The Bulwark Podcast: S2 Ep1036 Summary – "Jonathan V. Last: An Economic Tsunami Is Coming"

Release Date: May 6, 2025

In Season 2, Episode 1036 of The Bulwark Podcast, host Tim Miller engages in a profound discussion with Jonathan V. Last, editor of The Bulwark and co-host on the Next Level podcast. Titled "An Economic Tsunami Is Coming," the episode delves into the intricate web of political corruption, economic instability, and the looming threats to liberal democracy under the influence of the Trump administration. This summary encapsulates their comprehensive analysis, notable insights, and critical perspectives shared throughout the episode.

1. Introduction: From Sports to Serious Politics (00:15 – 01:20)

The podcast kicks off with Tim Miller sharing a moment of triumph from a Denver Nuggets game, symbolizing a brief respite before delving into the grim realities facing America. He introduces Jonathan V. Last, affectionately dubbed the "Prince of Darkness," setting the stage for an in-depth political discourse.

2. Trump’s Cryptocurrency and Corporate Corruption (02:16 – 05:29)

Miller highlights a striking instance of corporate corruption involving Trump’s cryptocurrency, Trump Coin. An international trucking firm, Freight Technologies, publicly announced purchasing $20 million worth of Trump Coin via bond issuance, effectively worth five times their entire market cap of $4 million.

Jonathan V. Last criticizes this move:

"Freight Technologies... Spending 20 million on the Trump meme coin, that is five times the value of their entire company." (03:58)

This blatant act of financial imprudence underscores the deep-rooted corruption and the lengths businesses are willing to go to curry favor with the Trump administration.

3. Trump’s Economic Policies and Trade Wars (05:29 – 32:07)

a. Trade War with China and Mexico

The conversation transitions to Trump's aggressive trade policies, particularly tariffs imposed on China and Mexico. Last emphasizes the detrimental impact of these tariffs on the American economy, predicting a stagflation scenario characterized by scarcity, rising prices, and increasing unemployment:

"What this is going to mean is we're headed towards stagflation." (27:23)

b. Impact on US Economy and Chinese Influence

Miller and Last discuss the catastrophic potential of these policies, wherein Chinese corporations could increasingly dominate American brands by taking over bankrupt businesses. This shift would not only erode the value chain but also empower China to ascend as the principal global leader.

Jonathan V. Last warns:

"China is going to wind up buying American companies out of bankruptcy and that entire scheme is going to end up with China leading the world order." (31:38)

They argue that the Trump administration's approach is short-sighted and economically self-destructive, favoring oligarchical capitalism over sustainable growth.

4. US Debt and International Relations (38:00 – 40:29)

The episode addresses the precarious position of U.S. national debt, particularly with Japan, the largest holder of U.S. Treasury bonds, threatening to sell off its holdings amidst escalating trade tensions. Last elucidates the potential fallout:

"If these countries begin to weaponize that debt by selling off, which would drive the prices down on T bills, that would create enormous pressure on the American budget." (38:31)

This scenario could plunge the U.S. into a financial crisis, exacerbating economic instability and diminishing America's fiscal credibility on the global stage.

5. Military Cuts and Appointments (40:29 – 43:58)

The discussion shifts to Trump's recent orders to cut 20% of the highest-ranking military officers and 10% of the National Guard. Last interprets this as a strategic purge to ensure loyalty within the military hierarchy:

"This is a purge... ensuring that the senior most levels of the military will be personally loyal." (43:07)

Miller and Last express concern over the long-term implications of such drastic reductions, questioning the administration's commitment to maintaining a robust and reliable military force.

6. Department of Justice Controversies (43:58 – 48:09)

Miller brings attention to the controversial appointment of Ed Martin as the U.S. Attorney for the District of Columbia. Martin's past associations with neo-Nazi groups and frequent appearances on Russia Today raise alarms about his suitability for the role.

Jonathan V. Last critiques:

"People like Ed Martin have no individual standing. The only thing he has to offer is total loyalty." (46:12)

They argue that such appointments reflect a broader strategy to embed loyalists within key governmental positions, undermining the integrity of institutions meant to uphold justice and accountability.

7. Authoritarian Tendencies and Use of Force (49:23 – 52:22)

The podcast delves into the disturbing parallels between the administration's actions and authoritarian regimes, particularly regarding the selective use of force and the manipulation of legal institutions. They discuss the contrasting public perceptions of events like the deaths of Ashley Babbitt and George Floyd, framing them within a fascist worldview where power and force are monopolized to suppress dissent and maintain control.

Jonathan V. Last explains:

"This is fascism. And what fascism does is it sees the use of force as properly only belonging to them." (51:24)

8. Critique of Local Trump Supporters (53:48 – 68:21)

Miller and Last express frustration with local Trump supporters like Frank Davis and John Beck, who exhibit a narrow focus on Trump’s policies affecting their immediate interests—such as the National Fire Academy—while ignoring broader national and global repercussions.

Jonathan V. Last condemns:

"You can't look around and tell that... The world is bigger and more important than you, sir." (66:18)

This segment underscores the danger of insular thinking and how it contributes to the systemic self-destruction of American societal structures.

9. Brief Discussion on Democrats (54:32 – 60:40)

In a brief aside, Tim Miller critiques the Democratic National Committee's portrayal of Kamala Harris at the Met Gala, suggesting it serves to undermine Republican integrity by showcasing superficial victories for the opposing side. He also praises Republican figures who maintain their integrity, such as Brian Kemp and Mike Pence, contrasting them with others who have capitulated to Trump’s influence.

10. Conclusion: Path to Self-Destruction (68:21 – 70:03)

Wrapping up, Miller and Last reflect on the overwhelming array of policies and actions spearheaded by the Trump administration that collectively point toward an impending economic and political crisis. They emphasize the necessity for the liberal resistance to remain vigilant and informed to combat these destructive trends.

Jonathan V. Last concludes:

"We are indeed on a very long, slow path to self-destruction." (62:29)

Miller echoes this sentiment, underscoring the urgency for a strategic opposition to preserve liberal democracy.

Notable Quotes with Timestamps

• Jonathan V. Last (03:58): "Freight Technologies... Spending 20 million on the Trump meme coin, that is five times the value of their entire company."

• Jonathan V. Last (27:23): "What this is going to mean is we're headed towards stagflation."

• Jonathan V. Last (31:38): "China is going to wind up buying American companies out of bankruptcy and that entire scheme is going to end up with China leading the world order."

• Jonathan V. Last (38:31): "If these countries begin to weaponize that debt by selling off, which would drive the prices down on T bills, that would create enormous pressure on the American budget."

• Jonathan V. Last (43:07): "This is a purge... ensuring that the senior most levels of the military will be personally loyal."

• Jonathan V. Last (46:12): "People like Ed Martin have no individual standing. The only thing he has to offer is total loyalty."

• Jonathan V. Last (51:24): "This is fascism. And what fascism does is it sees the use of force as properly only belonging to them."

• Jonathan V. Last (66:18): "You can't look around and tell that... The world is bigger and more important than you, sir."

Key Takeaways

1. Corporate Corruption: Companies like Freight Technologies are engaging in reckless financial maneuvers by heavily investing in Trump-backed ventures, exemplifying systemic corruption.

2. Economic Instability: Trump's aggressive trade policies are projected to lead the U.S. into stagflation, weakening economic structures and empowering foreign adversaries like China.

3. National Debt Risks: International holders of U.S. debt, particularly Japan, may destabilize the U.S. economy by selling off Treasury bonds amidst trade tensions.

4. Authoritarian Shifts: Administrative actions, including military cuts and controversial DOJ appointments, signal a drift towards authoritarian governance, undermining democratic institutions.

5. Local Insularity: Trump supporters at the local level exhibit a myopic focus, neglecting broader societal and global implications of their political allegiance.

6. Democratic Counterparts: While critiquing Republican corruption, the discussion also briefly touches upon Democratic tactics that aim to undermine Republican figures through media portrayal.

7. Call to Action: The episode underscores the urgency for the liberal resistance to strategically counteract the Trump administration’s policies to prevent national and economic decline.

This summary provides a comprehensive overview of the critical discussions in The Bulwark Podcast episode "Jonathan V. Last: An Economic Tsunami Is Coming." Listeners are encouraged to tune in for a deeper exploration of these pressing political and economic issues.