Billionaire investor George Soros and a bunch of economists weighed in on the resounding support former President Donald Trump has among the Republican voter base.
Soros See Brewing Crisis: Elections are decided by politics and the emotions aroused by political campaigns, and not by economic facts alone, said billionaire hedge fund manager George Soros.
“This will certainly be true for the 2024 presidential election,” the billionaire recently told international media organization Project Syndicate.
Although Trump calls the charges against him a “witch hunt,” there are concrete, detailed accusations against him in court, and he will be found guilty at least in some cases, he added.
“I expect that Trump will be found guilty at least in some cases, and will be in jail by Election Day in November 2024,” Soros said on Aug. 18.
“If I am right, he is unlikely to win the election,” Soros said. “But if I am wrong, the U.S. will face a constitutional crisis that is likely to bring on an economic crisis as well.”
The left-leaning political backer recently passed the reins of the Soros Fund Management, which has about $25 billion in assets under management, over to his son, Alex Soros.
Trump Unfit For Office, Says Economist
The crimes Trump has been accused of, such as undermining national security, make him unfit for office, said Joseph Stiglitz, an academician, economist and Nobel laureate.
Irrespective of what emerges out of the trials, Trump has been convicted in the court of public opinion for all but his diehard supporters, the economist said.
Between now and November 2024, markets are likely to realize that a less rosy scenario is in the offing, Stiglitz said.
“Investment, especially from abroad, will be held in abeyance. The stock market may take a dive,” he added.
President Joe Biden, unfortunately, will have to take the blame, and pessimism about the future of the country will deepen, the economist said.
“With that, the U.S. will rightly be relegated to the category of countries with weak institutions and unstable politics — a reputation that may take years to live down,” Stiglitz said.
“Even if our institutions manage to weather this storm, the country will pay a high price,” he added.
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