Markets have become our only remaining objective reality. We're seeing the same thing happen today that we saw during the Liz Truss debacle, an edifice of nonsense brought down by the brute reality of scrolling financial ticker tapes on news channels. In the lead up to this moment, populists were able to say all sorts of nonsense and a pliable news media assisted them. Perhaps the people being sent to prisons in Latin America were gang members. Perhaps he had a point about Russia and Nato. Perhaps Canada did have a fentanyl problem. On and on it went: a world where up is down and black is white. In the UK we'd dealt with years of this, through the Brexit process right into the Truss administration.
But then the economy tanks and we're suddenly back in objective reality. The most telling image yesterday was of the disastrous stock market numbers emblazoned on Fox News as they spoke to guests. Even there, in Trump's echo chamber news barricade, there was no escaping from the reality of what was happening. The market is the last bastion of commonly-accepted truth, which all sides accept as empirically real.