Investment advisers De Vere Group emailed me this morning to highlight the thoughts of their CEO, Nigel Green, on the Trump v. Biden debate.
They said:
Financial markets assess Donald Trump was the victor in the first US presidential debate against Joe Biden on Thursday and investors are “already busy” re-evaluating their portfolios to align with the anticipated economic policies that a Trump administration might pursue.
They added:
The deVere CEO cites four key factors driving this investor sentiment.
“First, investors anticipate that a Trump presidency would bring about lower corporate taxes. This would enhance corporate profitability, leading to increased stock valuations and greater investor returns.
“Second, Trump's previous term was marked by significant deregulation efforts, which are expected to continue. This would reduce compliance costs for businesses, allowing for greater innovation and expansion.
“Third, while tougher trade relations with China might introduce short-term volatility, it's hoped by many traders that it will lead to stronger domestic industries and a more resilient US economy.
“And fourth, anticipated fiscal policies could drive bond yields higher, providing attractive opportunities for fixed-income investors.”
In other words, it would seem that the world's wealthy are rubbing their hands in delight at the prospect of the election of a convicted felon, a rapist, a fascist and an outright opponent of democracy who clearly wishes to dismantle the US Constitution.
I am struggling to find another interpretation for these enthusiastic comments.
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“Greed before brains!” would work.
There is no other interpretation, Richard. Put simply, many (most?) rich people couldn’t give a f— about democracy as under any system of government the chances are they’ll stay rich, even if – as in Russia – you have to kiss the ring of the dictator every so often to make sure you stay there (otherwise an open window may present itself). We saw this under the first Trump presidency. The second time around it’ll be supercharged, so of course rich people and those who advise them are salivating wildly at the prospect.
Just finished reading the 2010 edition of Gillians Tett’s book ‘Fool’s Gold’.
As the cover states, “How unrestrained greed corrupted a dream, shattered global markets and unleashed a catastrophe”.
Get ready for Trump!
“Get ready for Trump!”
To add an optimistic note and borrow a quote attributed to Yogi Berra;
In the USA, “the opera ain’t over till the fat lady sings”.
Anything can happen between now and 5 November 2024.
There may be even more powerful forces with an ‘anti-Trump’ agenda. And I fear dismal of my comment here by implying any sort of reference to a US ‘deep state’ sort of argument. BUT, essentially, the military-industrial-media complex – warned against by Eisenhower’s 1961 speech – melded to fossil fuel interests has increasingly governed US foreign policy for many decades. Wars are very lucrative; trillions of dollars dispersed; and for which the CIA has a long and enabling history.
Undoubtedly Trump is an enthusiast for deregulation but not for foreign wars. Trump showed his antagonism to the CIA on a visit to Langley back in 2016 and has been critical of the size of its budget. Moreover, Trump is viewed, behind the scenes in Washington, as unpredictable. Trump’s MAGA view, in so far as it encompasses anything, is isolationist. Ultimately, the exploitation by the US wealthy elite prefer the paradigm of US global hegemony.
Notwithstanding the arrogance & sycophancy of the Democratic National Committee (DNC), if there is one person to blame for Biden standing, it’s Jill Biden. Most likely, Biden has onset Parkinson’s disease with early dementia. Democrat’ donors will now have seen enough and the DNC may parachute in someone like Gavin Newson. I can’t believe Biden will remain as candidate.
Otherwise, we have a guarantee that the US is headed for a kakistocracy.
https://en.wikipedia.org/wiki/Kakistocracy
About which, of course, we in the UK know only too well.
Theer is a deep state in the sense tjat ther is a core of ideas that are promoted
I do not see a core of people controlling that as such, as mnany elude to
There is a hegemony as a result of compliance
I agree. The idea that the egotistic -for the most part- people with power would willingly fall in with directions from a small group, is the stuff of fiction. The thing about the US is that there several overlapping centres of power and individuals come and go.
It might be a bit easier to imagine it in Russia or China where power is more centralised but even there factions arise and have ambitions.
It’s why I reject most conspiracy theories. There are conspiracies but to be effective, they have to become apparent .
“The thing about the US is that there several overlapping centres of power and individuals come and go.”
@Ian Stevenson – An excellent and very true observation.
It’s quite extraordinary how people who drool over the rich and crooked elite like to claim that they speak for ‘the people’.
Clearly the Democrats should have considered seeking a younger leader. But perpetuating the ludicrous MAGA myth of Biden’s ‘dementia’, in the face of his often masterful management of the U.S. government, is frankly despicable.
“But perpetuating the ludicrous MAGA myth of Biden’s ‘dementia’, in the face of his often masterful management of the U.S. government, is frankly despicable.”
I’m afraid that Biden’s dementia is in plain sight for all to see. His dementia may be a myth in the sense that when the MAGA faction started talking about it they did not know it existed. But I’m afraid it does exist and it behoves the Democratic party to find another candidate for the presidency.
As for Biden’s masterful management of the U.S. government, he has a large staff and may advisors, such that he could well be a mere figurehead. In itself that may not be a bad thing and may account for his administration being far more progressive on many issues than I would have expected.
Nevertheless, if the Democrats seriously Trump to lose the election, they had better find another candidate.
To my mind, this video by The Young Turks sums up the question of whether Biden should be the Democratic party’s presidential candidate perfectly:
https://m.youtube.com/watch?v=-qcJzQZJeHE
“In most societies, elites try to maintain their power not simply by garnishing wealth, but by dominating the mainstream ideologies, both in terms of what is said, and also by what is not discussed. Social ‘silences’ serve to maintain power structures in ways that participants often barely understand, let alone plan.”
Gillian Tett, Fool’s Gold
When asset prices are traded up without increased production and money supply, it’s generally a countdown to the next financial crisis and bailout.
Why don’t the CCP elections or the Indian elections attract as much of your attention?
You must know that they have 4 times the population each of the USA.
Is it because the Orange man is bad, or you are a linguistic racist so prefer to commentate on elections in the english language, or perhaps just not as much interested in what happens to poorer peoples because they are poor.
I do get the feeling that you would like to have an influence on American elections, but not on everybody elses.
1776 – we lost mate, get over it.
Wow, what a stupid allegation of racism.
How about it’s because I know more about what is going on in the UK better than anywhere else, and it’s wise to have some knowledge of the issue you wrote about?
And, come to that, the UK is where 85% of my audience is?
Or maybe that I am finite abd there is ample material here?
Your comment really is very bizarre.
Well, Mr. Nice, or should I call you 太好先生, I take it that, since you are clearly not a linguistic racist, you regularly contribute, in Chinese of course, to the various internet forums where such things as CCP elections are dicussed. If not then I recommended you do. That’s what I do when I want to discuss Chinese politics.
I come here to benefit from contributors expertise in economics and UK, US and European politics.
🙂