The art of the steal: How Trump is turning markets into a casino

When US President Donald Trump returned to office promising to run America like a business, Wall Street rejoiced in the anticipation of a reduction in government debt, slashed regulation, and corporate tax cuts.

Having now crossed the first 100 days, it’s clear Trump is indeed running America like a business. Unfortunately for us, it’s one of his businesses, the likes of his Atlantic City casinos, which he bankrupted whilst allegedly lining his own pockets.

In Trump’s financial market casino, it’s the (White) house that always wins.Credit: Aresna Villanueva

This time he appears to be bankrupting the United States while using the White House to pump and dump financial markets, creating unprecedented volatility and trashing America’s global standing. Even as Australians, we have a stake in the United States stock market, so now it’s personal.

While I was largely indifferent to Trump’s foray into culture wars, his apparent gaming of financial markets for personal enrichment has proven to be too much chaos for me to abide. As someone who expects the highest of ethical standards from politicians, I believe Trump’s recent moves have surpassed those of any president.

In early April, as global financial markets plunged in response to his barrage of tariffs, Trump took his presidential helicopter to a golf tournament sponsored by Saudi billionaires.

The following week Trump announced on his social media platform Truth Social, which the most diehard MAGA lackeys follow, “This is a great time to buy.”

Less than four hours later, he announced a pause to implementation of his tariffs that made the S&P 500 jump to its third-best day in history, seemingly delivering himself and his billionaire mates instantaneous jackpots.

“NASDAQ call volume [bets on an increase in stock prices] spiked minutes before the tariff pause announcement. Not a good look at all,” wrote Spencer Hakimian, Founder of Tolou Capital Management in a post on X.

Later, video surfaced of Trump in the Oval Office appearing to brag about the day’s stock market gains, “He made $US2.5 million [$3.8 million] today and he made $US900 million – that’s not bad,” Trump said, pointing to his guests, one of whom was reportedly Charles Schwab, founder of the world’s largest retail stockbrokerage firm.

In following days, Democrats wrote to the Securities and Exchange Commission demanding an investigation, but given the SEC is one of many oversight bodies that Trump and Elon Musk’s Department of Government Efficiency is taking the axe to, I doubt any findings will be made.

While Wall Street might have rallied, it’s likely Main Street has more pain to come, but of course, that will all be Biden’s fault.

It’s just the most recent in an increasing long rap sheet of ways he is using the office of the president to affect financial markets.

First came the commodification of his social media company, Truth Social, effectively turning himself into a tradable asset, and in doing so, creating a system through which foreign actors and others could potentially influence him and buy presidential favour.

Then came the $TRUMP meme coin ahead of his inauguration, which rocketed more than 1000 per cent in two days, generating hundreds of millions in paper wealth for Trump’s affiliated entities.

More recent alleged cronyism includes using the White House driveway for the product placement of Musk’s Teslas, introducing tariffs on competing automotive manufacturers, and paving the way for Musk’s Starlink to secure lucrative government contracts.

And it shows no signs of ending.

His latest move is holding private dinners for those who buy his cryptocurrency meme coin, auctioning off presidential access like a meat tray at your local RSL, or for the more traditional influence peddlers, for a spare $US500,000 you can join the “Executive Branch Club” to rub shoulders with crypto tsar David Sacks, and other West Wing officials.

While markets have since bounced back from their tariff war sell-off, experts warn that empty shelves and a recession are still coming for everyday Americans. So, while Wall Street might have rallied, it’s likely Main Street has more pain to come, but of course, that will all be Biden’s fault.

In Trump’s financial market casino, it’s the (White) house that always wins.

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