Politics

Read about the latest political news, views and analysis

Is Scott Bessent America’s most important diplomat?

The most important American in the world right now might not be Donald Trump. It could be Scott Bessent, the Treasury Secretary, who is exercising America’s financial muscle in highly interesting ways across the world. This week the US joined the Japanese government in an intervention to prop up the yen – the first time America and its ally have done so since 1998, at the height of the Asian financial crisis. Financial analysts have been critical of the move, especially Bessent’s promise to do "whatever it takes" to support Japan’s currency and his willingness to lift the $60 billion cap on the emergency facility. The fear is that, at a time when Federal Reserve chairman Kevin Warsh remains eager to tighten the balance sheet, Bessent is taking on more debt.

liberalism

The strange death of liberal America

These are troubled times for self-described liberals in both of America’s major political parties. They are without heirs: the future of the Democratic party belongs not to liberals but to the Democratic Socialists of America. The Republican party already belongs to Trump voters, and the GOP’s next generation appears to be, if anything, even less liberal: it’s socially conservative, economically populist and skeptical of more wars for the “liberal international order.” The DSA speaks for itself, but the young right has no institutional voice.

world war three

Are we on the brink of World War Three?

Last month, an Iranian cargo ship in the Caspian Sea was struck by a Ukrainian drone. Kyiv claimed the vessel was carrying military equipment heading toward Russia. “The regime in Tehran is a direct accomplice to Russian aggression against Ukraine, fueling Moscow’s criminal war with weapons,” Kyiv’s foreign minister said. Tehran reportedly contemplated a counterstrike on one of Ukraine’s Black Sea ports, then thought better of it. But the threat of a conflagration is higher now than at any point since the end of the Cold War. Conflicts that are currently contained risk spilling out and engulfing whole regions, perhaps the world. If the Iran and Ukraine conflicts were to merge, we’d see a war that runs from Poland to the edges of India.

pardon

How to get a Trump pardon

“I was just talking to the President,” Tiger Woods told officers after clipping another vehicle in April. Woods was booked for driving under the influence regardless, even though he’s dating Vanessa, the ex-wife of Donald Trump’s eldest son, and has been coaching the President’s granddaughter Kai at golf. He isn’t the only person attempting to use Trump as protection from law enforcement. Most, however, don’t have his phone number. Instead they are at the mercy of the presidential pardon process. On Trump’s first day back in office, he pardoned around 1,500 people who took an unguided tour through the US Capitol on January 6, 2021.

missiles

There’s no good outcome for this groundhog-day war

Since the end of the Cold War, America has been the world’s supreme power. The idea that the United States could be taken down militarily by any other country is simply implausible. US invincibility, indeed, has spawned the concept of asymmetric warfare: instead of trying to overwhelm an enemy, you prod relentlessly at its weak points. This has changed the world from one in which organized warfare would break out between the major powers from time to time to one where peace has to be maintained against the constant hum of terrorism and guerrilla action. It comes as a shock, then, to learn that the US has apparently all but run out of long-range precision missiles.

How nukes made the world safer

Three hours after daybreak, a blinding flash ripped through the morning sky. August 6, 1945, began as a tranquil and clear day in Hiroshima. By 8:15, the Enola Gay, an American B-29 bomber, reduced Japan’s seventh-largest city to cinders. Three days later, on August 9, Nagasaki would suffer the same fate. For the first and only time in human history, atomic bombs were used in anger. Eighty-one years on from the atomic bombings of Japan, the uncomfortable truth is that nuclear weapons are the reason that World War Three has been avoided. Because nuclear weapons were part of the equation, those crises eventually de-escalated Yet according to the latest survey on nuclear weapons by the Pew Research Center, 69 percent of the American public thinks that they make the world less safe.

The Republican party’s secret weapons

Do the Republicans have a secret weapon they can deploy in the midterms? In fact, I think they have two weapons, one sort-of-secret, the other out in the open but somehow not quite recognized.  “That’s good,” you say, if (faute de mieux) you want the Republicans to win. Midterms, we’ve been told ad nauseam, almost always favor the party out of power. I believe that the last time the incumbent party won in the midterms was in 2002 when George W. Bush, riding the tailwind of public sentiment following the September 11 attacks by our Muslim friends, picked up eight House seats. Many of the most noteworthy Democrat candidates hail from la-la land At the moment, all the polls have the Dems leading by a comfortable margin.

Why does the UK need an inquiry into Jeffrey Epstein?

Forgive me, but I could not help shouting “Please, please, not another one”, when the BBC’s Newsnight announced, at the start of a breathless breaking news special, that the UK government had seemingly opened the door to a public inquiry into Jeffrey Epstein’s activities in Britain. “Survivors” – forgive me again, I just can’t use this word in this context without inverted commas – and campaigners on their behalf have been exultant ever since.   In fact, the revelation wasn’t quite as categorical as has been made out.

Who funds the DSA?

On July 18, Hasan Piker – a Twitch streamer who has made millions denouncing capitalism – addressed the national convention of the Democratic party’s student wing in a gray tunic suit of the kind Mao Zedong wore. Days later, a stream resurfaced in which Piker, broadcasting from China, called Mao “one of the great leaders of this world.” His clarification, that there were “a lot of excesses, let’s be real,” is the tone of a man returning a fish that a restaurant served over-salted, not of one contemplating tens of millions dead. Nobody would need to care if the socialists were losing.

A grim turning point has been reached in Russia’s war on Ukraine

An important turning point has been reached in Russia’s war on Ukraine. But unfortunately for Kyiv, it’s not the “tide is turning” in Ukraine’s favor narrative that Volodymyr Zelensky has been pushing ever since his long-range drone attacks began smashing oil refineries and logistics warehouses deep inside Russia and sinking dozens of ships in the Sea of Azov. Rather, last night not one of the 27 ballistic missiles fired by Russia at and around Kyiv was shot down. At least 17 people were killed and a series of huge warehouses and major Ukrainian retail outlets were devastated. No grain vessels have docked for almost two weeks as Ukraine's summer harvest season enters full swing By the terrible arithmetic of war, the casualty numbers were not in themselves game-changing.

ukraine
Has Abdul El-Sayed just saved Trump?

Has Abdul El-Sayed just saved Trump?

The left-wing insurgent Abdul El-Sayed is slightly ahead of the establishment-backed congresswoman, Haley Stevens, with more than 90 percent of the votes counted in the Michigan primaries. Freddy speaks to Alex Castellanos who has written a piece for The Spectator explaining why the DSA's success could be a triumph for Trump, how they reflect a similar political outcome to Trump's populist split in the Republican party and what today's result could mean for the primaries ahead. Learn how to earn yield on gold, paid in gold, at Monetary-Metals.com/Americano https://www.youtube.com/watch?

mamdani

Mamdani is learning how to rig the system

New York City Mayor Zohran Mamdani campaigned on freezing rents for rent-stabilized tenants. Since taking office earlier this year, he has done just that. How? By appointing two-thirds of the supposedly independent Rent Guidelines Board. Last month, the board voted to freeze rents on one and two year leases, affecting a million properties. It’s the biggest NYC rent freeze in living memory.  Right-wing populists have long been accused of attacking independent institutions and undermining their credibility. Their left-wing counterparts appear to have developed a subtler, more insidious approach. Instead of attacking institutions, they capture them. In doing so, they predetermine outcomes and present the result as an independent judgment.

british

The British justice system is collapsing

Just over a week ago, Britain's new prime minister Andy Burnham came under attack over the impending early releases from prison. His critics included the widow of Andrew Harper, a policeman killed on duty in 2019 by being dragged behind a car for a mile. Andrew’s widow, Lissie, described the possible early release of two of his killers as “deplorable.” Burnham insisted that “keeping the public safe will be my top priority” and said of the early release policy that he would “look at in detail before we go further forward.” Clearly Burnham wanted to do anything to avoid being the PM who released rapists early.

michigan

Has Abdul El-Sayed just saved Trump?

Just a few hours before Abdul El-Sayed narrowly won the Democratic Senate primary in Michigan, he told me that he was going to “beat the shit” out of his Republican opponent, Mike Rogers, in the November general election. His tactic, he explained in a Detroit farmers’ market yesterday, would be to “staple his [Rogers’s] sins to his forehead.” What those sins were, El-Sayed wouldn’t say. He has in the past criticized Rogers as a "corporate shill" who prioritized pharmaceutical and corporate interests over Michiganders while in Congress.  November looks likely to be a fight between capitalism and communism In truth, although he did scrape to victory last night, it was El-Sayed who almost had the shit beaten out of him by Haley Stevens, a mainstream Democrat.

Trump’s White House helipad do-over

Get to the chopper... but not yet. More construction is underway at the White House, as President Trump has directed contractors to redo their work on the new helipad, a project that started at the beginning of July. Photos taken show crews taking apart their hard work. According to the Washington Post, Trump is "frustrated with its appearance”, and is questioning its placement on the sloped lawn of the White House. Two anonymous sources say he’s debating whether “the slope of the White House lawn needs to be changed.” You cannot question an artist's process. Construction began on the helipad even before it was announced publicly, with the goal of completing the project before President Xi Jinping visits in late September.

helipad
How did Hollywood fall so far?

How did Hollywood fall so far?

Gus Carter is joined by Peachy Keenan to talk about the end of Hollywood as we know it. They discuss how the traditional Hollywood business model is faltering, overtaken by the rise of streaming giants. They also highlight how these platforms, initially seen as the new frontier for film, are now grappling with their own economic challenges. Gus and Peachy also talk about how these challenging times are offering opportunity to new upstarts and directors looking to make their mark on the film industry. Learn how to earn yield on gold, paid in gold, at Monetary-Metals.com/Americano Produced by Henry Lloyd. https://www.youtube.com/watch?

Trump’s posts aren’t alpha

For up to $100,000 a month, investment banks, hedge funds and algorithmic trading firms can now buy access to President Trump's Truth Social posts milliseconds before they are made public. The premise is that Trump’s posts move markets so much that getting access to these posts mere milliseconds earlier is enough to gain an edge in the market – the elusive alpha that hedge funds are so obsessed with.  Critics are labeling it a blatant violation of insider information laws. Without going into the legality of the offering, I want to challenge Trump's claim about the actual value of early access to his posts. We found no evidence of any systematic trading strategy that could deliver a profit Given Trump’s continuous impact on markets, I decided to run an experiment.