Yes, we're in a protectionist era because when you have lack of domestic growth, everybody tries to unload the problem on foreigners with protectionism, devaluations, cutbacks on imports. But is there going to be a dramatic change? TPP is dead anyway, and similar deals in the eurozone are going nowhere.

One of the things I think is very likely is that with the prospects of robust fiscal stimulus in response to voters mad as hell, the Fed is going to be in there with helicopter money. In other words, they're going to be buying whatever the Treasury issues. They're not going to, in effect, advocate strong fiscal stimulus and then not finance it. And that's helicopter money.

[Donald Trump] is so unpredictable that foreigners are going to look around and say "boy, we've got to head for the safe havens." And one of the safe havens is Treasurys and [another is] the dollar.

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.

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

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.

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