Cash in from the White House

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By TP


Donald Trump has crossed many red lines in these nine months of his second term, but in few areas is the personal appropriation of political authority as evident as in relation to his assets and that of his family. He is not the first president of the United States to come from the business world, but none until now had made the border so blurred that separates public service from private benefit, a key limit in the functioning of any democratic political system. Since he took up residence in the White House for the second time on January 20, Trump has made such aggressive use of power that he has weakened the model of checks and balances, the very basis of American democracy. Nor has he hesitated to repress dissent and put all the machinery of the Executive at the service of intimidating the press, civil society and the opposition. His foreign policy decisions are redefining the framework for the use of force and the boundaries of international law. And they have made it clear to large corporations, technological oligarchs and any foreigner interested in doing business in the United States that everything in the Oval Office has a price. It is difficult to put specific numbers on the Trumps’ enrichment at this time, since many of their businesses are not listed on the stock market and the business network created makes it difficult to control them. Different investigations estimate that his assets, which were estimated at the end of 2024 at around $2.3 billion, have been able to multiply by three and even five in these months. However, there is some incontestable evidence. Family investment in the cryptocurrency market would not exist or be as lucrative without the legislative changes of its own Administration, which has excluded the Federal Reserve and other federal agencies from the business, today exclusively in private hands. Their children close agreements with many petromonarchies just before Trump’s own official visit to the country in power and some of these governments are authorized to do business in the United States – such as the participation of the Abu Dhabi fund MGX in the operations of TikTok USA – after depositing billions in a crypto startup founded by the presidential family. For their part, technology companies have surrendered to paying million-dollar compensation to Trump himself to put an end to the lawsuits raised by the president. However, the worst thing is that such a level of monetization of a public office does not have the social and political response that it could have aroused at other times. Donald Trump has broken down many of the boundaries of what was considered acceptable in a president by passing off ethical concerns as partisan issues. Political polarization also causes an erosion of the mechanisms of control and assumption of responsibilities, which allows the president to not be forced to be accountable to his people. Without effective resistance from society and independent institutions, the deterioration of some of the fundamental principles of American democracy may be irreversible.