The Trump presidency is extremely important as a reaction to a neoliberal order that has been with us since Bill Clinton eviscerated the Democratic Party to become the party of corporations from 1993 onwards (followed by Tony Blair in the UK from 1997). In other words, even though the neoliberal order was ushered in by Reagan/Thatcher, it was Clinton/Blair who ensured that it had no opposition in the main democracies.
Hillary Clinton lost to Trump purely on electoral college votes, and it did so primarily because the Democratic Party cheated Bernie Sanders’ populist base by rigging the primaries in favour of Clinton. What made this worse is that this atrocious behaviour was made public with the leaks of all those emails hacked from the Democratic Party server. Steve Bannon may have been the evil genius who engineered the Trump win, but really he was surfing home on the wave of a Democratic Party suicide mission.
The Trump presidency is ‘fascistic’, but this aspect of it will engender so much opposition, encouraged by the fact that Hillary Clinton got 1.5m more of the popular vote than Trump, that it will be mitigated.
The important thing for anybody who wants to survive financially in the coming 8 years is to realise that Trump will turn the US economy around, and this must inform everybody’s financial decisions. Joseph Stiglitz is right that re-importing jobs won’t be that easy, because technology has changed since the 1980s. But it is not necessarily only that aspect that will change the economic picture, as Trump focuses on infrastructural development.
Extraordinarily his presidency starts with the US Geological Survey confirming the Wolfcamp shale oilfield as the largest ever find in US history, on truly Saudi Arabian proportions, which turns the energy clock back to the pre-1970s when the US was a net US oil exporter.
So, in the sense that Trump wants to be re-elected, the US economy soaring will mean that he will be. While Obama was an unlucky (and weak) President, Trump, it looks like at the moment, will be a lucky one. This unfortunately will embolden a ‘fascistic’ style, possibly better described as the ‘feudal’ style common among corporate CEOs, than as Mussolini-type fascism. Ivanka Trump sitting in on her father’s meeting with the Japanese Prime Minister will be a typical event, and one which will rankle with most Americans.
So also, the democratic counter-attack will have its work cut out for it, and this will logically mean that great changes are in store for the future. Given that the Islamic community in America will be at the centre of the storm, this will tie Islam with the future democratic resurgence and change the very nature of the Islamic dialogue itself. It is a sign of things to come that Democratic Party chairman will most likely be a Muslim American, Keith Ellison.
The resurgence of the US economy will mean that the Federal Reserve will be able to come off the floor on interest rates, sucking capital from stock markets across the world into the US, and trashing fixed interest instruments like bonds, and the stocks of highly leveraged firms. China may have caught up with the US, but the US is still absolutely the largest economy in the world.