I went to Chicago, Boston, and New York last week on business. It included a mock listing for my company, JPES Partners, on Nasdaq courtesy of our partners, eVestment. Thank you. It was fun.

When in the US, focus on the positives such as Nasdaq’s brilliant self-promotion…

I stayed on to see close friends at the weekend. That was fun, too. But they are worried.

The politics of this country is dark, very dark. Like Brexit in the UK, Trump is toxic. Half of the electorate loathe him and are simply embarrassed or alarmed. The other half feel he is a slightly unpleasant necessity. A small minority of course love him but, even amongst the latter, few would want him round for dinner…

Trump’s presidency is sinister, and his presence makes the country increasingly foreign to Europeans. I was warned to take any anti-Trump material off my phone before entering the country as border security could ask to see it and send me home if it offended. What??? Federal institutions are under attack, including the judiciary. Cultural and educational institutions seen as liberal are also under attack or are usurped. Trump taking over the Kennedy Centre and the attempted crushing of Harvard by withdrawing federal grants are just two painful examples.

Trump threatens NATO, bombs Iran, swears at Israel and lies on the international stage. It is too early to address the impact of his chaotic foreign policy, but it is splitting his isolationist supporters. They will bend the knee in the end. They have nowhere else to go. Just listen to the pathetic and vile Steve Bannon grovelling to Trump on the Middle East.

Domestically, Trump also happens to be forcing through a tax bill stripping Medicaid from 16m Americans whilst shovelling cash to the rich. Shame on the Republican Party.

Yet, the Democrats in response are hopeless. Either stunned into inaction or busy in-fighting. A new generation of activists believe a lurch to the Left is the solution to Trump with Democrats in New York electing a privileged self-described socialist to be their candidate for mayor. Take note, you muppets. Corbyn’s experience in the UK should be a guide. It may feel good, but you will never win elections nationally from this position. Voters are mostly centrist, and your failure to offer a decent alternative to Trump re voters’ core concerns handed him victory in the first place.

Trump was underestimated, and the US Constitution overestimated. Checks and balances feel illusionary. Against this background, I know many Europeans who have withdrawn from holidaying in the US until Trump has gone. Public life has become too wild. My response? I walked past Trump Tower on 5th Avenue, forgetting to look. You just have to focus on the belief that Trump will never define this country, whatever current damage this man does. Just ignore him and keep on walking…

Nice to be home, though.

Trump has started with few surprises. Shocking Cabinet picks, drill baby drill initiatives, soldiers sent to police the borders and pardons for the Jan 6th rioters, some of which undertook serious acts of violence.  People died.

Yawn… I braced myself for all this the moment he got elected. Perhaps only the fawning tech bro oligarchs got to me. Best to keep calm and carry on.

He mostly fails to surprise – his actions are ‘priced-in’…

And yet, how has it come to this?

Answer: because a complacent, arrogant Democrat and moderate Republican establishment let it happen. It reminds me of the complacency of the Tory Left before Thatcher swept through the Conservative Party.

Uncontrolled immigration, inflation, erosion of industries in the ‘flyover’ states, excessive political correctness culminating in defund the police initiatives (just look at how San Francisco was governed), and intrusive federal bureaucracy. Yet a deaf ear was turned to all of this.

Biden did many good things about which he failed to communicate, but in particular ignored the consequences of inflation and illegal immigration. Harris had no guiding philosophy except not to be Trump. The likes of Obama and Clinton continued to patronise voters backed up by Hollywood celebrity endorsements. Even I was in despair at the end of the campaign.

Core voters need core policies and blunt communications to make them understand politicians get it and will move the dial to make their lives better. Sometimes, if that means playing to some of their prejudices, so be it. Trump got that. The Establishment didn’t.

Trump will do a few consequential things domestically, but not many. He probably has a two year window at best, and checks and balances (yes, they still exist) will slow him down.

Internationally, where he has four years of relatively unfettered power, Trump could be a disaster over China, Russia, NATO, and free trade.

Personally, I have always thought character matters in politics. Ultimately, this is a guide to whether a politician is a good person who really cares about voters’ concerns. Trump, a convicted felon, a fraud, does not, but he might just get some things done the Establishment thought was beneath them.

In Europe as in the US, moderates should learn from Trump and start listening to core voters. Otherwise, Trumps will spring up and win elections everywhere. Not because they are liked by most voters but because out of frustration, they appear a better option for getting things done.

A comfortable majority of Americans do not want Donald Trump as their next president. It is very clear on any trip to the US.  The problem is a similar majority don’t want Joe Biden either. The only candidate each one could beat is each other, which is why they both need a Biden versus Trump fight.

Biden failed last night…

Last night’s presidential debate just made it harder for Biden to win. All the fears that he is in cognitive decline and simply too old for a second term came to the fore. This was Biden’s chance to put such concerns to rest. Indeed, the debate so early in the campaign was his idea. He flunked it.

Biden is a decent man and has actually been a reasonable president. Democrats have consistently performed better in elections than opinion polls. Since Trump was convicted in the hush money trial, Biden had been drawing level in polls. Trump has become wilder and more dangerous in his views and has his own cognitive decline problems at 78.

After last night, none of this is now enough. Biden must step down, or Trump will almost certainly win.

The problem for Democrats is that Biden might not agree with this analysis and, if he does and reluctantly steps down, they are left with the deeply unpopular Vice-President Kamala Harris. Trump may win on this scenario, too.

If Trump is a mess of the Republicans’ own making, Biden is now a mess of the Democrats’ own making.

At stake is the future of American democracy, the integrity of its legal system, a triumphant Putin, the NATO alliance to name but a few issues…

Democrats better come up with a solution to the Biden/Harris conundrum fast. Otherwise, America and the wider world will enter a very dark phase indeed.

The only place that makes you pathetically grateful for the level of political debate in the UK is America.

It’s an extraordinary comment you might think, but viewing things from the perspective of a business trip to New York, politics is dire over here. Two presidential candidates almost nobody wants; one a convicted felon, the other feebly tottering through public life, resting heavily on cue cards.

Two candidates few voters want but Trump is the real danger to America’s future…

The real difference, however, is that Biden is a decent man who has actually had a successful presidency, with the exception of the lack of border controls that might do for him in the end. The economy is booming, partly powered by green investment initiatives, and much needed infrastructure rebuilding is finally happening. He is also managing the Middle East crisis and Ukraine as best he can.

But Biden gets no credit. The impact of inflation, not his fault, still lingers, and illegal immigration dominates public discourse even with Democrat voters I have spoken to. This is now being addressed through an executive order, but it should have been a priority from day one. Biden looks and sounds too old for a second term, and moderates are in despair at the gamble Democrats are taking with him that may let Trump triumph.

As for Trump. He is a grotesque. Nothing truthful comes out of his mouth. He is a narcissist who doesn’t care a jot for the institutions of state or, for that matter, democracy and the voters who vote for him.  He is setting community against community and voter against voter. Think an extreme version of Brexit. Yet he is marginally ahead of Biden in the polls and has just raised US$140m in donations on the back of his conviction.

You just despair for the future of this amazing country. Voters are taking for granted all they have, and it feels we are witnessing the start of the collapse of an empire. cAD400 all-over again…

Trump and Biden need each other as they only have a chance of winning against each other. But it comes at the expense of the extreme polarisation of public discourse and the fracturing of American society.

Democrats are campaigning weakly, Republicans have shamefully been taken over by the cult of Trump’s personality.

America is looking into the abyss and there is only one way, at least in the short-term, for the country to save itself from itself.

For all Biden’s faults, America must reject Trump in November.

Last week, this blog made a prediction that Trump would not win this year’s US presidential election and may not even be a candidate. Umm… brave or foolhardy? Well, time will tell but yesterday was a big step forward in the presidential race.

Biden and Trump are each other’s best bet…

First, Republican Chris Christie, now a harsh critic of Trump, suspended his presidential campaign. In some ways this doesn’t mean much. He was polling just two per cent amongst the Republican base. His lambasting of Trump would have meant more if he hadn’t had his head up Trump’s fundament when he initially became President in 2016. However, as the list of GOP wannabees dwindles, it allows those opposed to Trump to coalesce around DeSantis (unlikely) or Haley (more likely). In that sense Christie’s trashing of Haley off-camera is probably more meaningful than him stepping out of the race.

Today, it certainly looks as though Trump will be his Party’s nominee, but the contest has a long way to go with exciting legal hurdles ahead. In the meantime, it is curious that Fox News is giving Trump prime airtime, inviting him to friendly on air townhall meetings whilst his fellow contestants are debating elsewhere. The Murdoch’s disparage him in private, Trump has cost them US$1 billion indirectly in damages and most elected Republicans one hears are also extremely rude about Trump in private too.

We shall see. Gideon Rachman in the Financial Times recently eloquently explained why American democracy will survive Trump come what may. I am not so sure… although Congressional elections should stymie Trump’s presidency domestically pretty quickly.

If all that seems pessimistic, then balance these events with further evidence emerging suggesting the Democrat’s electoral prospects, even under Biden, are underestimated. Recent polling by The Washington Post and University of Maryland suggests an overwhelming majority (72 per cent) of Americans are not sympathetic to the January 6th rioters, who Trump wants to pardon, believing convicts either received fair sentences or they were not harsh enough. Add that to the real elections (mid-term Congressional and State ones) where Democrats significantly outperformed expectations, and there is all to play for.

As also mentioned in last week’s blog, Trump is Biden’s best bet and vice versa. It will be a nail-biting year, particularly as there is also the possibility that neither may be a candidate by November. And only America’s democracy and global security is at stake…

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