Of all the promises, from quixotic to horrifying, that Donald Trump has made about the next four years, the one that seems least likely to be fulfilled is his vow to “defeat anti-Semitism.” He has nominated a slew of cranks who have dabbled in the oldest conspiracy theory of them all, a belief that Jews control the world.

Over the past decade or so, pernicious lies about Jewish villainy have drifted into the mainstream of American life. That’s a fact Trump acknowledges when he talks about his plans to “defend Jewish citizens in America.” But he tends to focus on the problem at college campuses, which constitutes an incomplete diagnosis. It allows Trump to ignore his own complicity in unleashing the worst wave of anti-Jewish sentiment in generations.

In his first administration, Trump provided rhetorical cover for supporters who blared hateful sentiments—those “very fine people,” Kanye West, and others. This time, he’s placing them in the line of presidential succession. If confirmed, this crew would comprise the highest-ranking collection of White House anti-Semites in generations.

Take Matt Gaetz, Trump’s nominee for attorney general. He is a fierce opponent of the Antisemitism Awareness Act, which would curtail federal funding for institutions of higher education that fail to address the hatred of Jews when it flourishes on their campuses. There are principled reasons for rejecting the bill. But in the course of arguing against it, Gaetz revealed himself. He asserted that the legislation’s definition of anti-Semitism would penalize the belief that the Jews killed Jesus. This wasn’t a point Gaetz made in the spirit of protecting free speech. He fervently believes it himself. “The Bible is clear. There is no myth or controversy on this,” he posted on X. This is the canard from which the whole Western tradition of anti-Semitism flows, a belief officially repudiated by the Catholic Church at the Second Vatican Council nearly 60 years ago.

And it wasn’t a stray expression. In 2018, Gaetz invited Charles Johnson, a notorious figure on the alt-right, to attend the State of the Union address as his guest. Johnson is a textbook example of a Holocaust denier. He insists that only 250,000 Jews died—and only of typhus—during World War II. In a Reddit “Ask Me Anything” session, he wrote that he agreed with a commenter “about Auschwitz and the gas chambers not being real.” When confronted with Johnson’s record, Gaetz admitted that he hadn’t properly vetted Johnson before extending him an invitation. Even so, he told Fox Business that Johnson is “not a holocaust denier.” That defense, given all the evidence about Johnson presented to him, is tantamount to an endorsement.

The essence of conspiracism is the description of the hidden hand, the ubiquity of all-powerful evildoers. That is Robert F. Kennedy Jr.’s overriding intellectual habit. He believes that the CIA killed his uncle, and he attributes autism to vaccines. In 2023, he was caught on video suggesting that COVID-19 might be a bioweapon. Espousing such a theory should be disqualifying for the job of running America’s public-health system. But he went further. He said that the disease was designed to attack Caucasians and Black people. “The people who are most immune are Ashkenazi Jews and Chinese.” (In case it needs saying, this is false.) As a well-practiced conspiracist, he knew to append his theory with a disclaimer, adding, “We don’t know whether it was deliberately targeted or not,” as if he were merely asking an innocent question. And when confronted with his own words, he denied any ill intent: “I haven’t said an anti-Semitic word in my life.”

[Read: The sanewashing of RFK Jr.]

But his insinuation echoed the medieval Christian libel that Jews had poisoned the wells of Europe, unleashing the Black Death. Kennedy’s winking accusation also mimics a strain of white-supremacist pseudoscience, which asserts that Ashkenazi Jews are a distinct race from Caucasians. According to this bizarre, and bizarrely prevalent, theory, that’s what makes Jews so pernicious: They can pass for white people while conspiring to undermine them.

Not so long ago, these sorts of comments would have rendered a nominee unconfirmable—or at least would have necessitated an excruciating apology tour. But anti-Semitism is no longer taboo. And it’s telling that Trump has adopted Elon Musk as a primary adviser, because Musk is a chief culprit in the lifting of that taboo.

When Musk bought Twitter in 2022, he reversed a ban imposed by the company’s previous regime that kept anti-Semites and Holocaust deniers off the platform. Under his ownership, anti-Jewish voices became unavoidable fixtures on the site, broadcasting their bigoted theories without any fear of consequences.

One reason they have little to fear is that Musk has displayed sympathy for their worldview. Like them, he harps on the wickedness of George Soros, whom he once likened to the comic supervillain Magneto, a mutant who plots to wipe out humanity. (Like Soros, Magneto is a Holocaust survivor.) This comparison almost explicitly admits its exaggeration of Jewish nefariousness. And if the thrust of his sentiments wasn’t clear enough, he emphatically endorsed a tweet claiming that “Jewish communities have been pushing … dialectal hatred against whites.”

For a time, Musk refuted his critics by smearing them. He accused the Anti-Defamation League, the nation’s leading Jewish civil-rights group, of orchestrating a campaign to destroy him. Eventually, to fend off an advertiser boycott, he apologized, visited Auschwitz, and called himself “aspirationally Jewish.”

The presence of these conspiracists doesn’t suggest that Trump will pursue policies that provoke Jewish suffering. His support for Israel might even win him the approval of a growing segment of organized Jewry. Instead, the danger posed by his appointees is that their mere presence in high office will make American anti-Semitism even more permissible; they will make conspiracies about Jews socially acceptable. Indeed, that might already have happened. Trump just proposed the most anti-Semitic Cabinet in recent history, and that fact has barely elicited a peep.

Just 50 days before his reelection, Donald Trump took the time to hawk a new crypto platform.

If the country does not build out its cryptocurrency ecosystem, “we’re not going to be the biggest, and we have to be the biggest and the best,” Trump said on a livestream on X. “It’s very young and very growing. And if we don’t do it, China’s going to do it.” The livestream was sponsored by World Liberty Financial, which has given Trump the title “chief crypto advocate” and his sons, Barron, Eric, and Donald Jr., that of “Web3 ambassador.”

World Liberty Financial is the brainchild of Zak Folkman (the creator of an advisory firm called Date Hotter Girls LLC) and Chase Herro (an affiliate marketer who previously sold colon cleanses). It is a get-rich-quick scheme, and not one that seems designed to enrich its customers.

It is also an emblem of a financial world that Trump’s election seems set to supercharge, populated by young men who have seen their economic prospects stagnate, their faith in the United States falter, and a champion in a baggy business suit and a red baseball cap emerge. Think of it as the bro-economy: a volatile, speculative, and extremely online casino, in which the house is already winning big.

[Christopher Beam: The worst of crypto is yet to come]

Its first major market sector: day-trading. I don’t mean old-fashioned, small-dollar equity investing done at the kitchen table. I mean hyper-speculative betting done with borrowed money on mobile apps, as investors shitpost and infinite-scroll. Market-moving rumors come not from corporate conferences, but from sites like YouTube and the Subreddit WallStreetBets (tagline: “Like 4chan found a Bloomberg terminal”). Users at times coordinate to buy up a certain stock with the explicit goal of screwing over a hedge fund that had bet the stock would go down.

That’s what happened four years ago with GameStop: Redditors helped to push the share price up 8,000 percent. Now so-called meme stocks are resurgent. GameStop spiked this spring. Tesla climbed when Trump won. (Tesla is both a blue-chip stock and a meme stock; Elon Musk, the company’s founder, is one of Trump’s biggest donors and closest advisers, as well as being a storied internet troll and the owner of the social-media platform X.) “This rally seems unsustainable, even if you believe in the long-term growth story for the stock,” David Wagner of Aptus Capital Advisors told Bloomberg. “It makes no sense.”

As noted by the Federal Reserve Bank of St. Louis, this trading behavior is in part driven by market democratization. A decade ago, the fintech firm Robinhood pioneered commission-free trading, allowing individuals to buy stocks or other financial assets without paying any fees. Today’s apps also allow users to purchase fractions of a stock and do not set minimum balances, ushering in less wealthy investors.

The barriers to entry are low, yet the risks are high. Today’s young day-traders tend to make frequent transactions and gravitate toward exotic trades, when research shows that investors generate the best returns when they make simple investments infrequently. The apps encourage the piling-on of risk through push alerts, promotions, and other gamifications.

The second crucial market sector: sports betting. In 2018, the Supreme Court overturned a 1992 law banning commercial sports betting outside of Nevada. That paved the way for more than three dozen states to okay the practice; 30 states also allow residents to make wagers online.

It would be hard to overstate how much this has changed pro sports and the fan experience over the past half decade. Commentators talk about fantasy leagues and prop bets as much as they talk about the game; advertisements for sportsbooks are ubiquitous; millions of spectators keep DraftKings and FanDuel up on their second screen. An estimated two in five American adults engage in sport betting. One in four online bettors has wagered more than $500 in a single day. Americans staked $120 billion last year, double what they did in 2021.

Many die-hard fans love the rise of sports betting: It’s entertaining, engaging, a way to support your favorite players and dunk on your friends. Still, in a survey, 37 percent of online bettors said they “felt bad or ashamed” for losing money. Nearly 40 percent said they bet more than they should; nearly 20 percent said they lied about the extent of their betting, and the same share said they lost cash that was meant for their day-to-day financial obligations. A strong majority supported the federal government “aggressively” regulating the market, “to specifically protect customers from compulsive gambling.”

Third and last is crypto, which boomed into the mainstream a decade ago. Today, roughly one in three young people has traded in or used crypto. Sites such as Robinhood and Coinbase make purchasing easy. (Buying bitcoin used to take significant know-how and days of waiting.) The most recent bust, in 2022, seems to have done little to deter crypto’s most ardent fans.

There might be more of them soon. For years, Trump was anti-crypto. “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he wrote on Twitter five years ago. He added: “We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

Today, he’s not just promoting shady crypto start-ups. He’s promising regulation that would allow banks to offer crypto assets to clients, making the United States the “crypto capital of the planet and the bitcoin superpower of the world.” Industry-friendly rules would lead to a flood of cash entering the crypto markets, enriching anyone with assets already in their wallets, but also increasing volatility and exposing millions more Americans to scams, frauds, and swindles.

Day-trading, sports betting, and crypto are three floors in one bustling, high-stakes casino. Many folks trade crypto and meme stocks on the same platform, thumbing over to a second app to keep their sports bets going, thumbing over again to post their wins and losses. Apps have made the experience social. They have also made staking money as frictionless as ordering Uber Eats.

[Charles Fain Lehman: Legalizing sports gambling was a huge mistake]

The players in this casino are overwhelmingly young men, roughly 40 percent of whom are into sports betting and crypto. (A smaller minority is actively trading.) No surprise, Richard Reeves, the president of the American Institute for Boys and Men, told me, when I called to ask about the bro-economy. “Risk skews male, period, for good and for ill,” he said. “There’s this greater willingness, appetite for, vulnerability to, tolerance of risk.” He appreciated how the activities gave guys something to do together and talk about with one another. He also noted how many young men felt shut out of traditional wealth-building strategies, such as homeownership.

Still, the bro-economy exploits its users’ penchant for risk. Crypto companies and betting sites do not generate value; they take cash from their users, reshuffle it, and redistribute it, while keeping a cut for themselves. Postmodern trading platforms encourage excess, making their margins on esoteric trades and superfluous volume. The casino lacks guardrails, not to benefit the bettors, but to benefit the house.

Musk and Trump have given young men something to aspire to. But their ascendance makes the stricter regulation of the bro-economy unlikely—and, in the case of crypto, makes deregulation a sure thing. Guys are about to lose billions and billions of dollars a year on apps designed to obscure risk and keep them coming back for a dopamine hit. Trump and Musk can afford to lose huge sums. Most young American men cannot.

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Donald Trump appears to experience the world through the glow of a television screen. He has long placed a premium on those who look the part in front of the camera. Paging Dr. Mehmet Oz.

Trump has picked Oz to lead the Centers for Medicare and Medicaid Services. CMS, as the agency is known, falls under the Department of Health and Human Services (HHS). Last week, Trump nominated Robert F. Kennedy Jr. to serve as HHS secretary. As you may have guessed, Kennedy and Oz are not only friends but kindred spirits. Oz is a global adviser at iHerb, a for-profit company that offers “Earth’s best-curated selection of health and wellness products at the best possible value.” He and Kennedy, two relative outsiders, are now positioned to enjoy a symbiotic relationship within Trump’s chaotic ecosystem.

Oz was last seen running for a Pennsylvania Senate seat in 2022. He lost to John Fetterman, who, despite dealing with the aftereffects of a stroke, carried the state by five points. Throughout that race, Oz struggled to combat the perception that he was a charlatan and carpetbagger who primarily lived in New Jersey. (Fetterman’s team repeatedly tagged Oz as an out-of-touch elitist, trolling him, for example, when he went grocery shopping for crudités and lamented high prices.) After that electoral defeat, Oz’s political dreams seemed all but dashed. But he wisely remained loyal to Trump—a person who has the ability to change trajectories on a whim.

In the pre-Trump era, it might have been a stretch to describe CMS administrator as an overtly political position. But Oz’s objective under Trump couldn’t be clearer. In a statement, Trump, using his reliably perplexing capitalization, telegraphed that Oz will bring a certain ethos to the job—a little MAGA, a little MAHA. Oz, Trump promised, will “cut waste and fraud within our Country’s most expensive Government Agency, which is a third of our Nation’s Healthcare spend, and a quarter of our entire National Budget.” And, because he’s Trump, he mentioned Oz’s nine daytime Emmy Awards.

Some 150 million Americans currently rely on the agency’s insurance programs, including Medicaid, Medicare, and Obamacare. Oz has been a proponent of Medicare Advantage for All. Though that sounds like the Medicare for All initiative championed by progressives such as Senator Bernie Sanders, the two programs are quite different. At its core, Medicare for All would set the U.S. on a path toward nationalizing health care. Trump would never go for that. But Medicare Advantage already exists within America’s patchwork private/public system, and Oz might push to strengthen it. He could also face budgetary pressure to weaken it. Oz’s own health-care views haven’t remained consistent. Though he once praised the mandatory universal models of Germany and Switzerland, as a Republican politician he threw his support behind privatized Medicare.

When asked about Oz’s nomination, Fetterman, his former opponent, told CNN: “As long as he’s willing to protect and preserve Medicaid and Medicare, I’m voting for the dude.” Some people were pissed. Victoria Perrone, who served as the director of operations on Fetterman’s Senate campaign, called out her old boss on social media: “Dr. Oz broke his pledge to ‘do no harm’ when he said red onions prevent ovarian cancer. My sis died of OC in 6/2022. This is a huge personal betrayal to me. We know he won’t protect the Medicaid that paid for her treatments,” Perrone posted on X. “I feel like I’ve been duped and 2 years of working on your campaign was a waste,” she added.

The above argument is illustrative of another reality Trump acknowledged in announcing his pick: “Make America Healthy Again” keeps growing. Oz, Trump declared, “will work closely with Robert F. Kennedy Jr. to take on the illness industrial complex, and all the horrible chronic diseases left in its wake.” He went a step further, promising that Oz will bring “a strong voice to the key pillars of the MAHA Movement.” Oz holds degrees from Harvard and Penn, and he worked as a professor of surgery at Columbia. In spite of that pedigree, Oz has spent years facing credible accusations of medical quackery for his endorsement of dietary supplements. In 2014, he received a dramatic dressing-down on Capitol Hill. Senator Claire McCaskill read three statements that Oz had made on his eponymous show:

“You may think magic is make-believe, but this little bean has scientists saying they’ve found the magic weight-loss cure for every body type: It’s green coffee extract.”

“I’ve got the No. 1 miracle in a bottle to burn your fat: It’s raspberry ketone.”

“Garcinia cambogia: It may be the simple solution you’ve been looking for to bust your body fat for good.”

Oz’s defense that day was that his job was to be a “cheerleader” for the Dr. Oz audience. “I actually do personally believe in the items I talk about in the show. I passionately study them. I recognize oftentimes they don’t have the scientific muster to present as fact, but nevertheless, I would give my audience the advice I give my family,” he testified.

He emerged from that hearing largely unscathed. Two years later, Oz would go on to read what he claimed were Trump’s medical records on that same show. He famously praised Trump’s testosterone levels and supposed all-around health. Four years after that, once Trump was president, Oz sent emails to White House officials, including Trump’s son-in-law Jared Kushner, pushing them to rush patient trials for hydroxychloroquine, an unproven treatment for COVID.

In the next Trump administration, those are the sorts of exchanges Oz could be having with Kennedy—or with Trump himself. How did we get here? Oz landed this gig because he’s good on TV, yes, but also because, when he entered the political arena, he fully aligned himself with Trump. The 47th president rewards loyalty. If there’s one thing that’s become clear from his administration nominations so far, it’s that.

Some of Trump’s appointments will be less consequential than others. Anything involving the health and well-being of tens of millions of Americans is inarguably serious. Oz’s confirmation is not guaranteed, but his selection has already confirmed that nothing about Trump 2.0 is mere bluster.

Related:

Trump is coming for Obamacare again. (From January) Why is Dr. Oz so bad at Twitter? (From 2022)

Here are three new stories from The Atlantic:

Another theory of the Trump movement What the men of the internet are trying to prove Arash Azizi: The problem with boycotting Israel

Today’s News

Republican members of the House Ethics Committee blocked the release of the investigation into the sexual-misconduct and drug-use allegations against former Representative Matt Gaetz. Jose Ibarra, who was found guilty of killing Laken Riley on the University of Georgia campus, was sentenced to life in prison without possibility of parole. Trump tapped former WWE CEO Linda McMahon, who previously led the U.S. Small Business Administration during Trump’s first term, to be the secretary of education.

Dispatches

The Weekly Planet: Drought is an immigration issue, and Trump’s climate policies are designed to ignore that, Zoë Schlanger writes.

Explore all of our newsletters here.

Evening Read

Video by Joanne Imperio / The Atlantic. Sources: Archive Films / Getty; Internet Archive; Prelinger Associates / Getty.

Put Down the Vacuum

By Annie Lowrey

The other night, a friend came over. A dear friend. A friend who has helped me out when I’ve been sick, and who brought over takeout when I had just given birth. Still, before he arrived, I vacuumed.

I thought about this while reading the Gender Equity Policy Institute’s recent report on gender and domestic labor. The study finds that mothers spend twice as much time as fathers “on the essential and unpaid work” of taking care of kids and the home, and that women spend more time on this than men, regardless of parental and relationship status. “Simply being a woman” is the instrumental variable, the study concludes.

Read the full article.

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Culture Break

Illustration by The Atlantic. Sources: Getty

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Stephanie Bai contributed to this newsletter.

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