| | | | |  | | By Ryan Heath and Nahal Toosi | Presented by C40 Cities | Follow Ryan on Twitter | Send tips and insights to rheath@politico.com TRUMP FACES A DIFFERENT WORLD — CAN HE STILL GRIP GLOBAL ATTENTION? For many of America's allies, the 2016 Trump campaign and subsequent presidency were like a slow-motion car crash they didn't predict or want, and yet couldn't look away from. Today, Donald Trump 's showmanship is no longer new and the downsides for democracy of his disruptive tactics and election results denial are clearer. The world has new choices when it comes to China hawks and free trade skeptics, including within the Biden administration. Western allies have also significantly hardened their line on Russia following Moscow's invasion of Ukraine and its upending of energy and food markets, leaving Trump's chumminess with President Vladimir Putin looking shabby. So what do diplomats and other officials from around the world think about Trump's return to the presidential campaign trail? Ronald Sanders , the long-serving ambassador of Antigua and Barbuda to the United States, told Global Insider Trump's decision to run again was borne of his "hubris." Another Trump presidency would undermine democracy everywhere, the ambassador said, citing his encouragement of the Jan. 6 attack on the U.S. Capitol, his handling of Covid-19 handling and his attacks on the World Health Organization. "He may be a perfectly nice guy, but his policies were unsuited to the stability and progress of the world," Sanders said. As far as Caribbean countries go, "what happens in the United States has an effect on us. … One of the things that we've learned in the neighborhood is if your neighbor's house is on fire, you'd better go look for water to try to put it out." A Latin American diplomat described having a "sinking feeling" as Trump returned to the stage because he "takes away the diplomacy, the civility, the capacity for countries to have thoughtful and productive cooperation. I don't think he has any respect for any institution other than himself," said the diplomat, who like others, asked not to be named to speak candidly. "U.S. politics is tiring," an Asian ambassador said, with few fond memories of the 24-7 ruckus of the Trump years. "We haven't even finished the current [midterm] election, and the next horse race is getting underway." There was a widespread sense, however, that Trump was a weaker candidate than in his past two runs. Global Insider spoke to Italian and Bosnian officials who said they couldn't afford to worry about the prospect of another Trump presidency, yet. In Italy's case, because they're focused on just getting a U.S. ambassador nominated and in post in Rome. In Bosnia, because there's plenty of non-Trump risks to democracy between now and 2025. "I very much hope that more decent Republicans will take over and lead the party to the presidential fight in 2024," a European diplomat said. "I believe that American democracy is strong enough to have this kind of president once in 20 or 30 years for a single term. But having him twice might really do some irreparable harm, especially when the world is in such turmoil," the diplomat said. "There isn't this rush of 'hallelujah, Trump is coming back'" said Kristine Berzina , a senior fellow at the German Marshall Fund. She told AP that Trump criticizing former German Chancellor Angela Merkel in his announcement speech felt like " a has-been talking about a has-been ." Investors across Asia-Pacific delivered muted reactions . Many saw a weakened Trump, and said they would focus on the risk of him returning only if he is able to consolidate his grip on the Republican Party ahead of primary voting in 2024. WHERE TO JOIN GLOBAL INSIDER Post-COP27 analysis briefing: Global Insider will moderate a group of POLITICO and E&E news reporters who have spent the past two weeks in Egypt to discuss the political and policy impacts for 2023. POLITICO Pro subscribers can register here .
| | | | A message from C40 Cities: At COP27, public transport is being recognized for the critical contribution it makes to delivering on our 1.5-degree goal and liveable, equitable communities. The world's cities are at the forefront of achieving expanded, equitable, and green transport systems - the question now is whether national governments will step up and provide investment to ensure a massive shift from cars, to buses, metros, walking and cycling that would benefit economies, public health, and the climate. Learn more. | | | | | | CRYPTO DUMPSTER FIRE KEEPS GETTING WORSE Bankruptcy expert John J. Ray III, newly appointed FTX CEO, is using new court filings at the United States Bankruptcy Court in Delaware to tell us some important messages about what can go wrong in the lightly regulated crypto industry. "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said. Because crypto exchanges aren't required to publish their fund reserves, it was relatively easy for FTX to disguise the self-dealing and self-issued assets that kept it afloat until now. How FTX made decisions: There was no official list of staff; payment requests were made through chat platforms, and approved with emojis; former CEO Sam Bankman-Fried used auto-deleting messaging for much of his communication, per Ray. Even as FTX declared bankruptcy, hundreds of millions of dollars of real money — not crypto assets conjured out of thin air — " mysteriously flowed out of its accounts ." That may have happened at the direction of Bahamian officials, per accusations made by FTX's administrators in Thursday's court filings . CRYPTO ISN'T DECENTRALIZED AFTER ALL: One of the key selling points of crypto is supposed to be that you don't have to trust intermediaries or the government, that everything is transparent and free of systemic risk. It turns out that FTX's bankruptcy is causing the financial plumbing of the crypto industry to seize up, and the fallout is quickly spreading to other high-profile companies. While it's impossible to know at this point, the smart money is on the FTX bankruptcy leaving a trail of more than 1 million creditors in its wake. Trading platform BlockFi, which also issues credit cards , is preparing to declare bankruptcy , and Gemini Trust, founded by Cameron and Tyler Winklevoss, has halted some redemptions . FTX's collapse almost upended futures markets . Crypto exchanges are now scrambling to publicly publish their fund reserves to reassure investors. IS THE SEC ASLEEP AT THE WHEEL? Securities and Exchange Commission Chair Gary Gensler was happy to hit Kim Kardashian with a $1 million fine for promoting crypto on Instagram this year . But Rep. Tom Emmer (R-Minn.) wants to know where Gensler was as FTX collapsed under his nose. Emmer thinks he knows the answer : buttering up Bankman-Fried, a notable Democratic donor .
| | | | GO INSIDE THE MILKEN INSTITUTE FUTURE OF HEALTH SUMMIT: POLITICO is featuring a special edition of our "Future Pulse" newsletter at the 2022 Milken Institute Future of Health Summit from Dec. 6 to 8. The newsletter takes readers inside one of the most influential gatherings of health industry leaders and innovators solving the biggest global health issues to ensure a healthier, more resilient future for all. SUBSCRIBE TODAY TO RECEIVE EXCLUSIVE COVERAGE . | | | | | IN DEFENSE OF CRYPTO Binance CEO Changpeng Zhao told a Milken conference in Abu Dhabi Thursday that he is unperturbed by the FTX mess (he at one point offered to buy the company, until he saw how bad the books were … if there were, in fact, books to see). POLITICO's Ben Schreckinger reports from Abu Dhabi that Zhao (also known as CZ) referred to Bankman-Fried as a "psychopath" and insisted that his industry was now "healthier" than it had been before he induced the collapse of FTX. CZ went on to say governments should stay in their lane when it comes to rehabilitating the sector. " Industry players should lead by example ," he said. But the newly dominant crypto player is seeking to diversify its own lane: Yesterday, Abu Dhabi Global Markets, the local regulator, announced it had granted Binance a new license to offer financial services. Reality check: Self-regulation is a great theory, but one littered with examples of failure . Debates about self-regulation are also typically followed by an admission that some regulation is needed, just not the specific draft regulation that emerges from a given debacle. Watch out for that next stage of debate in the crypto sector. QUOTABLE — "FIX YOUR COMPANIES, OR CONGRESS WILL" "A private sector company is not free to engage in any activity it wants to that enhances its profits even if it harms individuals within our society. No company is free to do that." That's Sen. Ed Markey (D-Mass.) speaking about Elon Musk, Twitter and Tesla. But he could easily have been speaking about the crypto industry. More in Playbook's Deep Dive Podcast . DEFENSE — HALIFAX SECURITY CONFERENCE PREVIEW: North America's leading international security conference gets underway in Nova Scotia, Canada, tonight. The U.S. delegation is led by Sens. Jeanne Shaheen (D-N.H.) and Jim Risch (R-Idaho). They're joined by colleagues Kirsten Gillibrand (D-N.Y.), Chris Coons (D-Del.), Mike Rounds (R-S.D.) and Jacky Rosen (D-Nev.), and Rep. Mike McCaul (R-Texas), ranking member of the House Foreign Affairs Committee. More information here . Gillibrand, fresh off not being able to buy tickets to Taylor Swift's new concert series , will lead a discussion on "Cold Weather, High Prices, Long War: Finding Our Winter Resilience." CLIMATE — COP27 DRAGGING ON INTO WEEKEND: U.N. Secretary-General António Guterres is back from the G-20 in Bali to try to land the conference with some kind of meaningful outcome. He's pushing for a " Climate Solidarity Pact ," in which rich nations and development banks cough up to fund green energy transitions. EU funding surprise: In a dramatic late-night meeting, the EU proposed a new global fund to aid the victims of climate disasters in vulnerable countries. Australia then backed the plan, POLITICO's Karl Mathiesen reports leaving the U.S. isolated. Bridgetown to nowhere: The " Bridgetown Agenda " proposed by Barbadian Prime Minister Mia Mottley continues to be a subject of debate, but China is not on board. That's a big problem, given China lends one-third of credit to low-income countries . China itself is only planning to peak its emissions in 2030. SAUDI REPUTATION WASHING GETS A BOOST: The Biden administration declared last night that the high office held by Saudi Arabia's Crown Prince Mohammed bin Salman should shield him from lawsuits for his role in the killing of journalist Jamal Khashoggi. Details here .
| | | | A message from C40 Cities:   | | | | | | HANDOVER: Speaker Nancy Pelosi is stepping back from leading the Democratic Party in the U.S. House of Representatives, after 15 years. Rep. Hakeem Jeffries (D-N.Y.), the caucus chair; Rep. Katherine Clark (D-Mass.), the assistant speaker; and Rep. Pete Aguilar (D-Calif.), the caucus vice chair, are now respectively set to claim the top three Democratic leadership positions of minority leader, whip and caucus chair. Cheat sheet on America's 9 governors-elect HANGOVER: European officials are warning soccer/football fans against downloading Qatar's two World Cup apps due to privacy risks . German regulators said the apps collect more information than privacy notices indicate, including tracking calls and preventing devices from going into sleep mode. Privacy specialists have labeled both apps as spyware. SOBERING: European enforcers and Interpol have seized around 4 million gallons of illicit or counterfeit alcoholic beverages in a sting conducted in 19 countries. ENEMY: Hungarian strongman Viktor Orbán's has a new public enemy: David Pressman, a Twitter-savvy U.S. ambassador calling out conspiracies . RECOGNITION: The Committee to Protect Journalists bestowed its annual International Press Freedom Awards to Galina Timchenko (Russia), Abraham Jiménez Enoa (Cuba), Sevgil Musaieva (Ukraine) and Niyaz Abdullah (Iraqi Kurdistan).
| | | | POLITICO APP USERS: UPGRADE YOUR APP BY DECEMBER 19! We recently upgraded the POLITICO app with a fresh look and improved features for easier access to POLITICO's scoops and groundbreaking reporting. Starting December 19, users will no longer have access to the previous version of the app. Update your app today to stay on top of essential political news, insights, and analysis from the best journalists in the business. UPDATE iOS APP – UPDATE ANDROID APP . | | | | | | | | MICHELLE OBAMA: The former first lady has 31 questions to ask yourself . ATLAS OF DESIGN: 32 of the world's most beautiful maps . GROUND ZERO IN EUROPE'S ENERGY CRISIS: The tiny German town of Lubmin, which neighbors the electoral district that Merkel represented for 31 years, is where the disputed, lucrative and now all-but defunct Nord Stream gas pipelines make landfall. POLITICO's Charlie Cooper and Louis Westendarp take you on a tour . A VOICE FOR AFGHAN WOMEN: Across 80 interviews with Afghan women human rights defenders (who are now spread across 20 countries), VOICE — which works to hold the humanitarian aid sector accountable around treatment of women in crisis settings — found an overwhelming lack of critical health care and financial resources, insufficient training for caseworkers around gender-based violence risks and "rampant nepotism in the resettlement process." Thanks to editor Dave Brown and producer Hannah Farrow.
| | | | A message from C40 Cities: Significant improvement and expansion of public transport will help communities tackle multiple crises, providing us with a better quality of life. C40 mayors and the cities they lead are taking ambitious action to advance sustainable urban mobility. Between 2017 and 2021, Jakarta doubled its public transport coverage, from 42% to 82%. The London Underground supply chain alone supports 43,000 jobs, 68% outside and 32% within the city. At COP27 and beyond, city and union leaders as well as urban residents and professionals around the globe are calling on world leaders to prioritize public transport as a key economic, social, public health and climate solution. Join us. | | | SUBSCRIBE to the POLITICO newsletter family: D.C. Playbook | Brussels Playbook | London Playbook | Paris Playbook | Ottawa Playbook | EU Confidential | D.C. Influence | EU Influence | London Influence | Digital Bridge | China Direct | Berlin Bulletin | Living Cities | | | | Follow us on Twitter | | | | Follow us | | | | |
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