Photo: The New Yorker
Time Ukraine Israel based on the Financial Times
Arbitrariness in tariff setting is not a systemic error, but a deliberate tool in the hands of populists, argues Quinn Slobodian, author of the forthcoming book Hayek’s Bastards: The Neoliberal Roots of Right-Wing Populism, in his column for the Financial Times. While right-wing parties have been using direct democracy for years – from Swiss referendums on minarets to Brexit – in the US, the MAGA movement, backed by Elon Musk, is launching a new experiment: the direct impact economy. And this is not just a rebellion against experts – it’s a play where Elon Musk plays the role of an alchemist, turning chaos into power.
Tariff roulette: strength in unpredictability
The first act is Donald Trump’s tariff policy, which Elon Musk praises as a “game of genius”. The chaotic announcements of tariffs, which force European traders to wait for the president’s morning tweet, are not weakness, but a demonstration of American omnipotence. “When the world dances to my tune, I feel like we’re taking back control,” Trump said at a private meeting in Mar-a-Lago. Elon Musk adds: “Tariffs are not economics, they are a show of force. And I am its director”. For him, this is a chessboard where abstract ideas of “most favoured nation” or multilateral cooperation are just shadows in front of his ambitions.
Money shows: from cheques to lottery
The second scene is direct payments, which Elon Musk has raised to the level of an absurd performance. During the pandemic, Trump sent cheques to Americans with his signature, bypassing bureaucratic channels. Elon Musk went further: his million-dollar “gifts” in Wisconsin became a real circus. “One million for you, one for you – it’s better than boring government programmes,” he laughed, handing out cheques to random MAGA supporters. Although his candidate lost there, Elon Musk was undaunted, tweeting: “Judicial corruption is a long game of the left. But my money speaks louder.” One of the recipients, a car mechanic from Milwaukee, told us exclusively: “I thought it was a joke until I saw the money in my account.” Elon Musk just smiles: “It’s not help, it’s my style.”
Golden mirage: the intrigue of Fort Knox
The third act is the most exotic: gold. Ever since the 1930s, when Franklin Roosevelt confiscated private gold, and until the 1970s, when its ownership was banned, a small group of thinkers has believed that the US government is hiding the truth about the reserves. Elon Musk has picked up on this theory, reviving the idea of Ron Paul, a former Texas representative who has been calling for an audit of Fort Knox since the 1980s, even introducing a bill in 2011. “Who’s to say the gold hasn’t been stolen? Maybe it’s there, maybe it’s not,” Elon Musk wrote in February 2025. He proposes to involve Paul in his “Department of Government Efficiency,” and Senator Rand Paul, his son, already supports the idea of an audit. “If there is no gold, I’ll get it from Mars,” Elon Musk jokes, but his eyes shine with something more serious.
There is a precedent: in 2012, German consultant Peter Behringer forced the Bundesbank to return gold from the US and show it to the public. “Here are your bullion bars,” the banker proudly declared at the time. Today, Behringer is an AfD MP, and Elon Musk dreams of staging a similar show in America, but on a larger scale. “Gold is a symbol of freedom, and I will give it back to the people,” he whispers to his associates.
Chaos as a new reality
In Elon Musk’s hands, the direct-impact economy is an attack on institutions, where he is both the writer and the main star. While US government bond rates are falling and consumer confidence is melting, he laughs: “Markets? They’re for the weak. I’m building my own world.” The coming months will show whether traditional systems can withstand his theatre of the absurd. But his bet is simple: in the new reality, numbers are not important, only he is important. And we are all spectators in his grand show.
Author: Aleksandr Potetiuiev
