Oct
2024
Mr Brightside: Last Great American Whale
DIY Investor
29 October 2024
“Americans don’t care too much for beauty
They’ll shit in a river, dump battery acid in a stream
They’ll watch dead rats wash up on the beach
Complain if they can’t swim”
With a week to the US election the column has decided to take a look stateside.
Victory for VP Kamala Harris appears to be democracies last hope. Trump seems to have taken the 4-yrs out-of-office to turn into a full blown fascist megalomaniac. It’s hard to know what will be worse, a Trump victory, or a Trump defeat. The latter will see him revisit “the big steal” and, as we saw in 2020 his supporters aren’t good losers.
He has already started warming them up, saying; “Therefore, the 2024 Election, where votes have just started being cast, will be under the closest professional scrutiny and, WHEN I WIN, those people that CHEATED will be prosecuted to the fullest extent of the Law, which will include long term prison sentences so that this Depravity of Justice does not happen again,”
In the eyes of his followers he can do no wrong; whatever his crime, and he has been found guilty of a number, c.44% of the electorate love him. His attitude towards woman is pre-historic; how any can support him mystifies me.
Then there are immigrants supporting him, a man who promises racism and repatriation.
‘Trump seems to have taken the 4-yrs out-of-office to turn into a full blown fascist megalomaniac’
Finally, there is the Christian right. Now, I am the first to admit to not being au fait with any religion, however their interpretation fascinates me, it’s totally unlike anything I can remember being taught.
Having said all of that, when you see pictures of his supporters it does make sense. They all look like gun-toting throw-backs, inbred, married to their sisters etc.. And, Trump knows just the read meat to throw their way:
The US is a “garbage can for the world”, he said at rally in Arizona, where he railed against people coming into the country illegally and the Democrats, who Trump called incompetent and stupid.
He also gave preview of how he would run a second administration: “Immediately upon taking the oath of office,” he wrote on Truth Social, “I will launch the largest deportation program in American history – I will rescue every town across America that has been invaded and conquered and we will put these vicious and bloodthirsty criminals in jail or kick them the hell OUT OF OUR COUNTRY!”
‘he would consider using the military to go after his political opponents’
In NY yesterday, he told the audience that a “savage Venezuelan prison gang” had “taken over Times Square”, which was completely untrue. He went on saying the Biden administration did not have money to respond to a recent hurricane in North Carolina because “they spent all of their money bringing in illegal immigrants, flying them in by beautiful jet planes”.
Retribution remains a key theme of the Trump re-election campaign. Trump has vowed to root out “the enemy from within” and said he would consider using the military to go after his political opponents. NPR recently tallied “more than 100 threats to investigate, prosecute, imprison or otherwise punish his perceived opponents” from Trump in the last two years.
As the campaign has progressed his comments have become less and less coherent. Some of the more moderate ones include, “The media is “the enemy of the people”, Kamala Harris is a “shit vice-president”, Joe Biden is a “stupid fool” and Nancy Pelosi is “crazy as a bed bug”.
Other simply defy logic, E.G. :” Some of his comments have suggested that he thinks Hannibal Lecter, the fictional cannibal, is a real person who has died; he is mad about bacon; windfarms are a frequent source of his disdain; he has conflated legal asylum, the process by which people from other countries seek protection when fleeing persecution, with insane asylums; migrants were eating household pets; Harvey Weinstein got “schlonged”. He complimented Arnold Palmer’s penis size.”
‘he thinks Hannibal Lecter, the fictional cannibal, is a real person who has died’
But, no matter what vitriol he comes up with they love him. I have talked in recent weeks about inequality being the enemy of democracy, as it allows the super-rich minority to buy political influence, and we are possibly seeing an example of this with Trump.
The uber-rich and equally odious Elon Musk is supporting his campaign, and the famously Democratic Washington Post has declared neutrality, and is not endorsing a candidate.
The newspaper’s publisher, Will Lewis, announced on Friday that for the first time in over 30-years, the paper’s editorial board would not be endorsing a candidate in this year’s presidential election, nor in future presidential elections.
After the news broke, reactions came flooding in, with people criticizing the decision, which, according to some staffers and reporters, was allegedly made by the Post’s owner, billionaire Jeff Bezos.
Bezos is the second wealthiest person in the world behind Elon Musk, who has become a prominent supporter of Trump’s campaign for a second presidency. He bought the Washington Post in 2013 for $250m.
Karen Attiah, a columnist for the Washington Post who writes a weekly newsletter, called the decision an “absolute stab in the back. What an insult to those of us who have literally put our careers and lives on the line, to call out threats to human rights and democracy.”
Former Republican representative-turned-Trump critic Liz Cheney told a New Yorker magazine-sponsored festival: “I cancelled my subscription to the Washington Post … it’s a disgrace Jeff Bezos pulled the endorsement of Kamala Harris.”
“The paper I’ve loved working at for 47 years is dying in darkness”
The union representing editorial staff and reporters at the Washington Post shared concerns that “management interfered with the work of our members in Editorial”, adding that according to the newspaper’s reporters and staffers, an endorsement for the vice-president, Kamala Harris, had already been drafted, and the decision to not publish was made by Bezos.
David Maraniss, a Pulitzer-winning reporter and editor at the Post, added: “The paper I’ve loved working at for 47 years is dying in darkness.”
It has also been revealed that executives from Bezos’ aerospace company met with Trump on the same day the newspaper prevented its editorial team from publishing an endorsement of his opponent in the US presidential election.
Amazon and the space exploration company Blue Origin are among Bezos-owned businesses that still compete for lucrative federal government contracts.
In addition, CNN reported that the Amazon CEO, Andy Jassy, had also recently reached out to speak with the former president by phone.
‘Europe should prepare itself for potential war’
The total self-interest and overriding of editorial freedom has been eviscerated by Washington Post editor-at-large and longtime columnist Robert Kagan, who resigned on Friday, who told the Daily Beast on Saturday: “Trump waited to make sure that Bezos did what he said he was going to do – and then met with the Blue Origin people. Which tells us that there was an actual deal made, meaning that Bezos communicated, or through his people, communicated directly with Trump, and they set up this quid pro quo.”
Then there is Trump’s foreign policy.
Josep Borrell, the EU foreign affairs chief, was blunt when he warned that Europe should prepare itself for potential war: “Maybe, depending on who is ruling in Washington, we cannot rely on the American support and on the American capacity to protect us,”. Weeks earlier, Donald Trump had remarked that he would encourage Russia to attack Nato countries who paid too little.
Elsewhere, Japanese defence spending has soared, in South Korea, there are growing calls for an independent nuclear deterrent.
Ukraine could be the most immediate casualty of a Trump victory. Trump appears to have a cosy relationship with Vladimir Putin, and has blamed Volodymyr Zelenskyy for starting the war with Russia. Trump’s would be VP, JD Vance, has urged an immediate end to assistance.
Whereas, Harris says she would “stand strong” with Ukraine, but might be somewhat more inclined than Biden to push for a deal with Russia
‘Trump’s presidency made the world more dangerous’
Mr Trump’s presidency made the world more dangerous. Since his blustering mishandling of Kim Jong-un, North Korea has accelerated its nuclear programme and moved closer to China and Russia.
On China, both sides appear hawk, but the Democrats are likely to be more targeted in their approach, when compared to Trump’s crude economic nationalism – threatening 60% tariffs on Chinese products and up to 20% on all imports – which could spark a global trade war. His initial warmth towards Taiwan, before deciding that they should pay the US for its defence, shows a short-term transactional approach to foreign policy, as he focuses on domestic issues.
Kamala may not always get it right on foreign policy, she would bring stability, responsibility and dedication, in stark contrast to Trump’s reckless, erratic, fact-free and narcissistic approach.
Before we go, and in anticipation of Wednesday’s budget Chancellor Reeves has received some welcome support from the chief economist of the International Monetary Fund who suggested he was relaxed about higher debt levels to fund public investment. This comes at a time when it is becoming clear that the UK chancellor was going to announce a significant overhaul of Britain’s budget rules to allow for more investment by the state.
This overhaul will include new rules governing Treasury borrowing, allowing debt levels to increase – experts say by up to £50bn – to facilitate investment in Britain’s crumbling infrastructure.
The IMF are a great believer in the power of public investment to drive growth, and Vítor Gaspar, director of the department that monitors budget plans at the IMF, said: “Our report emphasises that public investment should be protected in budgetary procedures that foster sound macroeconomic performance.
“The fact that that issue is very much at the centre of the debate in the UK right now is very much welcome.”
‘the fact that we were technically bankrupt, didn’t deter the Atlee government from creating the NHS, and rebuilding the country to the benefit of the “babyboomers”
The IMF did introduce some caution in its commentary.
Pierre-Olivier Gourinchas, the IMF’s chief economist and director of research, said that when countries have elevated debt levels, when interest rates are high, and growth is “OK but not great”, there is a risk that “things could escalate or get out of control quickly”.
The UK is mentioned in a review of government finances as one of the countries that have an almost endless list of underfunded public services and welfare commitments, putting debt payments on an upward trajectory.
The momentum is such that UK borrowing is forecast to grow – without any policy changes – from 100% in 2023 to 108.3% in 2029. That compares with a rise from 123.4% to 131.1% the IMF expects for the G7 as a whole.
“We believe it’s very important to bring public debt under control. It’s very important to control for public debt risks,” Gaspar said.
It would appear that Chancellor Reeves is revisiting what the Labour government did in 1945. Then, the fact that we were technically bankrupt, didn’t deter the Atlee government from creating the NHS, and rebuilding the country to the benefit of the “babyboomers” who are now predominantly Tory and Reform voters. Are the forgetful, self-entitles or just ungrateful? You decide.
“Thank you for the party but I could never stay
Many things is on my mind, words in the way”
‘With a week to go until election day in the US, we turn our gaze over the Atlantic.
It is hard to express just how devastating a second Trump presidency might be. He is now an outright fascist threatening to snatch infants from their parents and promises of mass deportations. His fascistic language about immigrants “poisoning the blood” of America legitimised and spread racism. He has emboldened misogynists, the far right and strongmen internationally.
How far he might go is open to conjecture, but with his talk of revenge on political foes we are returning to the 1920 and 1930 fascist dictatorships in Europe. What this means for US democracy who can tell. Possibly, democracy will cease.
His foreign policy comments are incendiary, Europe and the Ukraine could be open season for Putin’s Russia.
What I find most worrying is the uber-rich such as Musk and Bezos appearing to cosy-up to Trump in return for favourable contracts, taxation, etc. This is an example of how inequality impacts democracy, and with those that can buy political influence that only exacerbates further inequality.
What Bezos is doing with the Wall St journal is little different to what Paul Marshall is attempting with GB News and now The Spectator.
Domestically, despite the fabled £22bn economic blackhole, it appears that Chancellor Reeves might be set to embark on a transformative budget, where government spending on infrastructure can lead to job creation and growth.
If she can achieve that and people feel better off then we can begin to beat inequality and, at the same time, silence the rabble rousers of the hard-right.
Lyrically, we start with Lou Reed and “Last Great American Whale” from the album New York, when Reed finally became the poet laureate of NYC. I would love to know what Lou would have said about Trump.
We finish with “Thank You (Falettinme Be Mice Elf Agin)” by Sly and the Family Stone, which is dedicated to all the baby-boomers who think they have had such a hard life.
Enjoy!
Philip.’
@coldwarsteve
Philip Gilbert is a city-based corporate financier, and former investment banker.
Philip is a great believer in meritocracy, and in the belief that if you want something enough you can make it happen. These beliefs were formed in his formative years, of the late 1970s and 80s
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