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      Ireland prices corporation tax loss from Trump policies at €10bn

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      Ireland’s prime minister has said the country could lose €10bn (£8.35bn) in corporate tax if just three US multinationals were repatriated to America under a hostile Donald Trump administration.His remarks come just days after Trump nominated the Wall Street investor Howard Lutnick to lead the Department of Commerce with direct responsibility for trade.While Trump has already warned he would impose tariffs on EU imports, Lutnick has singled out Ireland for criticism saying “it is nonsense that Ireland of all places runs a trade surplus at our expense”.Simon Harris said if he was returned as taoiseach in Friday’s general election, he would immediately seek engagement with Trump. He has also proposed an early EU-US trade summit to avert damage in trade ties with the overall European trade bloc.“If three US companies left Ireland it could cost us €10bn [£8.5bn] in corporation tax,” Harris said on Monday while canvassing in Dundrum, Dublin.“I’m not pre-empting it, I’m not saying that’s going to happen, I’m not predicting it, but that is the level of risk that our economy is exposed to,” he said.Ten multinationals account for 60% of Ireland’s corporate tax receipts, with Microsoft, which books some global as well as EU revenues through Ireland, thought to be the single biggest contributor.Ireland’s goods trade surplus with the US is now a record €35bn with Irish goods exports up by 8% in the first eight months of 2024, boosted by the pharmaceutical and chemical sectors.Goods exported to the US totalled €45.5bn between January and August, according to the government’s Central Statistics Office, compared with imports of €11bn for the same period.Harris said he had no reason to believe that Trump was not “serious about pursuing the policies that he has campaigned on”, which includes repatriating jobs and profits that he believes should be homegrown.skip past newsletter promotionafter newsletter promotionHe also referenced the Wall Street Journal article on what it said was the “US tax system blows a windfall into Ireland” fuelling savings into not just one but two sovereign wealth funds, including a €14bn windfall in back tax from Apple on the foot of a European court of justice ruling.“The Wall Street Journal front page gives an indication here” that Trump is intent on action, said Harris.However, he said Ireland would be prepared and would cope just as it did with “Brexit, Covid [and the] cost of living crisis”. More

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      Joe Biden signals he has no interest in signing US-UK trade agreement

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      Ministers have given up on signing a trade agreement with the US before the next election, after the Biden administration signalled it had no interest in agreeing one.British officials had been hoping to agree a “foundational trade partnership” before both countries head to the polls in the next 12 months, having already decided not to pursue a full-blown free trade agreement.However, sources briefed on the talks say they are no longer taking place, thanks to reluctance among senior Democrats to open US markets to more foreign-made goods. The story was first revealed by Politico.A British government spokesperson said: “The UK and US are rapidly expanding cooperation on a range of vital economic and trade issues building on the Atlantic declaration announced earlier this year.” Multiple sources, however, confirmed the foundational trade partnership was no longer on the table.Vote Leave campaigners said giving the UK the freedom to sign bilateral trade agreements with other countries would be one of the biggest benefits of Brexit, with a US trade deal often held up as the biggest prize of all.Talks over a free trade agreement stalled early on, however, thanks in part to resistance from Democratic members of Congress and concerns in the UK about opening up UK markets to chlorine-washed chicken and hormone-injected beef.Earlier this year, the Guardian saw documents outlining how Washington and London could instead coordinate over a partnership covering digital trade, labour protections and agriculture. The deal would not have included lower barriers for service companies, meaning it fell short of a fully fledged free trade deal, but could have paved the way for one in the future.skip past newsletter promotionafter newsletter promotionSources say the deal was always likely to prove difficult to finalise, in part because the US still wanted greater access for their agricultural products. The prime minister, Rishi Sunak, said at a food security summit earlier this year that he would not allow either chlorine-washed chicken or hormone-injected beef into the UK.It also became clear in recent weeks that the Biden administration had no interest in signing any kind of a deal before the election, given how Donald Trump had weaponised international trade agreements during his first run for president.A spokesperson for Ron Wyden, the Democratic chair of the Senate finance committee, told Politico: “It is Senator Wyden’s view that the United States and United Kingdom should not make announcements until a deal that benefits Americans is achievable.” More

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      The US debt ceiling crisis is more proof of Republicans’ cynicism and bad faith | Jill Filipovic

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      The shamelessness and recklessness of today’s Republican party seems to know no bounds. As the deadline for raising the debt ceiling or defaulting rapidly approaches, the party continues to hold the country hostage, telling Democrats: give us what we want – things we cannot get by going through normal democratic processes – or we will pitch the global economy off a cliff.Democrats in Congress are doing their best to get their Republican colleagues to behave rationally, but it’s notoriously difficult to negotiate with terrorists. The Republicans want major spending cuts, but they want to force those cuts through by threat instead of having to legislate normally. And the cuts they’re asking for are appalling: they include slashing funds to things like cancer research, rental assistance for the poor, support for schools with large numbers of low-income students, and pay for Americans in uniform. The Republican bill would end Biden’s attempt at student loan debt relief, repeal tax breaks for renewables and clean energy while increasing reliance on fossil fuels, raise already-onerous work requirements to receive food stamps and welfare benefits, and decrease the efficiency and abilities of the IRS.The Republican proposal would leave a great many Americans worse off – but it would be a boon for oil executives and wealthy tax avoiders.It’s also an unconscionable display of bad faith and manipulation. This is not the first time that Congress has needed to raise the debt ceiling, and the stakes are so high that, traditionally, it’s been a bipartisan effort, with Democrats and Republicans alike largely agreeing that it would be wildly irresponsible and disgustingly devious to use such a vulnerable moment to strong-arm the opposing party. The big exception came during the Tea Party takeover of the Republican party in 2011, when Republicans also used raising the debt ceiling to start a fight. Those Tea Party radicals seemed crazy then – but they had nothing on the absolutely unhinged lunatics of the Maga Republicans.In a sane Congress operating in a functional country, everyone in Congress would agree that the US cannot default, and would behave accordingly. But this is not a sane Congress operating in a functional country, and that’s 100% because of the far-right takeover of the Republican party.Today’s Republicans are a party of destruction. As much as they claim to want to make America great again, they seem much more intent on sowing division, fomenting chaos and embracing an ethos of nihilism. There is no school shooting brutal enough to make them reconsider America’s extreme gun laws; no pregnant woman who suffers enough to make them take a step back on criminalizing abortion; and virtually nothing their unelected leader Donald Trump can to do make them reject him – allowing a deadly attack on the Capitol, being deemed a sexual abuser by a New York jury, and undermining America’s tradition of free and fair elections have not been enough to end the Republican party’s love affair with Trump. As the party has not only embraced Trump but molded itself in his image, it has become all the more dangerous to the nation.It was clear on 6 January 2021 that a dangerous number of Republicans had gone off the deep end, and were willing to take America down with them. Even after a rightwing mob attacked the Capitol complex in an attempt to overthrow the results of the presidential election, 147 congressional Republicans stood behind them, and voted to overturn the election results. These 147 elected officials voted against American democracy that day; they showed that they were willing to override the will of American voters in order to install their man in office. This is nothing short of fascistic, and it was a sign of dangers to come.Now, that same party is pushing an unpopular agenda, but is filled with elected officials who either don’t care or are totally delusional ideologues. Which is how we wound up watching the days tick down until a default. Democrats, and clear-thinking people, understand just how disastrous this would be: it would likely mean a global economic crash, a downgraded credit rating for the United States, and huge financial repercussions, including significant job losses, for Americans – and for lots of people outside of our borders.Too many Republicans, unfortunately, seem to be fine with that, perhaps because they also seem to enjoy burning things down – and they seem bizarrely confident that they’ll be able to blame the fallout on Biden.They shouldn’t be so sure. It’s obvious what is happening here: Republicans want to get their way, and are willing to use any means to do so. The blame won’t fall on Biden for failing to adequately negotiate with the extremists willing to threaten global financial stability to get their much-wanted cuts to cancer research and help for the poor. Blame will fall on the people who deserve blame: the Republicans acting like cartoon supervillains.Hopefully it doesn’t come to that. Hopefully, Republicans come to their senses, allow the US to raise the debt ceiling without major concessions, and avoid torpedoing the world economy. But even if this immediate crisis is averted – a big if – the fact that we’re here in the first place signals just how dangerous Republicans have become. Many members of the Republican party have already made clear that they have no respect for American democracy, and no desire to maintain it. Now, even more members of the party are making clear that they have no respect for America’s role as a stabilizing global economic force.This isn’t playing hardball. It’s hostage-taking. And unless Republicans manage to pull their party back from the brink, it’s only going to be one more sad example of Republicans’ attempt to make America into an untrustworthy, undemocratic shambles.
      Jill Filipovic is the author of the The H-Spot: The Feminist Pursuit of Happiness More

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      Pacific trade deal is more useful to Joe Biden than it is to the UK’s economy

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      Tory MPs hailed the UK’s entry last week into the Indo-Pacific trading bloc as a major step on the road to re-establishing Britain as a pioneer of free trade.It was a coup for Rishi Sunak, said David Jones, the deputy chairman of the European Research Group of Tory Eurosceptics, who was excited to be aligned with “some of the most dynamic economies in the world”.Trade secretary Kemi Badenoch also used the word “dynamic” to describe the 11 members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). She pushed back against criticism that signing a trade deal with a loose collection of countries on the other side of the world would only add 0.08% to the UK’s gross national product, and then only after 10 years of membership. That figure was an estimate by civil servants 10 years ago, she said in an interview with the Daily Mail. The CPTPP is more important these days.And it might be, but not for the trade it facilitates. The significance lies in the geopolitical realignment it promotes and how such pacts could harm future Labour governments.The CPTPP was signed on 8 March 2018. Australia, Brunei, Canada, Japan, Mexico, New Zealand and Singapore were the first to form a bloc before being joined in the five years that followed by Vietnam, Peru, Malaysia and Chile.Former president Barack Obama hoped the US would also be a founder member before coming up against a Republican Congress that disagreed. Later, Donald Trump abandoned the deal altogether.Obama wanted to throw a friendly arm around Pacific countries threatened by China’s increasingly aggressive attitude to its neighbours – or, looked at another way, maintain open markets for US goods and services across south-east Asia in opposition to Xi Jinping’s Belt and Road investment initiative. Joe Biden, despite having control of Congress, refused to consider reopening talks about US membership, paving the way for China to apply in 2021.Thankfully for Biden, Britain’s application preceeded Beijing’s by six months, putting the UK ahead in the queue; quickly it became apparent that Britain’s role could be to help block China’s entry to the CPTPP without the US ever needing to join. For the Americans, the potential loss of trade was a side issue.Brexit was never considered by Washington to be a positive development, but there was a silver lining once it became clear the UK could be deployed more flexibly in a fight with China – a confrontation that Brussels has so far backed away from.The Aukus defence pact between Australia, the UK and US is another example of this anti-China coalition – and of Sunak’s efforts to win back Washington’s approval.The move also plays to a domestic agenda. In the same way that Margaret Thatcher’s sale of state assets – from council housing to essential utilities – denied Labour the means to directly influence the economy without spending hundreds of billions of pounds renationalising those assets, so global trade deals undermine Labour’s promise to use the state to uphold workers’ rights and environmental protections.Secret courts form the foundation stone of most trade deals and allow big corporations to sue governments when laws and regulations change and deny them profits.Badenoch’s civil servants say they are comfortable with the investor-state dispute settlement (ISDS) tribunal system because the UK government has never lost a case.However, a government that wanted to push ahead at a faster pace with environmental protections, carbon taxes, or enhanced worker’s rights might find themselves on the wrong end of a court judgment.The TUC’s general secretary, Paul Nowak, was quickly out of the blocks to voice these fears when the deal was announced on Friday. That is why the EU parliament has forced Brussels to ban ISDS clauses from future trade deals.Sunak, on the other hand, appears comfortable with the prospect of CPTPP countries beginning to dictate how the UK considers basic rights – and how this could become the price of easier trade, and more importantly, foreign policy. More

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      Why did the $212bn tech-lender Silicon Valley bank abruptly collapse?

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      The collapse of Silicon Valley Bank continues to reverberate, hitting bank stocks, revealing hidden stresses, knocking on to Credit Suisse, and setting off a political blame-game.Why the $212bn tech-lender abruptly collapsed, triggering the most significant financial crisis since 2008, has no single answer. Was it, as some argue, the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises after a decade of ultra-low borrowing costs, or perhaps a combination of all three?Federal investigations have begun and lawsuits have been filed and no doubt new issues at the bank will emerge. But for now, here are the main reasons experts believed SVB failed.Trump rollbacksThe Vermont senator Bernie Sanders argues that the culprit was an “absurd” 2018 law, supported by Congress and signed by Donald Trump, that undid some of the credit requirements imposed under the Dodd-Frank banking legislation brought in after the 2008 banking crisis.Dodd-Frank required that banks with at least $50bn in assets – banks considered “systemically important” – undergo an annual Federal Reserve “stress test” and maintain certain levels of capital as well as plans for a living will if they failed.SVB’s chief executive, Greg Becker, argued before Congress in 2015 that the $50bn threshold (SVB held $40bn at the time) was unnecessary and his bank, like other “mid-sized” or regional banks, “does not present systemic risks”.Trump said the new bill went a “long way toward fixing” Dodd-Frank, which he called a “job-killer”. But the non-partisan Congressional Budget Office (CBO) warned before the bill passed that raising the threshold would “increase the likelihood that a large financial firm with assets of between $100bn and $250bn would fail.” Joe Biden says he wants Trump’s rollbacks reversed.SVB’s managementThe bank didn’t have a chief risk officer (CRO) for some of 2022, a situation that’s now being looked at by the Federal Reserve, according to reports. SVB’s previous CRO, Laura Izurieta, left the company in October but stopped performing the role in April. Another was appointed in December.Early SVB shareholder lawsuits are said to be looking at the key vacancy, especially as the board’s risk committee was meeting frequently before the bank collapsed.“It means perhaps management was hiding something or didn’t want to disclose something, or had disagreements over the risks it was taking,” said Reed Kathrein, a lawyer specializing in shareholder lawsuits, to Bloomberg.“This isn’t greed, necessarily, at the bank level,” said Danny Moses, an investor who predicted the 2008 financial crisis in the book and movie The Big Short. “It’s just bad risk management. It was complete and utter bad risk management on the part of SVB.”SVB and Signature, the second mid-size bank to fail last week, have also been accused of prioritizing social justice over financial management. The Republican House oversight committee chairman, James Comer, called SVB “one of the most woke banks”.The narrative fed into a larger conflict over ESG, or environmental, social and corporate governance-driven investing, that has become a target of conservatives.But the bank’s loans to community and environmental projects were not central to its collapse nor are its diversity, equity and inclusion (DEI) policies dissimilar to other banks. The argument also fails to take into account all the banks that existed in 2008, before DEI or “woke” became a part of corporate or political discourse.Nevertheless the Florida governor, Ron DeSantis, continued on that theme, telling Fox News, that SVB was “so concerned with DEI and politics and all kinds of stuff. I think that really diverted from them focusing on their core mission.”Inflation and interest ratesSVB had benefited from from more than a decade of “zero money” interest rates as billions poured into the bank via tech venture capital. Looking for some kind of a return, it put the money into long-term US treasury bonds. But when interest rates started sharply rising last year, and depositors demanded higher returns, the bank was forced to sell some of those bonds at a loss. When news of that hit social media, tech investors panicked, triggering a classic bank run. From there, it took 36 hours for the second-biggest bank failure in US history to materialize.Before the collapses, investors had been expecting the Federal Reserve to raise interest rates by a quarter or half a percentage point when the governors meet next week. Now central bankers are in a bind: continue raising rates to tame inflation still running at 6% and risk another break in the financial system, or continue tightening money supply.The treasury secretary, Janet Yellen, gave a hint on Thursday when she told the Senate finance committee that “more work needs to be done” on inflation.What happens next?Financial jitters eased on Thursday after Wall Street rode to the rescue and propped up First Republic, another mid-sized bank whose customers were fleeing. But the respite may be brief.Goldman Sachs has raised its prediction for a recession in the next year to 35%, partly as a result of lending drops by regional banks.In the meantime it seems clear that investigators are likely to uncover more problems at the banks as their inquiries continue. Those revelations may trigger more concerns from depositors and investors.On Thursday, the Republican house financial services chairman, Patrick McHenry, said people should hold off on assigning blame for the collapse of SVB and Signature while Congress and watchdogs investigate.“When people jump to these conclusions at this stage of the game – a week in on this really stressed moment for our banking system – it’s unhelpful and quite politically hackish,” McHenry told Bloomberg. More

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      Joe Biden nominates former Mastercard boss Ajay Banga to lead World Bank

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      Joe Biden nominates former Mastercard boss Ajay Banga to lead World BankUS president puts forward choice to oversee new focus on climate crisis after resignation of Trump appointee David MalpassJoe Biden has nominated a former boss of Mastercard with decades of experience on Wall Street to lead the World Bank and oversee a shake-up at the development organisation to shift its focus to the climate crisis.The US president’s choice of Ajay Banga, an American citizen born in India, comes a week after David Malpass, a Donald Trump appointee, quit the role.The World Bank’s governing body is expected to make a decision in May, but the US is the Washington-based organisation’s largest shareholder and has traditionally been allowed to nominate without challenge its preferred candidate for the post.Malpass, who is due to step down on 30 June, was nominated by Trump in February 2019 and took up the post officially that April. He is known to have lost the confidence of Biden’s head of the US Treasury, Janet Yellen, who with other shareholders wanted to expand the bank’s development remit to include the climate crisis and other global challenges.Malpass upset the Biden administration when he appeared to question the extent to which humans had contributed to global heating.World Bank chief resigns after climate stance misstepRead moreBiden said he wanted Banga to use his decades of experience on Wall Street to support private-sector lending to countries in the developing world.“Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change,” the president said.“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” he added.Anti-poverty groups are expected to question Banga’s commitment to fighting the climate crisis using private sector funds. Several countries have defaulted on foreign loans, in effect declaring themselves bankrupt, and are locked in negotiations with banks and other private-sector lenders to reduce their debts.The World Bank said the first criterion for a future president was “a proven track record of leadership and accomplishment, particularly in development”.Banga has recently joined several bodies as a climate adviser. He became vice-chairman of General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021.Raised in India, Banga is expected to appeal to many developing world leaders as an executive bringing financial acumen to the job and a strong relationship to the Biden administration.skip past newsletter promotionafter newsletter promotionThe World Bank’s board has rebutted previous criticism of its commitment to reducing global heating, saying that climate finance doubled under Malpass from $14bn (£12bn) in 2019 to $32bn last year.John Kerry, Biden’s climate envoy, said Banga was “the right choice to take on the responsibilities of the World Bank at this critical moment”.He said it would allow the World Bank to “mobilise capital to power the green transition”.Manish Bapna, chief executive of the research organisation, the Natural Resources Defense Council, said Banga would need to be a “transformative leader with a clear vision for ambitious climate action” who must prevent the world’s most vulnerable people from being “forced to pay a price they can’t afford for a crisis they didn’t cause”.TopicsWorld BankGlobal economyJoe BidenBiden administrationUS politicsnewsReuse this content More

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      Trump pick for World Bank chief makes early exit after climate stance misstep

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      Trump pick for World Bank chief makes early exit after climate stance misstepDavid Malpass’ decision comes after running afoul of White House for failing to say whether he accepts global warming consensus World Bank president David Malpass on Wednesday said he would leave his post by the end of June, months after running afoul of the White House for failing to say whether he accepts the scientific consensus on global warming.Malpass, appointed by Donald Trump, will vacate the helm of the multilateral development bank, which provides billions of dollars a year in funding for developing economies, with less than a year remaining in a five-year term. He offered no specific reason for the move, saying in a statement, “after a good deal of thought, I’ve decided to pursue new challenges”.Treasury secretary Janet Yellen thanked Malpass for his service in a statement, saying: “The world has benefited from his strong support for Ukraine in the face of Russia’s illegal and unprovoked invasion, his vital work to assist the Afghan people, and his commitment to helping low-income countries achieve debt sustainability through debt reduction.”Yellen said the United States would soon nominate a replacement for Malpass and looked forward to the bank’s board undertaking a “transparent, merit-based and swift nomination process for the next World Bank president”.By long-standing tradition, the US government selects the head of the World Bank, while European leaders choose the leader of its larger partner, the International Monetary Fund (IMF).Pressure to shake up the leadership of the World Bank to pave the way for a new president who would reform the bank to more aggressively respond to climate change has been building for over two years from the United Nations, other world leaders and environmental groups.In November 2021, special adviser to the UN secretary-general on climate change Selwin Hart called out the World Bank for “fiddling while the developing world burns” and said that the institution has been an “ongoing underperformer” on climate action.Pressure on Malpass was reignited last September when the World Bank chief fumbled answering a question about whether he believed in the scientific consensus around climate change, which drew condemnation from the White House.In November, special envoy on climate change John Kerry said he wants to work with Germany to come up with a strategy by the next World Bank Group meetings in April 2022 to “enlarge the capacity of the bank” to put more money into circulation and help countries deal with climate change.More recently, Yellen has launched a major push to reform the way the World Bank operates to ensure broader lending to combat climate change and other global challenges.Malpass took up the World Bank helm in April 2019 after serving as the top official for international affairs at US treasury in the Trump administration. In 2022, the World Bank committed more than $104bn to projects around the globe, according to the bank’s annual report.A source familiar with his thinking said Malpass had informed Yellen of his decision on Tuesday.The end of the fiscal year at the end of June was a natural time to step aside, the source said. The World Bank’s governors are expected to approve the bank’s roadmap for reforms with only minor changes at the spring meetings of the IMF and World Bank set for mid-April.Still, World Bank sources said they were surprised by his decision to step down before the joint meetings of the World Bank and the International Monetary Fund (IMF) in Morocco in October.TopicsWorld BankEconomicsGlobal economyUS politicsnewsReuse this content More

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      Surprised that Ivanka was almost head of the World Bank? You shouldn’t be | Arwa Mahdawi

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      OpinionIvanka TrumpSurprised that Ivanka Trump was almost head of the World Bank? You shouldn’t beArwa MahdawiDonald Trump wanting his daughter to have the top job at the World Bank is no great surprise. What intrigues me is the thought of Steven Mnuchin blocking it Tue 12 Oct 2021 11.34 EDTLast modified on Tue 12 Oct 2021 14.01 EDTIt’s no secret that Donald Trump has something of a soft spot for his eldest daughter, Ivanka. He’s constantly tooting her horn and gushing over her talents. Not only does Ivanka have a “very nice figure”, Trump has boasted, but “she’s very good with numbers”. She’s so good at all that numbers stuff that the former president even considered her for the top job at the World Bank in 2019. And that wasn’t just a fleeting fantasy, either; according to a recent report by the Intercept, Ivanka’s nomination for World Bank president “came incredibly close to happening”. The reason it didn’t is that Trump’s treasury secretary, Steven Mnuchin, intervened. Which, by the way is a rather different story from the one Ivanka tells. The former first daughter has said she passed on the job because she was very happy with the high-powered White House position she’d appointed herself to.I can’t say I’m surprised that Ivanka was a stone’s throw away from a(nother) prestigious job she was laughably unqualified for. What does intrigue me is why Mnuchin might have blocked her nomination. Trump has a knack of surrounding himself with sycophants who do his bidding; what could have prompted Mnuchin to break ranks? Could it possibly be that the guy finds brazen nepotism distasteful? Alas, it seems unlikely, considering he’s a product of it himself. Mnuchin’s first job out of Yale was at Goldman Sachs, where his dad just happened to be a general partner. According to a New York magazine profile, Mnuchin’s colleagues at Goldman Sachs didn’t consider him “especially book smart”, but that didn’t stop him becoming partner himself. The same profile notes that his elevation to partner came at the expense of an African American trader from a working-class background who struck one colleague as being “much smarter than Steven” and having “accomplished a lot more”. I don’t know how fair that profile is, but I’d bet both my kidneys that Mnuchin isn’t someone who stays awake at night fretting about nepotism.So perhaps Mnuchin was afraid Ivanka’s appointment might be unethical or make the US look ridiculous? Again, these theories seem unlikely. Mnuchin and his (third) wife, the Scottish actor Louise Linton, don’t seem particularly bothered by ethics or looking ridiculous. Mnuchin, after all, is nicknamed the “foreclosure king” because he made a ton of money evicting elderly people from their homes. Linton, meanwhile, is notorious for having written a “white saviour” memoir full of dubious claims. The pair haven’t exactly kept a low profile since getting together. Remember when the lovebirds did a very weird supervillain-style photoshoot with a sheet of new dollar bills? Not exactly something someone concerned about optics might do. Then there was the time they took a government plane to see a solar eclipse in Kentucky. Linton posted the trip on Instagram and hashtagged all the designer labels she was wearing: “#rolandmouret pants”, “#tomford sunnies”, “#hermesscarf”, “#valentinorockstudheels”. The whole thing was #inverybadtaste.The pair haven’t exactly tried to tone it down since then. Linton recently made a movie called Me You Madness where she plays a “materialistic, narcissistic, self-absorbed misanthrope” who hates commercial air travel, loves high fashion and eats men for fun. It also contains spider sex. Mnuchin has been very supportive of the movie, calling the escapades of a greedy sociopath “highly entertaining”. Again, he doesn’t seem like the sort of guy who cares what other people think. Rather, he seems like the sort of guy who actively supports narcissistic blonds (Linton looks quite a bit like Ivanka) with white saviour complexes and enormous egos doing whatever the hell they like. If he blocked Ivanka’s nomination then I’ll once again wager my kidneys that it wasn’t for the common good, but it was somehow for his own good. After all, nepotism simply isn’t a problem for people like Mnuchin. It’s just the way the world works.
      Arwa Mahdawi is a Guardian columnist
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