The new cover of Time thinks so.
Real populism is usually rooted in left-wing economic policies of soaking the rich, import-substitution trade policies and zero concern of protecting the wealth of the elites, which is mostly held in the financial genre of public and private equity (around 60 percent).
In 2016, the Democratic Socialists of America (DSA) had 5,000 members; since then, its dues-paying membership has multiplied more than tenfold. This new energy on the left terrifies chief executives and billionaires, and yet many of them have been voicing similar alarms about a crisis of capitalism. Ray Dalio, the billionaire co-chairman of the investment firm Bridgewater Associates, warned in April that America faced a “national emergency” in capitalism’s failure to benefit more people, and he pronounced the American Dream lost. The anti-capitalist impulse has some purchase on the right too. Before he pushed a tax cut that lined the capitalists’ pockets, Donald Trump ran, most improbably, as a Republican skeptical of the financial elite’s loyalty to Americans. On Fox News, Tucker Carlson has entertained a surprising skepticism of capitalist doctrines and said positive things about Warren. – Time
Trump’s populism is one that cuts taxes for the rich, make cosmetic tweaks to trade deals as not to upset the markets, and leans heavily on the Fed to lower interest rates to keep the stock market inflated. In other words, a Trojan Horse for the 1 percenters but he puts on one helluva great circus to entertain the base.
Not absolutely sure if it’s going to be 2020 — the predictions markets have cut Elizabeth Warren’s chances of winning the nomination in half in the last month — but maybe a pop lighter version until the demographics are stronger, but it is coming, folks. You can bank on a People’s QE.
Long pitchforks. Long inflation.