Step into the casino that now passes for the American economy.

Donald Trump campaigned on bringing back American manufacturing and rebuilding what America once was — factories, workers in hard hats — from the ground up. But the investment needed to get there, in both the factories and the workers, hasn’t happened.

What he has ushered in instead is a casino economy, built on speculation and risk. Across markets and policy, wagers on the future are being made with other people’s money at a cost that could prove catastrophic.

This economy is largely defined by froth. What was once a fluke has become the operating system of modern markets: like stock prices largely driven by sentiment rather than fundamentals (recall GameStop and AMC in 2021 and the dot-com boom), the overwhelming power of

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