Many people who have lost out in the last few decades voted for Trump. Trump will have a difficult time turning them into winners. The jobs of these people are not at risk because of Chinese or Mexican workers, but because of robots and computers. And new trade barriers and higher tariffs are not going to change that.

The high-tech industry needs the immigration of highly qualified labor, from India, from China, from everywhere.

The Brexiteers promised their supporters wonderful things, almost none of which can ever come true. The billions that London transfers to Brussels will most certainly not land in the budget of the country's National Health Service. Brexit is going to be very bitter for many of its supporters.

The U.S. and, to a certain extent, countries in Europe as well, have experienced growing inequality within their population for decades - a small group of people own the lion's share of the wealth. Populists take advantage of this, and their policies are extremely hard to predict. And this has serious consequences. Companies shy away from risk, postponing their investment decisions in times of uncertainty, the stock markets get nervous and unemployment threatens to increase.

If you leave school at 16 then, in all probability, there is a machine that can do what you can do better and cheaper. And Trump can't do anything to change that.

Political stability was at most a factor in assessing developing countries or Russia. It is now also an issue in Western democracies.

The rise of populist parties such as the Five Star Movement in Italy and the Front National in France are rocking the political certainties of the last decades. And that also affects the economy.