Dr. Alan O'Sullivan

If people are selling a currency, it will decline.

If people are buying a currency.

So could there be an argument for investing in Europe, investing in other assets?

If you just take an asset allocation perspective, that's one implication.

All very, very fascinating.

Can I just kind of bring it together then?

You mentioned populism, Constantine.

You mentioned, you know, the balance of power.

You mentioned disunity, say, in the United States.

But it's really interesting that you're differentiating the...

decline of a hegemony and decline of empire.

I haven't heard that before.

So essentially there's a lead time between the hegemony declining and the empire declining.

But what's fascinating to me is when I look at somebody like a Donald J. Trump

like everything in financial markets and economics, he doesn't exist in a vacuum.

And people can go back to Obama, the promise of hope with Obama, but I think it goes back to Ronald Reagan and a lot of these policies that him and Thatcher used that actually sowed the seeds to hollowing out the middle class in the United States.

You know, China, the emergence of China, globalization, all that stuff.

And

A lot of people think, okay, Trump is of a certain age and he's going to disappear.

I don't buy it.