Truth API sounds innocuous enough and has received relatively little media attention. However, its true nature is anything but innocuous: a pay for insider information subscription service offered by the American president for his personal enrichment. As a president's words can move millions in financial markets, purchasing this service is effectively compulsory for financial services companies, making this more extortion than just an invitation to bribe him.
And this is Trumps' true constitutional innovation: to use the executive power to shake down the American oligarchy for his personal financial benefit.
American legislators have always sold political influence to wealthy donors - indeed, that is the traditional function of the Congress in the American political system - to be bought, with elections as a pressure valve and restraining influence on the oligarchy. Political venality in itself is nothing new here. However, using executive power to make this compulsory does seem a novelty in the U.S.
So why are the American oligarchs tolerating this now when they have not done so hitherto?
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