Donald Trump was not yet officially inaugurated when this Monday, bitcoin broke a new record, exceeding $109,000, boosted by hopes of the publication of a decree elevating cryptocurrency to the rank of political priority. With his promises of tax cuts and deregulation, the 47th president's resolutely pro-business policy appeals to entrepreneurs who see growth opportunities. Which made Denis Jacquet, a French entrepreneur living in New York (1), say, “I would exchange Emmanuel Macron every day without any hesitation – indeed practically all European leaders – for Donald Trump. Which is quite counterintuitive because in 2017, it was said that Macron had understood everything and that Trump knew nothing and that he had no vision.”
Why this change of mind?
It is no longer ideology that guides the world but technology and the massive investment that will be made in space, artificial intelligence, quantum, nano-Internet… Whoever dominates these subjects controls everything . However, the only one who makes people dream, who pushes for mechanics and who is surrounded by people who know how to talk about these subjects, is Trump. He knows that we must make room for civil society. Like the Chinese: most members of the Communist Party are engineers who understand very well the political, geopolitical and economic issues of AI and major issues. So, I think Trump is the ideal president at this moment in history and that the United States is set to dominate the world again for at least half a century, maybe more.
What consequences for Europe and France? Have we already lost the game?
We have lost until we question ourselves. We have a ruling class that is losing us and will continue to lose us. Ursula von der Leyen [la présidente de la Commission européenne, ndlr] and all these people who we have not elected sign agreements which bind all the countries, while the priority is not Mercosur or sending money to Ukraine. The priority is to end the war in Ukraine. This war was lost in advance and billions were spent for nothing. This has caused despair among our farmers who only have 600 euros per month and who do not understand that the government does not release funds for them but finds them for Ukraine. We have a ruling class that does not want to question itself.
How does Donald Trump view Europe?
Trump has total contempt for Europe, which he likens to a fourth world in the making. Europe only exists in the fantasies of books and school textbooks: there is no agreement between the different States. There are as many opinions as there are leaders. The truce in Gaza is the United States. The end of the war in Ukraine within a few weeks will also be the United States. Trump is a populist but he surrounded himself with people who master their subject like Elon Musk or Tim Cook [dirigeant d’Apple, ndlr]. These are people who know how to conquer the world with products and services.
They are competent in their field but perhaps not in diplomacy or foreign policy as we saw with the interference of Elon Musk in Germany or England…
All the big bosses do lobbying and diplomacy. They have a form of expertise in foreign policy, very focused on their products, that's for sure, but they know the mysteries and discuss with ambassadors, governments, prime ministers…
-How will Trump's return to business impact French and European entrepreneurs?
It's all America! Investment decisions will be reoriented towards the United States with priority for American companies and total disregard for what it will cost European entrepreneurs. The competition will be fiercer. This is bad news for employment in Europe which will be impoverished.
But Europe still has assets…
We are lucky to have a continent with 400 million people, great businesses… But if Donald Trump devalues the dollar, it's a catastrophe. The world will be invaded by American goods and products which will be easily salable because they are at affordable prices. And it's not very good for ourselves if France will make savings with a weaker dollar. Certainly, Europe will benefit, like the others, from a better world economy. But overall, wealth is not going to be created here.
What advice would you give to French or European entrepreneurs?
Those who want to have strong growth must go to growing markets, where the purchasing power will be found. For the moment, it is not in Europe.
(1) He founded Top Cream, a platform, the “Netflix of conferences”, for companies that want to provide their employees with access to online videos on the economy and the world of work; and Life K, a business club allowing foreign startups and SMEs to present their projects to big American names.
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