The King’s Gambit: DIY Declan, Trump’s Market Meltdown & Musk’s 18th-Century Twin

The David McWilliams Podcast

David McWilliams

News & Politics

4.6 • 643 Ratings

🗓️ 4 March 2025

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

What do DIY stores, French financial bubbles, and Elon Musk have in common? Kicking off with a detour into The Pope’s Children and the perils of being a DIY impostor, we quickly shift gears to the real story: the Trump Dump. As financial markets recoil from the chaos of MAGA economics, we dive into history for a striking parallel: John Law, the 18th-century financial mastermind who convinced France to bet everything on his wild vision of a new economic order. Law promised a dazzling future, just as Musk does today, but his empire of speculation collapsed, taking the French monarchy down with it. What happens when the richest man in the world gets inside the head of a leader hungry for power? Are Trump and Musk unwittingly following the script of Law and the Duke of Orléans? Are we on the brink of a modern-day financial reckoning? With markets tanking, Bitcoin crumbling, and the spectre of stagflation looming, we explore the dangerous dance between speculative hype and economic reality. Will history repeat itself, first as tragedy, then as farce? Buckle up.

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Transcript

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0:00.0	Now, a quick heads up on March's book club, and it's a bit of a classic.
0:04.5	It is Manias, Panics and Crashes, written by Charles Kindleberger, probably the best book you will ever read on economic and credit cycles.
0:13.7	That's all for March.
0:15.7	Get reading, and we will talk at the book club, which is on Monday, 24th of March in the evening.
0:23.5	Chat then.
0:26.3	How did the dog sneak out?
0:28.8	When did that parcel vanish?
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0:55.7	Conditions apply.
1:00.5	Moving money used to be slow.
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1:10.6	Meet the need for speed, even across more than 11 billion cards, accounts and wallets.
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1:33.7	To understand the economy, you have to understand human nature.
1:39.2	This podcast is powered by ACAST.
1:43.0	How are you doing there?
	...

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