Martin Wolf on the 'Terrifying' Superpower That the US Wields

Martin Wolf, chief economics commentator at the Financial Times, explains the 'terrifying' power the US wields over the global economy, rooted in dollar dominance and financial infrastructure. He discusses how the Supreme Court tariff ruling and the US-Israel war with Iran are creating a strange disconnect: rising commodity prices coexist with record stock markets. Wolf traces the historical foundations back to the two World Wars, examines a fragmented Europe's anxious balancing act between the US and China, and warns that AI represents a Faustian bargain with dangerous trade-offs. Despite the chaos, he argues that a 'great deal of ruin' can be absorbed before economic growth falters.