BREAKING: Former Labor Secretary Robert Reich sounds the alarm and predicts that Donald Trump's ultimate "downfall" will be an economic collapse and "stagflation" brought about by his disastrous polices.
We are careening full speed towards catastrophe...
“It’s hard to find Right or Left these days,” Reich wrote on Substack. “Instead we have something no one has ever seen in America — a personal takeover of nearly all the institutions of government and, increasingly, the private sector, by a would-be dictator.”
Reich went on to slam numerous examples of Trump's fascist overreach and specifically criticized his efforts to seize "personal control of the U.S. economy" via his unceasing attacks on the Federal Reserve, his administration's unprecedented decision to take a 10% stake in Intel, and his extortion of Nvidia and Advanced Micro Devices to give the government 15% of their profits in return for AI export licenses to China.
“An increasing part of our economy is no longer being determined by supply and demand but by the deals Trump is striking,” Reich wrote. He slammed the Trump administration over the recent revelation that his officials have created a scorecard to rank companies based on how aggressively they parrot his propaganda. Those who toe the party line are given preferential treatment.
"The new order being imposed on American industry doesn’t come from a vast authoritarian bureaucracy," Reich said, comparing Trump's authoritarianism to China. "It’s personal and arbitrary. A single so-called ‘strongman’ is seeking to control everything.”
“I don’t know the proper term for this. State capitalism? Fascist capitalism?” he went on. “Whatever we call it, it will be Trump’s downfall because his arbitrary and mercurial decisions are making the private sector nervous about investing in the U.S. economy, causing global lenders to demand a higher risk premium for lending to the U.S., and pushing the economy toward both inflation and recession — so-called ‘stagflation.’”
“If nothing else brings him down, his authoritarian control over the economy surely will,” Reich wrote.
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