In a dramatic shift that has redefined American governance, President Donald Trump's second term has fully transformed the White House into what critics are calling a marketplace for influence. According to extensive reporting by the Economist, everything from presidential pardons and trade tariffs to artificial intelligence chips and national security decisions now carries a visible price tag.
The Black Friday Presidency
What began during Trump's first term as symbolic hotel stays at his properties and controversial donor dinners has evolved into a comprehensive system of transactional politics. The lines between personal enrichment, family business ventures, and public policymaking have become completely blurred.
The Economist has labeled this phenomenon the "Black Friday presidency," characterized by reduced regulatory enforcement and innovative forms of pay-to-play politics. The unmistakable message from the Oval Office appears to be that access and favors are available to those who can pay the price.
Scale and Bluntness of Transactions
While corruption in Washington politics is hardly new, the current administration distinguishes itself through both the scale and openness of its transactions. President Trump has abandoned even the pretense of separation between personal gain and public duty.
Several examples highlight this trend:
Qatar delivered a $400 million private jet as a gift to Trump's presidential library. Within weeks, the Middle Eastern nation received approval to establish a military training base on American soil.
Swiss executives presented Trump with a gold bar and Rolex watch, earning them White House recognition and seeing their tariffs reduced by half shortly afterward.
Crypto billionaire Justin Sun, while facing fraud allegations, invested $200 million into ventures connected to Trump. The charges against him were subsequently paused under mysterious circumstances.
Senator Jeff Merkley, a Democrat from Oregon, described the situation as "the Mount Everest of corruption." Unlike previous administrations, Trump makes no effort to conceal the transactional nature of his governance.
Three Pillars of Insider Capitalism
According to analysts, the result is what scholars term "insider capitalism" - a system where access to power, rather than innovation or merit, determines economic success. Three key trends define this new reality:
Public Office as Private Revenue Stream: The Trump Organization's revenue skyrocketed from $51 million in early 2024 to $864 million in the first half of 2025, with over 90% originating from cryptocurrency ventures.
Donors as Dealmakers: Trevor Milton, a convicted fraudster who donated $1.8 million to Trump, received a presidential pardon just months after his conviction, bypassing the Justice Department's standard five-year waiting period. His wife attended a $1 million dinner at Mar-a-Lago around the same time.
Crypto as Corruption Currency: Trump's meme coin ($Trump), stablecoin (USD1), and crypto firm World Liberty Financial have reportedly earned the family billions. Coin trades are marketed with promises of exclusive dinners, VIP access, and favorable policy changes.
The Mechanics of the New System
The cryptocurrency economy has become central to Trump's operation. His signature memecoin reached over $70 before crashing to $10, but insiders including the Trump family profit from trading fees and token sales regardless of price volatility.
Bloomberg estimates the Trump family earned over $320 million in fees from $Trump trades alone. World Liberty's WLFI token generated another $500 million from a single deal with Alt5 Sigma.
The pardon process has also become commercialized. Lobbyists now market pardons to white-collar convicts as "fast track" products with seven-figure success fees. Clemency consultant Sam Mangel told the Economist he's been retained by 28 clients this year, compared to just one during Joe Biden's entire term.
Foreign gifts to Trump's library, ballroom, or campaign have yielded substantial returns for donors, including regulatory relief, merger approvals, lawsuit dismissals, tariff breaks, and military facility deals.
Government as Market Participant
The federal government has transitioned from influencing markets to directly participating in them. The New York Times reported that the Trump administration has committed over $10 billion in equity stakes or future options across at least nine companies in critical sectors including minerals, steel, nuclear energy, and semiconductors.
Some deals aim to counter China's dominance in strategic industries, while others appear with minimal explanation. Former Commerce official William Reinsch told the Times that the Trump team invests by "whim," and Brookings scholar Darrell West noted that several deals show "almost no serious review."
The administration's first major purchase was a "golden share" in US Steel, providing veto power over certain corporate decisions. This was followed by a $400 million stake in MP Materials and a move to become Intel's largest shareholder. Shortly after these government investments, Trump personally purchased up to $5 million in Intel corporate debt.
What Comes Next
With Trumpism firmly established in Washington and regulatory watchdogs weakened or eliminated, the marketplace for presidential favors continues to expand. Several emerging trends suggest this system will grow more sophisticated:
Prediction markets advised by Trump Jr have seen trading volume quadruple, with insiders making fortunes by front-running outcomes.
Trump's sons are raising $300 million through a new SPAC and advise Dominari Securities, a firm connected to several Trump-friendly crypto deals.
Corporate executives now pre-clear merger announcements with the White House, while others channel funds through union allies or Trump family businesses to gain favor.
International Trump projects from Vietnam to Serbia receive preferential treatment, with the family earning $22 million from one Saudi-backed developer alone.
Despite recent crypto market declines that reduced the Trump family fortune from $7.7 billion to $6.7 billion, they continue earning substantial fees from trades and locked token sales. The Bloomberg Billionaires Index estimates the family unlocked an additional $220 million worth of tokens this fall alone.
As one top DC lobbyist told the Economist regarding Trump family conflicts: "Nobody gives a shit." In a system where power is openly traded, ethical boundaries aren't merely crossed - they're completely erased.
