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Why I still believe in America

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Why I still believe in America

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“I believe in America.” That phrase has rattled around my head, throughout the rise, fall and rise again of Donald Trump.

Only belatedly did I recall that this comforting sentiment is the opening line of The Godfather. The words are uttered by Amerigo Bonasera: a man who has actually lost faith in America, and who is turning to a mafia don in search of vengeance.

Trump is now telling American voters that “I am your retribution” — appealing to all those who have been “wronged and betrayed” by the system.

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It is all very Don Corleone. And it is working. Trump is generally ahead of Joe Biden in the polls for the 2024 presidential election. He is the bookmakers’ favourite, not just for the Republican nomination, but for the presidency.

So how can I keep the faith in America, when the voters seem poised to elect a man who faces trial for trying to overturn the last presidential election?

“Believing in America” can mean two distinct things. First, you can believe in what America stands for. Second, you can believe that America will come good in the end. The two ideas are related — but they are not the same.

My belief that America is a force for good in the world has led me, over the years, into some bitter arguments — even in Britain, which counts itself as America’s closest ally. Whether it was the Vietnam war, Ronald Reagan’s arms build-up, the Iraq war or gun violence, America’s passionate critics have always had plenty to point to.

My usual response is that, like every great power in history, America has done terrible things. But in the three great global confrontations of the last century — the first world war, the second world war and the cold war — the US was on the right side. In fact, America was the decisive factor in those conflicts, ensuring that the democratic world prevailed over autocracy or outright dictatorship.

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That is why so much rides on my second form of belief in America — the belief that the US will come through in the end. For the past 80 years, America really has been the “leader of the free world” — both an example of democracy in action and as the protector of its fellow democracies, through a network of alliances with other free countries in Europe and Asia.

If democracy begins to crumble in America, then liberal democracies all over the world will be in trouble. It is reassuring that the world’s richest and most powerful country is a fellow democracy. In a second Trump term that sense of reassurance might disappear.

Many Trump supporters will respond that, if their man wins the election, his victory would be an example of democracy in action, not of a slide into autocracy. But a Trump election victory could not scrub the record clean.

We know the character of the man. Trump is somebody who has already demonstrated that he has no respect for the most basic of democratic procedures — a free election. His promise of “retribution” also involves repeated threats to put his political enemies on trial, ranging from Biden himself to Mark Milley, the former head of the Joint Chiefs of Staff. Unlike the indictments against Trump, these would not be cases brought by independent prosecutors who have weighed the evidence. They would be political show-trials ordered by the country’s leader. That is the hallmark of an autocracy.

So how do I keep believing in America under those circumstances? First, and most obviously, nothing is foretold. There are still many months to go before the election in November.

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Second, America’s period of greatness and global leadership has always involved turmoil and melodrama, from John F Kennedy’s assassination in 1963 to the “war on terror” under George W Bush. In the end, the country always righted itself and its underlying dynamism and constitutional system reasserted themselves. So it seems unlikely that this latest melodrama — “America season nine”, as some call it — will bring the series to a definitive and tragic conclusion.

The melodrama that America churns up — even the Trump melodrama — can be a sign of vitality as much as sickness. The US is a country with a rebellious, anti-establishment streak that allows it to shake things up and constantly reinvent itself. Voting for Trump is a sign that people are demanding fundamental change. And even if Trump is not the right answer, his emergence is a sign of that restlessness and refusal to settle for the status quo.

Trump’s enduring popularity may even belatedly be prompting some necessary self-examination by the American elite. Biden’s effort to put equality back at the centre of US economic policy is one example of that correction. So is the beginning of a backlash against “woke” thinking. As one Biden aide put it to me, in a moment of introspection: “We’ve realised that a lot of people are frightened of the American left.”

Trump’s “retribution” against the left could take the US off in some new and frightening directions. But I believe in America enough to think that it would take more than one more term of Trump to destroy American democracy. The US is not Hungary. It is a big, complex country with many different sources of power and wealth. Trump and his acolytes could not bring them all to heel, in just four years.

So you can still count me as somebody who “believes in America”. Me and Amerigo Bonasera.

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gideon.rachman@ft.com

Bid for lunch with Gideon Rachman and all proceeds go to the FT’s charity the Financial Literacy and Inclusion Campaign (FLIC)

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Bessent on Trump’s crypto earnings: “I don’t think there’s an appearance problem”

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Bessent on Trump’s crypto earnings: “I don’t think there’s an appearance problem”

In an exclusive interview with CBS News on Thursday, Treasury Secretary Scott Bessent said he doesn’t believe the recent disclosure of President Trump’s billions in crypto earnings is problematic for the president. 

“I don’t think there’s an appearance problem,” Bessent told CBS News anchor and MoneyWatch correspondent Kelly O’Grady regarding Mr. Trump’s earnings.  

According to a financial disclosure released earlier this week, Mr. Trump has earned approximately $1.4 billion from his crypto ventures since beginning his second term. Those include his “meme coin” $TRUMP and earnings from World Liberty Financial, a cryptocurrency company backed by the president and his family.

Congressional Democrats have criticized Mr. Trump’s crypto windfall, arguing it presents a conflict of interest since his administration has sought to loosen regulations on cryptocurrency.

“This is an innovation presidency,” Bessent told CBS News. “So whether it’s digital access, whether it’s AI, whether it’s everything that is going on in the tech ecosystem that, you know, all Americans are benefiting from that.”

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White House spokesperson Anna Kelly told CBS News on Tuesday that “there are no conflicts of interest” in the disclosure.

In his interview with CBS News, Bessent also touched on the latest developments with the tax-deferred Trump Accounts and his outlook for the U.S. economy as it grapples with the impacts of the Iran war.  

Economic relief is coming for American families, Bessent believes

The Treasury secretary said his message to Americans who are experiencing strain at the grocery store and at the pump wrought by the Iran war is that “we’re going to get to the other side of this.”

Since the war began in late February, halts to shipping traffic in the critical Strait of Hormuz, which handles roughly 20% of the world’s global oil supply, have led to rising gas prices, which have in turn accelerated inflation and raised costs more broadly. In May, the annual inflation rate rose to 4.2%, according to the Labor Department, its highest level since April 2023. 

The average price of a gallon of regular gasoline on Thursday was $3.83, according to AAA. At the height of the war, gas prices topped $4.50 a gallon, but have steadily declined in recent weeks as oil prices return to near prewar levels and the U.S. and Iran negotiate over a more permanent end to the war

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Bessent said he is hopeful that the average drops to $3 a gallon by Labor Day.

“Gasoline prices are a little stickier on the way down,” Bessent said. “We’re trying to give the gasoline retailers a little bit of a nudge. We’re telling them we’re watching them. We’ve had some good uptake from some of the bigger retailers from some of the bigger retailers in terms of what they want to do for consumers.” 

Thursday’s jobs report from the Bureau of Labor Statistics showed that U.S. employers added 57,000 jobs in June, far below what economists had predicted, but the unemployment rate held steady, dipping slightly to 4.2% from 4.3% the month before. However, the report found that annual wage growth was 3.5%, below the rate of inflation.

Bessent described the discrepancy between wage gains and inflation as a “short-term spike,” and said he expects to see oil and energy prices continue to drop.  

“I would expect, perhaps, as soon as this month, we’re going to see real wage gains,” Bessent said.

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Asked whether the stock market’s strong performance in recent months, or the real-world pressure facing many Americans, is a more realistic view of the state of the U.S. economy, Bessent said he believes the market’s strong performance will be predictive of the direction the economy takes.

“The stock market lives in the future. So what the stock market is telling us is, presumably, what I am saying today, that we’ll get to the other side of this,” Bessent said. “Rates will come down and then we will be back up to real wage gain. So both can be true.”

Trump Accounts a tool to create “financial literacy,” Bessent says

The White House announced this week that beginning on July 4, Americans can begin contributing to Trump Accounts, a federal program launched earlier this year designed to help children under 18 invest money in the stock market and build savings before they reach adulthood, similar to how adults save for retirement.

“Thirty-eight percent of American households have no investment in our great equity markets, and we want everyone to share, you know, in the bounty that is the U.S.,” Bessent said. “In our innovation and our capital markets, and, you know, the economic engine, greatest in the history of the world. So, you know, over time, I would think that that 38% number would move toward zero. And then the other thing too is financial literacy.”

According to Bessent, more than 6 million Trump Accounts have been opened so far, and there are approximately 70 million children in the U.S. eligible for them.

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On July 4, the federal government will begin contributing $1,000 to accounts for eligible children who are born between Jan. 1, 2025, and Dec. 31, 2028. The Trump Accounts were part of the White House’s “big, beautiful bill” legislation passed last year.  

Bessent noted how wealthy philanthropists, organizations and states can also donate to the accounts, even by contributing public stock. Last year, Michael Dell, who founded Dell Technologies, and his wife Susan Dell announced they would donate $6.25 billion to the accounts, or $250 per person.

“I would expect that we are going to see, again from these philanthropic families and institutions and companies, I would expect that we would see the lower-income profile families, actually the accounts will be topped up more,” Bessent said.

Bessent said the accounts could also build throughout adulthood and be rolled into an individual retirement account.

“We want them to really understand the power of long-term compounding,” Bessent said of the families who take part in the program. “That you’ll own a share of a company, that many people have – bank deposits. They’re used to getting interest, they’re used to paying interest. So what we want them to understand is, what does a piece of the action feel like?”

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Ukraine latest / Limits of military might / Can major powers regain dominance? : Sources & Methods

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Ukraine latest / Limits of military might / Can major powers regain dominance? : Sources & Methods

A view taken on June 24 shows a heavily damaged multi-story apartment building following a recent attack, which local Russian-installed officials called a Ukrainian drone strike, in the town of Gorlivka in the Donetsk region, Russian-controlled Ukraine, amid the ongoing Russian-Ukrainian conflict.

AFP via Getty Images


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AFP via Getty Images

Four years in and Ukraine is still giving Russia a run for its money. Four months in and Iran shows no sign of bowing to U.S. demands. 

What do Russia’s fight with Ukraine and the U.S. war with Iran tell us about the limits of military might?

Host Mary Louise Kelly speaks with NPR’s Ukraine Correspondent Joanna Kakissis about the overnight attack in Kyiv, which comes on the heels of Ukraine’s drone assaults in Moscow. NPR National Security Correspondent Greg Myre joins them to talk about what the conflicts in Ukraine
and Iran say about military might and whether major powers can regain dominance. 

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Email the show at sourcesandmethods@npr.org

NPR+ supporters hear every episode without sponsor messages and unlock access to our complete archive. Sign up at plus.npr.org.

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Newsom’s office responds to SCOTUS ruling on women’s sports as California faces ongoing trans athlete wave

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Newsom’s office responds to SCOTUS ruling on women’s sports as California faces ongoing trans athlete wave

California Gov. Gavin Newsom’s office has responded after the U.S. Supreme Court made a historic ruling on trans athletes in women’s sports on Tuesday.

The court ruled 6-3 to uphold state laws that protect women’s sports from biological male trans athletes. California is one of 23 states in the country that don’t have laws to protect women’s sports, and since 2014, has had a law in place to protect the rights of males to compete against females.

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A spokesperson for Newsom’s office said the Supreme Court ruling will not impact California’s current setup.

SUPREME COURT MAKES RULING ON TRANS ATHLETES IN WOMEN’S SPORTS

California Gov. Gavin Newsom speaks during a press conference in Hayward, California, on March 2, where he criticized President Donald Trump’s decision to strike Iran. (Tayfun Coskun/Anadolu via Getty Images)

“The Supreme Court’s decision does not affect California’s laws. The state remains committed to ensuring every Californian, including the LGBTQ community, is met with dignity and respect,” the spokesperson told Fox News Digital.

A source within Newsom’s office provided Fox News Digital a bulleted list titled “As a Governor, Governor Newsom has the strongest record in the country on protecting and expanding transgender rights.”

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The list included several bragging points, including “making it easier to update gender markers on official documents,” and “appointed multiple trans judges.”

The list concludes by pointing out, “California is one of 22 states that have laws requiring transgender students to participate in sports consistent with their gender identity. California passed this law in 2013 (AB 1266) and it was signed into law by Governor Jerry Brown.”

Newsom’s state was ravaged by a trans athlete national media crisis in May, for the second year in a row and third time in total in one year, as prominent trans athlete AB Hernandez competed in girls’ sports.

Hernandez won two track and field state titles for the second straight year. Ahead of the first round of the state tournament in early May, “Save Girls Sports” protesters led by former NCAA women’s soccer player Sophia Lorey scheduled a press conference near the competition grounds.

AB HERNANDEZ ADVANCES IN CALIFORNIA STATE CHAMPIONSHIP AS SAVE GIRLS’ SPORTS ACTIVISTS RALLY NEARBY

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A source within Newsom’s office previously addressed the press conference in the days leading up to the event in a statement provided to Fox News Digital, prompting controversy and criticism from locals.

“The Governor has said discussions on this issue should be guided by fairness, dignity, and respect. He rejects the right wing’s cynical attempt to weaponize this debate as an excuse to vilify individual kids. The Governor’s position is simple: stand with all kids and stand up to bullies,” the statement read.

The governor faced mass backlash from activists across the country for his office’s statement. The controversy only exploded the very next week when it was revealed the California Interscholastic Federation (CIF) re-implemented a pilot program that bumped every girl who finished behind the trans athlete up by one spot on the podium. The change resulted in now-infamous imagery of Hernandez sharing podium spots with the female second-place finishers.

President Donald Trump’s Department of Justice is engaged in Title IX lawsuits against education agencies in California for its policies that allow trans athletes in girls’ high school sports. The lawsuit was officially launched in July after Hernandez won two state finals in triple jump and high jump, and won second place in long jump, at last year’s championships.

Newsom previously declared that he believed males competing in girls’ sports is “deeply unfair” during an episode of his podcast with the late Charlie Kirk in March 2025.

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Then in July 2025, Newsom spoke about the issue in an interview on the “Shawn Ryan Show” saying he has been “amazingly frustrated by it” and that he regularly encounters parents who are angry about the state’s policies at his children’s soccer games.

“Every parent coming up says, ‘It’s so unfair.’ Like ‘Whoa,’ like everywhere I went, progressively-minded people, not bigots, that are champions of trans policy like I am, but didn’t like the sports. They were like ‘come on man, you got to figure this out,’” Newsom said.

Newsom added that his allies in the LGBTQ caucus were “furious” with him after he made his initial comments in March while speaking to Kirk, and even recalled an alleged conversation with President Donald Trump about it.

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“Trump is having the time of his life, and I assure you he is because we’ve had conversations on this topic,” Newsom said.

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“And now he’s suing and threatening us, and they’re just, and you know, I’m the poster child,” Newsom added. “But I do think we have to address that issue.” 

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