“In the end, the politics of the euro zone weren't strong enough to create a full…” — Joseph Stiglitz

Economists often like startling theorems, results which seem to run counter to conventional wisdom.

The diversity of Europe is its strength. But for a single currency to work, over a region with enormous economic and political diversity, is not easy.

A politically astute president who understood deeply the economics and politics of corporate tax reform could conceivably muscle Congress toward a reform package that made sense. Trump is not that leader.

With the election of Trump, America's soft power has taken a big hit. The United States has moved from a position of leadership in the creation of a rules-based international system to a position of leadership in its destruction and the creation of a regime of global protectionism. The damage will be long-lasting.