“Trump 2028” campaign hats are selling out…

Courtesy: trumpstore.com

The bright red hats are definitely courting controversy… Will Trump challenge the constitutional two-term limit for U.S. presidents?

Paradigm’s macro expert Jim Rickards sheds light on the debate. He explains that while the 22nd Amendment states — “No person shall be elected to the office of the President more than twice” — the situation is not as straightforward as it seems.

Your Rundown for Monday, May 5, 2025...

Loopholes: A Long Shot?

Historically, the two-term limit was more a tradition than a law until Franklin D. Roosevelt broke the precedent by winning four elections in the 1930s and 1940s. This led to the ratification of the 22nd Amendment in 1951 to prevent future presidents from serving more than two terms.

Jim points out that Trump, under the 22nd Amendment, cannot be elected for a third term. Yet, Trump has hinted there might be “methods” to bypass this rule, teasing the idea repeatedly in the media.

One potential loophole Jim highlights involves the wording of the 22nd Amendment, which restricts being “elected” more than twice. This opens the door to a scenario wherein Trump would run as a vice president candidate, say with JD Vance as president, and then assume the presidency if Vance resigned.

Since Trump would not be “elected” president in that case, the 22nd Amendment might not apply. Legal experts, however, debate this because the 12th Amendment says no person “constitutionally ineligible” to be president can be vice president.

Jim explains that since the 12th Amendment predates the 22nd, courts might rule the newer amendment takes precedence. But the issue, for now, is unsettled.

Another route Jim mentions is amending the Constitution to repeal or modify the 22nd Amendment. This is a difficult process, requiring two-thirds approval in Congress and ratification by three-fourths of the states.

While unlikely, some Republicans have introduced proposals to allow Trump a third term.

Finally, a more unconventional scenario involves Trump becoming Speaker of the House after the president and vice president resign, thus ascending to the presidency via the line of succession, though this is legally untested and politically complicated.

As Jim Rickards summarizes: “Nothing is ever quite as clear as it may first appear.” Trump’s repeated hints about a third term may be as much about provoking his opponents and energizing his base as about actual legal strategies.

The sale of “Trump 2028” hats is part of this larger game, keeping the question alive — whether or not Trump truly plans to run again…

After all, the president will be 82-years-old in 2028.

In the end, if Trump did manage to serve a third term, Jim notes it would be historic, making him the first since FDR to hold office beyond two terms. But for now, the legal ambiguities keep the possibility tantalizingly open.

[Feedback Wanted: What are your thoughts, reader, on the possibility of a third Trump term? Do you see it as a legal stretch or a political reality?]

Market Rundown for Monday, May 5, 2025

S&P 500 futures are down 0.75% to 5,665.

Oil is down 1.50% to $57.37 for a barrel of WTI.

Gold’s up 2.60% to $3,328.90 per ounce.

Bitcoin is down about 1.30% to $94,310.