We start today's double podcast discussing the immediate fallout inside Europe of Trump's re-election as US president and why it is complicated by numerous internal issues and politically conflicting ideas. We then move onto explaining the economic and financial reality inside the US and why theories suggesting that the US can retain its exorbitant privilege and the USD as the world reserve currency whilst reindustrialising is impossible. We also in this segment highlight a US company to illustrate the aforementioned points. We conclude discussing brief news items relating to the BIS, Iraq, SCO and EU FDI in a segment we refer to as bits and pieces.