Would the world be any different if there was no president?

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Come to think of it guys. Nation or country without president, what would be the outcome? For me there are just two things will probably happen. First, the country will be miserable or the second outcome would be the country will be free from any regulations implemented by the president and they will be independent from each other. In short, there will be a positive and negative outcome if this will happen. What do you think?