Jim Rogers on Trump win: we’re all going to go bankrupt
Thursday, November 10, 2016 at 09:04PM
Silver Prices

 

Donald Trump’s victory in the US Presidential election is a ‘disaster’ which will render all market participants bankrupt, veteran investor Jim Rogers has said.

Speaking on the BBC, Rogers said he had expected Trump to win and positioned his portfolios to capitalise on this, albeit misjudging the impact on the dollar, which he said would strengthen.

‘I expected him to win and my view was if he wins, it is going to rattle people, scare people, because he talks about trade wars. What he does, if he does what he says, is going to be a disaster and we are all going to go bankrupt. Trade wars throughout history are serious problems.’

When asked if Trump could enact all of his campaign promises, such as a wall on the US/Mexico border and $1 trillion of infrastructure spending, Rogers doubted the effectiveness but said the efforts alone would move markets.

‘He is going to do his very best because his ego is on the line. He has a Republican majority in the House and the Senate, so he can do things.’

‘If not, he will scare everyone with his attempts to do things. I mean, he said, his first day in office and he will start building a wall, I suspect he is going to do that or look like a damn fool.’

Trump had said he would rip up trade tariffs on his first day in office, which Rogers said had sounded far-fetched but again would cause concern throughout global markets if he made any move to enact these measures.

‘He has got enough bravado and ego so that he will do that and he said he would change these trade deals the first day he is there. Even if he does it the second day, or the first week, it is not good for you and mean.’

‘The markets are all going to go down, including the dollar, I happen to be long the dollar, as I happened to think it would be good for the dollar. But people seem to be rushing to get out of the dollar. Gold has also got a situation with what is happening with the Indian government, which recalled rupees, and it caused the Indians to panic.’

When asked who a Trump victory will benefit, Rogers said he was struggling to find winners. ‘If you are in the wall business, things are going to be good for you.

Original Article

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