The American counter-revolution is being led by Dow Jones, S&P and Nasdaq – The Irish Times

Financial Markets Push Back Against Trump

The article argues that the nearly $10 trillion loss in US stock markets since Donald Trump's inauguration represents a powerful, albeit unintended, check on his policies. This counter-revolution, driven by the financial interests of Wall Street, is highlighted as a significant response to Trump's economic actions.

Concerns Beyond Financial Repercussions

While the decline in stock markets provides a check on Trump's power, the author also expresses concern about the impact on ordinary Americans, whose pensions are affected by the economic downturn. They also note that this pushback comes not from legal or governmental institutions, but from the amoral forces of the market.

Analyzing Trump's Economic Policies

The author analyzes Trump's policies as aiming to enrich the wealthy by weakening labor, privatizing public assets, and giving tax cuts to oligarchs. This is characterized as a crude and naked form of capitalism, devoid of the usual pretenses of civility.

The Repetition of a Pattern

The situation is presented as a repetition of a pattern – a similar clash between a right-wing government and the financial markets also occurred with Liz Truss's government in the UK. This suggests deeper, unresolved contradictions within the current political and economic systems.

Contradictions Within the System

• Loss and Grief: Right-wing politics exploits the loss felt by communities affected by previous neoliberal policies without offering meaningful solutions.
• Self-pity: Right-wing governments often portray themselves as victims, which is detrimental to capitalism's need for positive sentiment.
• Unpredictability: Authoritarian leaders introduce volatility and lack of predictability, damaging the faith in the market's ability to forecast the future.

The article concludes by noting that the sharp reaction of the market reveals the fundamental contradictions within the system and emphasizes the need to analyze these underlying issues to address the current crisis.