On America’s 250th birthday, historian Niall Ferguson suggests that the US has reached an age when most republics fizzle out. Donald Trump’s rise is merely a symptom of this late-stage unspooling of an empire that America could never quite escape.

In this episode, Ferguson tells the story of a republic that burns hot, forgets fast, and could smolder on the ash heap of history sooner than we expect in the face of a second Cold War that has already begun with a more formidable and AI-empowered foe.