Trump Bank 😱 ✡️🌻 😱 🚀🚢

Multi-Dimensional Chess?  There is no progress to report on the Iran war front; the Strait of Hormuz remains mostly blocked and Trump says that after he gets things straightened out he plans to declare the Strait a US territory, though not one with US citizenship rights. Don’t count on Trump straightening things out or the Strait ever becoming a US territory.  In other Middle East news, son-in-law Jared met with Hamas representatives in Egypt where he reportedly “demanded” that they “disarm and relinquish governance to unlock corresponding Israeli steps.” He plans to take the same message to Israel’s Netanyahu in an effort to get Trump’s Board of Peace “peace” plan back on track. Good luck with that too. There was some other international news over the weekend.  Over Truth Social, presumably with early access provided to the ten or so institutions who are now paying between $60,000 and $100,000 monthly for an early look at Trump’s twisted but sometimes market moving musings, the Orange one announced that he has instructed his man at the Pentagon, War and Beer Pete, to reduce joint military exercises with South Korea. Those routine annual joint exercises began last week so Trump’s message was a bit late and also quite bizarre, or as the NY Times put it “convoluted.”  Trump justified his decision, by noting that South Korea didn’t deserve our participation since they had failed to “join us in the Denuclearization of the Islamic Republic of Iran.”  He also complimented his sometime BFF, the nuclear Kim Jong Un, for being “unthreatening and respectful” while he has been president saying that his relationship with North Korea was great while his relationship with long-time ally South Korea was not. The South Korea statement combined with the repositioning of US air force carriers from Asia to the Middle East kind of clears the way for China to do whatever it wants to do in Asia and what it wants to do is occupy Taiwan where over 60 percent of all global semiconductors and roughly 90 percent of the world's most advanced, high-performance computer chips are manufactured.  What could possibly go wrong?  As to Trump’s Truth Social providing early peaks at his musings to paid investors, that’s not Kosher but then again who is going to stop him.  Certainly not his SEC or his DOJ.  New Attorney General Todd Blanche refused to say that he would act independently of the White House during a weekend interview.  Credit goes to Blanche for telling the truth, at least about that, because only the delusional believe that he’ll put the interests of the country and democracy over Trump’s demands. 

Kleptomania:  On the kleptocracy front, late last week the Trump family’s flagship crypto venture’s trust company World Liberty Financial received preliminary conditional approval from Trump’s Office of the Comptroller of the Currency to become a bank. Upon final approval, World Liberty Trust will operate as a federally chartered national trust bank.  The White House asserts that since neither Trump nor his family has ever engaged or will ever engage in conflicts of interest unlike that really corrupt guy Joe and his son Hunter, we shouldn’t be worried about them doing anything wrong, especially anything that could require a bank bailout or contribute to financial system instability. If that sounds hyperbolic consider what Trump did to his casino businesses, the closest comparison to his opaque crypto shenanigans, while you are out searching for a Trump steak sandwich and some Trump vodka to take with you as you fly on Trump airlines to your class at Trump University.   Notably Trump made $1.4 billion from his crypto related ventures last.  Anyway, Trump has far more important things on his mind, like getting the Supreme Court to unfreeze his ballroom construction project, the one he is now calling a critical military installation largely because military projects don’t have to jump through approval hoops the way that projects at the White House are supposed to.      

Other 💩:  We’ve entered the rats are leaving the ship stage of Trump’s term.  While Press Secretary Karoline Leavitt’s departure received lots of attention last week, she wasn’t the only notable departure from Trump’s team.   White House deputy national security adviser Andy Baker who has been closely involved in Trump’s foreign policy decisions and was part of the delegation that conducted the first in person talks with Iran in Pakistan earlier this year is exiting. He plans to join Robert O’Brien, who served as Trump’s national security adviser in the private sector.  If it feels like primary season is endless, it’s because it is.  Three more states, Florida, Wyoming, and Alaska have primaries this week.  Florida which was recently redistricted to favor Republicans is likely to get the most attention.  Democrats are competing with each other for the few remaining blue seats. A handful of Republicans, including the Trump endorsed and likely to prevail Byron Donalds are competing to run for Governor to replace the termed-out Ron DeSantis.  On the Democratic side former Republican Congressman David Jolly, now a moderate Democrat, is expected to win his primary, likely facing off against Donalds in November.  The primary also includes a race to fill the Senate seat vacated by Marco Rubio.  The leading Republican candidate is Ashley Moody who is currently serving as Florida’s interim Senator.  On the Democratic side, the race is between retired Army Lt Col Alexander Vindman who rose to fame during Trump’s first impeachment trial and Jacksonville’s Angie Nixon, this race’s designated progressive.  Alaska’s primary is somewhat messy and also fun to watch, at least fun for those not running.  The combined party Senate race includes former Democratic Congresswoman Mary Peltola who actually has a chance of maybe winning in November and two Dan Sullivans, incumbent Dan S and spoiler Dan J.  The two Dan Sullivan thing has Trump freaking out, posting about Democratic trickery. The combined party Governor race includes seventeen candidates.  The top four finishers in each race, regardless of party affiliation, will advance to the November election where the winner will be chosen by a ranked choice process.  To add to fun, the repeal of ranked choice voting and mixed party primaries is also on the November ballot.