Despite the recent conviction of many that we're headed back to inflation, I think deflation remains the more likely prospect. You've just got too much excess capacity in the world.

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

OPEC production went from 30 million barrels a day to 33 million. They flooded the market, and it's lost them a lot of money. Look at the Saudis: they just floated a $17.5 billion debt offering, they earlier borrowed $10 billion from a group of international banks; they're selling part of Aramco - they're desperate for money.

If Hillary [Clinton] is elected, is she going to be able to jack up taxes with virtually no deductions, and include capital gains? Unless democrats have a clean sweep of Congress, I don't think that's going to happen either.

TPP is dead anyway, and similar deals in the eurozone are going nowhere.

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.