The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Against the tide: Forget the chads, we're near the bottom

It's hard to imagine a worse news flow for markets. As I write, the US is without a winner in the presidential elections. The lawyers argue in the courts about whether various counties in Florida can conduct manual recounts. And people spend their time giving opinions on chads - those little round bits of paper hanging by a thread from the punch hole on a Florida ballot paper.

David Roche

Yes, who becomes global president - because that's what the US leader is - is now to be determined by whether a chad is a chad and thus a legitimate vote for the president, or is merely a tear in the paper and so a spoiled vote.

The sense of unease is palpable. Americans are not used to political instability. For them, this is beginning to feel like a real constitutional crisis. But that's an exaggeration. For us in Europe, a constitutional crisis means the beat of tank tracks in the streets. A change of prime minister in Italy is as insignificant as a stray dog's marker at the lamp post of power.

My own reading of US politics is different from that of the bears. The media tell us to be stressed because the country is split. Rubbish. The country is united in being unable to distinguish between two stunningly mediocre candidates for the world's leading job. The net result is that whoever gets in will have to fight for the heart and soul of America's middle ground. The first thing any president will have to do is to heal the non-existent rift in society by espousing the more moderate policies of the other party.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree