A problem with governing from ideology—and hence a problem for conservatism[1]—is that reality eventually catches up. Donald Trump arguably is an extreme example of the phenomenon, in essence, insisting that the truth is exactly what he thinks it is and that anyone who contradicts him is wrong.[2] And as seen with the slogan “Trump was right about everything,” we know that a significant portion of the U.S. population believes him.
Yves Smith observes the yawning discrepancy between Trump’s ‘truth’ and reality and ventures into the question of what happens as reality catches up with him. It is, as Smith notes, not a pretty picture as a raging or malignant narcissist lashes out, insisting on his own veracity. Some of what Smith points to is already happening; the dominance he asserts[3] is turning violent and may do so in U.S. cities as Trump seeks to reinforce local white supremacist gangs (so-called “police”) with state National Guards.[4]
Factors to consider include that, again as Smith notes, inflation will pummel white Christian nationalists like it does everyone else.[5] Unless you subscribe to Modern Monetary Theory, and perhaps even if you do,[6] the Big Beautiful Bill will, Smith argues, provide a massive inflationary stimulus.[7] And the tariffs are, inevitably and nearly by definition,[8] inflationary.[9] Even the most devoted white Christian nationalists will face dissonance with Trump’s claims at the supermarket checkout (my own grocery bills have about tripled) and this will surely begin to fray white Christian nationalist faith in their savior Trump.[10]
Smith only goes so far with her prognostication—and I have to admit that I can’t see much further myself. There are here more questions than answers. But it will surely be a rough ride, no matter how it plays out.
[1] David Benfell, “Conservative Views on Undocumented Migration” (doctoral dissertation, Saybrook, 2016). ProQuest (1765416126).
[2] Yves Smith [Susan Webber], “What Happens as Trump’s Losses Mount?” Naked Capitalism, September 3, 2025, https://www.nakedcapitalism.com/2025/09/what-happens-as-trumps-losses-mount.html
[3] Yves Smith [Susan Webber], “What Happens as Trump’s Losses Mount?” Naked Capitalism, September 3, 2025, https://www.nakedcapitalism.com/2025/09/what-happens-as-trumps-losses-mount.html
[4] David Benfell, “No need for white supremacist gangsters,” Not Housebroken, September 3, 2025, https://www.disunitedstates.org/p/no-need-for-white-supremacist-gangsters
[5] Yves Smith [Susan Webber], “What Happens as Trump’s Losses Mount?” Naked Capitalism, September 3, 2025, https://www.nakedcapitalism.com/2025/09/what-happens-as-trumps-losses-mount.html
[6] Stephanie Kelton, Deficit Myth (New York: Public Affairs, 2021).
[7] Yves Smith [Susan Webber], “What Happens as Trump’s Losses Mount?” Naked Capitalism, September 3, 2025, https://www.nakedcapitalism.com/2025/09/what-happens-as-trumps-losses-mount.html
[8] Alicia Wallace, “‘Sneakflation’: How Trump’s tariffs are gradually raising costs for American consumers,” Cable News Network, August 24, 2025, https://www.cnn.com/2025/08/24/economy/us-tariffs-passthrough-consumers
[9] Yves Smith [Susan Webber], “What Happens as Trump’s Losses Mount?” Naked Capitalism, September 3, 2025, https://www.nakedcapitalism.com/2025/09/what-happens-as-trumps-losses-mount.html
[10] David Benfell, “Those precious inflationary tariffs,” Not Housebroken, August 20, 2025, https://www.disunitedstates.org/p/those-precious-inflationary-tariffs