Can Trump Become the Next U.S. President?

In the “super-Tuesday” primaries held March 15, Donald Trump solidified his lead in the struggle for the Republican nomination for the U.S. presidency. He knocked right-wing Republican Senator Marco Rubio of Florida out of the race.

Rubio had been considered one the best hopes of the pro-Wall Street establishment Republicans in their increasingly desperate struggle to stop Trump. The only bright spot for the Republican leadership was that John Kasich, the establishment Republican governor of rust-belt state Ohio defeated Trump in that state’s primary.

However, Kasich has few delegates pledged to him. In normal circumstances, that would mean that he would have virtually no chance of winning the nomination for the presidency. He would simply be a “favorite son” candidate who would be expected to release his delegates to vote for the eventual winner. At most, Kasich might hope to win the vice-presidential nomination.

The super-Tuesday results barely keep alive the hopes of the Republican leadership that Trump might still be denied enough delegates to clinch the nomination before the Republican convention to be held this coming July in Cleveland, Ohio. If this proves to be the case, there remains the possibility a majority of delegates might be scraped together to nominate a more traditional Republican for president, but who that might be is anybody’s guess at this point.

The only other Republican besides Trump and Kasich still officially in the race is Texas Senator Ted Cruz. Cruz mixes extreme “neo-liberal” economics with an appeal to the religious fanaticism of the so-called Christian Right. His colleagues in Republican Party leading circles consider him personally obnoxious. They also fear that he is likely to lose big time in November to the presumed Democratic nominee, Wall Street darling Hillary Clinton, due to his neo-liberalism combined with his support of extreme sectarian Protestant Christian religious fundamentalism.

While it is possible that Trump has considerable support among the coupon clippers in the country club locker rooms—I don’t know, since I don’t personally move in these circles—serious political strategists of the U.S. ruling class, whether Democrat or Republican—what Marx called the “political bourgeoisie“—consider Trump completely unqualified to assume the U.S. presidency. This is not because they doubt Trump’s loyalty to the capitalist system. On the contrary, Trump is a multi-billionaire and therefore has a personal stake in the survival of capitalism greater than all but a handful of his fellow billionaires.

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2 Responses to “Can Trump Become the Next U.S. President?”

  1. citizencokane Says:

    Hello Sam,

    I recently did a couple of videos that were inspired by your “Rate of Interest and Profit of Enterprise” article. I talk about how to measure money capital and commodity capital, and how to use measures of money capital and commodity capital to determine where we are in the business cycle.

  2. citizencokane Says:

    One question I have for you: what do you make of the recent idea floated by PIMCO investment firm strategist Harley Bassman that the Federal Reserve do quantitative easing (print money) to buy a sizable portion of the world gold market?

    My first speculation is that this would be disastrous for world capitalism. I almost want to see the Federal Reserve try it, just to see what a wreck it would cause. It would be as if the supply of commodity-money material on the world market suddenly dropped, and thus the market (aggregate demand) for commodity capital would be brought to a screeching u-turn.

    How this would manifest superficially is, the dollar price (and other token currency price) of gold would skyrocket. Investors would flood into gold and away from the purchase and employment of real productive assets. The supply of actual commodity capital would dry up. Yes, there would be inflation, all right—hyperinflation! Money capitalists would demand insanely high interest rates before they would lend out any of their money. Real interest rates would climb. The profit of enterprise would collapse. Real production would then collapse. It would be a nightmare.

    What this Harley Bassman seems to not understand is that there is nothing beneficial for capitalism about “inflation” per se. He talks in this article as if he eagerly looks forward to wage inflation as one component of the desired inflation. Silly! C’mon, Harley, you should know that the main purpose of inflation is to cut into the real wages of workers and increase the rate of surplus value! That’s how inflation is beneficial, you dolt! Inflation is not particularly beneficial to capitalism on a systemic level without that. What the industrial capitalists gain on the one hand through an easier time making interest payments denominated in depreciated currency, the money capitalists lose with the other hand when they receive those depreciated interest payments. And the money capitalists can always go on strike, like they did in the late 1970s and early 1980s, and refuse to make further loans except at exhorbitant interest rates if they feel threatened by inflation. Why is it that so many capitalist ideologues cannot seem to think of the interests of the capitalist class as a whole??? They are always so narrowly focused on how economic policies will affect their own private positions. The intellectual ignorance is stunning.

    This Harley Bassman tries to draw a parallel between his proposed gold QE and Roosevelt’s Executive Order 6102. Well, the big difference was, Roosevelt’s government was paying below-market price on that gold at gunpoint. It was straight up theft. If Roosevelt had tried to pay above-market price for that gold, it would have been waaaaaay more inflationary.

    I find it interesting that Mario Draghi seems to intuitively understand that a gold QE would be the worst idea imaginable. It is interesting that he has placed pretty much every other asset purchase option on the table, except for that one specific asset. Curious, huh? I wonder how Mario and others seem to get the picture while others like this Harley Bassman do not, despite the fact that they are all operating off of incorrect marginalist assumptions….

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