Saxo’s Jakobsen Warns “Change Will Not Come Because We Want It… It Will Come Because We Need It” / by Michael McKenna via Saxo Group’s / Nov 28, 2016 9:09 AM

  • Saxo’s Steen Jakobsen calls Clinton defeat in March, anticipates Trump policy
  • Saxo chief economist believes ‘elite consensus’ being rejected by voters
  • Elites seek ‘further globalisation, further centralisation of power’: Jakobsen
  • Politics, culture represent lagging indicators; economics comes first
  • ‘Change will not come because we want it, but because we need it’ Jakobsen

The thing about outrageous predictions is that sometimes they come true.

Calling the Democratic candidate “the epitome of the establishment class, of the elitist order,” Jakobsen added that “Trump, on the other hand, is so far away from being a politician that he represents chaos in a world of order, and this is what US voters want.”

To CNBC’s audience, Jakobsen’s view was doubtlessly an eccentric and even a marginal one, but longtime followers of Saxo’s chief economist likely knew precisely what he meant.

After all, it was back in April 2015 that Jakobsen told readers that we were in an unsustainable situation of “zero growth, zero inflation and zero hope”, adding that “2015 is a lost year [and] I think that 2016 will see us leave the nothingness reality behind”.

On March 16 of this year, shortly before his CNBC appearance, Jakobsen stated that “the social contract is broken”, explaining that “the political elite needs to recognise that voters are turning away from [the current consensus] and its elitist political judgments.”

Following Trump’s shock victory, which itself occurred in the wake of the Brexit surprise, it is our view that Saxo’s chief economist was uncommonly prescient, and was willing to swim against an enormously powerful tide of international consensus in order to be so.

With this in mind, we sat down with him Tuesday to get his thoughts on what this all means, where we are going, and what he meant when he said in May that “the world has become elitist in every way”.