President Trump – What Next?

The people have spoken again and it should come as a very clear and very loud signal to European leaders.  The people are tired of the establishment, tired of being left behind as the rich get richer on monetary stimulus, and tired of the effects of globalisation.  As the diagram below shows there are a string of elections still to come where this theme will likely dominate.  Of main concern are the Italian referendum next month, the French elections in April, and the same for Germany in September.  Those are the 3 biggest economies in the EU and each represents the same threat but arguably on a larger scale as each could trigger a breakup of the 2nd biggest monetary union in the world.  Unlike the ‘unknown’ effects of Trump, the effects of a collapse of the EU is a known known. That is not a flash in the pan.