Politics

(Washington)

The Associated Press has put out a historic announcement—Hillary Clinton has officially secured enough delegate votes to have earned the Democratic party’s nomination for president. The AP declared the victory after conducting a survey amongst those who are given votes towards the nomination. The path to securing the delegates was much more difficult than many predicted despite Clinton’s well-known status and heavy fundraising advantage. She was dogged persistently by Bernie Sanders. The securing of the delegates means that Clinton will become the first woman to ever win a major party’s presidential nomination in the United States. Mr. Sanders partly has spoken out harshly regarding the declaration of victory by the AP.


FINSUM: This does seem to be jumping the gun a bit but the AP must be very certain if they are putting their name behind this.

Source: Financial Times

(Washington)

Make no mistake, the election of Donald Trump as president would lead to the devastating destruction of the global economy, at least according to this piece in the Financial Times written by Larry Summers. The piece starts by pointing out that markets are curiously much more sensitive to “Brexit risk” than “Trump risk” despite the similarities between the two possible outcomes. Summers forecasts that if Trump is elected, the US will begin a protracted recession within 18 months on the back of tax cut-induced fiscal instability as well as the possibility of a renegotiated national debt and other erratic policy measures. Another risk is Trump’s plan to repeal trade agreements, which does not require congressional approval and could devastate the US’ exports.


FINSUM: This is a well-reasoned and engaging article that does the best job of outlining “Trump risk” that we have yet seen. Definitely a must read for any investor.

Source: Financial Times

(Washington)

Throughout the Donald Trump campaign saga there has been relatively little mentioned about the potential conflicts of interest he would have as President. There is little precedent for a US president with the kind of active business interests Donald Trump has, and this piece addresses the fact that there are no formal conflict of interest rules governing the office of the President. These do exist for other officials, but were officially never put in place as a long-ago Congress did not want to deter business people from holding office. However, over the last several decades almost every president (Obama is an exclusion) has abided by a “blind trust” rule where a president’s assets are set up in a trust entirely controlled by third party manager while they are in office. Trump has business interests all over the world, including in the Middle East and China, so both his domestic and international affairs could be heavily impacted by his own interests.


FINSUM: Conflicts of interest are a very important factor for voters to weigh when choosing the country’s next president. However, we have a hard time believing that Trump supports will care.

Source: Bloomberg

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