The S&P 500 stock market index in the USA went above 7,000 for the first time yesterday.

It only happened briefly, but it is worth noting because a week after markets wobbled over Trump and Greenland, they hit a record high again.

The short term natiure of investor thinking is revealed as a result. They can see a threat and then forget it almost immediately, but Trump and his fascism have not gone away.

Instead, look at that chart again. Since the likelihood of Trump returning became part of the zeitgeist in mid-2024, markets have risen by around 2,000 points, or 40% from that base.

Now ask, who does Trump serve? And, of course, like all facists he serves wealth, and so far they are very happy with him.

Will that last? I doubt it.

What will happen then? I do not know.

But, amongst the many things that a crash will deliver - almost all of which are negative - a realisation that fascists cannot really deliver anything of value, even to investors, will be of benefit, because right now the wealthy will put up with all else that they do because they believe that Trump is good for the value of their share portfolios, and so their well-being as a whole. When that myth is broken, as it will be, there may be a reappraisal. Getting that message out will be amongst the key messages of that moment.

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