Trump’s Self-Dealing and the Question of Kleptocracy

3 Jun 2026 · 51 min · 21 chapters

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In short

David Kirkpatrick discusses his New Yorker investigation into Donald Trump’s self-enrichment during his second term and whether the U.S. is sliding toward a “competitive authoritarian” or hybrid regime.

Guest backgrounds

Kirkpatrick is a New Yorker staff writer who reported extensively on authoritarian politics, including serving as Cairo bureau chief for the New York Times during the Arab Spring. Tyler Foggett is a New Yorker senior editor. Andrew Marantz is referenced as the staff writer who co-discussed the topic with Kirkpatrick.

Key claims

Kirkpatrick estimates Trump’s presidency-linked self-enrichment at $3.4 billion, using conservative, cash-focused calculations and excluding illiquid assets. He argues critics’ “kleptocracy/oligarchy” labels overreach because he can’t prove quid pro quo theft, but he says the scale and speed of money-making create a “foreign government” incentive to seek favors. He also argues democracy backsliding is real but not yet at the “authoritarian rupture” stage; the U.S. still has elections, independent courts, and a free press, though these are under threat.

Notable examples

Gulf licensing deals tied to Saudi partners; India licensing expansion framed as more “arms-length.” Crypto-linked monetization (meme coins and Trump Media’s stock issuance used to buy Bitcoin/cash). Qatar jet uncertainty (not finalized; concerns about bribery tagging). “American Bitcoin” data-center/Bitcoin-mining structure where Trump brothers reportedly contribute mainly their name, ending with a 13% stake.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

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Introduction to the Episode

0:30 to 1:17

Tyler Foggett introduces a previous discussion on Trump's corruption.

“If you're like me, your to-do list has the magical ability to grow even when you're in the middle of crossing things off of it.”

Introduction to the Episode

1:29 to 2:10

Tyler Foggett introduces a previous discussion on Trump's corruption.

“At the time of our conversation, David had just written a groundbreaking investigation for The New Yorker about how much money Trump has made while in office, which he's since written a follow-up to.”

Investigative Report Overview

2:10 to 3:02

David Kirkpatrick shares findings on Trump's financial gains during his presidency.

“I'm Tyler Foggett, and I'm a senior editor at The New Yorker.”

Quantifying Trump's Profits

3:02 to 4:26

Kirkpatrick discusses estimating Trump's profits linked to his presidency.

“But to be honest, that number grew by more than a billion dollars just in the last two months through the latest of as many crypto enterprises.”

Analyzing Trump's Business Deals

4:26 to 7:16

Discussion on the legitimacy of Trump's business ventures during his presidency.

“You know, if I was a foreign government and I'm asking myself, should I do business with the Trump Organization?”

Valuing Trump's Assets

7:16 to 9:10

Kirkpatrick explains how he values Trump's assets and income streams.

“So that's the kind of distinction I'm drawing between what's not presidential income and what is.”

The Role of Crypto in Trump's Profits

9:10 to 11:29

Exploration of the significance of cryptocurrency in Trump's financial strategies.

“He's got a 10-year deal to license his name for some property in the Gulf.”

Emerging Business Ventures

11:29 to 14:00

Kirkpatrick highlights new business ventures involving the Trump family.

“that to buy Bitcoin and to stockpile cash as much as$3.1 billion in Bitcoin and cash.”

Understanding Trump's Profiteering

14:00 to 17:31

Explore the nuances of Trump's financial activities during his presidency.

“that has about$100 million in equipment and is about to become public and will probably trade for much more than that.”

The Comparison to Arab Monarchies

17:31 to 21:49

Discuss whether Trump's approach to public office resembles that of Arab monarchs.

“And I think the question, which we'll get into more, I think, after the break is, what can you do within legal means that would still be worrisome from a kind of strength or health of democracy point of view?”
Show all 21 chapters

The Comparison to Arab Monarchies

21:54 to 22:39

Discuss whether Trump's approach to public office resembles that of Arab monarchs.

“Wired has always put a microscope on the people, power, and forces shaping our world.”

Democratic Backsliding and Authoritarianism

22:39 to 28:00

Debate the current state of American democracy and its potential backslide.

“Listen to new episodes every Thursday, wherever you get your podcasts.”

Understanding Authoritarianism: Symptoms and Causes

28:00 to 29:48

Explore how the U.S. is navigating potential authoritarianism and the implications of political polarization.

“You know, my journalist friends in Turkey, they're afraid, right?”

The Role of Trust in Democracy

29:48 to 31:37

Discuss the importance of trust in democracy and how polarization affects political legitimacy.

“The thing that makes democracy work is the trust of each side that there's going to be another election, right?”

Defining Authoritarianism: A Nuanced Discussion

31:37 to 33:38

Delve into the complexities of labeling actions as authoritarian without contributing to polarization.

“I mean, when Tyler brings up, you know, potential attempts to meddle in the 2026 election, that's another textbook thing that a competitive authoritarian system might try to do, right?”

Testing the Boundaries of Democracy

33:38 to 35:28

Examine the ongoing tests to American democracy and the implications of these challenges.

“I think that you might call that lawsuit a shakedown.”

Historical Context of Presidential Power

35:28 to 37:26

Reflect on past instances of presidential power and their implications for democracy.

“the conclusion to say he's testing all the boundaries and they will all hold, right?”

The Current State of American Democracy

37:26 to 39:46

Assess the health of American democracy amidst various political pressures and challenges.

“And so I took the side of the prediction that was they will not be returned.”

Trump as a Symptom of Broader Issues

39:46 to 42:00

Analyze how Trump's presidency reflects deeper issues within American politics rather than being the root cause.

“I mean, I think everybody on both sides of the aisle would agree that right now American democracy is not as healthy as it might be for a variety of reasons.”

Understanding Trump's Role in Populism

42:00 to 43:51

Discussing Trump's impact as a symptom of broader political issues.

“I take your point that Trump is a symptom, not a cause.”

Debating Authoritarianism and Democracy

44:42 to 51:25

Exploring the nuances of defining authoritarianism and its implications.

“All right, Andrew, would you say that you won that one?”
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Transcript

Automatic transcript. May contain errors.

0:00Hi, it's David Remnick, and I've got some news for you. We're headed to the Tribeca Festival for a special live taping of the New Yorker Radio Hour. We'll be doing a one-night-only show at the festival's 25th anniversary. So come out and join us on Wednesday, June 10th at 8.15. Tickets are available now at tribecafilm.com slash audio. That's tribecafilm.com slash audio.

0:30If you're like me, your to-do list has the magical ability to grow even when you're in the middle of crossing things off of it. At least twice a day, I wish for an extra set of hands. But I've only got the two, and that's why I love TaskRabbit. When your to-do list keeps growing, TaskRabbit is ready to help. Just pick a trusted tasker and they'll show up and get it done. And taskers are often available to help the same day. TaskRabbit connects you with skilled taskers in your area for moving, furniture assembly, home repairs, yard work, mounting, and more. We run a small business out of our not-huge apartment, and sometimes the box situation is a little much.

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1:36Hey, everyone. We're taking a break this week, but I did want to share a previous conversation that New Yorker staff writer Andrew Marantz and I had with our colleague David Kirkpatrick about the extent of Donald Trump's corruption and whether the U.S. is becoming a kleptocracy. At the time of our conversation, David had just written a groundbreaking investigation for The New Yorker about how much money Trump has made while in office, which he's since written a follow-up to. With the recent news that the president and his family will be shielded from IRS audits, it seemed like a good moment to revisit this episode.

2:10This is The Political Scene. I'm Tyler Foggett, and I'm a senior editor at The New Yorker.

2:19Hey, David. Thanks so much for joining us. It's my pleasure. Hey, David. Thank you for doing this. Good to talk to you again. You recently wrote a 15 ,000-plus word investigative report about Trump's self-enrichment during his second term. And one of the things that's kind of amazing about this piece is that we've been hearing about this story for a while. I mean, ever since Trump's first presidency, you know, he's making money off of the hotels and Mar-a-Lago. But this piece actually sets out to answer the question of how much Trump is making, as opposed to just sounding the alarm on the fact that he's profiting off of the presidency in the first place.

2:50So I guess like before we get too far in, what is the number that you came up with? I came up with$3.4 billion. That's it? You know, when I got into that, I actually thought that a lot of people on the left would probably be disappointed. But to be honest, that number grew by more than a billion dollars just in the last two months through the latest of as many crypto enterprises. So what I, I mean, to be clear, what I did was I went through all of the different businesses or income streams flowing into the Trump Organization, and I asked myself which of these things depends upon or leverages the presidency and which doesn't.

3:31So I'm allowing that some of the Trump businesses are, for lack of a better word, legitimate arms-length transactions. You know, sometimes people just want to play around a golf or rent a hotel room and it has nothing to do with the fact that he's president. On the other hand, there's a good number of those businesses which are essentially about the fact that he's president in one way or another. And when you add all those up, doing my best to quantify them, you're looking at at least$3.4 billion. So you have like the mathematical question of just how much money has he made and then there's kind of the larger how corrupt is this and then how those two things play off of each other.

4:05Yeah, I'm not going to use the word corrupt because to be honest, I can't prove a particular quid pro quo. I can't prove that in any instance someone made a payment to get an official act. But I will say that I think it's, you can't help but notice that the pace of the moneymaking and the evident zeal for moneymaking makes the question a little bit more pointed. You know, if I was a foreign government and I'm asking myself, should I do business with the Trump Organization? If I do business with the Trump Organization, does that make it more likely that I'll get some official favor out of the Trump White House?

4:37But then you see Trump and his sons working so hard, almost so frantically to make money like they really, really want it. Yeah, that's going to make me think, yes, I am more likely to get some benefit officially out of this transaction with the Trump organization. So I think I could say that, but I would I still wouldn't go so far as to use the word corruption. So I think we should talk about how you organize the reporting. I mean, there's so much in it. It's really, you know, a thing that no one else has done to really tally everything up in this methodical way. And I should say a way that I think you were sort of really at pains to be fair and kind of conservative in your estimates, you know, kind of picking the lowest end when there was any ambiguity.

5:22So, I mean, we should walk through some specific cases. But more generally, like when you were organizing the material, how did you sort of think about sort of different ways to make distinctions between what is just a kind of acceleration of trends we've seen before? How much is continuous with what we've seen from either the first Trump administration or just other kinds of maybe soft profiteering that previous administrations have done? Well, I mean, so some things are basically a straight line. You know, Trump has a hotel someplace and his business doesn't change. In fact, it turns out a good number of the Trump licensing agreements went away when he entered politics.

6:05I mean, there's a significant cost to the Trump businesses of his presidency. So, you know, in some places like India, for example, you know, the Trumps and their Indian partner had four condominiums licensing the Trump name in India before he ran for office. Now they have more Trump projects. There's substantial evidence that Indians were happy to pay to live in a condo with Trump's name on it before he went into the White House. So I'm going to call those new projects more or less legitimate, just an extension of the business he had when he was just a reality TV star. In contrast, you know, the Trumps had tried with not that much success for decades to plant their flag around the Persian Gulf, beginning in late 2022 when he's Republican presidential nominee in waiting and accelerating after the election.

6:53One Saudi company does five different deals around the Persian Gulf, licensing the Trump name to run hotels abroad for the first time. And these are projects of enormous scale, some of them of a kind of anomalous duration, given that the Trump organization is really a small fry in the hotel management business. All of that, I think, there's no way to understand it. It could not have happened if you weren't the incoming president. So that's the kind of distinction I'm drawing between what's not presidential income and what is. So to kind of hold on that, like the former case, the India case, would be like if Jimmy Carter's peanut farm, you know, grew from 1976 to 1979 at a normal rate for a peanut farm to grow.

7:36And the latter case, the Gulf case, would be like if Jimmy Carter suddenly got into huge import-export deals with Iran over peanuts in 1979. Right. And as you probably know, Carter sold the peanut farm. So he's, you know, he's the most virtuous example in this case. But yeah, that's the idea. And how much of this money is actually accessible to Trump at any given moment versus like the money that kind of flows more broadly to shareholders and outside promoters and Trump and his family are benefiting more indirectly or where they might be able to benefit after he is done being president? Well, here again, I've tried to be in some ways more disciplined than other estimates of the Trump wealth.

8:17So where he has illiquid assets that he probably can't touch, I didn't count that, You know, so he minted some meme coin and sold, I think, 200 million, kept 800 million. The ones he kept, I'm not counting that as money, you know, because I don't know if he'll ever be able to sell those. It would flood the market. Likewise, his stake in Trump Media and Technology Group, which is the parent company of Truth Social, you know, he couldn't sell that, right? The company trades entirely on its connection with him. If it were known that he were trying to unload the shares, it would go through the floor and the value would evaporate before his eyes.

8:57So we can talk more about that later. They've done some interesting transactions to try to bolster that. But I didn't count any of that as his money. So I'm really just looking at cash in his pocket. In a situation where I felt I had to put a value on a future income stream, right? He's got a 10-year deal to license his name for some property in the Gulf. then i tried to figure out what that was going to be year to year and do a present value calculation to figure out what it was worth today so it's apples to apples with the other kind of money that i'm that i'm talking about which is money in his pocket yeah i mean that crypto stuff was such a big part of this there's the melania coin there's the dollar sign trump or you know trump coin uh there's nfts why based on all the reporting you've done do you think that crypto became so central i I mean, we know there's a story that the Trump family tells about this, which I think has some holes in it.

9:52Why do you think they've made crypto such an important piece of their portfolio? You know, that gets into their head in a way that I can't do. I mean, I know, as you do, the story that Eric Trump often tells that it's a reaction to being blackballed by the big banks, in their view. He omits from that story that the reason they were blackballed is because of the attack on the Capitol on January 6th. But I just, you know, a lot of people are attracted to crypto right now because it's a fast way to make money. It's also an area, I guess, where a lot of people have doubts about the credibility of what's being sold.

10:30And so if you put the name or the face of the president of the United States behind a particular crypto enterprise, that means something. You know, that bolsters its credibility. that's a real competitive advantage. And in a lot of ways, what they've done is basically sell their name to different crypto operators. The big difference here is Trump Media and Technology Group. And that transaction is kind of the outlier in all of the things that I'm talking about, where the Trump Media Technology Group stock, the parent company of True Social, was really kind of a meme stock, right? True Social doesn't make a profit, doesn't have a path to make a profit, is regarded as not something of value by serious investors.

11:15But Trump Media and Technology Group traded at an irrationally or unusually anomalously high stock price. And in the last couple of months, they've done a kind of remarkable thing, which is they've issued new shares of stock at this inflated meme coin price, and they've used that to buy Bitcoin and to stockpile cash as much as$3.1 billion in Bitcoin and cash. Now, as I said before, I've tried not to attach a value to illiquid assets that they couldn't really sell, but they bought$2.4 billion of Bitcoin recently without much moving the price of Bitcoin on the open market. So they could sell at any time.

11:56So I'm going to count that as$3.1 billion of liquid assets, Trump, after the new shares were issued, still has 42 % of that company. So I counted 42 % of that stockpile as his money. You know, they could conceivably just dividend all that out to shareholders, including him. What were your, like, in your opinion, what are the other, like, most striking examples of cash flow? Like, I feel like we've heard so much about the Qatari jet, but then in the piece, you make the point that this actually isn't one of the major ones. Like, what should we be focusing on in addition to the crypto, which seems like, you know, is kind of one of the major sources of profiteering here?

12:35Yeah, on the Qatari jet, you know, Qatari officials I talked to told me that wasn't actually a done deal yet. You know, they have some concerns, they, the Qataris, about getting tagged after the fact for bribery or attempted bribery. So they wanted in writing, this wasn't their idea and is strictly a government-to-government transaction. And that hasn't really been settled yet. So I wouldn't actually call as much as I counted it, you know, because the Secretary of Defense has officially accepted it. I've got some questions about whether or not that jet ever actually changed his hands. In terms of other places where the cash flow is particularly interesting, there's an enterprise that hasn't gotten that much attention called American Bitcoin.

13:18It's a little bit convoluted, but the way that went is the two Trump brothers went into business with a guy they know who happened to run a penny stock brokerage. With their penny stock broker friend, they set up a company that was going to build data centers. The data center company gets merged with a Bitcoin mining company. and when all is said and done, the Bitcoin mining company throws in at least$100 million of Bitcoin mining equipment. The Trumps end up having contributed apparently nothing but their name. So they've put in nothing and they end up with a 13 % share of a company that has about$100 million in equipment and is about to become public and will probably trade for much more than that.

14:10That's a nice trick. Yeah, fascinating. So here's where I won't ask you to get inside the Trump family's heads, but but I will ask you to kind of connect the dots in a way that you do in the piece, actually. I mean, you lay out some of these kind of definitional distinctions in the piece. You know, you write about how Trump is profiting off the presidency. But as you say, you don't make any specific allegations about quid pro quo corruption. You also try to parse the distinctions between kleptocracy, oligarchy and whatever we're seeing here. Right. So I'm going to read part of the piece. You write, Trump's critics often describe his administration as an oligarchy or a kleptocracy, conjuring parallels with Vladimir Putin.

14:51Yet experts who track international corruption told me that this is going too far. Global titans of self-dealing, such as Najib Razik, Malaysia's former prime minister, divert vast sums from national coffers directly into their bank accounts. But you go on to say there's no credible accusation of Trump doing something like this, just directly pocketing funds. And then you talk about the oligarchy charge and Elon Musk, who was kind of the temporary, whatever we want to call him, advisor to the president who has since had a falling out, obviously. So on both of those kleptocracy and oligarchy, can you say more about why the Trump administration, despite its really flagrant profiteering, doesn't reach that bar?

15:33But also what would make you worry about that or other kind of blurring of these lines? So, right, the Trump administration doesn't seem to be doing that profiteering. The Trump organization and Trump himself is profiteering. And it's still a meaningful distinction. I mean, when we look around the world, there are a lot of countries where the national budget is not disclosed or poorly disclosed, where the president can steal money and nobody notices. That's not the situation that we're in. You know, Putin doesn't have to sell baseball hats or flip flops or beer koozies to try to make money. He doesn't have to hold a dinner from meme coin promoters.

16:12All of this stuff is pretty dignified. And the real titans of global corruption don't have to bother. They just take the money and put it in their pocket. And it really, it's not conceivable that Trump is actually taking money that came into the IRS or the Social Security Fund and making off with that himself. It's just a horse of a different color. And again, people talk about the word oligarchy. And when we're talking about Russia, we're talking about, you know, corrupt businessmen who do favors for Putin and get favors from the government or historically bought state-owned assets at bargain basement prices, and it's all kind of a machine.

16:54Elon Musk made campaign donations, which are, for better or worse, disclosed. And campaign donations are, again, for better or worse, part of the American system. You know, every president has rewarded donors with official positions, usually ambassadorships. So as I say in the piece, Trump might play that game at an Olympian level, but he hasn't changed the game. I was trying to focus here on self-enrichment because that's the area where Trump is a real innovator. You know, he's breaking new ground. Nobody, nobody has quite monetized the presidency the way he has. Right. And I think the question, which we'll get into more, I think, after the break is, what can you do within legal means that would still be worrisome from a kind of strength or health of democracy point of view?

17:41You know, are there things that a president can do that don't run afoul of the law, but that we still might want to say are sort of erosion of democratic institutions? Yeah. And in the logic of the American campaign finance system and American government generally, you know, our remedy is disclosure. You know, we require our elected officials to disclose their personal business interests, not to be devoid of them, because we don't actually really want that, right? If you live in a farm state, you'd like to elect a farmer and you want him to own a farm and have experience owning a farm. So we use disclosures so that the voters, and in the case of the president, the Congress, can sit in judgment over these things and decide what is self-dealing.

18:23You know, when does a conflict of interest amount to someone looking out for their own interests instead of the public's interest? And honestly, in the Trump case, you know, you might say, well, what happened? They reelected him. But in retrospect, a lot of the allegations of self-enrichment that he faced in the first term turned out to be not that substantial. You know, a lot of noise was made about the fact that he might have been enriching himself through influence seekers doing business at the Trump Hotel in Washington. He probably drove away as much business as he got by adding his name to that hotel.

18:57And ultimately, it lost money all four years. So I assigned that a value of zero in terms of his self-enrichment. And by extension, I don't think voters were necessarily wrong to ignore those allegations when they reelected him. How they're going to feel when they take stock of what's been happening during the second term, I think, remains to be seen. And I did find it interesting that even though in the piece you kind of dismiss the oligarchy and kleptocracy allegations, you do speak to someone who compares Trump's profiteering to that of an Arab monarch. where, you know, basically he treats his public office as personal property, as an asset that is his to exploit as if he owned it.

19:39That's a direct quote from the piece. So I guess could you talk a little bit about whether that is the right comparison here? Yeah, if not kleptocracy, if not oligarchy, Arab monarchy? Obviously, this is not an Arab monarchy. Trump didn't inherit his job, and he won't pass it on automatically to one of his sons. You know, and it will still be a surprise if he doesn't leave office after four years. It's not an Arab monarchy. His power is constrained by the laws. We live in a rule of law country. It's foolish to say that we don't right now. That person was making the point that in terms of money making, Trump acts like the presidency is his, right?

20:21He's not just borrowing it from the public and he's not the custodian of the presidency. It's something that he is free to use at will to make money from, you know, in the sense that the sale of his meme coin depends on his status as presidency. And he doesn't blush at that. He thinks that's great. So it's a, you know, it's a provocative comparison to compare him to an Arab monarch. And I don't think that that person would extend it any further. He's not King Trump. He just doesn't have the understanding of public office as a public property that other presidents at least pretended to Well, I think this is exactly where we should go after the break I think, you know, the extent to which Trump is trying to draw on the perks of the Arab monarchy that he might want to enjoy The extent to which is it foolish to worry that we don't live in a rule of law country anymore?

21:14I think I'll play the fool and we'll have that discussion We'll have more of the political scene from The New Yorker in just a moment.

21:28If you're in or around Seattle, I hope you can join me this Saturday, June 6th, for a live taping of the show at the Cascade PBS Ideas Festival. I'll be talking with the comedian Robbie Hoffman. We're going to talk about her hit Netflix special, her role on Hacks, courting controversy and comedy, and what it takes to break through in today's fractured media environment. For more information, go to CascadePBS.org, and I hope to see you there. Wired has always put a microscope on the people, power, and forces shaping our world. Uncanny Valley brings that same fearless reporting straight to your feed.

22:05Is Doge finally over? Will AI actually democratize American health care? Each week, Wired journalists from across the newsroom are going to unpack where politics, technology, and Silicon Valley collide. From conversations with tech leaders across Silicon Valley, internet fandom investigations and government crackdowns on rigged gambling, we're taking you all over the news cycle going straight inside the priorities, pressures and power plays driving today's biggest decisions. Uncanny Valley tackles the questions keeping you up at night and helps make sense of the future taking shape right now. Listen to new episodes every Thursday, wherever you get your podcasts.

22:54so i think that for this next section we should have you guys just kind of debate whether we are currently experiencing a sort of democratic backslide so let's go ahead and do it and i can play the role of the you know the happy moderator who's just pleased to be here david and i are modeling a civic discourse for the rest of the country this is how you disagree productively. But I wanted to pick up right there where we left off. You know, you've reported from Cairo, you've reported from Istanbul. I mean, one of my sort of underlying theories in this democratic backsliding discourse is that everyone has one or two kind of pet analogies that they're using in the back of their mind when they make the comparison, and it sort of colors the rest of the discourse.

23:38So if you're comparing Trump to Adolf Hitler or or to Joseph Stalin, or to Pol Pot, or something, or to Viktor Orban, that's gonna change how valid you think all these comparisons are, or to a Saudi king. So my guess is that since you have so much experience in Egypt and Turkey, that those would be your sort of bases for comparison, is that right? And how does that sort of color your understanding of this? Well, if I die tomorrow, the first line of my obituary is gonna be that I was the Cairo bureau chief for the New York Times for the Arab Spring. So I had up-close experience with authoritarian governments, with judges and elections and all that stuff, parliaments, but true authoritarian governments falling and reconstituting.

24:23And it really left a strong impression on me and on my family, to be honest. I was telling Tyler on the way up here, shortly after Trump was elected, my 18-year-old son, my then 18-year-old son, who grew up substantially in the Arab world against the backdrop of the Arab Spring, called me up and he said, dad is this when i join a militia and i i have to say no it is not time to join a militia and that's you know some of this debate when did he say that january 6th or or january 20th no after he was re-elected this this term and uh the debate that you and i sometimes have i think is partly about vocabulary you know what do we mean when we say authoritarian and i think for most people most listeners, most readers, most Americans, authoritarian means that politics has stopped, that there's been some rupture, and it will take some rupture to restore a democratic political process.

25:19We're not there yet. There's a lot of suspense over the outcome of the upcoming midterm elections in the House. Both parties are acting like there will be a 2028 election. And so we're, you know, when you live in an authoritarian country, and as you know, as you and others have discussed, almost all authoritarians these days have elections. They probably have a bill of rights. They do all the window dressing. You know, the Arab monarchs, you know, they're absolute monarchs, don't really bother with all that stuff. But even they occasionally have local elections. You know, that's just ornamental.

25:51Everybody does it. But in those actual authoritarian governments, you're in a situation where for things to change, you need violence or civil disobedience. we're not there yet. You know, we still have a peaceful rotation of power and independent judiciary and a free press. And if you have the three, those three legs of the stool, you can still live under the rule of law and expect the political process to continue. So, yes, I will say here that I do think there will be 2026 and 2028 elections. And I don't think, I think this is actually a crucial point. I don't think politics has stopped or American history has stopped.

Read the full transcript

26:28I think it's always politics and it's always history. The question is, at what point in that slide toward competitive authoritarianism, right, authoritarianism where there are still competitive elections, at what point do we start to worry about having crossed red lines? Yeah, like, are you worried about even, like, like, what's happening with redistricting and, like, the recent news that Trump is trying to ban mail-in ballots? Like, I guess, even if the analogy doesn't fit perfectly, it does seem like there are constantly these new stories that complicate the picture. Yeah, the redistricting thing freaked me out a little bit, right?

27:03I mean, you know, as I said, in my experience, David Kirkpatrick, political scientist, it's that three-legged stool. If you've got the peaceful rotation of power and independent courts and the free press, you know, you're okay. And that's a pretty much a yes or no question. But if you can monkey with the midterms, if you can rig the midterms, then that's a meaningful change in the peaceful rotation of power. Well, so let's talk about the three-legged stool in Turkey, where you also reported from, right? So in an absolutist monarchy, or for that matter, in, you know, one part of China. Let me jump in.

27:42I would say in Turkey, politics has stopped, right? There's not real suspense over Erdogan's reelection, right? He has enough grip on power that he can allow an opponent to become the mayor of Istanbul. Right, although he might go arrest him. But that's right. But he can always go arrest him. You know, my journalist friends in Turkey, they're afraid, right? The press is not free. The media companies are owned by his cronies. The judiciary has been corrupted. I mean, the things that you watch for are, you know, is the president going to create a special court, you know, or as in Hungary, a kind of higher court?

28:26You know, that's what happens when you work around the court system or you jerry-rig the court system. But we're not, you know, those are yes and no matters. Well, I guess I would question how yes and no they are in the sense of, you know, to your point, I don't think we should start at the end point. I think we should talk about where in the slide it becomes ambiguous. So if you go back in time in Turkey or Hungary, you know, maybe the moment we are in the U.S. now is, you know, Hungary in 2010 or 2011. Maybe it's, you know, Turkey, I don't know, 20 years ago. So there may be not as much suspense about elections now, although people do get excited every time there's a Turkish election, at least they did last time.

29:11But even putting that aside, you know, there were steps to get us there. Right. So there were steps in the meddling and the independence of the judiciary in the meddling with the free press. Right. It didn't happen overnight. So how do you know when those lines are crossed? Well, I mean, you know it when you know it. But I just I question discussing this as a road because it almost implies a kind of teleology. Like we know where we're going or like there's someone someplace planning how to get us there. And I guess the other big takeaway for me from covering the Arab Spring is that someone like Trump is a symptom, not a cause.

29:48And oftentimes, let me back up. The thing that makes democracy work is the trust of each side that there's going to be another election, right? That your opponent is not a kind of existential threat. It's someone you disagree with. and what worries me about our country right now is actually the polarization the tendency of each party to treat the other like it's actually an existential threat to delegitimize the the president of the other party when that person is in office of members of congress to see uh defeat or their opponents as such a threat that they're willing to tolerate things from a president of their own party that they wouldn't otherwise be.

30:31And so to cycle back to where we started, what worries me about this whole, is he an authoritarian discourse is I feel like we risk participating in that polarization, right? By calling Trump an authoritarian, you're suggesting that he's not a legitimate president, or at least that extraordinary acts might be necessary to alleviate the threat that he poses. Yeah, great. So let's jump in on those distinctions. So first of all, totally think you're right not to be teleological. I have a jar where I have to put in a quarter every time I say something teleological. So, you know, that's not, I don't think we're on any kind of inexorable road to anything.

31:16I think the road becomes clear only in retrospect, but I still think we have to try to guess where we are. And so I think to that point, describing, and this is maybe a bit navel-gazy because it's, you know, journalists talking about how to do journalism, but I think it's very important, right? How do you describe the thing in front of your face without being tendentious or making the problem worse? I mean, when Tyler brings up, you know, potential attempts to meddle in the 2026 election, that's another textbook thing that a competitive authoritarian system might try to do, right? Both Erdogan and Orban changed voting laws in these sort of small, gradual ways to make it easier for expats to vote, to make it harder for certain other people to vote, right?

32:00Now, again, there's nothing inexorable about that. Things have gone the other way, too. But I guess the question is, when you see these things happening in the U.S. right now, right, you see federal troops in D.C., you see Trump clearly trying to meddle in business deals that would affect the freedom of the press. You know, we can go on and on down the list. At what point do you start describing that as intentionally authoritarian or proto-authoritarian or anti-democratic without feeling that you're contributing to polarization? Because obviously the flip side would be not describing the thing right in front of you for fear of contributing to that discourse.

32:36Well, let's describe it carefully and accurately, right? So I don't think anybody would dispute that Trump has authoritarian impulses, but that doesn't necessarily mean we're in an authoritarian system or that authoritarianism has triumphed. I mean, I see lots of examples of Trump even now being checked by the legal order. And I, of your litany a minute ago, I'm not sure we actually have an example of him interfering in a way that would limit the free press, interfering in a, I think you mentioned like a transaction. I haven't seen that. Yeah, well, I mean, I think we know where he stands on the Paramount CBS deal.

33:18We don't know. Tell me more. Well, we don't know that he has called and said, if you do X, Y, and Z, I will give you my presidential seal of approval. I don't think he ever threatened to block it. I think he made his intentions very clear by levying lawsuits and saying that they were, I mean, these ridiculous claims of election interference. But I'm not sure. I mean, I don't think that lawsuit is meddling. I think that you might call that lawsuit a shakedown. But you also it's not new. Right. He's sued lots of people for frivolous claims of libel his whole life. In fact, it seems almost instinctual.

33:52And if he succeeded in this case because he's the president, that's bad. But it's not censorship. It's just a shakedown. Yeah. Well, again, you know, the term censorship, I wouldn't say it's censorship, but I would say it is. I mean, this gets to the thing we were discussing before of can something be anti-democratic without being illegal? So I think we're both ready to grant that certain things are worrisome and we're having a dispute over whether they're bright line illegal. The category I think I'm most interested in is not against the law, but against the democratic rigor of the nation. Right.

34:29So these points where the shakedowns of law firms, the shakedowns, attempted shakedowns of media companies, shakedowns of universities. you can make the case that they're illegal or not illegal, but I think they're clearly more than worrisome. To me, they're attempts at being anti-democratic. Even though Trump was democratically elected, he's trying to use that power for anti-democratic means. But one of the things that we've also agreed on is that American democracy has never been perfect. It's always fallen shy. Some of the most important ways which we are a rule of law country are also ways that we're counter-majoritarian.

35:06You know, the Supreme Court, for example. So it's an oddball system, and it always has been, and it's always been imperfect. And he's not the first president to test the boundaries. Now, you might say he sure is testing them a lot, but that, to me, doesn't mean this is the time to prejudge the conclusion of those tests. No, no, we agree that we're not prejudging the conclusion, but it would also be prejudging the conclusion to say he's testing all the boundaries and they will all hold, right? So if some of them hold and some of them don't, that's when we end up in this ambiguous hybrid state. And part of our ongoing sort of around the office debate about this has been to try to plant flags in the sand and try to predict where certain things will end up.

35:50I can give an example where you were right and an example where I was right to try to help us. You know, this is from memory, so it might be wrong. Yeah, let's hear him. I think so. In the transition from what I remember, David, you tell me if this is right or wrong. Before Trump was elected democratically, before he was inaugurated, I was sort of saying, well, what if X or Y crazy scenario happens? What if instead of just placating his campaign buddy RFK with some meaningless, you know, blue ribbon commission, he actually lets RFK like run HHS or run CDC? Like, that would be nuts. Or what if he really starts giving judicial appointments to out and out loyalists and cronies?

36:32Like, I don't know if I said Alina Habba's name or Emil Bovee's name, but that kind of thing. And you said, well, let's be reasonable. Let's not be hair on fire about this. Like, there's no evidence that he'll do that. Right. So that's point for me. And we don't need to keep all the, you know, whoever gets the most points gets a pair of Trump flip flops or something. But this is just to, you know, I feel like you're just stalling. until you get to say the thing that David was right about. Well, I was even more, he was even more right about this one. He was, and I think in both of these, we were sort of taking a stronger version of our position than we otherwise would.

37:06But when Kilmar Abrego Garcia was sent to El Salvador with no due process, and when Mahmoud Khalil was disappeared, I said, okay, well, now is it foolish to say that we may not live in a rule of law nation? And you said, no, I think we still do because I think those were overreaches, but they will be corrected. And those people will be returned. And so I took the side of the prediction that was they will not be returned. They will be either disappeared or deported. And I was flatly wrong about that one. So there's one case on either side. Now, like, Tyler, what do you think about, first of all, who's better?

37:41Who's more right? And second, what is that? Where does that lead? Well, I guess the latter example feels way more anti-democratic. Like had those people been, yeah, disappeared forever, like that would be more concerning than Trump, you know, appointing RFK Jr. to a position in the government. Like that just – that sucks, but it's not indicative of democratic backsliding really. I should say I don't actually remember the example where you were right. I don't remember saying that. But the – on Abrego Garcia, let me caveat that further. The thing about Obrego Garcia is that he's actually not a U.S.

38:14citizen and he entered the country illegally. So the only country where he legally has a right to reside is El Salvador. Well, that's also the only country that an American judge said he could not be deported to. Right. So he's in a complicated position, right? So, you know, is he going to walk free and return to his family and live happily ever after in the United States of America? I don't on that. I don't want to make any predictions. But I also don't think that the status of our democracy hinges on it as much as on some larger questions. Well, two things on that. One is I want to hear what are what the status of our democracy does hinge on.

38:50Like, where are the bright lines that we should keep looking for? And also, I mean, I guess what this brings up for me is that there are going to be places. I mean, I don't know when I'm making these predictions whether I'm going to be right or wrong. I'm kind of making them, you know, for the sake of argument. My question, though, is not, you know, is this the one thing that will be the death knell of American democracy? But the question of if we tally up some in the we're relieved by this column and some in the we're worried by this column, like, where does that leave us? Like if we if we keep ending up in this hybrid regime or kind of mixed system, that's why I keep going back to the examples of Turkey a number of years ago, Hungary a number of years ago, precisely because we don't know where the road ends.

39:37The question is, if we have some in column A and some in column B, we don't say democracy is over, but I don't think we can then also say democracy is fine. Right. So so how do we describe that? Yeah. I mean, I think everybody on both sides of the aisle would agree that right now American democracy is not as healthy as it might be for a variety of reasons. An accumulation of presidential power, an erosion of congressional power, a tendency by the Congress to defer to the Supreme Court to avoid responsibility. Lots of other people would say that the campaign finance system is problematic. you know, even the acute polarization itself is a threat to democracy.

40:18And again, I think people on both sides of the aisle would agree about that. So nobody's saying, thank God, American democracy has never been better. For sure, it is, you know, it's time for regular checkups. At the same time, as I said, like to pretend that Trump is the problem, I think misstates the problem and arguably contributes to it, right? If polarization is part of our problem, then pinning the ills of American democracy on this particular president is contributing to the polarization. It does talking too much about his authoritarian impulses, which are real. Many Republicans close to him have said publicly that he's an aspiring authoritarian, no doubt about it.

41:04You know, in retrospect, some people say that about FDR. But if we talk too much about that, it sounds like you're saying Trump is not the legitimate president. And that's something that I don't want to contribute to because it goes against our democratic principles. But you can have a legitimate president who's acting undemocratically in office, right? Yeah, sure. I think I just gave two examples, FDR and Trump. Definitely. But let's not go too far by extrapolating from Trump's impulses to the state of our democracy. Yeah, I think we're in agreement about a lot of this as usual. I think probably where we part ways is in how much it's worth describing it as it's happening and the sort of costs and benefits of that.

42:00I take your point that Trump is a symptom, not a cause. And I think because, you know, my underlying analogies are places like Hungary, I think that can be true. And it's also worth describing. You know, Viktor Orban did not invent anger and populism and polarization in Hungary, but he sure did exploit it. And I think we both agree that this problem predated Trump and will post-date him. I think, I guess one thing to close us out is, given that Trump is a symptom, not a cause, and given that all of this, I would call it soft corruption, you wouldn't, has predated him in the American political system, does the scale of this make you think that we are dealing with a horse of a different color situation, or do you think it's more of the same?

42:46Well, Trump is sui generis. Everybody would say that. You know, Republican lawmakers would say that. At the same time, I think the right way to pose the question you asked before is not to check in on what is happening. It's to check in on what may be happening. I just think it's really important as you ask this question and try to take the temperature of our ailing democracy not to already be drafting its obituary. You know, we actually don't really know, and you'd be the first to agree, we don't actually know how this is going to turn out. Definitely. Our country, like all history, zigs and zags.

43:24And so it may be that there's a reaction to attempted excesses of the Trump administration that restores and codifies new norms. Or maybe not. Absolutely. We can't pre-write the obituary and we also can't pre-diagnose that the health will be permanent and that our democracy will live forever. So we have to be stuck in confusion. Thank you, David. Yeah, thank you so much. Really appreciate it. It's a pleasure.

43:56We'll have more of the political scene from The New Yorker in just a moment.

44:21Some of these objects are well-known, many are not, but all of them carry the story of how we got to this moment. Find a history of the United States in 100 objects on the 99 % Invisible Feed, wherever you get your podcasts.

44:42All right, Andrew, would you say that you won that one? I dominated that debate. No, I actually— We can both say it now that he's gone. Yeah, you killed it. I think we unfortunately ended up agreeing on a lot of stuff. I promised myself I would bring the fisticuffs. But no, I mean, I think we I think we agree on a lot. I think a lot of where we end up differing in addition to semantic things like what is censorship? What is corruption? I think Kirkpatrick and I agree that we don't know where this leads. I think the question is, when we look at the kind of ambiguous hybrid situation in front of us, do we describe that as would-be authoritarian or proto-authoritarian or not?

45:24And I think one thing that I've talked with him about and would love to have more time to talk to him about in the future is like, OK, you take a case like Turkey. We are not at the end stage of where Turkey is now. The encroachments on press freedom, the erosion of the independence of the court system. The American case is not as far gone as the Turkish case and may never get there. But are we analogous to Turkey in 2015, 2016? And if you were living in Turkey at that time, should you have called Erdogan someone who is attempting to become an authoritarian or would that have been unnecessarily contributing to polarization?

46:05Right? Right. Yeah. No, I think that's a good point. Like all of the things that David mentioned as being sort of like the pillars of democracy that still sort of show that we have a functioning democracy, like, you know, the freedom of the press and free and fair elections. Like those are all things that are currently under threat at this current moment. And so it's hard to while I totally agree that it's too early to be like, well, it's just, you know, we're totally cooked. It's all over at the same time. It's hard to be like comforted by the current state of things. Right. And I mean, I think to be fair to David's point that we don't know where this ends up, I think the question is just all of this ambiguity, these different stools, these different legs of the stool being under attack at various kind of rates.

46:48It's it leaves us in this place where it's very hard to pinpoint and say anything objective about exactly where we are, which is why I think David's piece is such a contribution. Right. Because we are putting really hard numbers to one part of the problem, which is the profiteering part. And I guess part of the question is if more reporting comes out about the other parts, you know, if we do know more in a year or two years about, let's say, Trump is really personally trying to meddle in media mergers or personally instructing his IRS or his FCC or whatever to punish his political enemies or personally instructing his DOJ to arrest political opponents more so than we realize.

47:38Right. How would that future knowledge retroactively color what we know about the current moment? Yeah, like at that point, it would be very safe to call what is happening here corruption, whereas right now it's just kind of, I don't know, flamboyant self-enrichment, which doesn't seem that great either. I mean, I think that we sort of took pains to create a distinction between a kleptocracy where you have someone who's just like actively kind of stealing government money versus what you have with Trump, whereas like where he's coming up with money from other places and yet still very much profiting.

48:10And there's something about the overtness of it that is really uncomfortable, even if, you know, it's technically legal. Right. So I think there are many ways that an Orban or an Erdogan or potentially a Trump can break democracy without breaking the law. That's one thing. The other thing, all this pay to play stuff is not being covered up by the Trump family. Right. They're not denying that they're in the crypto business. They're filing all these disclosure forms. And so it makes it easier for them to get away with it because they're just doing it out in the open. Again, though, I think there's a wrinkle there, which is it's good that we have disclosure.

48:48It's better than nothing. But because our democracy has not worked perfectly even before 2016 and has often worked really badly, some of the disclosure can be like a tree falling in the forest, right? You can disclose and disclose and put out all the forms, but it's very hard to say that the voters are then rendering their judgment based on that. Right. So if we know all these things about Trump, but he keeps flooding the zone and he keeps doing more and more stuff, you know, in one week his base is mad at him about Epstein. And then the next week he sends troops to D.C. and, you know, maybe the slate is sort of wiped clean in terms of the attentional marketplace.

49:25Then it's sort of like, OK, there's disclosure, but but does it lead to any sort of like democratic with a small d outcome? Yeah. I'm wondering if after that conversation, you have gotten anywhere on the question of what it is that we should be calling this. I know that you kind of prefer the phrase competitive authoritarianism. And, you know, that seems preferable and probably more accurate than just kind of straight up fascism. You know, we talked about why kleptocracy and oligarchy don't work perfectly, although I do think that there is a strong argument to be made for oligarchy. But are you still kind of sticking with competitive authoritarianism?

50:04Yeah, I as a rule, I like to use as many syllables as possible. So that has that going for it. I think I mean, one term that I keep throwing around in my mind is hybrid. This is another thing that political scientists talk about as a hybrid regime. And at its most basic level, it means, you know, it has some elements of a classic liberal democracy, some elements of something else, maybe an autocracy, maybe a quasi monarchy, whatever. And they're all kind of cludged together. Which is how you get this like ship of Theseus situation that we're in. Exactly. So, you know, at what point does the ship of state cease to be a democracy is this kind of ship of Theseus paradox question that no one can definitively answer.

50:48But the hybrid thing, I think, helps us like there is no one red line. And I think that's part of why it's going to be possible for, you know, David and I to keep having this debate no matter what happens, because we can always be looking at different parts of the ship. There is no one final day that American democracy did or didn't die. That's what makes it so confusing. And so I think instead of, you know, Trump the king or Trump the ineffectual clown, it's like Trump in the Bardo. It's like Trump in limbo. You know, it's constantly hybrid. It's constantly ambiguous. And that's kind of the new competitive authoritarian playbook.

51:29You know, Kim Lane Shepala has this concept of the Franken state where different proto-autocratic or right populist or whatever different kinds of anti-democratic regimes can cobble together different things. one of them has more power in the judiciary one of them has less power in the judiciary one of them has populist economics one has centralized economics whatever but they kind of frankenstein together a solution to this problem of broadly speaking how to get around the institutions and the will of the people and yeah i mean if we're living in a franken state i think david is right that it took many many decades to build it trump didn't build it overnight but i think it gives us more flexibility to interpret where we're going next.

52:15And I guess the profiteering is just one more aspect to keep our eyes on. Yeah. And it may be the central pillar in terms of what the Trump family is most interested in. We don't know, but it seems plausible. But it doesn't mean that it's the only pillar worth worrying about in our democracy. Well, I have to say it was very illuminating to hear you guys go at it. I felt very comfortable just kind of, you know, watching you both make terrific points. We will do more over a drink and we will stream it on Twitch. So subscribe. Yeah, that's what we needed. We needed two more hours of it and a lot of alcohol.

52:51And yeah, next time then. Subscribe to our Discord now. You get a tote bag and you get eight hours of me and David yelling at each other. Well, thanks so much, Andrew. Thanks.

53:02David Kirkpatrick and Andrew Morantz are both staff writers for The New Yorker. You can find David's latest piece, How Much Is Trump Profiting Off the Presidency at newyorker.com. This has been The Political Scene from The New Yorker. I'm Tyler Foggett. This episode was produced by John LeMay, with mixing by Mike Kutchman, and engineering by Pran Bandy. Our executive producer is Stephen Valentino. Our theme music is by Alison Leighton Brown. Thank you so much for listening, and we'll see you next Wednesday.

53:40This week on the New Yorker Radio Hour, Jack Schlossberg, the Kennedy heir and political influencer who's running for a seat in Congress. I understand that content creation is a new profession and that it's not synonymous for many people with a quote unquote real job. You have to make an argument in 90 seconds with a lot of complicated information. I'll talk with Jack Schlossberg on the New Yorker Radio Hour from WNYC. Listen wherever you get your podcasts. From PRX.

From the publisher

The New Yorker staff writer David D. Kirkpatrick joins Tyler Foggatt and Andrew Marantz to discuss his investigation—published in August, 2025—into the many ways President Donald Trump has profited during his second term, which include a reported private jet (a gift from Qatar), soaring valuations of Trump Media, and a flood of crypto ventures. They discuss whether these attempts at self-enrichment amount to ordinary political corruption, or whether they represent tools for consolidating power that could in turn accelerate democratic backsliding in the United States, much like in kleptocracies and oligarchies abroad.

This episode originally aired on August 20, 2025.

This week’s reading:


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