The Haavara agreement allowed the escape of well-to-do German Jews in exchange for the liquidation of their property and the purchase and export of German goods to break the boycott of Germany's Nazi-controlled economy.

Argentina has elected a centre-right president, Mauricio Macri. Bolivia's Evo Morales, having lost a referendum that would have allowed him a fourth presidential term, spends his time muttering about CIA plots and issuing threats to jail journalists who persist in reporting influence-peddling scandals. The economy is a sputtering shambles.

The Canadian economy relies on foreign trade. Nearly three-quarters of Canada's exports go south.

Money is only a means.

The German economy is on a longer-term path of recovery, helped by some gains in domestic demand. Germany may well be able to help lead the euro zone out of a period of fairly stagnant growth.

This agreement was never going to have a dramatic impact on the U.S. economy.