Trump’s appointee to the US Consumer Financial Protection Bureau (CFPB), Russell Vought, has suspended all the agency’s activity, slashed its budget and could be pursuing Musk’s ambition to “delete” the bureau.
The signal to the financial sector could not be clearer: “Fill your boots, boys.” A financial crisis in the US would immediately become a global crisis.
The degradation of federal government by Donald Trump and Elon Musk could trigger a series of converging and compounding crises, leading to social, financial and industrial failure.
The CFPB was established by Congress after the 2008 financial crisis, to protect people from the predatory activity that helped trigger the crash.
It could be wildfires, a pandemic or a financial crisis.
