Banks and governments have been fighting each other for hundreds of years, but never more dramatically than during the showdown between President Andrew Jackson and Nicholas Biddle, the president of the Second Bank of the United States.
Jackson was a populist, who rode to victory on promises to wrest control of the country from the East Coast elite. He was angry at the power structure, and he was furious at the banks. To him, they were the phantom controllers of the economy, issuing spurious scripts that often vanished with the banks when they collapsed.
Biddle was pretty much the opposite of Jackson, raised in the one of the country’s earliest aristocratic families. He was a poetical kid and a classics scholar, who started Princeton when he was 17. He believed in banks and he believed that a well run bank would serve the nation and create stability.
In the 1830s their two views of the nation collided, with disastrous and long-ranging results.
Trump’s Petticoat Government
What’s different about Donald Trump is that his inability to handle the weight and responsibility of his office is not something that crept up gradually
.. Instead it’s been a defining feature of his administration from Day 1 — and indeed was obvious during the campaign that elected him.
.. the president’s unfitness is not really a Harvey Weinstein-style “open secret,” an awful reality known to insiders
.. anyone who reads the papers (this one especially) knows that some combination of Trump’s personality and temperament and advancing age leave him constantly undone by the obligations of the presidency.
.. the book may be dubious in some particulars but as the consummate insiders Jim VandeHei and Mike Allen wrote on Thursday, the parts about Trump’s capabilities and mental state “ring unambiguously true.”
.. the 25th Amendment option isn’t happening — not without some major presidential deterioration in the midst of a major crisis, and probably not even then.
.. So unless Robert Mueller has more goods than I expect, we are going to live for the next few years in the way that America lived during the waning days of Nixon, the end of the Wilson administration
.. the central question of these years is not a normal policy question, or even the abnormal sort that the Resistance and other fascism-fearers expect to face.
.. The idea of a right-populist agenda died with Bannon’s exit from the White House
.. the standard-issue G.O.P. agenda has little left after the tax cuts
.. Trump’s authoritarian impulses, while genuine, seem unlikely to produce even aggrandizement on the scale of past presidents from F.D.R. to Nixon, because he has no competence to execute on them.
.. Can the people who surround Donald Trump work around his incapacity successfully enough to keep his unfitness from producing a historic calamity?
.. the men and women of the West Wing, for all that the media was ridiculing them, actually felt they had a responsibility to the country,”
.. the work has been necessary and important, and the achievement of relative stability a genuine service to the United States.
.. Can it continue in the face of some greater crisis than Trump has yet confronted? Can it continue if the Democrats take a share of power or if the president’s own family faces legal jeopardy?
.. Is the American system more able to correct for presidential incapacity than some of us have feared?
Comments
The GOP has married its fortunes to a fake news industry that has been driving & chasing its audience’s anger deeper & deeper into extremism and fantasy for over 2 decades. A country that mistakes Fox or Breitbart for journalism, or Mr. McConnell or Mr Ryan for anything but thieves (or Obama for a socialist), is a country that can mistake Trump for an intelligent adult.
.. Republican Party interest resides in power, not in government.
What they adore is a lack of government, a lack of free and fair elections, a lack of consumer, environmental and worker protection, a lack of affordable healthcare, a lack of education, information, science and progress… a lack of income taxes to pay for any sort of decent civilization for the non-rich masses.
.. Trump The Useful Idiot is a perfectly fine fake President for Republican pirates and Reverse Robin Hoods to decimate America with fake justices, fake elections, fake healthcare and the fraudulent Prosperity Gospel that has reduced America to a shameful, unrepresentative oligarchic state.
.. The more the media rails about Trump’s mental status, the more the third of the electorate which supports him will feel the vicarious paranoia and outrage against the “elites” who, they feel with some justification, are trying to gaslight him out of office sooner rather than later.
.. As long as the stock market keeps booming and the rich keep growing richer, the #Resistance will continue playing out as a soap opera for our aghast entertainment.
.. The media had their chance to destroy Trump’s candidacy. Instead they nourished it with $5 billion worth of free advertising. His TV rallies and debates were ratings bonanzas. Media mogul Les Moonves even gloated that Trump “may not be good for America, but he’s damned good for CBS!”
What Has Mitt Romney Learned?
Romney’s rhetoric on China and immigration was a more restrained version of Trump’s nationalist pitch, and here and there he tried to imitate Franklin Roosevelt’s promise, updated crudely by Trump, to be a traitor to his successful class.
.. the defining pitch of the Romney campaign was the tone-deaf “you built that,” which valorized entrepreneurs and ignored ordinary workers; the defining policy blueprint was a tax reform proposal that offered little or nothing to the middle class; and the defining gaffe was the famous “47 percent” line, in which Romney succumbed, before an audience of Richie Riches, to the Ayn Randian temptation to write off struggling Americans as losers.
.. that failure lay the opportunity that Trump intuited — for a Republican candidate who would rhetorically reject and even run against the kind of corporation-first conservatism that Romney seemed to embody and embrace.
.. Trump has mostly turned his back on his own economic populism
The best of the current Republicans (the Paul Ryans, the Ben Sasses, the Mitt Romneys) have certain common features that should be appealing to the electorate. They seem to have the home life of the family man. They have the discipline and diligence of the organization kid. They have the looks of the pretty boy. Yet the public still rejects them, because the voters find their ideas even more unpleasant than Donald Trump’s odious personality.
.. But he could also perform a service by showing that he has learned something from watching Trumpism succeed where his own campaign failed — which would mean steering a different and more populist course than those NeverTrump Republicans who pine for a party of the purest libertarianism, and those OkayFineTrump Republicans who are happy now that Trump has given them their corporate tax cut.
.. Right now there is a small caucus in the Republican Party for a different way, for a conservatism that seeks to cure itself of Romney Disease by becoming genuinely pro-worker rather than waiting for a worse demagogue than Trump to come along.
America and the ‘Original Position’
Meanwhile, Venezuela has the largest proven oil reserves in the world. According to lots of people, not just Marxists, this should make no sense. Oil is valuable. If you have more of it than anyone else, you should be able to make money. For a decade, the American Left loved Hugo Chávez and then Nicolás Maduro because they allegedly redistributed all of the country’s wealth from the rich to the poor. These dictators were using The Peoples’ resources for the common good. Blah blah blah. It turns out that the greatest resource a country has is its institutions.
In economics, an institution is just a rule, which is why the rule of law in general and property rights in particular are the most important institutions there are, with the exception of the family. Take away the rule of law in any country, anywhere and that country will get very poor, very fast. Stop protecting the fruits of someone’s labor, enforcing legal contracts, guarding against theft from the state or the mob (a distinction without a difference in Venezuela’s case) and wealth starts to evaporate.
.. “The People” or “the nation” own everything. The state is the expression of the peoples’ spirit or of the nation’s “will,” and therefore it effectively owns everything. Thus, taking less money from you is the same as giving you more money. This is why populism and nationalism, taken to their natural conclusions, always lead to statism.