Power, Press Freedom, and the Price of Silence: Culled partly from Robert Guest, Deputy editor at Economist

A politician’s relationship with the press is often a reliable indicator of their democratic temperament. Early in my career, wrote the Deputy editor at Economist, Robert Guest, I interviewed Sweden’s current prime minister, Ulf Kristersson, when he was still leader of the opposition. He arrived alone at a café, without aides or security, responded thoughtfully to every question in impeccable English, and, after an hour, excused himself courteously for his next engagement.

That experience stands in stark contrast to another interview I conducted with a Sudanese minister, who berated me, jabbed a finger inches from my face, denied me access to Darfur, and demanded that I report his government was guilty of no human-rights violations. I declined—choosing accuracy over obedience.

Such contrasts illustrate a central lesson of journalism: power that fears scrutiny seeks to silence it. As we argue this week in our European and Asian cover package, the suppression of the media creates fertile ground for corruption. Drawing on eight decades of data from approximately 180 countries, our analysis demonstrates that declining press freedom is a strong predictor of future increases in graft. Troublingly, even governments that claim democratic credentials are adopting authoritarian tactics—harassing reporters, hacking phones, weaponising tax audits, and tolerating violence by loyalist groups. Journalists are imperfect and often distrusted, but when they are prevented from doing their work, governance inevitably deteriorates.

Our second cover package turns to global finance, contending that investors must adapt to a weaker and more volatile dollar. Although American asset markets have performed strongly over the past year, the dollar has lost roughly 10% of its value since its peak in January 2025. Episodes of market panic—simultaneous sell-offs in bonds, equities, and the currency—have occurred repeatedly, often triggered by abrupt policy announcements from Donald Trump’s administration, including the so-called “Liberation Day” tariffs. Temporary reversals restore calm, but the broader question remains: with the dollar under sustained pressure, how much risk can the United States afford to take? The burden will fall heavily on Kevin Warsh, Mr Trump’s nominee for Federal Reserve chair, who faces an extraordinary balancing act.

These issues are explored further in this week’s Insider episode, hosted by The Economist’s editor-in-chief, Zanny Minton Beddoes, alongside deputy editor Edward Carr and our economics team. Their discussion examines the future of the dollar and the extent to which artificial intelligence might bolster economic resilience. The episode is now available on our Insider hub.

Culled partly from  Robert Guest,  Deputy editor at Economist