And earlier this year, there was a troubling incident where people who had made donations to Rospil through a payments processing system called Yandex Money suddenly received threatening phone calls from members of a nationalist party who had obtained details about donors to Rospil through members of the security services who had somehow obtained this information from people at Yandex Money.

JG: Or here's a video that I made as part of my show "Crash Course," talking about World War I: (Video) The immediate cause was of course the assassination in Sarajevo of the Austrian Archduke Franz Ferdinand, on June 28, 1914, by a Bosnian-Serb nationalist named Gavrilo Princip.

And even the election of a nationalist party in Taiwan that's pro-independence earlier this year does not undermine this fundamental dynamic.

But it took a whole new level when I saw this happening: the biggest surge in nationalist votes in Western democracies since World War II.

Now, I know that when I dig into my own nationalist feelings, one of my anxieties versus the globalized world is national identity: How are we going to preserve what makes us special, what makes us different, what brings us together?

The much larger deficits and debts (add several portions of nationalist rhetoric and a generous helping of foreign-policy inexperience to the mix) could easily prompt a surge in risk aversion and a sizeable increase in long-term interest rates – which would undermine much of the rationale behind self-financing infrastructure investments.

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