November 9th, 2016

Sherlock Wrong animated

Thanks, USA

Thirtyfour billion dollars wiped off the Australian stock market today - market was in freefall from midday (Oz time) due to the increasing likelihood of a Trump victory. The election result wasn't called until after the markets closed today, so tomorrow should be interesting.

I don't know whether to laugh hysterically at the election of a racist, misogynistic dickhead who thinks that having money means he can grope who he pleases, or to worry for the future of the world. One major superpower in the hands of someone who thinks that climate science was invented by the Chinese to hurt the US economy - as if North Korea's president wasn't enough to worry about. Now we have Trump as well.

Still, history will judge him on his record as president, not on his antics during the campaign, and hopefully this man has advisors with more than half a brain between them. Plus a strong congress. The unemployment rate, currently 4.9% (as at June 2016) will be a test of his policies, and a keen eye will be kept on the deficit (currently US $119.9 billion) and balance of trade which has hovered around -$36 to -$50 billion since Obama was elected. I want to see what happens to that metric in particular if / when his protectionist policies are introduced.

But enough of that! God knows we had that buffoon Tony Abbott as PM so can hardly point the finger at other nations. And on the bright side, there are some marvellous buying opportunities in the share market tonight! With any luck the greenback will tank tomorrow, too, in time for me to squirrel some US dollars away for my next trip. There's always a silver lining.