Skip to main content

POTUS - Trump vs Clinton

Election day has thankfully arrived and the months of hot air will hopefully come to an end. The U.S. Presidential race has been one of the most divisive and vitriolic campaigns  ever. The rise of Trump has been very interesting to say the least. Here is a populist from outside the political establishment, who has a large following among those left behind by globalisation and deindustrialisation. The political elite in the UK underestimated the strength of feeling among those left behind by globalisation and we got Brexit. We should not underestimate Trump and the constituency he represents.

Trump's personality flaws should be enough to mean that he should  have no chance of winning, but such is the strength of anti-globalisation sentiment in the US that Trump, with his policies on immigration, trade and the Wall, will garner a substantial share of votes. Even if Hillary Clinton wins, the U.S. needs to implement policies that alleviate the pain felt by those left behind by globalisation. Failure to do so will mean the demise of the U.S. and the further undermining of its democracy.  

Image result for brexit times 10 trump

Popular posts from this blog

The Failure of Herstatt Bank

As an undergraduate, I was taught about the failure of Herstatt Bank in 1974 and Herstatt risk. This bank was only the 35th largest bank in Germany at the time so why would anyone be interested in studying its failure? Herstatt failed because of its involvement in risky foreign exchange business. When it closed its doors on 26 June 1974, counterparty banks (mainly in New York) had not received dollars due to them because of time-zone differences - this is known as settlement risk. The cross-jurisdictional implications of its failure resulted in the Bank for International Settlements setting up the Basel Committee on Banking Supervision and Herstatt's failure was a key reason for the establishment of real-time gross settlements systems, which ensures that payments between two banks are executed in real time. The Bank of England's Ben Norman has an interesting post on Herstatt over at the Bank's new blog ( Bank Underground ). As well as giving an excellent overview of

Boom and Bust: A Global History of Financial Bubbles

Boom and Bust: A Global History of Financial Bubbles, co-authored with my colleague Will Quinn , is forthcoming in August. It is published by Cambridge University Press and is available for pre-order at Amazon , Barnes and Noble , Waterstones and Cambridge University Press . 

The Great Depression

Marginal Revolution University has a great video on the Great Depression.