achievements of early 20th-century America and the country’s bloody colonial and racist past. So Mount Rushmore [https://www.amazon.com/Biography-Mountain-Making-Meaning-Rushmore/dp/1250285100], Davis suggests, is indeed as American as cherry pie. Only that pie and those cherries aren’t quite as sweet as the MAGA crowd might like to think.

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Mount Rushmore: America's Most Monumental Contradiction

George Packer [https://en.wikipedia.org/wiki/George_Packer] is one of the most celebrated non-fiction writers on contemporary America. So why, in his new book The Emergency [https://us.macmillan.com/books/9780374614720/theemergency/], has he turned to fiction? You’d think, after all, that MAGA America’s surrealism would be an ideal nonfictional canvas for a writer with Packer’s observational gifts. But, as Packer explains, when facts fail a society, then - like Orwell or Atwood - a writer might be obliged to turn to fiction. This emergency, then, begot The Emergency.



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George Packer's Emergency: When Facts Fail, Turn to Fiction

The CNN anchor Carol Lin [https://en.wikipedia.org/wiki/Carol_Lin] was on air on September 11, 2001 when the first plane hit the tower. So, in that now seemingly distant broadcast media age, she was the world’s first television journalist to break the news. But as Lin notes in her new memoir, When New Breaks [https://www.thirdrailpress.org/books/when-news-breaks], 9/11 broke traditional news media, both then and now. That morning was CNN’s finest hour — a network built for exactly this moment, with deep resources, high standards, and global reach. Yet it was also the beginning of the end - both for Lin’s career in journalism and for the mainstream television news industry. What followed was the rise of opinion panels, personality-driven shows, ubiquitous social media and the slow erosion of trust that leaves us asking: who do we believe anymore?

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How 9/11 Broke the News, Both Then and Now: CNN's Finest Hour Was Also Its Last

Jessica was the good Mitford sister. The English aristocrat who fought against fascism in the Spanish Civil War, then came to America and dedicated her life to social justice. According to her biographer Carla Kaplan, Mitford had the fierce, unruly life of a great muckraker. She was a Troublemaker [https://carlakaplan.com/troublemaker-the-fierce-unruly-life-of-jessica-mitford.html] in the best sense of the word. Unlike prudes like Upton Sinclair or Ralph Nader, she was hysterically funny—her voice as distinctive as Jane Austen’s or Virginia Woolf’s. She understood that bullies are driven by insecurity and paranoia, and she knew exactly how to punch them in the nose with her sharp upper-class English humor. So where are you now, Jessica Mitford? When the left desperately requires a good dose of humor and the right needs to be laughed at?

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An Anglo-American Way of Troublemaking: The Fierce, Unruly Life of Jessica Mitford 

The American economy is a numbers game and those numbers are becoming more and more unfair. “30 years ago, if you were born in the bottom 25th percentile of wealth, you had about a 25% chance of dying in the top 25th percentile.” notes the venture capitalist Seth Levine [https://foundry.vc/team/seth-levine/]. “Today you’ve got a 5% chance.” So what to do? What Levine wants is more rather than less capitalism. As he argues in his new co-authored (with Elizabeth MacBride) [https://keenon.substack.com/p/the-frankenstein-version-of-neo-liberalism] book, Capital Evolution [https://www.simonandschuster.com/books/Capital-Evolution/Seth-Levine/9781637747780], “if we want more people to have a stake in the economy, more people have to have a stake in the economy.” Thus the case for what he calls stakeholder capitalism. Only capitalism can save capitalism, Levine argues. Whether that’s Davos-style tautology or the way to right the wrongs of American capitalism is a more complicated question.



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How Capitalism Can Save Capitalism: The Case for Stakeholder Capitalism

Numbers often tell the story best. Yesterday, we discussed today’s 95/5 reality in which 5% of Americans control 95% of the wealth. Today, in our conversation with Patrick Markee [https://mhpbooks.com/authors/patrick-markee], author of Placeless [https://www.penguinrandomhouse.com/books/774470/placeless-by-patrick-markee/], the key number is 2%. That’s the number of Americans who, on any given day, are homeless. But it’s a number, Markee insists, that doesn’t have to be. Mass homelessness, America’s most shameful open secret, is a modern phenomenon, he explains, triggered by Reagan’s neo-liberal policies. There’s nothing inevitable or necessary about it. And just as economic and political policy caused the crisis, it can also solve it. What’s most chilling is how normalized it’s become. Two-thirds of Americans are too young to remember a time when large numbers of people weren’t sleeping on sidewalks. In New York City alone, 35,000 children sleep in shelters every night—numbers not seen since the Great Depression. Future generations, Markee suggests, will look back at us the way we look back at those who tolerated slavery. How could we all have just walked on by?



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2% of Americans are Homeless: America's Most Shameful Open Secret

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