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Zsolt Kohalmi The Late Harvest's avatar

Michael, I am reading your very justified doubt-filled question. It is 4am in Budapest now, and I have to leave home, but will answer your question later today what Hungarians felt in 2011. I have the exact answer, I remember those days exactly. And all the following doubts, fears and actual events year by year up to now. Wait for my answers, including the sequence of events, and the recipe how to survive sliding down on Orbán’s killer slope. 15 years have passed, but Orbán’s system is more a wreck now, than a confident example to other sinister autocrats. He is still teaching them, and hopes to survive. The fight is on here, with good hopes for the better this time. (It is about time, finally)

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Robert Jaffee's avatar

“If you’ve read history, if you understand how fragile democratic norms can be, if you’ve seen how strongmen consolidate power step by step, then the current trajectory looks frighteningly familiar. It really, truly looks like we’re headed down the road that will lead to autocracy.”

Great information Michael, and wonderful newsletter as always.

Agreed! We’re seeing normalcy bias daily. I worked on Wall Street most of my professional career, so I speak to others from the Industry daily. And you’re right, everyone has been thinking that authoritarianism is a bridge too far; “it’s america, it can’t happen here!” I hear it all the time, or it’s as you’ve stated; I suffer from TDS, which I originally thought stood for The Daily Show!

That said, I sold most of my marketable securities in early February, when the government purges were taken place, and I was the epitome of the Cassandra Problem. And it wasn’t me they wouldn’t take seriously; it was the belief that we couldn’t become something different as a society; we’re the greatest democracy to ever exist. Yada, yada, yada!

Additionally, the thought process I heard over and over again was that “so many of the wealthiest and smartest supported Trump, how can these people be wrong?” “If what you’re saying is true, then why is Trump so popular?” Same song; different versions! Rinse, lather, repeat!

That said, as for Hungary, and whether we’d get there, and how long will it take? I thought about this for a while. When I have discussions with friends and some former military and intelligence people, I hear different opinions. Some say two years, others say never. There is no consensus, although it appears some people are coming around to my opinion.

However, when Orban took power, he didn’t have complete control of parliament, or the courts. It took time to consolidate power, and bring the media to heel. Not so much for Trump!

The MSM pledged fealty a year before the election. The Heritage Fiundation had a manifesto, which is almost a carbon copy of Orban’s playbook for years before the election. They recruited thousands of people to replace our current federal workforce years in advance. I hear estimates of up to 15-20 thousand vetted individuals for key roles in government.

Furthermore, the Plutocrats rallied around him, and Wall Street downplayed his ludicrous stances on tariffs and other harebrained economic schemes.

Moreover, by the time Trump was inaugurated, he controlled the legislature and the courts (they slow rolled several pivotal court cases before the election), and carved out an unconstitutional immunity clause in the Constitution for one man who wasn’t even in power at the time. This movement was coordinated, and well planned.

And when you consider how quickly he consolidated power and neutered the MSM, I’d say we’re closer to Hungary, or an authoritarian kakistocracy than we think. And when our citizens finally realize what’s happening, and fight back, he’ll invoke Martial Law and game over.

Personally, as much as I appreciate these debates and newsletters, we have to consider the fact that these morally bankrupt charlatans; including Heritage, The Federalist Society, and Trump’s criminal enterprise, have already succeeded in reshaping America for decades to come. It’s just that most of Americas haven’t gotten the memo, and maybe they never will, or don’t care!

Just some thoughts!…:)

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