Trump And The World

Leadership By Bluster, A Preview Of Trump’s Reality TV Presidency

Leadership By Bluster, A Preview Of Trump’s Reality TV Presidency
Philip Rucker and Marc Fisher 

WASHINGTON — For Donald Trump, little is more intoxicating and affirming of his own power than creating tornadoes and watching them tear across the landscape.

In the space of just 24 hours this week, the president-elect set off cyclones near and far that preview the drama he seems likely to bring to the White House.

Trump summoned two dozen television executives and news anchors to his offices Monday to berate them as dishonest and disobedient. He sought to strong-arm the British government into appointing his Brexit ally, Nigel Farage, as ambassador to the United States. He dropped his threat to prosecute Democratic opponent Hillary Clinton, disregarding his "lock her up" campaign chant and incurring the wrath of some reliable supporters.

Then there was Tuesday's meeting with The New York Times, the newspaper Trump loves to mock as "failing." It was scheduled, then canceled, then rescheduled. And once the president-elect settled in at the Gray Lady's boardroom, he softened his position on climate change, floated the idea that his son-in-law could broker peace in the Middle East, voiced new doubts about the effectiveness of torturing terrorism suspects, savaged Republicans who wavered on his candidacy and left unresolved concerns about how - or even whether - he would dissociate himself from his global business holdings to avoid conflicts of interest.

Whew.

Welcome to Trump's world, a never-ending drama in which the star lives in the moment and careens from controversy to controversy with a dizzying flood of tweets and seemingly off-the-cuff remarks to the media.

A new normal?

This could become Washington's new normal, as a billionaire who thrives on impulse, defies protocol and lives to entertain prepares to move into the White House. Trump's presidency will be a striking departure from that of Barack Obama, whose White House operates with the "no drama Obama" mantra.

This is a transformation Trump's legions of supporters are hungry for.

"People did elect change," said Sam Nunberg, a former Trump adviser. "He is a novel character. We've never had a magnate - a successful entrepreneur and celebrity who understands the tabloids and media saturation, and who thrives off it - elected. He's going to be the most open president we've had in terms of engagement. He's a people person."

Sean Wilentz, a presidential historian at Princeton University, said Trump's "reality show ruckus' has been striking and without precedent. "No previous president-elect, let alone president, has acted with the high-pitched drama that Trump has displayed," he said. "Five crises a day - keep "em coming."

Through more than four decades in business, Trump has taken pride in seeming to be both unpredictable and a somewhat mischievous rule-breaker. He delights as much in telling tales of misbehaving as a schoolboy as he does in describing how he maneuvered bankers into letting him keep control of his casino empire even after his companies had suffered a series of bankruptcies.

"All publicity is good publicity," Trump's mentor, the New York lawyer Roy Cohn, instructed the young real estate developer.

Trump took that advice to heart, providing news reporters with a steady stream of stories about his playboy social life, renegade business style and provocative positions on controversial issues. In 1990, at the height of the tabloid frenzy over the dissolution of Trump's first marriage, he said, "The show is Trump, and it is sold-out performances everywhere."

Big Feet? We'll never be the same — Photo: Iosonounafotocamera

During the campaign, Trump often seemed not so much annoyed as perplexed when news reports pointed out that he had contradicted himself or shifted positions on issues such as abortion or the Iraq War. "Who cares what I said 10 years ago?" he asked in a June interview with The Washington Post. "Nobody cares except you."

Trump explained that when he was speaking to large crowds at his rallies, he often looked not at the people down front but at the bank of TV cameras, checking to see if the red lights on the cameras were ablaze, indicating that his words were going out live on cable.

"I would say something new to keep the red light on," Trump said - and if that happened to diverge from what he had said years or even weeks before, that was secondary to keeping the red light on.

Aboard Clinton's campaign plane, meanwhile, the candidate and her aides would catch up on news and become agog by what they read about Trump's performances. Matt Paul, a former senior Clinton adviser, recalled in an interview shortly before the election, "People would just stop and say, "What?!" And Clinton would say, "What?!" "

Being provocative - being the bad boy who would, as one of his final campaign TV ads put it, "turn Washington upside down" - is central to Trump's conception of himself and his presidency.

A president who flips positions in pre-dawn tweets is a new phenomenon, but nonetheless one to which the world's leaders and diplomats could adapt, said Ryan Crocker, a former U.S. ambassador to six countries in the Middle East and Near East.

"Foreign leaders and diplomats are generally less concerned than many Americans are about the direction of the Trump presidency," said Crocker, who teaches at Texas A&M University and was a signatory to a letter that 75 retired senior diplomats sent in September opposing Trump. "They say, "Don't worry, you're a nation of laws, a system of institutions."

Of Trump's position flips and overnight tweeting, Crocker said: "Clearly, this is a style none of us are used to. Can you name another president who would come anywhere near how he operates? But personality is policy, and it's good that he is reaching out to foreign leaders, even if he's not following the protocol manual. He has a real opportunity to start building some international relations, and people overseas will adapt."

Every phase of Trump's career has featured a roller-coaster ride of relations with the news media, from overheated praise and near-wonderment at his successes to searing and embarrassing reporting on his personal flaws and professional failures. And each chapter of his life has led to basic questions about who he really is underneath the bluster and showmanship.

Trump himself often says that he is perplexed by such questions: He is, he says, simply a businessman, in it to win. And the path to winning, he consistently says, involves crushing his opponents, calling out the "losers' who criticize him, and saying what it takes to get where he's going.

In one of his best-selling books, Trump called that methodology "truthful hyperbole" - his term for statements that sometimes reach beyond the facts or contradict his previous positions.

If some people thought he would tamp that tendency to become, as he puts it, "absolutely presidential," his activities in the two weeks since the election indicate otherwise.

How will President Trump govern? Throughout his career, he had kept only his own bottom line in mind: "I was representing Donald Trump," he said. If others lost money, that was not his concern.

Now, Trump says, he will work not for himself, but for the country. He has never done that before, he said in the June interview, but will simply make the necessary pivot. "I'll just do it," he vowed.

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Society

Debt Trap: Why South Korean Economics Explains Squid Game

Crunching the numbers of South Korea's personal and household debt offers a glimpse into what drives the win-or-die plot of the Netflix hit produced in the Asian country.

In the Netflix series, losers of the game face death

Yip Wing Sum

-Analysis-

SEOUL — The South Korean series Squid Game has become the most viewed series on Netflix, watched by over 111 million viewers and counting. It has also generated a wave of debate online and off about its provocative message about contemporary life.

The plot follows the story of a desperate man in debt, who receives a mysterious invitation to play a game in which the contestants gamble their lives on six childhood games, with the winner awarded a prize of 45.6 billion won ($38 million)... while the losers face death.


It's a plot that many have noted is not quite as surreal as it sounds, a reflection of the reality of Korean society today mired in personal debt.

Seoul housing prices top London and New York

In the polished streets of downtown Seoul, one sees endless cards and coupons advertising loans scattered on the ground. Since the outbreak of the pandemic, as the demand for loans in South Korea has exploded, lax lending policies have led to a rapid increase in personal debt.

According to the South Korean Central Bank's "Monetary Credit Policy Report," household debt reached 105% of GDP in the first quarter of this year, equivalent to approximately $1.5 trillion at the end of March, with a major share tied up in home mortgages.

Average home loans are equivalent to 270% of annual income.

One reason behind the debts is the soaring housing prices. In Seoul, home to nearly half of the country's population, housing prices are now among the highest in the world. The price to income ratio (PIR), which weighs the average price of a home to the average annual household income, is 12.04 in Seoul, compared to 8.4 in San Francisco, 8.2 in London and 5.4 in New York.

According to the Korea Real Estate Commission, 42.1% of all home purchases in January 2021 were by young Koreans in their 20s and 30s. For those in their 30s, the average amount borrowed is equivalent to 270% of their annual income.

Playing the stock market

At the same time, the South Korean stock market is booming. The increased demand to buy stocks has led to an increase in other loans such as credit. The ratio for Korean shareholders conducting credit financing, i.e. borrowing from securities companies to secure stock holdings, had reached 21.4 trillion won ($17.7 billion), further increasing the indebtedness of households.

A 30-year-old Seoul office worker who bought stocks through various forms of borrowing was interviewed by Reuters this year, and said he was "very foolish not to take advantage of the rebound."

In addition to his 100 million won ($84,000) overdraft account, he also took out a 100 million won loan against his house in Seoul, and a 50 million won stock pledge. All of these demands on the stock market have further exacerbated the problem of household debt.

42.1% of all home purchases in January 2021 were by young Koreans in their 20s and 30s

Simon Shin/SOPA Images/ZUMA

Game of survival

In response to the accumulating financial risks, the Bank of Korea has restricted the release of loans and has announced its first interest rate hike in three years at the end of August.

But experts believe that even if banks cut loans or raise interest rates, those who need money will look for other ways to borrow, often turning to more costly institutions and mechanisms.

This all risks leading to what one can call a "debt trap," one loan piling on top of another. That brings us back to the plot of Squid Game, "Either you live or I do." South Korean society has turned into a game of survival.

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