America’s Drift Toward Autocracy Not Yet Priced Into Stock Markets

Posted on 28 september 2025 by Jeppe Kleijngeld

The rate at which Trump and his fascist thugs are installing an autocratic regime in the United States is breathtaking. Federal forces are deployed in cities with the instruction to use ‘maximum force’ against Americans, every institution that is not MAGA is attacked, and brown people are kidnapped off the streets by gestapo ICE agents by the hundreds. Every American who values democracy knows this is the fight of their lives.

The economic fallout of Trump’s policies is already visible. Tourism is struggling. Farmers are hurting. Ordinary people are seeing their spending power decline. Yet the stock market has held up surprisingly well since Trump took office. Certain sectors, especially tech, have enjoyed gains, even as volatility has spiked due to trade wars, tariffs, inflation risks, and global uncertainty.

Everyone understands America is facing serious long-term risks. Markets, however, are biased toward the short term: they price in near-term, quantifiable changes like tax or regulatory shifts. Longer-term and systemic risks – climate change, for example – are notoriously underpriced because they are difficult to time or quantify.

Authoritarianism, like climate change, unfolds gradually. Its costs are diffuse, slow to appear, and thus rarely priced in until too late. America’s drift toward authoritarianism under Trump is almost certainly underestimated by investors. Over time, it will be bad for U.S. companies and markets:

● Investors demand higher returns for exposure to countries where the rule of law is undermined.

● Arbitrary executive actions (e.g., against companies critical of the regime) would raise uncertainty and financing costs.

● Independent courts, regulators, and agencies provide predictability and contract enforcement. Authoritarian consolidation erodes these safeguards.

● Without reliable institutions, companies face a higher risk of politicized regulations, favoritism, or selective enforcement.

● Global capital depends on confidence in U.S. democratic stability. Authoritarian drift could lead to capital outflows, reduced foreign direct investment, and a weaker dollar as investors seek safer jurisdictions.

● Authoritarian systems often mean policy changes on a whim, benefiting allies and punishing opponents. That increases volatility, discourages long-term business planning, and incentivizes short-termism over innovation.

● U.S. authoritarianism could strain alliances (this is already happening), trigger retaliatory trade policies, and weaken American leadership in global standard-setting.

● U.S. competitiveness relies on being a magnet for global talent. An authoritarian shift could reduce immigration, drive skilled workers abroad (this is already happening), and create a climate of fear and censorship that stifles innovation and entrepreneurship.

● Institutional investors and consumers worldwide are increasingly guided by environmental, social, and governance (ESG) criteria. A U.S. move toward authoritarianism would damage its ESG profile, pushing pension funds and global asset managers to divest.

Historical Comparisons
Other countries that consolidated authoritarian rule show a clear pattern: markets initially underprice the risk, only to suffer later when the costs become undeniable.

Russia (Putin):
In the early 2000s, Russia was attractive to foreign investors. But once Putin consolidated power, arbitrary interventions like the Yukos oil seizure scared off capital. Valuations remained permanently discounted due to ‘Kremlin risk’. By 2022, geopolitical aggression fueled by authoritarian control triggered massive capital flight, sanctions, and an investment collapse.

Turkey (Erdogan):
Turkey was once an emerging-market success story. As Erdogan weakened central bank independence and concentrated power, the lira collapsed, inflation soared (up to 84%), and foreign direct investment dried up. Unpredictable regulations, cronyism, and politicized courts continue to suppress growth.

Hungary (Orban):
Orban’s erosion of rule of law and press freedom led investors to see Hungary as politically risky compared to peers like Poland or the Czech Republic. Reliance on EU subsidies deepened as private capital inflows shrank.

Venezuela (Chávez/Maduro):
An extreme case. Venezuela was once South America’s wealthiest nation. But authoritarian populism led to expropriations, collapse of the private sector, and irreversible capital flight. Markets underestimated the risks until it was too late.

Will Trump’s attempt succeed?
The jury’s still out on this one. Crucial will be the mid-term elections from next year where democrats can win back dominance in the House of Representatives and part of congress. I am personally very pessimistic about this. Trump will not allow the democrats to win and rig the election any way he can. I have a hard time seeing any other scenario than violent revolution to turn this nightmare around and undo the untold damage Trump is causing.

An Open Letter to Bob Iger (and Other CEO’s)

Posted on 21 september 2025 by Jeppe Kleijngeld

Before Donald Trump was elected president, it was predicted that he would go full dictator the second time around. In his first term, he tested the waters and experienced the barriers of executive power. In the four years out of office, he figured out how he could change the game should he get in office again – helped by the Heritage Foundation, who drafted the diabolical Project 2025, an elaborate scheme to turn America into a conservative, Christian white nationalist hellhole.

So what the Trump regime is doing now is no surprise: he is implementing the authoritarian playbook step by step.

A little more surprising to me last year was how many business leaders in the US supported Trump. I thought: really? A convicted felon, con artist, and rapist with no morals whatsoever? I guess I was still pretty naive and did not realize yet that out-of-control capitalism in the United States is really in the terminal, self-destructive phase in which unlimited greed will bring down the entire system. I was naive because I thought that at least some leaders could also be a force for good and bring positive societal change.

These leaders – if they even existed – have now completely vanished. They supported Trump because they thought he would be good for business (boy, were they wrong). The level of greed is beyond appalling.

Just as appalling is the lack of push-back since Trump started his grand demolition of the former Land of the Free. I cannot name a single CEO who took a stance against Trump from a moral or even a business standpoint. Most CEOs, like Tim Cook of Apple, have sucked up to him and capitulated in advance. The disgusting tech billionaires have declared themselves morally bankrupt and decided to join the autocracy from Day 1.

The latest example of this cowardice and reprehensible behavior is Bob Iger’s (CEO of Disney) capitulation to Trump. And this is one of the most damaging instances for the nation yet. ABC, a subsidiary of Disney Entertainment, canceled the show of comedian Jimmy Kimmel. They did this after Brendan Carr, chairman of the Federal Communications Commission (FCC) and Trump sycophant, threatened to pull ABC’s license after Kimmel made remarks about Charlie Kirk’s killer’s political leanings (“We hit some new lows over the weekend with the MAGA gang desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them and doing everything they can to score political points from it.” ) and cracked a joke about Donald Trump’s ultra short grieving process.

The canceling of a comedian on orders of the regime is really the final nail in the coffin of America’s democracy. And one man is responsible for this atrocity. I am talking about you, Bob Iger.

Iger had a good reputation, but now – with one fell swoop – he has torched it. He will go down in history as a gigantic coward who gave up to the fascists and didn’t even try to stand up to them.

And he didn’t even have to comply. The FCC doesn’t even have the power to revoke ABC’s license over their content. And besides, Kimmel hadn’t even said anything that was over the line. Compare his remarks to Fox Media Host Brian Kilmeade, who in the same week said that homeless people in the United States should get a lethal injection. A remark that has probably led to the shooting at a homeless shelter soon after. But this guy works for Fox News, which is already in Trump’s pocket, so he can get away with anything.

Bob Iger presumably did it because he wants to make deals (mergers and acquisitions), and he needs the FCC’s approval for that. So it was a cold and calculated business decision, as though morals, rules, and common decency don’t count anymore.

The irony is that Disney is the company that delivers America’s democracy this deathblow. Disney, with its classic movies about good versus evil. Disney, which was a stern advocate for inclusion and diversity. Now we know what these values really mean to them: jack shit.

Earlier this year, Disney released the second and final season of the Star Wars show Andor, the ultimate series about how to stand up to tyranny. The answer is that it takes thousands of actions by thousands of different heroes to defeat an authoritarian regime. Did you even watch that show, Bob? Then you might have picked up lines like: “The Empire cannot win. You will never be right unless you’re doing what you can to stop them.”

I think Iger, and these other gutless business leaders, made the wrong decision. For several reasons. First of all, you should never ever capitulate to a fascist leader unless perhaps your family is at risk. Otherwise, it is even better to be thrown in jail than to capitulate. Because when you do that, you’re corrupting your soul and enabling evil by which you make life more difficult for millions of people.

Secondly, if your bottom line is all you care about, this will suffer as well. Not only is Disney getting boycotted, but also Trump is wrecking the US economy. You might think authoritarianism is good for business, but only look at Vladimir Putin’s Russia to see that this is not the case. All right, the oligarchs might do okay for a while, but when things go south, they tend to start flying out of windows fast.

Thirdly, you may think that Trump is for sale, and sometimes he is, but as soon as you meet the demands of a bully he will always come back for more. With Trump, we have seen this countless times. Eventually, he will take you for everything you’ve got.

In other words, you fucked it up, Iger. Why don’t you grow a pair and go on television and tell Brendan Carr to go fuck himself and that Disney supports freedom and will resist authoritarianism in every type, shape, or form? The people will love you for it, and your bottom line will grow. Yes, you will probably lose your job, but at least you will be remembered as somebody who used his prominent position to stand up to the fascists.

Same goes for all the other CEOs out there… Shame on you for remaining silent in this time of crisis.

To conclude, I’d like to share this hilarious video my countryman Lubach made about Disney’s pathetic capitulation:

Andor Season 2: The Most Political Star Wars Show Arrives at Exactly the Right Moment

Posted on 24 mei 2025 by Jeppe Kleijngeld

Andor (2022–2025 – 24 episodes)
Creator: Tony Gilroy
Starring: Diego Luna, Denise Gough, Stellan Skarsgård, Adria Arjona & Kyle Soller

The second season of Andor leads directly into the events of Rogue One, which itself sets the stage for A New Hope. It’s a story of rebellion, defiance, and resistance – values the world desperately needs right now but seems to be running short on. The timing of Andor is striking, coinciding with an authoritarian shift currently underway in the United States.

The series opens with a thrilling scene in which the main hero, Cassian Andor, steals a TIE fighter. He struggles to fly it, leading to a daring and spectacular escape. Before taking off, he tells a resistance ally: “The Empire cannot win. You will never be right unless you’re doing what you can to stop them.” It’s a line that feels less like fiction and more like prophecy.

In the original Star Wars films, the Empire was portrayed as an all-powerful, faceless regime with little internal resistance. Andor pulls back the curtain, revealing the machinery of authoritarianism – and the cracks within it. We see how such regimes function, and we meet those who make them work. These Imperial functionaries are a million times more competent than the members of Trump’s regime, but they still run into their share of challenges.

Among these enablers of evil, Dedra and Syril – introduced in Season 1 – are the most fascinating. Now involved in a love affair, their current mission is to work on an energy programme on the planet Ghorman. The Empire wishes to extract a valuable mineral called Kalkite. Sound familiar? Dedra gets the top job, and Denise Gough shines in the role – utterly convincing as a sycophantic bureaucrat championing a fascist program to “Make the Empire Great Again.”

Andor is a refreshingly original take on the Star Wars universe, offering a chilling portrayal of life under autocracy. Ironically, it’s produced by Disney which like so many other free institutions is currently under attack by the Trump government for its commitment to diversity and inclusion. But Andor responds in kind: with fierce resistance. Its rebels – Cassian, his partner Bix, Luthen, and Mon Mothma – are flawed, human, and fiercely dedicated. They’re all willing to risk everything for the cause.

The story unfolds slowly but deliberately, structured into four arcs of three episodes each, moving steadily toward the Battle of Yavin and the destruction of the Death Star. We follow Cassian as he escapes with resistance fighters in the stolen TIE fighter; Mon Mothma as she balances a strategic marriage for her daughter with her political double life; and Bix, suffering from PTSD, hiding during an immigrant crackdown on a farming planet; a clear parallel to current global events.

Meanwhile, Dedra and Syril navigate their lives on Coruscant. Dedra handles her overbearing mother-in-law while being invited to join a secret imperial operation on Ghorman.

The pacing can be slow at times, but the show remains compelling throughout. In episode 8, the tone turns especially grim when a massacre takes place on Ghorman – evoking contemporary parallels to the genocide in Gaza. The killer droids deployed during the assault give us a harrowing preview of what future wars might look like. The rebels – and the audience – finally discover that Orson Krennic (a scene stealing Ben Mendelsohn) has spent ten years developing the Death Star. The Ghorman minerals were essential to his work, regardless of the cost to the planet.

From that point on, the narrative builds steadily toward the beginning of Rogue One. With its second and final season, Andor now stands as the best Star Wars series Disney has produced. The visuals are stunning – hard to imagine 20 years ago that a series could look like this in 2025 – and the story offers a bold, original angle within the Star Wars mythology. The cast is uniformly excellent. While many deserve praise, Diego Luna (whose name feels fitting for the galaxy far, far away) anchors the series with a nuanced, committed performance.

The political parallels are unmistakable. A stormtrooper arresting a senator in the Senate, Mon Mothma’s colleagues afraid to vote against Palpatine, state propaganda distorting the truth: these are no longer just fantasy. They’re reflections of what’s happening in the real world.

Andor also reminds us what revolution really is. It’s not one dramatic act, but a thousand small ones by people willing to make sacrifices. In the end, everyone is drawn in. Everyone must choose: become an enabler of tyranny or a rebel prepared to risk everything. For the characters in Andor, the choice is stark. There are no grey areas anymore.

The heart of the show – and perhaps our current moment – is best captured in Mon Mothma’s impassioned Senate speech: “When truth leaves us. When we let it slip away, when it is ripped from our hands, we become vulnerable to the appetite of whatever monster screams the loudest.”

Revenge of the Sith is 20 Years Old. It Is a Prophetic Vision of America Today

Posted on 18 mei 2025 by Jeppe Kleijngeld

TRUMP WARS

Episode III

REVENGE OF THE MAGA

War! The republic is crumbling under ruthless attacks by Maga Lord Elon Musk.
There are assholes on both sides. Evil is everywhere.

In a stunning move, the fiendish president Donald J. Trump, has wiped out trillions in stock market value with an insanely stupid and useless trade war.

As the separatist MAGA-republicans attempt to siege the Capitol with their law enforcement hostages, Bernie Sanders is on his way to kick some Republican ass…

The Dark Side Calling
Exactly twenty years ago, Star Wars Episode III – Revenge of the Sith hit Dutch theaters as the dark turning point in the Star Wars saga. I remember the Darth Vader posters hanging all around the city where I worked. It was a monumental cinema experience, but it was also a dark movie that depicted the fall of a Republic, the rise of an Empire, and the death of democracy at the hands of a terrible authoritarian. Not to mention the tragic fate of all the characters we had grown to love.

Today, it feels less like science fiction and more like prophecy, as the United States of America – once the leading democracy in the world – is now rapidly becoming an authoritarian dictatorship.

The opening shot of Revenge of the Sith is a real triumph. Anakin and Obi-Wan fly through the besieged airspace above Coruscant, and it’s all filmed in one terrific and dizzying shot. Technically, this might be the best of the Star Wars movies.

When Anakin and Obi-Wan board the ship where Palpatine is held hostage by Count Dooku and General Grievous, we notice that Anakin is wearing black clothes. This is already a symbol of where he is heading. But he is still a good guy here, unwilling to leave his friend behind in a time of trouble.

Obi-Wan looks a bit like J.D. Vance, the vice president in Trump’s regime. But make no mistake – he is nothing like him in character. He is a great Jedi Knight, just as Qui-Gon Jinn predicted he would become. Vance also looks like Count Dooku (the great Christopher Lee), and he is closer to this Dark Lord in character, though nowhere near as smart.

Then – in the showdown with Count Dooku – we get the first warning sign of Anakin’s approaching downfall. “My powers have doubled since we last met, Count.” Overconfidence, pride, anger… these are all hallmarks of a character vulnerable to Dark Side manipulation. Add fear to that, and Palpatine will have an easy mark.

Count Dooku provokes Anakin, leading him to tap into the Dark Side. He uses his anger and aggression to defeat Dooku by cutting off both his hands. Then Palpatine urges him to kill Dooku, and he does. It turns out Anakin had told Palpatine about his mother and the slaughter of the Sand People. Palpatine is using that information to turn Anakin.

So he already has his hooks in the young Jedi. But Anakin is still a good person at this point. He refuses to abandon a wounded Obi-Wan and ensures the entire team escapes from the cruel cyborg General Grievous.

Then Anakin pulls off an amazing emergency landing with a spacecraft. Visually, this parallels the Trump era, where burning planes and helicopters seem to fall from the sky regularly due to Elon Musk’s firing of air traffic controllers.

Fear is the Mind Killer
The Senate gives the Chancellor permission to continue the war against the Separatists. Dictators always use emergency powers to dismantle democracy – and Palpatine and Trump are no exceptions. Trump’s emergency powers are invoked for bogus reasons. The USA is supposedly at war with Venezuelan gang members. That is ridiculous, but in Trump-land, that doesn’t matter.

The reason for these powers in Revenge of the Sith is that General Grievous is still alive. But we see that Grievous secretly works for Palpatine. The General is worried about Count Dooku’s death, but Palpatine assures him, “Soon, I will have a new apprentice. One far younger and more powerful.” He is clearly preparing for his masterstroke.

Revenge of the Sith has a terrific cast. Ian McDiarmid is especially powerful, delivering his lines as though in a Shakespearean play.

Meanwhile, Anakin learns from Padmé that she is pregnant. This is the happiest moment of his life, he tells her. Of course, their love is extremely dangerous in a time of Dark Side seduction. And then it happens: the nightmare. Anakin sees Padmé, his great love, dying, and it terrifies him.

A coaching session with Yoda seems to bring some enlightenment: “Be mindful. Fear of loss is a path to the Dark Side.” If only Anakin had truly understood what those words meant.

Missed Warning Signs
Anakin and Obi-Wan meet, and Obi-Wan is worried about Palpatine, who is about to receive even more executive powers from the Senate. This parallels America today, where Trump has already made Congress powerless and is actively ignoring the courts.

Anakin meets with Palpatine, who flatters him by proposing he become the Chancellor’s representative on the Jedi Council. There are beautiful shots here of Anakin and Palpatine – clearly staged to resemble Darth Vader and the Emperor walking together. “I need you to be the eyes, ears, and voice of the Republic.”

He gives Anakin a special task – just as Trump did with Musk, sending him into government agencies to extract data and build a massive surveillance system, yet another weapon for his dictatorship ambitions.

Anakin is brought before the Jedi Council. They accept him, but do not grant him the rank of Master. His angry response should have been a clear warning sign. There were plenty of warning signs during Trump’s campaign too – like mimicking Hitler and other fascist leaders in his speeches.

“It’s unfair”, says Anakin. That’s practically a direct copy of Trump. Narcissists like Trump are always playing the victim. “No country has ever been treated as unfairly as the United States”, Trump often complains. And he constantly claims to be the victim of a political witch hunt.

Standing With the Underdog
In that fateful Council meeting, Yoda utters one of the greatest lines of the film when learning that the Wookiees are under attack from the Separatists: “Go I will. Good relations with the Wookiees I have.”

The battle on the Wookiee planet Kashyyyk recalls Ukraine – a country with limited arms being attacked by a massive mechanized army (Russia). Yet they are stronger, because they are defending their freedom.

In the Ukraine war, Trump has sided with Russia, because he doesn’t care about Ukraine. It is just a pawn in a much greater battle for global control. Russia could be seen as standing in for the Separatists, though they see themselves as an empire.

The Ultimate Gaslighter
Things in Revenge of the Sith turn ugly very quickly. This is another hallmark of establishing a dictatorship. Events accelerate so fast that the good guys – in this case, the Jedi – can’t keep up.

They ask Anakin to spy on Palpatine, because “our allegiance is to the Senate, not its leader.” Most Republicans in the USA seem to have forgotten this pledge. They are 100% loyal to Trump, which is the heart of Project 2025.

Anakin argues with Padmé, who suggests that maybe the democracy they were trying to protect no longer exists. The parallel to the USA is stark: the political system is heavily influenced by money, and democracy is no longer functioning.

Palpatine’s final move is to portray the Jedi as attempting to illegally seize control of the Republic. Trump similarly convinced Americans that “evil” Biden was doing the same through the so-called deep state. By encouraging conspiracy theories, anti-science views, and mistrust in institutions, Trump sowed the seeds for victory.

“All who gain power are afraid to lose it. Even the Jedi”, Palpatine tells Anakin at a beautifully staged space opera. Also: “Good is a point of view, Anakin.” Indeed, we now have two competing truths: the Trump-Fox News truth and the Biden-CNN truth. On social media, we live in separate bubbles.

“The MAGA rely on their passion for their strength. They think inward – only about themselves.” “And the Jedi don’t?” This is classic MAGA: twisting narratives to vilify their opponents.

Palpatine tells Anakin the Sith legend of Darth Plagueis and the secret to immortality. This is the film’s Faustian moment. Many in the Trump administration made a similar bargain: loyalty in exchange for power.

ORDER 66 – PROJECT 2025
Before Palpatine’s rise in the Star Wars prequels, the Sith had been extinct for a millennium. Trump was also in a deep hole after losing the 2020 election. But he made a comeback – first by taking over the Republican Party, then by preparing for a return to power through Project 2025.

Trump is like Palpatine in many ways, particularly in his hunger for absolute power. Even physically, his grotesque expression mirrors Palpatine’s post-transformation face. And make no mistake – Trump is a manipulator, exploiting anyone in his way. While he lacks subtlety or strategy, he remains extremely dangerous. His bulldozer tactics may hinder him, but America’s fate remains undecided.

When the Jedi try to arrest Palpatine, the fate of the Republic is sealed. “I am the Senate!”, he screams. That’s typical Trump, who also believes his executive power should be limitless.

He kills three Jedi and convinces Anakin to kill Mace Windu. “He is a traitor”, Palpatine gaslights Anakin. Windu makes one last attempt to persuade him: “He has control of the Senate and the courts. He’s too dangerous to be left alive.” If there is one line in the film that best reflects the current Trump predicament, it is that one.

But Anakin – afraid of losing Padmé if Palpatine dies – makes a fateful choice and cuts off Windu’s hands. Windu is then killed by the now monstrous-looking Palpatine. “UNLIMITED POWER!!!” Anakin’s descent to the Dark Side is complete. Then he carries out Order 66. “Once more, the Sith will rule the galaxy, and we shall have peace.”

Trump seeks to rule the galaxy like Palpatine. He wants control over universities, the media, and the courts. He wants to own Canada, Mexico, Greenland, Panama, and Gaza. And he wants world leaders to bow before him in the Oval Office.

A pressing question remains: will Trump have his own Order 66? Will he use the military to suppress his own people and further his autocratic goals? The first steps already seem underway.

Final Transformation
Palpatine quickly consolidates his power. He sends Darth Vader to kill the Jedi younglings and Separatist leaders, then holds an emergency Senate session to declare the Republic reorganized into the first Galactic Empire.

Padmé utters the now-famous line: “This is how liberty dies – with thunderous applause.”

Exactly. This recalls Trump’s victory, cheered by many – including business elites. His sycophants continue to praise him no matter what terrible things he says or does.

The finale of Revenge of the Sith is painful and heartbreaking – as it should be. Yoda and Obi-Wan discover the murdered younglings. Obi-Wan tells Padmé what Anakin has done. Then, after their brutal duel on Mustafar, Anakin is burned alive. It’s dark, powerful stuff.

In their final confrontation, Anakin tells Obi-Wan he now sees the Jedi as evil. Just like Trump and Musk view Democrats and the values they once stood for – like climate protection, freedom, and diversity – as evil.

“I sense Elon is in danger. His Tesla stock is burning.”
Elon Musk has similarities to Anakin. A smart, energetic kid with a passion for technology, he once did good – like supporting Ukraine with Starlink satellites. But he crossed a line. He’s transformed into a Dark MAGA figure and caused massive harm.

Like Anakin kills the Jedi younglings, Elon Musk is responsible for the deaths of thousands of children by slashing USAID funds. He has sunk to a level of evil that few would ever imagine to be possible. The only solution to the Trump-Musk regime is now complete destruction.

That shot where the Vader mask closes over Anakin’s burned face is powerful. His transformation is complete.

Final Thoughts
After the death of Padmé and the birth of Luke and Leia, Yoda and Obi-Wan go into exile – like Harris, Biden, and Waltz, after failing to stop the Trumpian menace.

After all that darkness, the film ends on a hopeful note. Leia is delivered to her adoptive parents. Obi-Wan brings Luke to his aunt and uncle on Tatooine as they look out at the twin sunset.