The Rise of Irrationality: Donald Trump’s Second Term and Global Uncertainty
The landscape of American politics has been drastically altered by the rise of Donald Trump’s second term as president. Referred to as the “first crypto president,” Trump has steered the country into uncharted territory where national responsibilities are overshadowed by personal financial gains. While previous presidents have taken advantage of their positions, Trump’s approach stands out due to his ambitious pursuit of personal wealth.
The inauguration of the “Official Trump” meme coin in January 2025 marked the beginning of this unprecedented chapter. With the rapid listing on major crypto exchanges, the coin’s value skyrocketed from eight to 75 USD within hours, peaking at 14 billion USD. Questions of market manipulation arose as the coin’s value plunged to around 40 USD shortly after, eventually settling at 28 USD. The introduction of the official Melania meme coin by First Lady Melania Trump on the same day further fueled the frenzy, reaching a market valuation of 13 billion USD.
The open endorsement of crypto meme coins by the President and First Lady raised concerns about their commitment to the nation’s interests over personal financial gains. While marketed as entertainment and thus avoiding regulation by the SEC, these projects have led to billions of dollars in losses for many Americans. Supporters view this move as a bold step towards making the United States the Crypto capital of the world, as promised by Trump during the Nashville Bitcoin conference in 2024. However, financial experts caution that such actions could undermine the country’s economic credibility.
Amid a national debt of 35 trillion USD, Trump’s audacious plan to address the debt crisis by erasing US debt in cryptocurrency has sparked debates. Initially dismissed as hyperbole, the administration’s involvement in meme coins suggests that this idea may have serious implications worth exploring further. The creation of the Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy under Trump’s second term, aims to streamline federal government expenditures and reduce bureaucratic workforce, potentially compromising constitutional freedom and the independence of the bureaucracy.
Elon Musk’s growing influence, combined with his alignment with Trump, has extended to global politics, with endorsements of far-right parties across Europe causing political unrest. His open support of the Alternative for Germany party has drawn criticism for endangering democratic developments in Germany and Europe as a whole. This alignment signifies an internationalization of MAGA politics, once a US-centric movement that has now permeated European politics, emboldening fascism.
The traditional conservative principles that defined the Republican Party have been reshaped under Trump’s leadership, with a new MAGA echo chamber emerging as the dominant force in Republican politics for years to come. Voices like Vivek Ramasmawy and James Vance have shifted the party’s focus towards delegitimizing institutions once protected, signaling a potential revolutionary shift within the Republican Party. Trump’s presidency has raised concerns about maintaining a non-partisan commitment to civil service and the preservation of institutional integrity, posing a significant challenge to traditional political norms.
