Doug Casey and I recently discussed this historic election—and why it matters to US investors.

Nick Giambruno: Doug, you predicted the fall of the European Union a few years ago. What has changed since then?

Doug Casey: Well, what's changed is that the entire situation has gotten much worse. The inevitable has now become imminent.

The European Union evolved, devolved actually, from basically a free trade pact among a few countries to a giant, dysfunctional, overreaching bureaucracy. Free trade is an excellent idea. However, you don't need to legislate free trade; that's almost a contradiction in terms. A free trade pact between different governments is unnecessary for free trade. An individual country interested in prosperity and freedom only needs to eliminate all import and export duties, and all import and export quotas. When a country has duties or quotas, it's essentially putting itself under embargo, shooting its economy in the foot. Businesses should trade with whomever they want for their own advantage.