Is Real Populism On It’s Way?
The new cover of Time thinks so.
Real populism is usually rooted in left-wing economic policies of soaking the rich, import-substitution trade policies, with zero concern of protecting the wealth of the elites, which is mainly held in public and private equity.
In 2016, the Democratic Socialists of America (DSA) had 5,000 members; since then, its dues-paying membership has multiplied more than tenfold. This new energy on the left terrifies chief executives and billionaires, and yet many of them have been voicing similar alarms about a crisis of capitalism. Ray Dalio, the billionaire co-chairman of the investment firm Bridgewater Associates, warned in April that America faced a “national emergency” in capitalism’s failure to benefit more people, and he pronounced the American Dream lost. The anti-capitalist impulse has some purchase on the right too. Before he pushed a tax cut that lined the capitalists’ pockets, Donald Trump ran, most improbably, as a Republican skeptical of the financial elite’s loyalty to Americans. On Fox News, Tucker Carlson has entertained a surprising skepticism of capitalist doctrines and said positive things about Warren. – Time
Trump’s populism cuts taxes for the rich, makes cosmetic tweaks to trade deals as not to upset the stock market, and leans heavily on the Fed to lower rates to keep stock market inflated. In other words, a Trojan Horse for the 1 percenters.
Not sure if its 2020 but it’s coming. You can bank on a People’s QE.
Long pitchforks. Long inflation.
TIME’s new cover: “How America’s elites lost their grip,” by @AnandWrites https://t.co/JcJNu5Uk0t pic.twitter.com/naWJJaaq2a
— TIME (@TIME) November 21, 2019
Source: https://global-macro-monitor.com/2019/11/22/is-real-populism-on-its-way/
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