Economists: Trump's allies are dismantling regulations built after the 2008 financial crisis to prevent future financial crises.

Odaily Planet Daily reports that Paul Krugman has warned Trump's "close associates" that they are undermining financial stability: "Prepare to party like in 2008." In his latest article last Friday, the economist stated that Trump's allies are dismantling the regulatory framework established after the 2008 financial crisis to prevent future crises.

Krugman points out that allies of the Trump administration are actively weakening bank regulation, a key function of the Federal Reserve. Trump-appointed Fed Governor Bowman is advocating for relaxed capital requirements for banks, which may increase short-term profits but could exacerbate the risk of another crisis.

Furthermore, Krugman emphasized the Trump administration's support for the crypto industry, particularly its promotion of stablecoins through the GENIUS Act. He warned that the lack of regulation of stablecoins issued by companies like Tether could lead to systemic risks similar to those of 19th-century private banking. (Jinshi)