grimpy21h ago

Bondi firing a reminder that even ultra-loyalists get dumped by Trump

https://lemmy.myserv.one/post/27424913

Bondi firing a reminder that even ultra-loyalists get dumped by Trump - Lemmy Myserv one

“Pam Bondi’s swift dismissal on Thursday underscores a reality that has met Trump loyalists from Jeff Sessions to Kristi Noem – no amount of loyalty is enough to save oneself from being dumped by Donald Trump. “Since the president assumed office last year, there have been few people more important to his effort to remake government than Bondi, his longtime friend.”

Show threadtrailee21h ago
The Guardian knows that Bondi was scheduled to be deposed by a congressional committee in a week and half, and has written about it previously but somehow didn’t see that as important enough to mention in the article about her firing. It’s disappointing journalism not to pull at that thread further. I suspect it’s the actual motivation to fire her at this exact moment.
Pam Bondi subpoenaed over Epstein files release by House committee

Lawmakers on both sides of aisle have criticized justice department’s improper redaction of information

The Guardian
Show threadresipsaloquitur20h ago
Can they still question her?
Show threadtrailee19h ago

I haven’t found any informed opinions on the matter, but I see a few high level options:

  • Her successor goes to the hearing instead and answers “I don’t know, I wasn’t there” to everything
  • She appears and answers “my security clearance was revoked when I got fired so I can’t discuss it”
  • Congressional shenanigans ensue to cancel her hearing on a thin pretext of she’s no longer the AG. The red team loves a thin pretext

If she’s found in contempt, she’ll be pardoned.

She won’t have a sudden change of heart and decide to give up all the dirt. She could have been more effective on the right side of history while she was still the AG, so it would be absolutely stupid of her to turn now.

Show threadresipsaloquitur19h ago
But how is the Dow?
Show threadtrailee

Head in the sand, ignoring the threat of collapse of the petrodollar, thus America’s ability to prop up its $39T national debt, thus the American economy.

France just had a boat successfully transit the straight of Hormuz, but I see no word on whether they paid a toll for the privilege or what currency they used for it. But other reporting says that the tollbooth only takes yuan now, and that’s a huge step towards destabilizing the dollar.

Smart, career public servants have long understood the petrodolllar advantage, but the government leadership has been nearly wiped clean and replaced by sycophants. They may or may not understand it, but they’re certainly not prepared to deal with it.

As far as I can see, the Russian interference that helped put Donny (back) into the White House is still paying off really well.

French ship crosses Strait of Hormuz after Macron backs Iran's sovereignty - Lemmy

Lemmy

Apr 3 at 6:11pmWeb
Show threadresipsaloquitur19h ago

I think Iran taking payment in renminbi is more about US sanctions than the dollar’s fall from grace.

Though two things can be true.

Show threadtrailee18h ago

It is, but the linked article is worth reading in its entirety. Relevant except:

Our leverage in enforcing compliance originates in part through our control of the global, US dollar-denominated economy. For those sanctioned countries, the cost of doing business rises dramatically. International settlements for trade become impossible or very difficult. Imagine having to pay for everything in cash – and imagine doing it in a currency no one else will accept.

That was the experience of Russia when the country was sanctioned after it invaded Ukraine. The Russians reacted by working with China and a handful of other countries to accelerate efforts to replace Swift and the US dollar as the reference currency for much of what they do, effectively nullifying a lot of those sanctions. Their systems, SPFS and CIPS, exist outside the world of the dollar. They can exchange goods and commodities seamlessly in ruble-yuan transactions. Brazil, India and South Africa are said to be working to integrate with the Chinese system.

It’s too late to undo. The Hormuz tollbooth currency is only a small part of it, but I’m really curious as to whether France paid in yuan. If so it would be would be very telling.

Show threadresipsaloquitur18h ago

I think if China were willing to run its currency in the world’s interest as the US has largely done since Bretton Woods the switch would have happened already.

China is too married to capital controls and undervaluing the renminbi.

I think the euro is more likely to become the primary reserve currency. Ze Germans love strong currency.

Show threadtrailee17h ago

I would argue that the US has run its currency in its own interests while providing the fig leaf of world interest and stability.

The yuan doesn’t need to replace the dollar as the world reserve currency to damage the US economy. Having an alternate financial settlement network for massive oil transactions is enough. As long as everyone needs to pay for oil in dollars, there is lots of demand for dollars, and the US can run enormous trade and domestic spending deficits, managing to maintain a AAA credit rating despite $40T in debt.

GWB went after Saddam Hussein not because of WMDs, but because he started selling oil in Euros instead of dollars.

Xi is really smart, and he has been building domestically for the long term. Despite many hiccups, CCP’s tightly managed capitalism/fascism has been very efficient in building tons of stuff domestically, making hay while the global trade sun has been shining. They would suffer greatly if global trade collapsed, but not as much as everyone else.

I expect that Donny has started WWIII and has no good way out. China has been waiting a while now for just the right time to attack Taiwan and unleash a host of consequences, and I’m guessing they will move soon. What better opportunity than after the US has removed experienced top generals (who refuse to commit war crimes and have some idea about what the hell they’re doing), and has used up most of their expensive missile interceptors somewhere else?

Having the alternate financial settlement infrastructure means that the US can’t use their economic leverage to strangle the world, so China could continue to trade with many countries over strenuous objections from the US.

But I’m not a historian or an economist, just a lightly educated armchair observer. Maybe I’m way off base.