Finally Friday Reads: State of Exhaustion

“You know Hegseth is chomping at the bit to annihilate something for the Dear Leader.” John Buss, @repeat1968

Good Day, Sky Dancers!

I’m sorry I am so late, but I had to do some errands, including getting a new passport, which was way more complicated than the last time I did it. I wanted to get it done for several reasons, but top of the list was avoiding getting a passport with Orange Caligula’s nasty picture on its cover. I also do not want to be used as a tool of that ish that is Freedom 250.

The weird thing was that while I was cheerfully smiling in my last passport, they told me I could no longer smile. I have to look neutral, which comes off as grim. The Postal worker actually said they want it to look like a mug shot now. I hope that doesn’t portend anything for the future. But, frankly, the look on my face basically says I’m a very unhappy American.

I thought I had given my PDF copy of my application a look through last night, but it was nothing compared to what they expect to see now. I had to do a handwritten version after the consensus was that my middle name was no longer needed. They also took my last passport. My first passport was part of a family passport. They no longer have those, I guess. I brought the one prior to that, when I was married, but much like my interest in all that,  they weren’t the least bit interested. The Postal workers were sighing about the entire mess as much as I was. I have no idea what started all this, but I have DOGE and AI in mind as the primary hypothesis.

The majority of us are pretty broke right now. So, I’m not planning on a vacation at the Riviera. Part of me really wants the passport again in case things get any worse around here. Day after day, our democracy seems to be backsliding more quickly than ever.  Trump, however, has a bigger grift going than ever. This New York Times story is worth checking out. It’s reported by Jason Horowitz. “Trump’s Huge Windfall Has Few Known Global Precedents. President Trump’s earnings in office are at a level once unimaginable for any leader of a liberal democracy, particularly a sitting American president.”

Silvio Berlusconi, the Italian prime minister and billionaire mogul who died in 2023, is often considered to have set the mold for President Trump with his mastery of the news media, gilded taste and, above all, legislative maneuvers that drew accusations of conflicts of interest.

Mr. Berlusconi passed laws that appeared tailor-made to protect and benefit his family’s vast business empire. And his annual earning disclosures showed he had been paid tens of millions of dollars while serving as prime minister.

This week, new financial disclosures suggested that Mr. Trump has broken that mold by making at least $2.2 billion in his first year back in the White House, including about $1.4 billion from his family’s cryptocurrency businesses.

Mr. Trump’s profits are a haul once unimaginable for any leader of a liberal democracy, particularly a sitting American president. No modern Western leader has ever publicly disclosed such big windfalls while in office.

The Trump family’s earnings, experts said, have moved him into an echelon of enrichment more associated with strongmen in Russia and Turkey.

His gains were all the more striking because the United States has long positioned itself as a standard-bearer for financial regulation, anti-graft measures and the rule of law. Yet his cryptocurrency earnings highlight an unusually glaring conflict: As president, Mr. Trump oversees the regulation of an industry that, as a businessman, he also greatly profits from.

The White House has denied that Mr. Trump or his family had engaged in conflicts of interest and he has personally brushed aside such concerns, saying this week: “I never speak to any of the people that run the money.”

That reluctance to acknowledge any conflict now makes it harder, experts said, for anti-corruption investigators in countries big and small to combat behavior that the United States, until Mr. Trump’s presidency, once condemned.

“How the U.S. behaved was quite influential in shaping international norms,” said Professor Liz David-Barrett, director of the Center for the Study of Corruption at the University of Sussex.

Now, Mr. Trump’s windfall has undermined the idea “that there is a standard to which we should all be aspiring,” she said. It was now easier for other global leaders to ask “‘why should I regulate my behavior?’ when the greatest power in the world” is not regulating its president, she added.

Newsweek has more numbers and analysis under this headline. “Trump Says Family Faces Constant ‘Conflict’ Under White House Spotlight.” The Trump Family Crime Syndicate knows no boundaries.

Questions surrounding the Trump family’s business interests have followed the president throughout both of his administrations, but critics say those concerns have intensified during his second term as the family’s portfolio expands into areas including cryptocurrency, international real estate and private investments.

Trump’s latest financial disclosure report drew particular attention because it showed substantial income tied to crypto ventures associated with the family. The filing included hundreds of millions of dollars connected to World Liberty Financial and related businesses.

Supporters of the president say that Trump has complied with applicable ethics requirements and note that federal conflict-of-interest laws do not require presidents to divest personal assets. Trump underscored that point in the CNBC interview, saying there was “nothing illegal” or improper about the family’s business activities.

Ethics watchdogs, including Citizens for Responsibility and Ethics in Washington (CREW), along with Democratic lawmakers and former government ethics officials, have argued that the Trump family’s expanding business ventures create actual or perceived conflicts of interest.

Warren, the top Democrat on the Senate banking committee, accused Trump of “brazen crypto corruption” this week after the financial disclosures revealed his family’s cryptocurrency ventures made more than $1 billion since his return to office.

“The crypto legislation heading to the Senate floor must prevent the president, vice-president, senior administration officials, members of Congress, and their families from profiting off the crypto industry,” said Warren in a statement. “If it does not, it will only turbocharge Donald Trump’s brazen crypto corruption.”

It’s not the first time Warren has issued a warning over Trump’s financial dealings with his family. In May 2025, Warren and Sen. Chris Van Hollen sent a letter to President Trump urging him and his family to divest from World Liberty Financial. They wrote that: “Your personal financial entanglements with foreign governments threaten to undermine U.S. national security.”

There’s a lot of information in it about Trump’s sperm discharges.

The brothers have significantly expanded their business portfolio in recent years. Their highest-profile ventures include co-founding World Liberty Financial, a decentralized finance platform that has generated hundreds of millions of dollars for the Trump family through token sales and a stablecoin business. They also launched American Bitcoin in March 2025, a cryptocurrency mining company, and have backed ventures through 1789 Capital, where Donald Jr. is a partner investing in defense, AI and technology companies.

They have pursued international Trump-branded licensing agreements in countries including Saudi Arabia, Qatar, the UAE, India and Romania, while expanding into firearms retail, drone technology and politically aligned consumer brands.

According to Forbes, Donald Jr.’s net worth increased six fold since between the presidential election in November 2024 and the end of Donald Trump’s first year back in office, in December 2025, jumping from $50 million to $300 million.

Something sure smells rotten. This is from The New Republic. “Kleptocracy Is Trump’s Most Lucrative Business Venture. His investments make money even when his ventures fail! ”  Timothy Noah has the story.

Being president of the United States is by far the most lucrative business venture of Donald Trump’s checkered business career. The June 30 release of his financial disclosure report makes this official. Trump has turned the American presidency into an extractive industry. In 2025, Trump mined more than $2.2 billion in income from being president, most of it from crypto, from which he extracted $1.4 billion. That’s all the more remarkable when you remember that crypto entered a slump last year and that investors in Trump’s crypto ventures who were not members of the Trump family lost $2.3 billion, according to a June 9 investigation by Tom Bergin of Reuters. It’s almost as if Trump’s ability to draw income from business ventures did not depend on those ventures being successful!

A cynic might observe that Trump’s special treatment is no different from that of American chief executives in the private sector who are similarly insulated from failure. But Trump’s payday puts theirs in the shade. The only CEO whose compensation exceeded Trump’s last year was Elon Musk, who (for now) is a category of one. Musk’s $158 billion pay package from Tesla last year was more than 15 times larger than the combined pay packages of the other 391 chief executives surveyed in late June by The Wall Street Journal.

If we set Musk aside, the highest-paid chief executive in the Journal’s ranking was Shankh Mitra, chief executive of Welltower, “a real estate investment trust focused on senior housing and healthcare.” Let’s leave for another day the ethics of harvesting a vast personal fortune from the physical and mental decline of one’s fellow human beings. My point here is that Mitra’s obscene pay package last year of $821 million was less than half of Trump’s $2.2 billion. Plus, I bet Mitra had to put in at least some actual work.

I observed a year ago that Trump is America’s first rentier president. A rentier is someone who makes his money through the possession of assets rather than the exertion of labor. Rentiers are capitalism’s nepo babies. Prior to Trump, the main rentier occupations were real estate and finance. Trump himself was a classic rentier capitalist, a rich kid who joined the family real estate business, exaggerated his success to a credulous tabloid press, and inherited $413 million from his more successful father. Trump moved the family business from dowdy apartment buildings in Brooklyn and Queens to luxury apartments and hotels in Manhattan and beyond, but many of these went bankrupt. In 2018, The Economist concluded Trump would have made more money had he been a more conventional rentier and invested daddy’s money in index funds.

The rentier presidency is a much more lucrative proposition than rentier capitalism, and one with which index funds can’t possibly compete. Crucially, there is no index fund that lets you acquire a stake without investing money or labor. During the 2024 presidential campaign the Trump family acquired a 60 percent stake in World Liberty Financial and was granted 75 percent on net revenues from token sales. (The Trump family stake in the company, the less valuable part of this deal, has since fallen to 38 percent.) Trump did not pay for these privileges, yet last year he earned more than $594 million from them. Neither is there any evidence, according to Reuters’ Bergin, that Trump ever paid for his stakes in the crypto firms ALT5 Sigma, American Bitcoin, or Celebration Coins. This last alone netted Trump more than $636 million last year.

One more short article before I ruin your Independence Day weekend. This is from Democracy Defenders Action.

Following is a statement by Amb. Norm Eisen (ret.), co-founder and board member of Democracy Defenders Action and Richard W. Painter, former associate counsel to President George W. Bush, regarding President Trump’s newly released financial disclosures. Amb. Eisen was the White House ethics czar for President Obama.

“President Trump’s financial disclosure reveals he is capitalizing on the presidency for personal gain on a staggering scale never seen in American history.

“Worse, he’s doing this while his administration refuses to regulate the very industry making him a billionaire several times over, leaving Americans exposed while his own meme coin soars. His cronies and family are up to their eyeballs in the grift.

“Make no mistake. His billions in personal profit don’t come out of thin air. Every dollar extracted from these schemes comes at a cost imposed directly on the American people—whether through weaker consumer protections, trust sold to the highest bidder or otherwise.

“Congress has the power to enact legislation now to prevent these types of conflicts of interest for the president, vice president and members of Congress themselves. They should also investigate and hold him accountable. By refusing to act, they are complicit.

“The American people will not tolerate this shocking greed. And they will hold accountable those who enabled it.”

I’m not sure about the American people’s inability to tolerate his shocking greed. I’m more worried they won’t pay attention to all the warnings and will not vote.

What’s on your Reading, Action, and Blogging list today?