the second observation builds on what the deputy prime minister and donald tsang mentioned.weeks ago, there was one of the first of a deputy meetings. well many topics were discussed, i will share with you the major takeaway i had. the american markets are saying, we encountered this problem before. many of the developed countries urged us to take difficult reforms. we took difficult reforms. they are painful. now it is your turn. get on with it. that leads to the third point, whatever we see come out over the course of this year and the next years, the world is never going to go back to the way it was. u.s. statistics started out with the second point showed the significant -- your statistics started out with the second point, showed a significant shift. what i see is emerging markets' are not waiting -- waiting for the developed world to get their act together. they are not looking to europe or japan for solutions. it is an open question of who will be the examplars in this system. it is not the germans. it is an open question that relates to the last point. what i perceiv