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.

A [Donald] Trump win might be bad for stocks, but it would be very positive for the dollar and Treasurys.

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

The Fed wants to raise rates because they've been yelling and screaming about it. They've been crying wolf for so long that their credibility is shot, and I think they feel they need to.

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

Treasurys, as low as yields are, are higher than they are in most other developed countries. A foreign investor picks up a yield spread in Treasurys versus their own sovereigns, plus the fact that if the dollar is going to continue rallying - and I think it will because it's a safe haven - then they get a currency translation gain as well.

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.