Trump’s crypto windfall showcases his ability to turn loyalty into power

Like many people outside the United States, I admire much of what it represents: open debate, strong institutions, energetic politics and the belief that public power should be restrained by rules. That is why watching the US today is so extraordinary.
Consider US President Donald Trump’s meme coin. Nearly a million accounts that bought the $TRUMP coin have lost money, according to a report in The New York Times based on analysis of blockchain transactions. Their collective losses have been...