Trump's Concerns About the Economy
Former U.S. President Donald Trump has raised concerns about the state of the U.S. economy if he is not reelected in the upcoming presidential election. He took to his social media platform, Truth Social, to express his worries. According to Trump, the economy is in a terrible condition, and inflation has significantly eroded the buying power of consumers over the past three years.
The Potential for a Stock Market Crash and Great Depression
Trump went on to warn about the possibility of a stock market crash worse than the one experienced in 1929, leading to a Great Depression. He believes that the current high performance of the stock market is solely based on the expectation that he will win the 2024 presidential election. If he fails to secure the presidency, Trump predicts a severe downturn in the stock market.
Contrasting Inflation Figures
Official data from the Bureau of Labor Statistics (BLS) indicates a 17% increase in prices since President Joe Biden took office. However, alternative analysis using a methodology from the 1980s estimates that the inflation rate may be over 30%.
Challenges to Trump's Path to the 2024 Republican Nomination
Although Trump has expressed his intentions to run for president in 2024, he faces obstacles in securing the Republican nomination. Presently, he is barred from the primary ballot in Colorado and Maine. The Supreme Court is expected to rule on whether states have the authority to prevent him from running for president.
Past Warnings and Concerns
This is not the first time Trump has issued warnings about the potential economic consequences if he is not reelected. In the past, he predicted an economic depression and expressed concerns about the weakening U.S. dollar and the ongoing currency war with China. Trump believes that China is actively trying to replace the U.S. dollar as the dominant global currency.
Speculation About Bitcoin and Crypto
Interestingly, some speculate that a Trump victory in the 2024 election could have a positive impact on the price of bitcoin. Asset manager Vaneck, for example, anticipates a surge in BTC's value if Trump wins. Furthermore, there are suggestions that Trump may change his stance on cryptocurrencies, as he recently launched his own non-fungible token (NFT) collection and reportedly sold millions of dollars' worth of ether (ETH).
In conclusion, former President Donald Trump has expressed concerns about the state of the U.S. economy and the potential for a stock market crash and Great Depression if he does not win the 2024 presidential election. While his warnings have attracted attention, only time will tell what the future holds for the U.S. economy and the upcoming election.
Frequently Asked Questions
Are You Ready to Invest in Gold?
It depends on how much you have saved and if gold was available at the time you started saving. If you are unsure of which option to invest in, consider both.
Gold is a safe investment and can also offer potential returns. Retirement investors will find gold a worthy investment.
Gold is more volatile than most other investments. Because of this, gold’s value can fluctuate over time.
This doesn’t mean that you should not invest in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another advantage of gold is its tangible nature. Gold is much easier to store than bonds and stocks. It can also be transported.
You can always access gold as long your place it safe. Additionally, physical gold does not require storage fees.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it’s a good way to hedge against rising costs.
Also, you’ll reap the benefits of having some savings invested in something with a stable value. Gold rises in the face of a falling stock market.
You can also sell gold anytime you like by investing in it. Just like stocks, you can liquidate your position whenever you need cash. You don’t have to wait for retirement.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn’t try to put all of your eggs into one basket.
Also, don’t buy too much at once. Start with a few ounces. Then add more as needed.
Keep in mind that the goal is not to quickly become wealthy. It is to create enough wealth that you no longer have to depend on Social Security.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Can I have a gold ETF in a Roth IRA
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
A traditional IRA allows for contributions from both employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
Also available is an Individual Retirement Annuity. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs will not be taxed
What is a gold IRA account?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase physical bullion gold coins at any point in time. You don’t have to wait to begin investing in gold.
An IRA lets you keep your gold for life. When you die, your gold assets won’t be subjected to taxes.
Your heirs inherit your gold without paying capital gains taxes. You don’t need to include your gold in your final estate report, as it isn’t part of the estate.
To open a IRA for gold, you must first create an individual retirement plan (IRA). Once you’ve done that, you’ll receive an IRA custody. This company acts in the role of a middleman between your IRS agent and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. Minimum deposit required is $1,000 If you make more, however, you will get a higher interest rate.
Taxes will apply to gold that you take out of an IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you’ll owe federal Income Taxes plus a 20% penalty.
Avoid taking out more that 50% of your total IRA assets each year. A violation of this rule can lead to severe financial consequences.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
bbb.org
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Do you want to keep your IRA gold at home? It’s Not Exactly Legal – WSJ
cftc.gov
How To
Tips for Investing Gold
One of the most sought-after investment strategies is investing in gold. There are many advantages to investing in Gold. There are many ways to invest gold. Some people buy physical gold coins, while others prefer investing in gold ETFs (Exchange Traded Funds).
Before you buy any type of gold, there are some things that you should think about.
- First, make sure you check if your country allows you own gold. If it is, you can move on. If not, you may want to consider purchasing gold from overseas.
- Secondly, you should know what kind of gold coin you want. There are many options for gold coins: yellow, white, and rose.
- You should also consider the price of gold. Start small and move up. When purchasing gold, diversify your portfolio. Diversifying your portfolio should be a priority, including stocks, bonds and real estate.
- Last but not least, remember that gold prices fluctuate frequently. Therefore, you have to be aware of current trends.
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By: Kevin Helms
Title: Trump Warns of Stock Market Crash and Great Depression if He Doesn’t Win 2024 Election
Sourced From: news.bitcoin.com/donald-trump-warns-of-stock-market-crash-and-great-depression-if-he-doesnt-win-presidential-election/
Published Date: Tue, 02 Jan 2024 01:00:22 +0000
