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It is clear that although the laws on market manipulation are very clear, Trump is trying to secure an exemption for himself in this matter. The support he seeks to rally behind him lies hidden in the statements of Treasury Secretary Bessent. Bessent frequently states that from now on, it will not be "Wall Street" but the people who will win.

What is happening in bourgeois democracies?

Önder Kulak – Kurtul Gülenç

In the Western bourgeois democracies of the past, the showcase often cosisted of a recurring cycle in which the centre-right and centre-left took turns in power. Today, however, what’s on the agenda is the rise to power of authoritarian or fascist figures and parties confined within the boundaries of democracy. While some of them have already eroded these boundaries to a significant extent, they do not actually seek to break free from them. After all, they are no different from tamed hyenas. Without these boundaries, they are not quite sure what to do. In a sense, they feed off the conflict with the given democratic framework. Yet a transformation, outside of their control, has already been triggered within society and the structure of the state.

Unlike to the majority, there are many cadres within these political parties who want to go beyond the borders. These individuals are already present throughout the state apparatus, not just in their own parties. Meanwhile, their mass bases, constantly ideologically reinforced with harsh rhetoric keep pushing them to go further. When they do not, internal opposition or more radical movements try to mobilise the base through criticism and rally crowds by promising more. The example of Poland is particularly relevant here. As PiS has recently slowed its actions and retreated within the limits due to a strengthening opposition, it now faces the disappointment of its base and harsh criticism from movements such as Konfederacja.

In contrast to these relatively ‘disciplined’ examples, there are also actors who reject the boundaries of bourgeois democracy from the outset and seek to partially or even completely change the structure of the state. Trump is at the forefront of this group.

TRUMP 1.0

Even during his first term, Trump made it clear at every opportunity that he wanted to change the structure of the US state. His efforts were initially not taken very seriously until the Mexico Wall debate. The issue in these discussions was not the wall’s construction itself, but Trump’s use of a method he had already employed, now combined with “emergency powers.” The method in question was rendering the relevant law practically ineffective through forced interpretations, thereby enabling him to implement decisions freely.

Trump failed to get Congress to approve the budget he needed for the Mexico Wall, a key election promise, resulting in a government shutdown that lasted around thirty-five days from late 2018 to early 2019. In response, he invoked the president’s emergency powers, normally reserved for disasters and wartime. His justification was that there was a national security and humanitarian crisis on the US-Mexico border. Using these powers, Trump personally approved the budget he wanted and resumed the long-delayed construction of the Mexico Wall.

Trump’s use of emergency powers disturbed not only the Democrats but also Republicans. His justification was considered invalid, and there was no material evidence to support his claim. As a result, various individuals took the matter to court, but the outcome remained unchanged. By securing both official and civilian support around an anti-immigration stance, Trump implemented the decision without facing any major obstacle. This showed clearly how he could override the democratic framework with such backing.

TRUMP 2.0

After a break of one term, Trump returned to the presidential race much stronger. Aware of this, he is now trying to go beyond simply rendering laws ineffective and instead openly seeking specific exemptions for himself. The debates around market manipulation linked to Trump’s announced tariffs offer a significant example.

Trump’s announcement of unexpectedly high tariffs caused considerable upheaval in all US-based financial markets. As this turmoil continued, CNBC reported that the tariffs would be delayed by ninety days, triggering a market surge of nearly ten per cent. When this decision was later denied, markets sharply dropped again, sparking discussions of market manipulation. At the peak of these claims, Trump posted on his Truth Social account: “This is a great time to buy!!! DJT” an open attempt to influence company shares and thus the markets, further fuelling the backlash. Moreover, just hours later on the same platform, he personally announced the delay in tariffs, causing the markets to climb rapidly again. Many pointed to the large-volume futures transactions made in line with these developments before the announcements, while a video was leaked on social media showing Trump in the Oval Office allegedly congratulating those who profited from insider trading. The matter was taken to Congress with the accusation that Trump had engaged in overt market manipulation.

It is clear that despite the explicit laws on market manipulation, Trump is trying to secure an exemption for himself. The support he seeks for this is embedded in the statements of Treasury Secretary Bessent, who repeatedly asserts that it will no longer be “Wall Street” but the people who win. Yet, when looking at insider trades, it becomes obvious that it is not the people who are winning, but rather that the people’s anger at Wall Street is being exploited and it is the people who are once again losing.

It is likely that Trump, along with many other Western examples, will aim for much more in the coming days. The only force capable of standing in their way is the alliance of class movements and anti-authoritarian, anti-fascist forces.

See: Slavoj Žižek, Adını Söylemeye Cesaret Eden Bir Sol (Dare to Name the Left), Ayrıntı, 2021, pp. 91–92.

See also: Steven Horsford.

Note: This text has been translated from the original Turkish version titled Burjuva demokrasilerinde neler oluyor?, published in BirGün newspaper on April 19, 2025.