Donald Trump has shown no indication of accepting the reality that he is about to lose the election.
White House chief economic adviser Larry Kudlow said on Friday that "there will be a peaceful transfer of power" between Donald Trump and Joe Biden.
"I think there will be a peaceful transfer of power," Kudlow told CNBC, adding, "This is the greatest democracy in the world, and we abide by the rule of law, and so will this president."
Kudlow's remarks come hours after a defiant tirade by Trump, in which he called on Biden to accept incomplete vote counts that would leave Trump as the winner of the election.
Kudlow infamously predicted "there's no recession coming" in 2007, right before the start of the Great Recession. More recently, he has made several wrong predictions and statements about the coronavirus. In June, for example, he insisted there would be no "second wave" of cases. But just this week, the United States has seen a record number of cases, passing 100,000 in one day alone.
Biden currently leads Trump in projections of the electoral college and is near the 270 required to win the presidency. Biden also has received over 4 million more votes in the election than Trump.
From the Nov. 6 edition of CNBC's "Squawk on the Street":
SARA EISEN, CNBC: I have to ask, do you believe that a peaceful transfer of power for the presidency in this country is necessary to keep the markets calm and stable?
LARRY KUDLOW: Well, I think there will be a peaceful transfer of power and I think the markets have been remarkably calm and resilient and actually rather bullish these past six months going back to, what, the third week of March or so.
So, yeah, look, I think, you know, this is a great country. This is the greatest democracy in the world, and we abide by the rule of law, and so will this president.
There's some things to clean up here and again, it's not my area of expertise, I'll leave that discussion to the campaign, but yes, we will continue peacefully as we always do and I might add, anybody from around the world, offshore, watching this, they should know that.
That America is the greatest democracy, and we abide by the rule of law.
Published with permission of The American Independent Foundation.