International Cooperation Prevented a 2008 Financial Disaster
It was international cooperation and coordination among the US and other governments that prevented the Great Recession of 2008 from becoming another Depression. That cooperation and coordination will be fatally missing in the next financial crisis if Donald Trump’s in charge.
2008 Recovery: The Role of International Cooperation
In 2008 and 2009, Presidents George W. Bush and Barak Obama hired Treasury Secretary Henry Paulson (formerly Goldman Sachs’ CEO), Fed Chairman Ben Bernanke and New York Federal Reserve Bank President Timothy Geithner to recover from the 2008 recession.
Trump’s Leadership: A Threat to International Cooperation
In contrast, Trump will hire obedient sycophants, enablers and some of the 20+ criminals whom he’s pardoned or defended. Their only goal will be to enrich themselves. Trump’s learned how from his idle, Vladimir Putin.
Why Trump Can’t Rely on International Cooperation
Paulson, Bernanke and Geithner coordinated the major central banks to cut interest rates and announce it at the same time. Even China was persuaded to join the US and other countries in cutting rates. The Fed and five other central banks jointly announced that they’d provide cross-border dollar liquidity, which was key to restoring financial stability and avoiding another depression.
The Future of International Cooperation Under Trump
There’s no way a Trump administration would be capable of such feats, nor interested in restoring stability for Americans. He’d be excellent though at exploiting the damage he causes to enrich himself and his American oligarchs.
Alienating Allies: Trump’s Impact on International Cooperation
Other countries won’t be eager to work with Trump. As President he alienated them and sowed deep distrust. He threatened to pull out on NATO and let Putin do “whatever the hell he wants.” He insulted our allies for unfair trade practices, imposed tariffs on them without warning and abandoned and debased many multilateral organizations. He withdrew from the Iran nuclear deal allowing the country to increase their nuclear capabilities, fracturing already-strained relationships with Europe. He berated and threatened to pull out of the World Trade Organization, exited the Trans-Pacific Partnership, a trade agreement with eleven Pacific Rim countries and allowed China to replace us as a partner in 1/3 of global trade, and damaged South Asia’s trust in and loyalty to the US – something we’ll desperately need should China invade Taiwan. Trump insulted our allies in the G-7 and NATO while openly adoring Kim Jong Un and Vladimir Putin.
Global Trust Eroded: The Decline of International Cooperation
As the Counsel on Foreign Affairs observed, during Trump’s Presidency, America lost influence and respect it enjoyed around the world for the last 75 years.
