It turns out most of us no longer believe in progress. And when that happens, it quickly becomes a crisis for societies like ours

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Depending on your politics, the monsters are everywhere. Perhaps you see them in the form of tech billionaires and the artificial intelligence they’re developing. Perhaps you see them in the bin fire of social media they bequeathed us before that, or the legacy media that refuse to tell you “the truth”. You might see them in the manosphere, or the institutions teaching our kids gender fluidity. Maybe you see them in the migrant youth wielding machetes in the suburbs, or the refugee attempting to behead someone on a Belfast street. Or perhaps you see them in the violent anti-immigrant mobs that torched houses in response. If so, you’ll likely see them in the March for Australia or the Unite the Kingdom rallies, organised by far-right groups but attended by many more besides. You’ll almost certainly see them in at least one of Hamas, Israel or those local advocates at each other’s throats over the Middle East. I suspect you’ll see them in Russia but that can no longer be assumed. And I’d guess that you’d see them in at least one political party with a significant share of the vote.

Something in that paragraph probably outraged you. In which case, you’re probably seeing monsters in whoever sees different monsters from you. It would be easy here to make a point about polarisation. But I want to look at the deep disquiet that lies underneath.

Avoiding US goods and services – from tech to whisky to air travel – has forced many to find a new way of living

For William McDonald, 38, a diesel mechanic from Thunder Bay, Ontario, “Canadian is always the first choice,” even if it means his weekly bills are higher.

“As soon as Trump started putting those tariffs on in February [last year], I started boycotting US goods,” he said. “Avoiding American products has driven my costs up, and I’m still happy to do it.

With the federal deficit near 6% of GDP and the national debt over $40tn, America’s fiscal position looks increasingly precarious

• Bessent ‘will lose’ battle with bond markets, ex-mentor warns

Are we seeing the first signs of panic in Donald Trump’s Treasury? The US is by far the world’s biggest debtor, and the steady rise in global long-term interest rates – which I have long argued was inevitable – is starting to cause real pain.

Until now, the Treasury secretary, Scott Bessent, has dismissed concerns about US debt, which recently surpassed $40tn, as a big nothingburger. Growth, in his telling, will be so spectacular the US will easily be able to meet its interest obligations without any significant tax rises or spending cuts, while the rest of the world will happily keep feeding it money. But if Bessent really believes that, why is he trying to strong-arm the bond market by fiddling with the maturity structure of government debt?

Treasury secretary Scott Bessent’s attempt to calm bond markets is a sign of weakness not strength

“Look, there’s nothing magic about that $40tn number,” the US Treasury secretary, Scott Bessent, told CNBC insouciantly last week, as the country’s debt mountain surpassed another bleak record.

Yet Bessent’s decision to intervene in government bond markets in an effort to combat soaring yields belied his studied calm in TV interviews – and reignited fears the US may be on the road to a debt crisis.