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09 November 2016 @ 08:51 pm
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.
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Current Mood: pessimisticpessimistic
miwahni: Aussie Aussie Aussiemiwahni on November 14th, 2016 12:18 pm (UTC)
I only have the shakiest grip on the US political system, it's quite different to the way things work here. I guess all we can hope is that Trump has the sense to see where his skills are lacking, and leave those bits to wiser heads. He's a great salesman, and perhaps will content himself with marketing the country? Meanwhile those with the knowhow can quietly get on with the job.

Hey I can't talk. Our PM is doing a deal with the US to resettle a host of refugees that have been living in offshore detention centres. We won't even take responsibility for our own refugees! Australia has a terrible human rights record, almost makes me want to move to New Zealand.