Many Europeans believe that aid agencies like the World Bank will shrivel and die if left to depend on grants for income. But I believe that the problem could easily be solved by, say, giving the World Bank an endowment of rich country bonds and permitting it to expend the interest.

But the opposite is true, and it is important that those who care about the global trading system know what is happening. One hopes that this knowledge will trigger what I call the Dracula effect expose that which would prefer to remain hidden to sunlight and it will shrivel up and die.

The gaps in these countries labor markets from software specialists to physicians to home health aides will be immense. The European Union s labor force will decline by almost 70 million workers in the next 40 years in the absence of significant net immigration (combined with a much higher retirement age), European economies and social safety nets will shrivel.