The Twelve Day War, 5 Percent? Get Bent, Dead Dollar Bounce

Nothing Ever Happens. Or does it? A week on from a one act play of a war, we pick through the charred remains of the Fordow Nuclear Site. We’re looking for clues. A smouldering nothingburger here; or a flambéd Middle Eastern order there?  

Meanwhile, Daddy got his five percent — NATO members have signed up to splash the cash on the next generation of weaponry. But is this wise defensive spending, or just a fully-armoured hypersonic pork barrel? 

Finally, the S&P has rallied this week - just as the dollar has dipped enough to offset the wins. Now, with bond yields also on the up, we’re into an era of two snakes for every ladder. Is this a weird blip - or the first horseman of dedollarisation? 

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Charting The Rise Of A Multipolar World Order

Philip Pilkington is an unorthodox macroeconomist.

Andrew Collingwood is an equally skeptical journalist.

Lately, both have realised that - post-Ukraine, post-Afghanistan withdrawal - the old, unipolar, US-led world order is in its death throes.

In its wake, something new is being born. But what shape will that take? That will depend on a combustible combination of economics and geopolitics; trade and military muscle.

Each week, our duo take three off-radar news stories and explain how each is shaping our multipolar reality.

• No. of episodes: 135
• Latest episode: 2025-07-31
• News News Commentary Politics

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