Dating a banker anonymus
Maybe its just a goof, indicating his direction of thought, but he won’t enact anything as crazy as what he’s promised?Commerce Secretary Wilbur Ross His selection of billionaire investor Wilbur Ross for Commerce Secretary, however, indicates Trump’s seriousness about protective tariffs.
In addition, he has threatened 45% tariffs on Chinese exports both in Republican debates and in interviews with the New York Times.Trade wars can benefit some select sectors and people even while most of us end up poorer through higher costs.International trade has been a major generator of wealth since the end of World War II, with the United States as its biggest cheerleader.In “Donald Trump’s Argument For America,” released in the days before the election, he linked images of Fed Chair Janet Yellen to the well-known faces of financiers George Soros and Goldman Sachs CEO Lloyd Blankfein, as part of a “global elite” conspiring against ordinary Americans.All three are Jewish, of course, and the ad recalled anti-Semitic conspiracy theories that follow the vile and fictional “Protocols of the Elders of Zion.” Whether Trump claims that Yellen is in the tank for his opponents, or whether he winks knowingly at anti-Semites about a global Jewish conspiracy, he has set the stage to justify curbing the Fed’s independence.Trump pledged to withdraw not only from the recently-negotiated Trans-Pacific Partnership but also to renegotiate or withdraw from 1994’s North American Free Trade Agreement with major trading partners Canada and Mexico. The globalization of trade since the end of World War II – and in particular since the end of the Cold War – has greatly favored the United States, even if the effects of trade hurt particular industries or geographies.
A reversal of that trade situation – championed by Trump as he champions those most hurt by globalization – will make us all poorer.
The Swiss bank UBS AG became embroiled in controversy starting in 2008 when the U. Federal Bureau of Investigation (FBI) made a formal request to travel to Switzerland to probe a multi-billion-dollar tax evasion case involving the bank. The events sparked by Birkenfeld's whistleblowing and resulting controversy created unprecedented pressure on UBS, the Swiss banking industry and the Swiss government from the U. and European Union members eager to claw back delinquent taxes from assets their taxpayers had stashed in offshore accounts maintained by UBS and other Swiss banks.
The investigation had, in part, been prompted by disclosures made by Bradley Birkenfeld, a former UBS banker in Switzerland, who testified to the U. The controversy eventually led to the erosion of Switzerland's fabled bank secrecy laws.
Look, this can’t be a prediction about “what’s going to happen” with the economy under Trump.
Most of the time when we talk about markets responding to a presidency, we are finding false signals in noise or we’re predicting things that are really unknowable.
Ross made his career as an extraordinarily successful vulture investor in beaten-down industries such as steel and coal, domestic industries buffeted in part by regulations and high worker-costs, but also by international trade.