Bloomberg TVThe one thing I think is likely to happen under either candidate is massive fiscal stimulus. You have so many voters in Western Europe and North America who've had no real income growth for over 10 years, and they are, in the words of Howard Beale, "Mad as hell and not going to take it anymore."

Let's say [Donald] Trump wins. Is Congress going to let him build a wall on the Mexican border? I don't think so.

[Niccolò] Machiavelli said it's better to be feared than to be loved.

We've seen that in the past that where you've had uncertainty, and even where the Fed is raising rates, Treasurys rise as everybody heads for safety.

Treasurys, as low as yields are, are higher than they are in most other developed countries.

Bloomberg TVThe one thing I think is likely to happen under either candidate is massive fiscal stimulus. You have so many voters in Western Europe and North America who've had no real income growth for over 10 years, and they are, in the words of Howard Beale, "Mad as hell and not going to take it anymore."

If someone loves you, they can fall out of love with you but they're probably going to keep fearing you. That's where we are with [Donald] Trump.