Putin has made life difficult for a lot of Russia's richest men; they don't like the sanctions; they don't like the war with the West. Many of them have houses and families and businesses in the West, and so I can see them being unhappy. But at the moment, the political system is so constructed that it would be very difficult for them to leave. That's not saying it couldn't change.

Though the poorest Americans voted for Hillary Clinton, many relatively wealthy people voted for Trump and generally it's a mistake to think that economics explains Trump. The US is doing relatively well, the economy has significantly recovered since 2008, unemployment rates are low. I would say rather that his appeal to the working class was cultural: "I'll bring back the kinds of jobs your fathers had," and, by implication, the whiter, simpler post-war world when America had no real economic competition.

Steve Bannon, the White House chief strategist, appears to imagine an alliance between Trump, Le Pen, Geert Wilders and Nigel Farage. Call it the populist international, a fraternal association of the nationalist right, binding people who want borders, across borders.

The nationalist right have common views. They hate the EU, they hate NATO, they dislike trade, they admire Russia. Many of them are funded by Putin.

The Russian economy is about the size of the Italian economy; it's very small, and Russia's military force is larger than it was, because Putin's been investing in it, but it still doesn't compare to that of the United States, and his reach and aim still don't compare.

What is the appeal of Trump, really? It's nostalgic: "Make America great again." Like European nationalists, he has a vision of a "real" America, one which predates globalization, immigration, feminism, the civil rights movement and technological change, an imaginary 1950s to which we can now return. That is actually not very different from the kind of language that Marine Le Pen uses, or parts of the Brexit movement.

High national emotions are permissible when a soccer team is playing precisely because they are impermissible at most other times. There aren't, simply, many other places where you can sing your national anthem until you lose your voice without causing a riot. In the context of soccer, flag-waving nationalism - even chauvinistic, anti-foreigner, flag-waving nationalism - is acceptable in Britain.