Saxo Bank prediction for 2024: Kennedy takes office as President, capitalism falls

Saxo Bank's Outrageous Predictions for 2024: Kennedy Jr. as President, oil at $150

Saxo Bank presented yet another Outrageous Predictions report. The list of unlikely, although possible things that may happen in the upcoming 2024 includes the end of capitalism in the United States, the victory of Kennedy Jr. in the elections and the price of oil at $150 per barrel.

Denmark's Saxo Bank has unveiled its annual Outrageous Predictions report for the global economy. The report is based on unlikely events that could nonetheless affect financial markets all over the world.

The collection of predictions for 2024 titled The end of the road aims to show how the world is approaching the end of the 'old normal' and how advanced technologies can solve old problems while creating new, perhaps even more dangerous ones.

The path that the world has followed since the 2008 financial crisis (stable geopolitics, low inflation and interest rates) has been disrupted during the COVID pandemic. The future that the world is facing in 2024 is uncertain, the report said.

Oil at $150 per barrel and the World Champions League

In mid-2024, the price of oil will sore to $150 per barrel. The sharp rise in oil prices will spur the restructuring of the Saudi Arabian economy. The country will be turning into a destination for tourism, recreation and entertainment. Against this backdrop, the kingdom will make a successful attempt to buy the rights from UEFA to host the Champions League, one of the most prestigious football tournaments in the world. Saudi Arabia will then transform the competition into the World Champions League.

Saxo Bank expects a rise in the popularity of drugs based on glucagon-like peptide-1 (GLP-1) to combat excess weight. Prices on such drugs will fall; they will be included in the list of essential drugs in a number of countries. However, people may give up physical exercises and start eating more junk food as it is so easy to take effective anti-obesity pills. Global obesity rates and associated health problems will then rise, whereas productivity levels are expected to drop.

The end of capitalism in the USA

Ahead of the 2024 presidential election, the US government will be forced to increase budget spending to support the economy and avoid social unrest. Inflationary pressure in the country will persist, and foreign investors will continue withdrawing capital. The demand for government bonds will be weak, and their yield will increase significantly. In an attempt to normalise borrowing costs, the government will exempt government bond proceeds from taxes. This move will signal the end of capitalism, as money will move from private corporations to the state, Saxo Bank analysts believe.

Robert Kennedy Jr. to win US elections

Independent candidate Robert Kennedy Jr. will win the US presidential election in 2024. His populist rhetoric aimed against warmongering Democrats and corporate elites, will resonate with supporters of both the Democratic Party and Donald Trump, the Republican candidate. The new political era in the United States will begin with a sharp turn away from plutocracy as voters want inequality, injustice and endless wars to end, the report also said.

Other outrageous predictions:

  • crises related to artificial intelligence. Saxo Bank expects that generative AI, which is seen as a way to increase productivity, will become a threat to national security. Fraudsters may use deepfake technology against a high-ranking official to gain access to top-secret information;
  • The Bank of Japan will abandon the hard cap on government bond yields, which will "cause chaos in global bond markets”;
  • The European Union will introduce a two-percent luxury tax for billionaires that will shock the industry: demand for luxury goods will decrease, shares of luxury companies such as LVMH, Porsche and Ferrari will collapse.

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Author`s name Marina Lebedeva
Editor Dmitry Sudakov