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The story Donald Trump tells about himselfand to himselfhas always been one of domination. It runs through the canonical texts of his personal mythology. In The Art of the Deal, he filled page after page with examples of his hard-nosed negotiating tactics. On The Apprentice, he lorded over a boardroom full of supplicants competing for his approval. And at his campaign rallies, he routinely regales crowds with tales of strong-arming various world leaders in the Oval Office.

This image of Trump has always been dubious. Those boardroom scenes were, after all, reality-TV contrivances; those stories in his book were, by his own ghostwriters account, exaggerated in many cases to make Trump appear savvier than he was. And theres been ample reporting to suggest that many of the world leaders with whom Trump interacted as president saw him more as an easily manipulated mark than as a domineering statesman to be feared.

The truth is that Trump, for all of his tough-guy posturing, spent most of his career failing to push people around and bend them to his will.

That is, until he started dealing with Republican politicians.

For nearly a decade now, Trump has demonstrated a remarkable ability to make congressional Republicans do what he wants. He threatens them. He bullies them. He extracts from them theatrical displays of devotionand if they cross him, he makes them pay. If there is one arena of American power in which Trump has been able to actually be the merciless alpha he played on TVand there may, indeed, be only oneit is Republican politics. His influence was on full display this week, when he derailed a bipartisan border-security bill reportedly because he wants to campaign on the immigration crisis this year.

David Frum: The GOPs true priority

Sam Nunberg, a former adviser to Trump, has observed this dynamic with some amusement. Its funny, he told me in a recent phone interview. In the business world and in the entertainment world, I dont think Donald was able to intimidate people as much.

He pointed to Trumps salary negotiations with NBC during Trumps Apprentice years. Jeff Zucker, who ran the network at the time, has said that Trump once came to him demanding a raise. At the time, Trump was making $40,000 an episode, but he wanted to make as much as the entire cast of Friends combined: $6 million an episode. Zucker countered with $60,000. When Trump balked, Zucker said hed find someone else to host the show. The next day, according to Zucker, Trumps lawyer called to accept the $60,000. (A spokesperson for the Trump campaign did not respond to a request for comment.)

Contrast that with the power Trump wields on Capitol Hillhow he can kill a bill or tank a speakership bid with a single post on social media; how high-ranking congressmen are so desperate for his approval that theyll task staffers to sort through packs of Starbursts and pick out just the pinks and reds so Trump can be presented with his favorite flavors.

I just remember that thered be a lot of stuff that didnt go his way, Nunberg told me, referring to Trumps business career. But he has all these senators in the fetal position! They do whatever he wants.

Why exactly congressional Republicans have proved so much more pliable than anyone else Trump has contended with is a matter of interpretation. One explanation is that Trump has simply achieved much more success in politics than he ever did, relatively speaking, in New York City real estate or on network TV. For all of his tabloid omnipresence, Trump never had anything like the presidential bully pulpit.

From the January/February 2024 issue: Loyalists, lapdogs, and cronies

It stands to reason that [when] the president and leader of your party is pushing for something thats whats going to happen, a former chief of staff to a Republican senator, who requested anonymity in order to candidly describe former colleagues thinking, told me. Take away the office and put him back in a business setting, where facts and core principles matter, and it doesnt surprise me that it wasnt as easy.

But, of course, Trump is not the president anymoreand there is also something unique about the sway he continues to have over Republicans on Capitol Hill. In his previous life, Trump had viewers, readers, fansbut he never commanded a movement that could end the careers of the people on the other side of the negotiating table.

And Trumpwhose animal instinct for weakness is one of his defining traitsseemed to intuit something early on about the psychology of the Republicans he would one day reign over.

Nunberg told me about a speech he drafted for Trump in 2015 that included this line about the Republican establishment: Theyre good at keeping their jobs, not their promises. When Trump read it, he chuckled. Its so true, he said, according to Nunberg. Thats all they care about. (Nunberg was eventually fired from Trumps 2016 campaign.)

This ethos of job preservation at all costs is not a strictly partisan phenomenon in Washingtonnor is it new. As I reported in my recent biography of Mitt Romney, the Utah senator was surprised, when he arrived in Congress, by the enormous psychic currency his colleagues attached to their positions. One senator told Romney that his first consideration when voting on any bill should be Will this help me win reelection?

From the November 2023 issue: What Mitt Romney saw in the Senate

But the Republican Party of 2015 was uniquely vulnerable to a hostile takeover by someone like Trump. Riven by years of infighting and ideological incoherence, and plagued by a growing misalignment between its base and its political class, the GOP was effectively one big institutional power vacuum. The litmus tests kept changing. The formula for getting reelected was obsolete. Republicans with solidly conservative records, such as House Majority Leader Eric Cantor, were getting taken out in primaries by obscure Tea Party upstarts.

To many elected Republicans, it probably felt like an answer to their prayers when a strongman finally parachuted in and started telling them what to do. Maybe his orders were reckless and contradictory. But as long as you did your best to look like you were obeying, you could expect to keep winning your primaries.

As for Trump, its easy to see the ongoing appeal of this arrangement. The Apprentice was canceled long ago, and the Manhattan-real-estate war stories have worn thin. Republicans in Congress might be the only ostensibly powerful people in America who will allow him to boss them around, humiliate them, and assert unbridled dominance over them. Theyve made the myth true. How could he possibly walk away now?

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Sports

The lesson of Pete Rose and ‘Shoeless’ Joe? History is messy.

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The lesson of Pete Rose and 'Shoeless' Joe? History is messy.

Now that Major League Baseball commissioner Rob Manfred has removed Pete Rose, “Shoeless” Joe Jackson and other deceased players from the game’s “permanently ineligible list,” whatever former stars deemed deserving based on their on-field accomplishments should, at first opportunity, be inducted into the Hall of Fame.

In a bombshell, if long overdue, reversal of policy, first reported by ESPN’s Don Van Natta Jr. on Tuesday, Manfred removed bans for Rose (who bet on games while managing the Cincinnati Reds) and members of the 1919 Chicago White Sox (who fixed the World Series), among others.

After all, banishment was meaningless once they all had died — a life sentence, if you will, for whatever their transgression. Most died decades ago and were on the list for gambling-related offenses.

“Obviously, a person no longer with us cannot represent a threat to the integrity of the game,” Manfred wrote in a letter to the attorney who petitioned for Rose.

The only remaining purpose of the ban was to keep them from the immortality of being inducted into Cooperstown, which bills itself officially as the “National Baseball Hall of Fame and Museum.”

The last word is the most important.

Museums exist to tell about history, and history is always messy — including in sports. They shouldn’t be solely designed for the sanitized, establishment-approved version of events, or allow outside considerations to overshadow actual accomplishments. They certainly shouldn’t serve as part of some carrot-and-stick approach to desired behavior.

Should Rose and the others have done what they did? Of course not. Should they have been subject to any potential criminal or civil recourse for their actions? Absolutely. Was MLB within its rights to suspend or punish them in other ways? Definitely.

Rose, for example, should never have been allowed to work in baseball again after it was determined he bet on the Reds to win games while he was the manager.

But that doesn’t mean his record 4,256 hits, his three World Series titles, his MVP award (1973), his 17 All-Star appearances (including when he barreled over catcher Ray Fosse in the 1970 game), his “Charlie Hustle” nickname, or that epic head-first slide — shown so many times on “This Week in Baseball” that a generation of kids either crushed their chests or chipped their teeth trying to emulate it — didn’t occur.

So did his gambling scandal, a 1990 guilty plea for filing false tax returns that cost him five months in a federal prison and a 2017 sworn statement from a woman that he had committed statutory rape back in the 1970s, an allegation for which he was never criminally charged. Throughout his life, he could be indefensibly crude, difficult and confrontational.

It’s all part of the story of Pete Rose.

So let him in, then tell the good, the bad and the ugly so the public can decide what to think. This is the Baseball Hall of Fame, not the pearly gates. It’s about a nice day in central New York State with your family, complete with a gift shop.

If the museum is there to tell the history of the sport, well, how do you do it without Pete Rose? If Hall of Fame induction is reserved for the greatest players, then how could Rose not be among them? His foolishness as a manager shouldn’t have eclipsed his impact as a player.

This is where baseball’s policy was always wrong. It used the prospect of barred entry to the Hall as a deterrence. That isn’t what a museum should be about. The risk of criminal charges, lost wages from suspension and general shame should be enough. If it isn’t, so be it.

Manfred isn’t ready to release those still living from the ineligible list. He’s clinging to the concept of scaring current players straight. “It is hard to conceive of a penalty that has more deterrent effect than one that lasts a lifetime with no reprieve,” he wrote in the letter.

Perhaps, but should that be the point?

The Hall is already filled with assorted louts, drunks and racists who just happened to be able to either hit or throw a baseball really well. So what? Their personal disgrace is part of their history.

In fairness, their personal failings didn’t affect baseball the way Rose might have as a managerial gambler, and certainly not as the Black Sox did back in the day.

Still, there are owners and commissioners in the Hall who worked for decades to stop baseball from racial integration. That’s a far more widespread impact on the integrity of the game than betting on your team to beat the Dodgers.

Yes, sports wagering is always a concern and was once a major taboo. But public opinion and business realities changed. There are sportsbooks inside MLB stadiums these days, including, for a stretch, with Rose’s old team in Cincinnati.

History is history. The game is the game. The museum is the museum. Tell the story, the whole story, with all the best players and best teams and best tales, no matter how colorful, criminal or regrettable.

America can handle it. Our real national pastime is scandal, after all.

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Business

Burberry to cut 1,700 jobs after multi-million pound loss

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Burberry to cut 1,700 jobs after multi-million pound loss

Burberry, the UK’s only global luxury brand, is to cut around 1,700 jobs worldwide over the next two years after reporting a steep financial loss.

The company lost £66m in pre-tax profit in the year ended in March as luxury goods sales fell across the world and the company weathered an “uncertain” environment and a “difficult macroeconomic backdrop”.

A year earlier, it recorded £383m in profit.

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It’s suffered in recent years with the share price falling to such an extent the business was removed from the FTSE 100, the index of most valuable companies listed on the London Stock Exchange.

Despite the financial performance, the company was upbeat, with chief executive Joshua Schulman saying “I am more optimistic than ever that Burberry’s best days are ahead and that we will deliver sustainable profitable growth over time”.

What cuts are being made?

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The retailer did not specify any shop closures – in the past year, it closed 26 and also opened 26 stores – but did highlight shift cuts and consolidations.

“We don’t have a store closing programme, per see,” Mr Schulman told investors

The night shift at Burberry’s Castleford factory will be cut, it proposed, saying the shift has resulted in overproduction.

“Significant” investment in the facility will be made, however, as the ambition is to scale up British production “over time”, Mr Schulman said.

Changes to the retail network across the world will be made with shop staff being scheduled around “peak traffic”.

Burberry will be “realigning” shop staff, he said, “so that we can offer the best service” at the busiest times.

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There will also be a “simplification” of Burberry’s regional structure and a “rebalancing” of central and regional responsibilities to reduce duplication and “accelerate decision making” through the retail network.

But the majority of changes will be made to “office space teams” around the world, the CEO said.

Commercial and creative teams have already been consolidated, Burberry’s annual results said.

What’s gone wrong?

Aside from the global slowdown in luxury goods sales over recession fears, additional headwinds have come in the form of President Trump’s tariffs.

“Clearly, the external environment has become more challenging since mid-February”, Mr Schulman told investors.

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Trump’s tariffs: What you need to know

Tariff risks were higher than first planned, the annual results said.

It led the US market to be described by Mr Schulman as “choppy” since February when Mr Trump began announcing tariffs on Mexico, Canada and China, as well as on goods such as steel and cars.

Sales also fell in the Asia Pacific region by 16%, the results showed.

Criticism was levelled at the 2021 British government decision to withdraw VAT refunds for overseas visitors, “which has made the UK the least competitive destination in Europe for tourist shopping”, the results read.

“Business in our UK home market continues to be seriously impacted” by the move.

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Politics

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

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Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Bitcoin’s fluctuating correlation with US equities is raising questions about its role as a global safe-haven asset during periods of financial stress.

Bitcoin (BTC) exhibited a strong negative correlation with the US stock market when analyzing the short-term, seven-day trailing correlation, according to new research from blockchain data provider RedStone Oracles, shared exclusively with Cointelegraph.

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report
Bitcoin, S&P 500, 7-day rolling correlation. Source: Redstone Oracles

However, RedStone said that the 30-day indicator signals a “variable correlation” between Bitcoin price and the S&P 500 index, with the correlation coefficient ranging from -0.2 to 0.4.

This fluctuating correlation suggests that Bitcoin “doesn’t consistently function as a true hedge for equities” due to its lack of a strong negative correlation below -0.3, which is needed for “reliable counter movement during market stress,” the report said.

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report
Bitcoin, S&P 500, 30-day rolling correlation, 1-year chart. Source: Redstone Oracles

Related: $1B Bitcoin exits Coinbase in a day as analysts warn of supply shock

The research suggests that while Bitcoin may not be a dependable hedge against stock market declines, it offers value as a portfolio diversifier.

This fluctuating dynamic signals that Bitcoin often moves independently from other assets, potentially offering additional returns while other assets are struggling. Still, Bitcoin has yet to mirror the safe-haven dynamics of gold and government bonds, RedStone suggests.

Related: Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for $300M

Bitcoin needs to “mature” before decoupling from stock market

While Bitcoin is poised to grow into a safe-haven asset in the future, the world’s first cryptocurrency still needs to “mature” as a global asset, according to Marcin Kazmierczak, co-founder and chief operating officer at RedStone.

“Bitcoin still needs to mature before decoupling from stock markets,” Kazmierczak told Cointelegraph, adding:

“Increased institutional adoption will absolutely help — we’re already seeing this effect with corporate treasury investments reducing Bitcoin’s 30-day volatility and with BlackRock repetitively praising BTC as an asset in a portfolio.”

Meanwhile, Bitcoin will see growing recognition as a portfolio diversifier, with an annualized return of over 230% for the past five years, which “significantly outperformed” both stocks and traditional safe-haven assets, Kazmierczak said, adding that “even a small 1–5% Bitcoin allocation can meaningfully enhance a portfolio’s risk-adjusted returns.”

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report
Source: Vetle Lunde

Meanwhile, Bitcoin’s declining volatility supports BTC’s growing maturity as a global financial asset. Bitcoin’s weekly volatility hit a 563-day low on April 30, a development that may signal more stable price action.

Bitcoin’s price volatility fell below the realized volatility of the S&P 500 and the Nasdaq 100, signaling that investors are increasingly treating Bitcoin as a long-term investment vehicle, Cointelegraph reported on May 13.

Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

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