 John Lipski, welcome to WPC-TV. You are a very distinguished economist, and now at Johns Hopkins University, SAIS, in Baltimore. And previously, of course, at the IMF. Now, tell me, you have a new president coming. What will be the economic effects of a Trump regime that you foresee? Oh, wouldn't it be nice if everyone knew for sure, but we don't. Certainly, he's expressed in the campaign certain preferences. There is, at least on paper, the outlines of an economic program. He hasn't named his top officials yet, and of course, he has to work with Congress. I think there is a consensus that there will be some initiative to increase infrastructure spending. Which you would approve. Well, let's see. In principle, it could be good, but in infrastructure, just because you call something an investment and spend a lot of money on it, doesn't make it productive. So you need to look at the details. The U.S. economy is not doing so badly on employment 4.9 percent. Growth could probably be a bit faster, but productivity growth needs to be a bit faster, too. So it's not immediately obvious that there's a big initiative needed in that direction, but he also has, President-elect Trump has indicated seriousness about tax reform, which is something that has been discussed and is certainly needed in the U.S., and if this results in an unblocking of a reform that has been frozen, that's a hopeful sign. You mean profits held overseas, which aren't being repatriated? Well, that's only a small part of, in general, the distortions that have been introduced by the corporate tax, by the details of the corporate tax rate. The U.S. has a very high corporate tax rate, and as a result, there's been a proliferation of all kinds of special treatment that effectively lowers the rate, but complicates and distorts the economy. Is there an instinct of protectionism within the Trump administration that you foresee? And does it worry? Well, you certainly talked about trying to renegotiate what he considers unfair trade deals, but the specifics have been lacking, and these things are not simple. And in trade deals, especially one, for example, as complex as the North American Free Trade Agreement, that there's a lot of, everything depends on everything. In other words, nothing's agreed until everything's agreed, so if you start moving little bits, then you'll find other bits starting to move, so this may be difficult. Now, John, you're often at this conference each year. What do you get from it? Oh, it's very, from someone based in the U.S. It's very interesting and refreshing to hear all the viewpoints, especially European viewpoints of current events, so it's an excellent opportunity. Excellent. As the Chinese say, we are living in interesting times. We're in very interesting times, and very interesting times for Europe in particular, with some structural changes underway with the shock of Brexit, the round of elections coming up, and the challenges, the geopolitical challenges to Europe as well as economic. I couldn't agree with you more. Now, this is, there's certainly a lot to talk about here. John Bersky, thank you so much for being with us. Happy to.