We are in uncharted waters. Donald Trump is a convicted felon. The whole thing is perverse.
The American brand has been dragged through the mud, sunk to the level of a banana republic where rulers take their political enemies into the jungle to disappear.
This great nation is now diminished in the eyes of international investors. And the economic consequences for ordinary Americans could be dire.
Without a doubt, this sordid trial – brought by partisan Democratic prosecutors in Manhattan – has already done serious damage to the credibility of the United States.
I was in London talking to investors when Stormy Daniels was testifying on the stand and all the audience members wanted to know was, “What does a porn star’s use of condoms have to do with campaign finance law?” ?
They were right.
Trump’s unjust prosecution discredits the United States and sends an urgent message to powerful businessmen around the world that, in Biden’s America, they too could be judged on purely political grounds.
We are in uncharted waters. Donald Trump is a convicted felon. The whole thing is perverse.
I was in London talking to investors when Stormy Daniels was testifying on the stand, and all the audience members wanted to know was, “What does a porn star’s use of condoms have to do with the funding law?” bells?”.
No one really knows to what extent this conviction will influence the presidential elections in November. Surely, if this verdict hampers Trump’s chances of winning in 2024, there could be cause for concern. And no one will be watching more closely than wealthy investors.
I, like so many others with significant investments, managed only two hours of sleep on Thursday night. For now I have to seriously consider: do I move my money?
I certainly think there could be a real roadblock to investment in New York state (and city).
The trial has damaged New York’s once-sterling reputation as the world’s safest and most attractive financial capital.
Real estate mogul Grant Cardone has already said he will never do business in New York City again after the Trump verdict.
You rightly wonder why anyone would invest in the city if they can’t guarantee fair legal treatment.
Why take the risk?
If investors like Cardone – worth more than $600 million – turn their backs on one of the country’s most famous business centers, the impact will inevitably spread.
Less investment means fewer jobs and less prestige in the eyes of the global economy.
Democratic policies with high taxes and even higher crime have already put New York on a path of decline; Now investors will be even more disincentivized.
In fact, the exodus was already happening.
Real estate mogul Grant Cardone (above, right) has already said he will never do business in New York City again after the Trump verdict. (Above) Arnold Schwarzenegger and Grant Cardone speak during the 10X Growth 2024 Conference on April 4, 2024 in Hollywood, Florida
No one really knows to what extent this conviction will influence the presidential elections in November. Surely, if this verdict hampers Trump’s chances of winning in 2024, there could be cause for concern.
Extremely high corporate taxes have prompted construction projects originally planned for upstate New York to move to places like Oklahoma, Virginia, North Dakota and Montana.
In those business-friendly states, you can get a permit for large projects in a few weeks. In New York, where there are countless layers of bureaucracy to deal with, it can take years.
High-income earners and their families are moving too, from places like New Jersey, New York and Massachusetts to Texas, Florida, Tennessee and other low-tax havens.
Add to that an unreliable justice system, and New York is quickly proving completely unattractive to big business.
All that said, I still have faith in the US appeals process. Trump’s verdict will undoubtedly reach the Supreme Court.
And once this charade is properly controlled and this corrupt processing is scrutinized, investors will feel less scared.
The United States remains the number one economy on the planet. It continues to be the place where most capital comes to invest. Let’s hope that doesn’t change.