Finance Monthly - December 2022

Trump was left looking humiliated but will still stand for the Republican nomination in 2024. The consensus is any sound conventional Republican should beat him. Had his candidates fared better, and a Trump-led MAGAdominated party seized both houses, global markets would now be severely concerned about the risks to global trade from increasing US protectionism and isolationism, and the US pulling back from its global hegemon role by withdrawing support for Ukraine, plus the possibility Trump would threaten to pull the US out of NATO in response to Yoorp’s perceived slights on his divine personage. Trump would happily unravel global trade and security for another four years free of the threat of court action. Fortunately for theglobal economy – which has been uncertain enough this past year - Biden and the Democrats held the Senate! It means they retain control of many levers of the State – theoretically; they still have to deal with serial troublemakers like Joe Manchin and Kyrsten Sinema who block Democrat legislation even more effectively than the other side. The Republican majority in Congress is razor thin, meaning there are deals to be done to move the US economy forward. The US Midterm Elections are always interesting – but make little sense to outsiders. Why do the Americans have a system which is pretty much designed to ensure Bus i ne s s & Economy Finance Monthly. 16

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