Niall Ferguson

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I think people from both sides of the aisle would acknowledge the point that the EU and NATO, or as it relates to NATO, have been unfairly free-riding off the largesse of U.S.

military spending.

Where I think, where we part company is, I actually thought Mark Carney's talk yesterday was the most powerful.

And what I see is Canada, who was...

basically 75% of their exports are coming to the US.

And I feel like in so many words, he said from that great moving animal house, let's be honest, we fucked up, we trusted you.

And I'm not as optimistic, Neil, that these other great economies don't have options outside of the US.

And what I actively see is a lot of big economies purposefully and deliberately, and maybe permanently, or at least for a while,

reconfiguring their supply chain and their economic activity around and away from the U.S.

And while China, who I think I agree with you could accurately be described as our adversary, while their imports, the percentage of their exports just got dropped from 17 to 10% in the U.S.,

their exports into other countries has increased.

China just registered its largest export trading surplus.

It strikes me that the fraying or rupture of these alliances is benefiting China and hurting us.