Edward Luce: “A few months before the 250th anniversary of the declaration of independence, Donald Trump is pulverising the country’s founding principles with astonishing ease. His war on speech is no drill. Late-night comedians are being targeted. Corporations like Paramount are meekly submitting to his will. Ivy League presidents and globally renowned law firms act as though the First Amendment no longer holds. Outspoken business leaders have suddenly lost their tongues. Since they have the most to lose, those with power and wealth are among the softest targets…”“Less than a year after Trump was elected, the separation of powers is not working. Congress is irrelevant. The Supreme Court is quiescent. The media is punch drunk. Democrats are fragmented. Independent federal agencies are losing autonomy. The markets are high on the AI gold rush, crypto deregulation and the prospect of a return to easy money.”