We are in uncharted territory. Donald Trump is a convicted felon. Everything is extraordinary.
The American brand has been dragged through the mud, reduced to the level of a banana republic whose rulers lure their political opponents into the jungle and then disappear.
This great country now appears to be of lesser value in the eyes of international investors, and the economic impact for ordinary Americans could be disastrous.
There is no doubt that this vile trial, brought by partisan Democratic prosecutors in Manhattan, has already done serious damage to America's credibility.
I was speaking to investors in London when Stormy Daniels was on the stand, and the question the whole audience wanted to know was: “What on earth does a porn star's use of condoms have to do with campaign finance law?”
They were right.
The unjust persecution of Trump discredits the United States and sends an urgent message to powerful business owners around the world that in Biden's America, they too could be put on trial for purely political reasons.
We are in uncharted territory. Donald Trump is a convicted felon. Everything is extraordinary.
I was speaking to investors in London when Stormy Daniels was on the stand, and the question the whole audience wanted to know was: “What on earth does a porn star's use of condoms have to do with campaign finance law?”
No one knows how much the guilty verdict will affect the presidential election in November. Certainly, it could be a concern if it hurts Trump's chances of winning in 2024. And no one is likely to be watching it more closely than wealthy investors.
Like many others with large amounts invested, I only got 2 hours of sleep Thursday night, and now I have to seriously consider: Should I move my funds?
Certainly, I think there is the potential for significant disruption to investment in New York State and New York City.
The trial has tarnished New York's once-glorious reputation as the world's safest and most attractive financial center.
Real estate mogul Grant Cardon has already said he will never do business in New York City again after Trump's ruling.
He rightly questions why invest in the city if there is no guarantee of fair legal treatment.
Why take the risk?
When an investor like Cardone, whose net worth exceeds $600 million, turns his back on one of the country's most prestigious business locations, the impact will inevitably ripple out.
Less investment means less jobs and a weaker reputation in the global economy.
The Democratic Party's high tax policies and rising crime have already put New York on the decline, but this will further discourage investors.
In fact, the exodus had already happened.
Real estate mogul Grant Cardon (above, right) has already said he will never do business in New York City again after Trump's ruling. (Above) Arnold Schwarzenegger and Grant Cardon speak at the 10X Growth Conference 2024 in Hollywood, Florida, on April 4, 2024.
No one knows how much of an impact a guilty verdict would have on November's presidential election, but it could certainly be cause for concern if it hurts Trump's chances of winning in 2024.
High corporate taxes have caused construction projects originally planned for upstate New York to move to states such as Oklahoma, Virginia, North Dakota, and Montana.
In business-friendly states, permits for large projects can be obtained in just a few weeks. In New York, the process can take years due to the countless red tape involved.
Higher-income earners and their families are also moving from states like New Jersey, New York and Massachusetts to low-tax havens like Texas, Florida and Tennessee.
Add to that an unreliable judicial system and New York is quickly proving to be an extremely unattractive place for big business.
Ultimately, I still have faith in the American appellate process, and Trump's case will no doubt make it all the way to the Supreme Court.
And once this farce is properly examined and this fraudulent prosecution is properly scrutinized, investor fears will be alleviated.
The United States is still the world's number one economy and still the place where most capital comes to invest. Let's hope that stays the case.
