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.

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.

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.

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."

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.