The US president Joe Biden, and by extension Democrats, are in big trouble. While Europe, and the world, has to seriously consider that we might be facing a second Trump presidency.

A new poll by the left leaning ABC has found that Joe Biden is doing worse at this point in the presidency than any president in history, including the Republican candidate Donald Trump.

Biden’s approval ratings are at 36%, worse than Trump’s 39% in April 2019, or Jimmy Carter at 37% in May 1979.

Amid bank collapses, stock market crashes, high inflation, and a Treasury that has come across as non existent, this indictment by the public on the economy is not a surprise.

What might be surprising for independents is that another potential republican candidate Ron DeSantis polls at 25% among conservatives to Trump’s 50%.

This spells bad news for US and the world as the choice next year might be between a president weak on the economy in a time of economic crisis, and a highly divisive candidate that ended his last term with a global pandemic amid high stakes trade negotiations with China that clearly went wrong.

For the crypto space likewise, a choice between Biden and Trump is not quite a choice. Trump has expressed dislike for crypto, while Biden took to Twitter to say congress should cut “tax loopholes that help wealthy crypto investors” by claiming losses on those crypto investments.

The crypto market is down some 70% from circa $3 trillion to about $1 trillion. Many companies have gone bankrupt, as they have in previous such cycles, and many cryptonians have lost tons of money.

As a new area for investment, and as a publicly available area since inception, crypto investors are by far more likely to be the guy or girl next door than a billionaire, and tend to be of the middle class.

Turning the focus to crypto, when there are such huge problems on the economy, highlights the fact Biden is very out of touch where the business world is concerned.

And this was known almost in the first week of the presidency when some joked about how those election court cases were going.

The extra 5% tax on millionaires was executed in a terrible way by allowing them to divest en mass to avoid the tax, something that contributed to the stock market crash, the slowdown on the economy that followed and the recession that might follow.

The tax could have been introduced more gradually, like a 1% increase a year, but if it wasn’t for other matters that could have been overlooked as a one off.

The Treasury Secretary Janet Yellen however is deeply unpopular and significantly to blame for the monetary crash tightening and inflation.

She left the rates too low for far too long, and kept printing even though neither banks nor the economy needed such assistance any further.

That facilitated run amok government borrowing to the point the United States stands to pay more on interest on the debt owed largely to big banks like JP Morgan, than on the army.

The political situation for Biden, as bad as it is, may get worse if a recession does develop. He will be blamed and not without cause.

Whatever he might think of crypto, the public at large sees the industry as a new playground for coders building and developing things to advance finance and the economy.

At 80 years old however, that the solidified Biden brain has out of touch views on crypto is not a surprise, but that his political team is so incompetent that it openly attacks an industry which loudly says it wants to be bipartisan and independent, is slightly surprising.

Because it speaks of core incompetence by suggesting it is not just Biden, but his whole circle, and therefore the whole team is clueless on the economy.

A whitehouse 2024 budget says as much. Big oil, big pharma, yadayada. Zero vision. Just tax and tax.

Where is the tax on the banking system that keeps collapsing and causing mayhem? Or do they pay Yellen too much to get taxed?

There were supervisory failures some say, and when you put a former banker on charge of the SEC, what do you expect.

If Biden is bad on the economy however, Trump is bad on foreign policy, and as the pandemic showed that can be a lot worse.

If therefore these two end up as the choice, the young of America will have to revolt, politically.

There can’t be a continuation of such atrocious packaged choices and the millennial generation does not have to continue tolerating a political environment where even cheesy bread is a partisan issue.

One would expect therefore or at least hope that if the United States is so abused, it in turn forms a new party. Call it the independence party.

Or DeSantis decides to run and the conservative base exercises its judgment to vote for who they think independents will back as they will decide.

Although if the vote is a repeat of Trump or Biden, independents may boycott and work instead to put on the ballot an actual choice.

Then the public can vote for the Bankers party or the Independence party. And this is not far fetched. Marc Andreessen was on some podcast talking about replacing the elite with a better elite.

As at the end of the day they clearly won’t give the public what it wants unless the public takes it. Instead they try to trap the public, providing no choice.

Politically revolting however worked in France where a new party decimated the older ones. It can work in US as trust in DC is down the cliff.

And if you create that sort of situation, though it may take time, sooner or later both parties will be replaced because what worked on boomers won’t work on millennials.

So get off our lawns grandpas, get someone in charge that has a future to look to, not just the past.