GM94: When Capitalism Reboots and Crashes Again ft. Mark Blyth

<p>As the long era of neoliberal certainty frays, Mark Blyth argues that we are drifting back toward a 19th century world of rival blocs, imperial habits and dangerous illusions. In this conversation, he traces how repeated “software crashes” of capitalism produced inflation, austerity, populism and now a return to industrial policy and great power confrontation. He connects deficits, demographics, migration, and housing with the lived reality of stagnant wages and rising prices. Along the way, he questions central bank mythology, challenges deficit obsession, and asks whether politics can adapt before events force a far harsher reset.</p><p><strong>-----</strong></p><p><strong>50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - </strong><a href="https://dunncapital.com/DUNN%2050-Year%20Book-TTU" rel="noopener noreferrer" target="_blank"><strong>CLICK HERE</strong></a></p><p>-----</p><p><br /></p><p>Follow Niels on <a href="https://twitter.com/toptraderslive" rel="noopener noreferrer" target="_blank"><strong>Twitter</strong></a>, <a href="https://www.linkedin.com/in/nielskaastruplarsen" rel="noopener noreferrer" target="_blank"><strong>LinkedIn</strong></a>, <a href="https://www.youtube.com/user/toptraderslive" rel="noopener noreferrer" target="_blank"><strong>YouTube</strong></a><strong> </strong>or via the <a href="https://www.toptradersunplugged.com/" rel="noopener noreferrer" target="_blank"><strong>TTU website</strong></a>.</p><p><strong>IT’s TRUE </strong>? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written&nbsp;<a href="https://www.toptradersunplugged.com/Ultimate" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>And you can get a free copy of my latest book “<strong>Ten Reasons to Add Trend Following to Your Portfolio</strong>” <a href="https://www.toptradersunplugged.com/10-reasons-shownotes" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>Learn more about the Trend Barometer <a href="https://www.toptradersunplugged.com/resources/market-trends/" rel="noopener noreferrer" target="_blank"><strong>here</strong></a>.</p><p>Send your questions to&nbsp;<a href="mailto:info@toptradersunplugged.com%22%20%5Ct%20%22_blank" rel="noopener noreferrer" target="_blank">info@toptradersunplugged.com</a></p><p>And please <strong>share this episode</strong> with a like-minded friend and <strong>leave an honest Rating &amp; Review</strong> on&nbsp;<a href="https://www.toptradersunplugged.com/reviewttu" rel="noopener noreferrer" target="_blank"><strong>iTunes</strong></a>&nbsp;or <a href="https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW" rel="noopener noreferrer" target="_blank"><strong>Spotify</strong></a> so more people can discover the podcast.</p><p>Follow Alan on <strong><a href="https://www.linkedin.com/in/alanjdunne/?originalSubdomain=ie" rel="noopener noreferrer" target="_blank">LinkedIn.</a></strong></p><p>Follow Mark on <strong><a href="https://x.com/MkBlyth" rel="noopener noreferrer" target="_blank">Twitter.</a></strong></p><p><strong>Episode TimeStamps: </strong></p><p><strong>00:00 -</strong> Cold open and warning on a return to 19th century style imperialism</p><p><strong>00:23 -</strong> Niels and Alan introduce Mark Blyth and set the macro context</p><p><strong>02:24 -</strong> From Scottish childhood to monetarism and the politics of macro ideas</p><p><strong>08:33 -</strong> Capitalism as hardware and software and the recurring crashes of each regime</p><p><strong>15:32 -</strong> The slow death of neoliberalism and the rise of populist reactions</p><p><strong>18:57 -</strong> Deficits, austerity, bond vigilantes and why the house is on fire anyway</p><p><strong>23:49 -</strong> Affordability, grocery prices, housing and the disconnect in elite dashboards</p><p><strong>29:02 -</strong> Generational conflict, asset concentration and the missing left response</p><p><strong>35:42 -</strong> Aging, health care, migration and the politics of who does the caring</p><p><strong>40:43 -</strong> Inflation myths, central bank limits and lessons from recent shocks</p><p><strong>45:13 -</strong> Britain’s broken growth model, deindustrialization and the London problem</p><p><strong>48:01 -</strong> Industrial policy, defence, housing and what a real project state would do</p><p><strong>53:14 -</strong> Trump’s hemispheric vision, hydrocarbons, and a world of regional satrapies</p><p><strong>59:03 -</strong> Dollar power, cheaper currency strategy and fragile growth built on tech valuations</p><p><strong>01:02:33 -</strong> Long term outlook, risks, and the books that still explain the mess we are in</p><p>Copyright © 2025 – CMC AG – All Rights Reserved</p><p>----</p><p><strong>PLUS:</strong> Whenever you're ready... here are 3 ways I can help you in your investment Journey:</p><p><strong>1. eBooks that cover key topics that you need to know about </strong></p><p>In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. <a href="https://www.toptradersunplugged.com/resources/ebooks/" rel="noopener noreferrer" target="_blank"><strong>Click Here</strong></a></p><p><strong>2. 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