Wednesday, 22 August 2018

Rule By Thieves

I’ve subscribed to The Washington Post for the last couple of months and, on the day of Paul Manafort’s conviction and Michael Cohen’s confessions, it has paid off. Do not believe that Trump is unassailable: his poll numbers are at least 10 points below what a president with current employment figures and a bull market should expect.

Previous presidents who were in office during times of robust economic expansion, with low unemployment and a roaring bull market, generally had average approval ratings well over 50 percent. Trump’s egregious misbehavior consistently costs him at least 10 points in the polls.

Trump’s economic policies are, almost inevitably, going to lead to another huge economic crash, probably in the next twelve months. At that point, he is finished, apart from the prospect of a drawn-out, agonising criminal trial. While his incomprehensible moment of political power will, hopefully, lead ultimately to a redrawing of the structures of economic and political injustice in the U.S., I shudder to think what the immediate consequences of another 2008 will be for ordinary Americans, and, worse, poor people around the world.

Sickening and frightening as the apparent collapse of democracy and the rule of law in the United States is, the miasma of chaos that the ultra-rich have spun around politics is a global disease. In the video above, Christian Caryl, the democracy editor of The Post, gives a nice overview of the essence of inequality in politics: corruption.