Former U.S. President Donald Trump has warned that the U.S. could face a stock market crash worse than that of 1929 and a Great Depression if he doesn't win the upcoming presidential election. He stressed that the U.S. economy is "terrible" and inflation over the past three years "has totally destroyed the buying power of the consumer."
Trump's Market Crash and Depression Warnings
Donald Trump, the 45th President of the United States, has sounded the alarm regarding the U.S. economy if he doesn't win the presidential election this year.
The former U.S. president posted on his social media platform Truth Social on Friday: "The economy is terrible & inflation, which by some accounts is more than 30% over the last three years, has totally destroyed the buying power of the consumer. The only thing that is keeping the economy 'alive' is the fumes of what we accomplished during the Trump administration."
Trump added: "The stock market is only high because people, & institutions, believe & expect me to win the presidential election of 2024." He warned:
If I don't win, it is my prediction that we will have a stock market 'crash' worse than that of 1929 — a Great Depression.
Official Bureau of Labor Statistics (BLS) data show a 17% price increase since President Joe Biden took office. However, an alternative inflation measure, applying the same methodology used in the 1980s, estimates this figure to be roughly double, exceeding 30%.
Trump's path to the 2024 Republican nomination faces roadblocks, with ongoing legal battles. He is presently barred from the primary ballot in Colorado and Maine. The Supreme Court is expected to rule whether states have the authority to prevent from running for president.
This isn't Trump's first warning about economic calamity if he loses the 2024 presidential election. In July, he predicted an economic depression. In April, he fretted over a crashing U.S. dollar and our proximity to World War III. He also stressed that the U.S. is losing the currency war against China, noting that the Chinese government is attempting to dethrone the USD as the world's dominant currency.
Meanwhile, some have predicted that Trump's presidential victory would send bitcoin soaring. Asset manager Vaneck, for instance, anticipates an all-time high for BTC after Trump wins the election. John Reed Stark, former internet enforcement chief at the U.S. Securities and Exchange Commission (SEC), even suggested that Trump may change his anti-crypto stance dramatically. In addition, the former U.S. president recently launched his third non-fungible token (NFT) collection and reportedly sold millions of dollars in ether (ETH) he received from NFT sales.
What do you think about former U.S. President Donald Trump's warnings? Let us know in the comments section below.
Source: Bitcoin.com
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