The Democratic candidate stands for continuity of the values that underpin US prosperity
Donald Trump was asked in May whether this year’s election would end in violence. “It depends,” was his reply. That so many Americans distrust their voting system is mostly down to the former president. In the nearly 250 years since the US declaration of independence, the republic’s most precious quality has been its peaceful transfer of power. Trump’s 2024 campaign is based explicitly on his repudiation of Joe Biden’s 2020 victory.
Politicising the Fed, vandalising what remains of global trade rules and expelling millions of undocumented migrants are the kind of game-changers that could trigger a rapid shift from the dollar. Like good health, the upsides to having the reserve currency would be appreciated only when they are gone. Prospects for blue collar America would also be grim. Rising inflation leads to higher interest rates and lower growth. There would be no middle class boom in Trump 2.0.
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