Introduction to a Troubling Trend
Like the end of the beach holidays in August, all good things must come to an end. So too, my short-term optimism with Donald Trump’s policies working towards achieving some sort of breakthrough in the Russia-Ukrainian war has faded away. With the optimism gone, the full effects of my skepticism towards Trump’s actions have returned, especially given the recent news about the US president’s dismissal of Federal Reserve board member Lisa Cook.
Revisiting Past Concerns
I have revisited old articles that I had written with respect to the Fed, expressing my fears about what was going to happen if Trump were to interfere with its independence. Last April, in an article about the newly announced “Liberation day” tariffs, I wondered whether Trump would dare go after the Fed’s independence, arguably the most important financial institution in the world, not just the US. In June, as I was writing about the declining creditworthiness of US credit, I mentioned my fear about the increasing pressure Trump was exerting on the Fed chairman Jay Powell to lower interest rates. By July, I had concluded that Trump would eventually bring the Fed under his control, a move that I believed would have serious implications for the economy.
The Dismissal of Lisa Cook
It was therefore no surprise to me to see the president issue a letter on his social media site dismissing Lisa Cook allegedly “for cause”. Nobody has any illusions that the firing has anything to do with the alleged actions of the Fed governor and everything to do with bringing control of the Fed under the administration, something that Trump himself admitted to. The fact that Trump himself has been convicted of falsifying business records while citing false statements on a mortgage application as grounds for Cook’s removal is alarming and raises serious questions about the integrity of the administration.
The Resignation of Adriana Kugler
The resignation of another Fed board member, Adriana Kugler, who left on her own accord on August 8, a few months before her normal retirement date, also raises suspicions. While there is no concrete evidence to link her resignation to pressure from the administration, the timing and context suggest that it may not be a coincidence. The way Trump has weaponized the government to go after everybody who does not fall into line with his policies is plain for all to see, and it would not be surprising if some sort of pressure was exerted on Kugler.
A Pattern of Intimidation
The intimidation campaign against everybody that expresses a dissenting viewpoint is a live demonstration of how a country can be coerced to follow a leader, blindly into policies that in retrospect will appear alien to them. The recent raid on the home of John Bolton, one of Trump’s National Security advisors in his first term in office and a fierce Trump critic since, allegedly for mishandling classified information, is another example of this pattern. The ousting of Susan Monarez, the director of the Centre for Disease Control and Prevention (CDC), without any official reason given, also suggests that no independent thinkers have a place in the Trump administration.
The Rise of Authoritarianism
Looking at this incessant intimidation campaign, it is clear that authoritarianism is taking root in the US. This is not happening through one dramatic coup, but through relentless intimidation, one firing at a time. The worship of Trump promoted by Fox News and the vitriol towards anybody espousing a different opinion are all symptoms of a larger problem. The peaceful era that we have been experiencing since 1945 is under threat, and it is essential that the rest of the world sees clearly what is taking place and forges a path that will avoid us going down that road.
Conclusion
In conclusion, the dismissal of Lisa Cook and the resignation of Adriana Kugler are just the latest examples of a troubling trend in the US. The rise of authoritarianism, the intimidation of independent thinkers, and the erosion of institutions are all causes for concern. It is essential that we recognize these warning signs and take action to prevent the erosion of democracy and the rise of authoritarianism. The world needs to come together to promote freedom, democracy, and human rights, and to prevent the peaceful era that we have been enjoying from coming to an end.
