In the current political landscape, Donald Trump manages to further entrench his crypto business ties with the UAE while the Democratic establishment turns its focus toward combating leftist voices like Hasan Piker. Meanwhile, Texas Democrats seem to be squandering their opportunities in key races. This post tackles these pressing issues, which I’ve been catching up on after a vacation in August. Today, we’ll explore the corrupt activities of the Trump administration, upcoming developments in the 2028 US elections, and the realities of the Large Language Model AI bubble.
Let’s dive right in.
The UAE Spooks Don’t Spook Trump, Will His Scams Spook Them?
On August 14, the Office of the Comptroller of the Currency granted preliminary conditional approval for the Trump family’s crypto venture, marking the first instance a sitting president’s family business has received a national bank charter.
Just 13 days later, the Wall Street Journal revealed that the largest stake in the holding company for that bank—49%—is controlled by Sheikh Tahnoun bin Zayed al Nahyan, the UAE’s national security adviser, also known as the “spy sheikh.” Tahnoun oversees G42, the Emirati state AI firm that has been cleared to procure advanced American chips. The Trump family entity holds another 38% of the bank.
It’s a curious partnership. Imagine the dialogue:
Donald, Jr: “Hey, you’ve got your fading petrostate money mixed with my patchwork of a crypto operation!”
Tahnoun: “And you’ve got your unstable finances in my otherwise solid portfolio of oil and Treasury bonds!”
Both: “This could lead to gains! Our enemies are closing in, but we’re clever enough to outsmart them!”
It’s quite telling that Sheikh Tahnoun is acquiring access to American AI technology while having such influence over a banking deal with the Trump family.
Just before Trump’s inauguration, Eric Trump signed a deal selling 49% of World Liberty Financial to a Tahnoun-backed entity for a staggering $500 million. Fast forward to July 10 this year, and the Commerce Department has elevated the UAE within the export control system. This means G42 can receive Nvidia Blackwell chips without needing individual licenses—from a bank owned partly by the Trump family.
Trump’s regime may lack a functioning navy or FDA, but the mechanisms facilitating his questionable financial dealings definitely operate swiftly.
For those curious about the detailed ruling from the Comptroller of the Currency, a dose of escapism might be needed to help digest its contents.
To summarize: Concerns were raised regarding conflicts of interest, the Emoluments Clause, and various regulatory considerations. The OCC acknowledged these objections but deemed them outside its scope, reasoning that World Liberty Financial “is not a party to this application” and its investors have no control over the Bank. Yet, according to reports, the Emirati vehicle directly owns the holding company.
It’s as if the Comptroller has taken Emerson’s wisdom on consistency to heart, ignoring contradictions where they suit the narrative.
The “bank” must hold a minimum of $20 million and is set to issue and manage USD1, the Trump stablecoin, which has an outstanding value of approximately $4.1 billion—meaning one dollar of capital for every 205 dollars in circulation.
Is that what the youth mean when they say someone got ratio’d?
A staggering 87% of this capital is held on Binance, whose founder Trump pardoned in October. With no deposit insurance, Community Reinvestment Act obligations, or Federal Reserve oversight, it seems the setup is intentionally crafted for a rapid exit.
Mark Goodwin and Whitney Webb anticipated something along these lines two years ago:
Trump indicated in a recent speech that he aims to utilize bitcoin as a method to manage U.S. government debt, promoting the expansion of dollar stablecoins. This could dollarize various economies globally, especially in the Global South, given the financial strains post-COVID.
Both Tether and Circle have acquired significant amounts of US government debt—over $150 billion. Tether has even frozen $435 million in tokens upon request from federal agencies, showcasing the controllable nature of such programmable money.
While ten senators have introduced a bill to roll back these developments as of January 20, 2025, the likelihood of it passing is slim.
Picture Don, Jr., Eric, Barron, and the Sheikh scrambling like a dark take on hobbits, trying to escape with their Precious before it goes awry.
Now, let’s shift our attention to the Democratic establishment, which seems more focused on defeating the left than confronting the Trump presidency.
Hasan Piker Is The Dem Establishment’s #1 Issue In 2028
In today’s Democratic landscape, losing a presidential election appears to hold less weight than maintaining individual positions or lucrative consulting roles. The only threat to a Democratic congressperson’s prospects is genuinely opposing the corporate agenda.
Following the victories of leftist candidates like Abdul El-Sayed in Michigan, Third Way launched a $15 million campaign targeting the Democratic Socialists of America (DSA), hiring a “Director of Anti-Extremism” to build a database of DSA statements. Their president, Jonathan Cowan, made it clear: they are preparing for an internal conflict, not against Republicans, but against Democratic nominees.
David Sirota aptly expressed this sentiment on social media:
Third Way’s announcement of a multi-million dollar campaign against the populist left confirms corporate Dems can sabotage candidates like Abdul El-Sayed, even if it risks their hold on Congress.
Just observe the turmoil stirred from a few comments made by El-Sayed supporter Hasan Piker, which escalated into a media frenzy.
In a matter of five days, 12 Democratic officeholders, including the chair of the DNC, condemned Piker for remarks he made regarding American Jews and their connection to Israel. Reading them as a cautionary note about rising anti-Semitism, I feel justified in saying that recent spikes in openly anti-Semitic rhetoric are alarming.
Piker attributed the backlash against him to resentment towards the left and his prominence as a political commentator.
Branko Marcetic contextualized this ongoing conflict in a piece for Jacobin:
Appointing Jared Moskowitz to oversee Middle East policy stands against the preferences of Democratic voters. Polls show majorities of over 60% in critical states support cutting off military aid to Israel, and Moskowitz’s appointment disregards their sentiments.
Moskowitz, a well-known proponent of Trump’s controversial Iran war policies and staunch supporter of Israel, effectively contradicts the beliefs of much of his party’s base. His appointment illustrates a dissonance within the Democratic leadership.
To put it simply: if the Democratic establishment orchestrates a victory against the DSA and progressive factions, it may find that it lacks any viable solutions to pressing issues once in power, leading to a resurgence of discontent, perhaps even fostering conditions for new versions of Trumpism.
Texas Democrats: Missing Opportunities
Turning our focus to Texas, US Senate candidate James Talarico has poured nearly $29 million into advertising, mostly positive, and has only recently attacked Ken Paxton. Despite the significant monetary advantage—Democrats outspending Republicans $31.5 million to $4.7 million—Paxton is still awaiting financial support from fellow Republicans.
The Democratic ticket looks more like a rumor than a serious contender, with lieutenant governor candidate Vikki Goodwin only having raised $368,000 against Dan Patrick’s mighty $37.7 million. Goodwin finds herself competing against a figure who has disrupted a thriving marijuana market in Texas, primarily benefiting small businesses.
Patrick, a figure of decidedly questionable morals, has also failed to attract financial backing for his campaign opposing THC sales, even as he received significant contributions from the alcohol industry.
With the right strategy, defeating Dan Patrick should be straightforward—voter sentiment is turning against him, especially among independents and traditional GOP supporters in rural areas.
Yet, the Democrats’ lack of organized campaigning undercuts any opportunity for success. If they work harder, they might manage to win despite themselves. The specter of a Keir Starmer-like scenario in Texas seems ever closer.
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- Mask-Off Moment as Paramount at Nexus of AI, Gulf State Financing, and Private Equity (Mar 2026)
- Weak Links Oracle, OpenAI, UAE Are Hammered by Iran War (Apr 2026)
- Self-Dealing and Self-Deluding Two Sides of Trump and His Ilk (May 2026)
- Resistance Meets Reaction, Pope, Pension Funds, Data Centers, Trump Crypto Edition (May 2026)
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