Navneet Munot
Like every year there were many contenders. Don is back dodging bullets by the ear. He can claim the year. Criminal convictions? Courtroom speed bumps. Impeachment? Old news. Age? Merely a number. Nothing could stump Trump. MAGAnimous victory makes Capitol Hill Trump’s Red property.
A lone Musk(eteer) stole the show. Now poised to bull-DOGE Government inefficiency with a sharp aXe. Trumpian tower’s cabinet is a republic of billionaires and hawks. Bye-bye Multilateralism, Buy-buy Mercantilism. History rhymes. In 1924, Immigration Act imposed immigration quotas while the Revenue Act cut taxes. A slew of Acts that decade upheld high protectionist tariffs to boost domestic industry. Sounds familiar in Trump’s ‘America First’? They risk economic isolation, societal division and reduced global influence – lessons history repeatedly warned against. Biden, Kamala and company delivered decent: infrastructure, growth, jobs and a mega stock market rally. But couldn’t construct a MAGA-grade narrative.
In a world where the poor get handouts, the rich ride market booms and get bailouts, while the middle class is left out, its frustration is finding a voice.
Dance of democracy
Yes, what kept us captivated in 2024 is the dance of democracy. Elections everywhere. Almost. Left-leaning promises, right-wing resurgence, centrist bargains, and everything in between. No matter where you stand, people’s voice remains the most unpredictable political force. PM Ishiba gambled with early elections leading to LDP losing. President Yoon was impeached after a fleeting flirtation with martial law. In politics, History rhymes. In 1924, Immigration Act imposed immigration quotas while the Revenue Act cut taxes.
A slew of Acts that decade upheld high protectionist tariffs to boost domestic industry. Sounds familiar in Trump’s ‘America First’? as in life, some gambles are best left unplayed. Argentina, a serial defaulter, delivered a historic fiscal surplus under Javier Milei. Claudia Sheinbaum smashed Mexico’s glass ceiling. Prabowo swept Indonesia.
The Labour storm
Tories got torn, Starmer’s Labour stormed Downing Street. The UK hopes Rachel can Reevive (pun intended) the economy. The French PM’s office borrows a revolving door. Polls served fries to Macron and pastries to Le Pen. Quintessential France: chaos with chic luxury. Meloni combines graceful charm with calculative balancing.
Scholz’s coalition creaks – political fragmentation, immigration tensions, energy strains and economic pains. The German powerhouse is running with tiring turbines. Ask Volkswagen.
Zelensky braces as Trump’s return threatens funding cuts and potentially cripples Ukraine’s fight against Russia. Russia tightened its grip on the mineralrich and fertile east, while Ukraine faces the colossal task of post-war reconstruction. Navalny’s death in prison cast a dark shadow while Russian influence looms over Georgia’s political future.
Bashar al-Assad fled Syria. History rewritten after five decades. Mighty support from Iran and Russia fell short. Master strategist Al-Jolani is the man of the moment. Let’s hope for lasting peace.
The Red Sea froze, the Middle East boiled, trade routes turned into troubled waters. Israel’s His-high(handed) ness Bibi is hitting hard on Hezbollah, Hamas, and Houthis heedless of the human toll. ICJ watched helplessly as diplomacy died 365 deaths. Common citizens endured uncommon grief.
A tough year for Iran: prolific leaders lost, proxies pummelled, its prominence receding. Turkey seizing the moment, tightens borders and nudges refugees homeward. It’s Erdogan vs Netanyahu currently: two strongmen circling the ring, the region still unraveling the ancient tapestry of Arabs, Ottomans and Israelis. Whether dialogue or destruction prevails will define the next chapter in this saga.
China’s ageing population and the 3 I’s – Inflation, Interest rates, and Imports – signal a slow march toward Japanification. Bears reined the unpredictable economic jungle until Xi’s played his checkers: coercing institutions into stocks, introducing fiscal stimulus, loosening monetary policy, and unveiling a property package. The mix, along with valuation discounts, lured reluctant Bulls into the China shop.
Trump’s doctrine
Trump’s ‘America Only’ doctrine nudging Jinping to mend ties globally while doubling down on innovation. Chinese EVs flooded Europe, giving others a run for their power.
China-Taiwan conflict? If ever, an internal unrest reaches Xi’s doorstep. BRICS expanded beyond core bricks. Ramlala is back in Ayodhya, rewriting history after five centuries. Modi is back for the third time, rewriting history after six decades.
