Profitable presidency: the rise of insider capitalism

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  The Economist.

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  Hi, John Prado here.

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  I host Checks and Balance, our podcast on US politics.

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  Welcome to Editors Picks.

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  Here's an article from the latest edition of The Economist, handpicked by our team and read aloud.

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  I hope you enjoy it.

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  Everyone is a populist these days.

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  President Donald Trump has directed his fury at elites in politics, academia and commerce.

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  The spirit has captured financial markets too.

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  Cryptocurrencies, say their advocates, do away with the need for rent-seeking intermediaries.

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  Prediction markets allow anyone to bet on anything.

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  Tech bosses speak directly to their adoring investors on podcasts rather than through newspapers.

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  Wall Street bigwigs talk about markets being democratised,

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  which in fact means opening up financial risk to everyone.

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  The returns to being an insider, someone with status,

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  access to power or privileged information, ought then to be falling.

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  Instead, they are soaring.

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  First, consider the fact that Mr Trump, the ultimate insider,

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  given his power over policy,

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  is profiting extravagantly while in office, mostly through crypto deals.

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