As we close out 2025, Nick takes stock of the first year of Donald Trump’s second term. While some liberal commentators hold out hope that the upcoming 2026 midterms will curb his power, Nick argues that the real conflict isn’t between Left and Right, but between two factions of capital: the liberal-democratic establishment and the nativist, protectionist forces embodied by Trump.

We explore the failure of the Democratic Party to offer a meaningful alternative to neoliberalismMonetarism Monetarism is the economic school of thought associated with Milton Friedman, which rose to dominance as a counter to Keynesian economics. It posits that inflation is always a monetary phenomenon and that the government’s role should be limited to managing the currency rather than stimulating demand. Key Mechanisms: Inflation Targeting: Using interest rates to keep inflation low, even if high interest rates cause recession or unemployment. Fiscal Restraint: Opposing government deficit spending to boost the economy during downturns. Critical Perspective:Critics argue that monetarism breaks the post-war social contract. By prioritizing “sound money” and low inflation above all else, monetarist policies often induce deliberately high unemployment to discipline the labor force and suppress wages. It represents a technical solution to political problems, removing economic policy from democratic accountability. , the rise of “America First” as a tool for personal enrichment, and the alarming normalization of far-right rhetoric in Europe. From the hollowing out of the British state to the potential end of the globalized order, this episode asks: If Trumpism is a symptom of a broken economic system, what happens when the opposition refuses to fix it?

Key Topics:

• The Schism of Capital: Liberal globalism vs. conservative protectionismProtectionism Full Description:Protectionism involves the erection of trade barriers ostensibly to “protect” domestic industries from foreign competition. As the global economy contracted, nations panicked and raised tariffs to historically high levels in a desperate attempt to save local jobs. Critical Perspective:This created a “beggar-thy-neighbor” cycle of retaliation. When one dominant economy raised tariffs, others followed suit, causing international trade to grind to a halt. Instead of saving industries, it choked off markets for exports, deepening the crisis. It illustrates how the lack of international cooperation and the pursuit of narrow national interests can exacerbate a systemic global failure..
• The 2026 Midterms: Will a Democratic victory save democracy or just delay the inevitable?
• The Failure of Centrism: Why Hillary Clinton and Keir Starmer failed to stop the drift to the right.
• Trump as CEO: Viewing the presidency as a mechanism for personal wealth extraction.

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