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Steve Bannon

Trump 2.0 Is the Real Deal

The Atlantic

www.theatlantic.com › ideas › archive › 2025 › 01 › trump-administration-strategy › 681497

The first 10 days of Donald Trump’s presidency have seen such an onslaught of executive orders and implementing actions that Steve Bannon’s strategy to “flood the zone with shit” seems apt. But that characterization is incomplete, and it obscures a more frightening truth: The Trump administration’s actions have been not just voluminous but efficient and effective. Though Trump himself may not appreciate the depth of detail that has gone into these early days, his allies do appear to understand what they are doing, and they seem to have his unquestioning consent to do whatever they like.  

And what they want is very clear: to take full control of the federal government. Not in the way that typifies every change of administration but in a more extreme way designed to eradicate opposition, disempower federal authority, and cause federal bureaucrats to cower. It is an assault on basic governance.

A great deal of thought has gone into this effort already. The executive orders and sundry administrative directives and guidance that have been issued reflect a profound understanding of the federal government and exactly where the weak spots within the bureaucracy might lie.

Read: The strategy behind Trump’s policy blitz

Consider, as a first example, the order that reassigned 20 senior career lawyers within the U.S. Department of Justice. Because of their career status, they could not be unilaterally fired, but Trump’s team did the next best thing by reassigning them to a newly created “Sanctuary Cities” task force. With one administrative act, the senior leaders of public-integrity investigations, counter-intelligence investigations, and crypto-currency investigations—individuals with immense experience in criminal law—were taken off the board and assigned to a body that is, apparently, tasked with taking legal actions against cities that do not assist in Trump’s immigration crackdown. Their former offices were effectively neutered.

As my friend, the former federal prosecutor Randall Eliason, put it: “These are career people. They are not political. They are people who have been in these positions often many, many years or even decades. They have developed a real expertise, and that’s a great resource for the government.” A resource that is now lost.

But this is not merely an attack on expertise. This maneuver has a further effect: to disable opposition. Career employees with this degree of expertise and experience are exactly the type who would embody institutional norms and, thus, exactly the sort who could be expected, in their own way, to form a bulwark of institutional resistance to Trumpian excess. Moreover, three of the prosecuting sections of the DOJ that have been disrupted—public integrity (an anti-corruption unit), counterintelligence (combatting foreign influence), and crypto crime—are precisely the three units whose oversight might interfere with Trump’s activities, or those of his allies.

The same playbook was also used last week to hamstring environmental enforcement, by reassigning four senior environmental lawyers at the DOJ to immigration matters. The leaders of these four litigating sections are four of the most experienced environmental lawyers in the nation. Additionally, the Trump administration has frozen action on all cases handled by the Justice Department’s Environmental Enforcement Section, with substantial practical disruption. Once again, expertise has been lost and the functionality of government institutions has been significantly impaired, with the inevitable result that companies subject to environmental regulation (including Trump’s big corporate supporters) will be less policed.

One could continue with a number of other examples, whether the wholesale reassignment of 160 staffers at the National Security Council (responsible for coordinating crucial national-security matters at the White House), the reassignment of DOJ civil-rights leadership (enforcing DEI mandates), or the appointment Ed Martin (a January 6 denier) as the United States attorney for the District of Columbia. But the themes are always the same: Long-standing expertise is discarded and institutional effectiveness diminished.  

[Read: Trump can’t escape the laws of political gravity]

More to the point, however, these actions are a “deep cut” reflecting significant planning and intent. The chiefs at DOJ’s public-integrity or environmental-enforcement sections are by no means household names. Nobody outside their immediate ambit of authority would know who they are. And yet the extent of knowledge demonstrated by Trump’s team in reassigning them is extensive. Trump’s team knows which high-value targets might offer internal resistance, and it has removed them.

A second pillar of Trump’s effort to take over the government can be seen in his steps to eliminate any independent oversight of his actions.

Here, the headline is his attempted purge of at least a dozen inspectors general.  Inspectors general, as an institution, are perhaps not so little-known as the DOJ section chiefs who were dismissed, but as individuals, they are mostly anonymous. IGs serve as an internal check on waste, fraud, and abuse at federal agencies. They were created by Congress in the 1970s as a semi-independent authority intended to be insulated from presidential control. They routinely report to Congress and the public about misconduct that they identify for corrective action.

Indeed, Congress so highly values the independence, objectivity, and nonpartisanship of IGs that, following Trump’s first presidency, it passed a law strengthening that independence and limiting a president’s removal authority. No doubt recognizing the threat that independent oversight might pose to his planned actions, Trump’s (possibly illegal) removal order is a frontal assault on the careful monitoring Congress has sought to build into the government

To similar effect, the Trump administration has moved to eliminate the Pentagon’s Civilian Protection Center of Excellence. That relatively obscure office (with a budget of only $7 million and 30 staff), little noticed outside the Army, is intended to study ways of reducing civilian harm during combat. But Trump’s secretary of defense, Pete Hegseth, thinks that “restrictive rules of engagement” make defeating the enemy harder, but the protection of civilians is all about careful rules of engagement. Again, the Trump administration’s action reflects both a substantive desire to diminish oversight and a depth of bureaucratic knowledge that is extensive.

That depth can also be seen in Trump’s announced intention to fire three Democratic members of the Privacy and Civil Liberties Oversight Board. The PCLOB is an independent bipartisan oversight board reviewing executive-branch law-enforcement and intelligence surveillance activities. Yet, despite its crucial internal importance, the PCLOB is hardly a well-known institution. Save for those, like me, who work in that field, few, if any, outside observers could likely define the board’s role or name its members.

[Jonathan Chait: Trump’s second term might have already peaked]

And still, Trump’s team knew enough to identify an ingenious way of neutering the board. As an independent, statutorily created agency, it could not be eliminated. But the board does require a quorum to operate, and by firing three of its five members this past Monday, Trump effectively eliminated its oversight. As Senator Ron Wyden put it: “By purging the Democratic members of the Privacy and Civil Liberties Oversight Board, Trump is kneecapping one of the only independent watchdogs over government surveillance who could alert Congress and the public about surveillance abuses by his administration.” And he is doing so in a highly sophisticated manner.

Along with large-scale actions to reform government, Trump’s orders included a plethora of small-bore, petty-minded actions designed to implement his personal prejudices and desire for revenge. For example, he has stripped Anthony Fauci of his federal security detail. He has also dismissed Admiral Linda Fagan of the Coast Guard, the only woman who has ever led a military branch, on a transparently inaccurate claim of ineffectiveness. Likewise, he has stripped security protection from Mike Pompeo and John Bolton (both of whom are under affirmative threat from Iran). His administration’s ban on “activist” flags at U.S. embassies would be almost comical if it did not exemplify the coldhearted efficiency at the core of Trump’s new presidency. These actions are petty, but they also reflect the comprehensive nature of his purpose and the extent of his team’s planning.

Were it not so dangerous to democratic norms, the efficiency of these early days would almost be admirable, in the same way that one might admire a well-run play by an opposing football team. But politics is not a game, and this nation’s basic security and functioning are at risk. Those who oppose Trump’s actions do not have an incompetent opponent; Trump’s team is savvy and has been planning for this for years. They came ready.

The Problem With $TRUMP

The Atlantic

www.theatlantic.com › ideas › archive › 2025 › 01 › trump-meme-coin › 681452

On Inauguration Day, many felt real euphoria at the prospect of a wholesale renovation of America’s institutions. And, as I’ve argued often, our constitutional democracy does need renovation—the various elites are disconnected from the people, bureaucracy afflicts everyone, and many of us find it impossible to hold our elected officials accountable. Yet I fear that the renovations we’re about to get will take us in the wrong direction.

Americans have been yielding sovereignty to tech magnates and their money for years. The milestones are sometimes startling, even if one has long been aware of where things are heading. I was astonished and alarmed when I learned, in the summer of 2023, that Elon Musk had, within a span of five years, built an orbital network comprising more than half of the world’s active satellites. His share has now risen to more than 60 percent. Already in 2023, he controlled battlefield communications infrastructure used in the war between Ukraine and Russia. Musk is currently the head of Donald Trump’s new Department of Government Efficiency, known as DOGE, which is taking over the U.S. Digital Service. At the same time, he may be making a bid for TikTok’s American platform. Ownership of TikTok brings immense power. In December, the Romanian elections were canceled in the middle of voting because of fears that propaganda from Russia, by means of TikTok, was driving the election results.

Musk is well on his way to controlling the world’s communications infrastructure. This is not by accident. He swims in an intellectual universe, alongside his PayPal associates Peter Thiel (who funded J. D. Vance’s Senate campaign) and David Sacks (now Trump’s AI and crypto czar), whose writers advocate for replacing democratic leadership with a CEO-monarch, and argue that higher-IQ “sovereign individuals” should rule over people with lower IQs. Musk, Sacks, and Thiel all spent formative boyhood years in South Africa. As the historian Jill Lepore noted in The New Yorker, Musk’s grandfather took the family to South Africa for the sake of apartheid, having left Canada after being jailed for his leadership activities in the Technocracy movement, “whose proponents believed that scientists and engineers, rather than the people, should rule.” Thiel has made “freedom” his life’s pursuit. Since 2009, he has argued that freedom is incompatible with democracy, and that “the fate of our world may depend on the effort of a single person who builds or propagates the machinery of freedom that makes the world safe for capitalism.”

[Brooke Harrington: The broligarchs are trying to have their way]

Two original MAGA leaders, Steve Bannon and Laura Loomer, have railed against this “techno-feudalism.” That is what they see Musk and his allies trying to bring about, whether in collaboration with Trump or by using him as their puppet. For the first time ever, I find myself agreeing with Bannon and Loomer.

The whole situation went from concerning to surreal when, two days before his inauguration, Trump issued a meme crypto coin, known as $TRUMP. A memecoin is a form of cryptocurrency that has no value-creating function in the crypto ecosystem. Instead, it references some popular phenomenon and gains its value only because of people’s interest in that popular phenomenon. Typically, memecoins also lack the security that could render them a stable part of the crypto financial infrastructure.

The fully diluted value (or market cap when the full supply is circulating) of  $TRUMP, 80 percent of which is owned by entities that the Trump family controls, shot up within 24 hours of its release to more than $70 billion. It is now bouncing around between $20 billion and $30 billion—meaning the president now holds something like 75 to 80 percent of his wealth in crypto. That goes well beyond monetizing the Trump brand through T-shirts, gold sneakers, and steaks. This time, Trump has auctioned himself. Leaving aside the technical substrate, there is arguably little difference between $TRUMP and the president posting a deposit-only Swiss-bank-account number online, into which people can deposit funds and privately show him the receipts for their deposits. His personal wealth now depends on these depositors. He has turned himself—and therefore his office—into a for-profit joint-share stock corporation. People with $TRUMP in their crypto wallets are the shareholders.

[Read: The crypto world is already mad at Trump]

Who knows if the president intended this outcome, but leaders in the crypto space have long hoped for the replacement of nation-states with “network states” encompassing communities that come together on the blockchain. They are celebrating $TRUMP as the first crypto community to have gained control of a nation-state’s powers by capturing the president’s attention through control of his digital wallet. If what Trump has done is upheld as legal or becomes a norm, other global leaders have every incentive to do what he did, turning democratic governance into corporate governance. Melania Trump, for one, has already followed suit; her coin was issued a few days after Trump’s.

Last week, the DOGE homepage displayed the icon for Dogecoin, which Musk has declared to be his favorite coin, and which he holds. (He has faced litigation as a result of accusations that he sought to pump it up; the lawsuit was dismissed.) The icon appeared in vibrant color against a black background. It was removed within 24 hours.

Two features of the $TRUMP memecoin are especially troubling. First, there is the question of who owns the coin. Initial activity for sales of $TRUMP—and, therefore, its financial backing—came from buyers on the platforms Gate and Binance, which are restricted in the United States. Although it will take years of analysis to determine who the eventual beneficial owners are, the reliance on Gate and Binance suggests that early uptake occurred abroad, and particularly in markets controlled by U.S. adversaries—China, Iran, North Korea, Russia. As of 2023, according to a Wall Street Journal report, U.S. trading volume on Binance was very low. Users in China provided Binance with its greatest market share, at 20 percent of trading volume, and about 10 percent of Chinese customers were at the time identified as “politically exposed persons”—that is, according to the Journal report, “government officials, their relatives or close associates who require greater scrutiny due to their greater risk of involvement in bribery, corruption or money laundering.” Because memecoins depend on a collective belief in their value, investors (other than the issuer) who buy the coins are the people who hold up that value. Those early movers on the Gate and Binance platforms can be meaningfully understood to have handed Trump billions, at least on paper. (Steve Gregory, the Gate CEO, was invited to the inauguration.) They also hold power over that wealth. If they withdraw confidence and dump their assets, the value of the coin would trend toward zero. So Trump now appears to owe most of his new wealth to crypto investors in adversary states who are quite possibly closely connected to governments themselves—investors whom the rest of us are not able to identify, but who can identify themselves to him by proudly waving their $TRUMP-filled digital wallets.

[Read: Hawk Tuah wasn’t what it seemed]

Second, there is the question of what it means to convert political office into something that is subject not merely to the general pressure of financial influence but to the power of shareholders over an officeholder’s immediate personal wealth. This is of course why other presidents and senior executive-branch officials have sold off their investments or placed them in blind trusts for the duration of their terms. The neo-reactionary voices in the tech space—the NRx crowd, as they call themselves—have for some time wanted to take the powers of governance over territory out of the hands of nation-states and place them into the hands of platform-based collectives committed to capitalism first and foremost. For years we’ve watched the problem of money in politics get worse and worse, but the Trump coin takes the matter to another level. It provides the technical means for enabling the vision of total capture of governance institutions by tech communities.

What speculative futures are now possible? The president could easily organize a one-token, one-vote referendum—as many coins and decentralized autonomous organizations, which are built out of blockchain communities, already do—among asset holders on major U.S. public-policy issues. Think of it as a corporation giving shareholders their one vote per share. Yes, a corporation has to please its customers—in this analogy, American voters—but it really needs to please the shareholders who help sustain the share price. If $TRUMP were to introduce a voting mechanism for asset holders in this way, it would immediately implement the long-held anarcho-capitalist dream of converting global governance regimes into for-profit joint-stock corporations—minus any Securities and Exchange Commission disclosure requirements, which the president has hinted about relaxing. If other leaders do what Trump has done, then we would see global governance structures generally privatized—and political leaders provided with great incentives to collude with the common interest of capital holders, rather than governing for a true cross-class common good.

Where would that leave voters? In a position somewhat akin to fans at WWE wrestling matches. Politicians, all beholden to a community of shareholders separate from their voters, would collude in steering toward benefits for those shareholders, while pretending to fight one another in public. Imagining such a possibility would seem crazy if people in the tech world hadn’t been writing so much about just this kind of governance structure—and if the technical pieces weren’t now all falling neatly into place.

Trump promised back in 2016 to “drain the swamp,” and he was correct, as I’ve written before, about the need to restore experts to their rightful place as servants of the people rather than quasi-autonomous technocrats who order the world as they think best. But instead of draining the swamp, Trump appears simply to be importing even larger crocodiles from Silicon Valley: multimillionaires and billionaires who mostly couldn’t give a fig for self-government of, by, and for the people. The man who vowed to slay the old “deep state” appears ready to accept a new, more totally controlling, one.

[Read: The Trump sons really love crypto]

Speaking recently on NPR, Bannon used the term techno-feudalism again and went on to explain: “These oligarchs in Silicon Valley, they have a very different view of how people should govern themselves … They don’t believe in the underlying tenets of self-governance.” This seems right. In his inaugural address, Trump echoed Lincoln, promising a new birth of freedom, but just a few rows behind him, among other tech luminaries, was Musk, nearly levitating with joy when Trump promised territorial expansion both on this planet and in space and cheered for DOGE—Musk’s agency and his favorite memecoin.

The principles of popular sovereignty were hard-won—principles that vest the ownership of government in we, the people, not they, the owners of memecoins. When early Americans before, during, and after the Revolution sought to make self-government durable, they circulated pamphlets that articulated the values and tools necessary for successful self-governance. The renovations we need will similarly depend on real understanding of self-government. I’ve been a civic educator my whole life, but now I see an even more urgent need to pick up the pace at which we spread the Declaration of Independence, the Constitution, and The Federalist Papers, as well as works that have updated those texts, to sharpen our collective understanding of what popular sovereignty requires.

After the British government first allowed the East India Company, traffickers in tea, to rule India, and then fell into a full fiscal entanglement with the company, Americans dumped the company’s tea in Boston Harbor. Maybe it’s time to dump Dogecoin.