the united states exporting volatility. i have been saying all week it is our deficit, your problem. our currency, your problem. our monetary policy, your problem. at somewill come back point. i do agree that it is more of a 2019 story. we are getting these episodes of body blows to the market. anything that looks like a spread in a risks -- risk contact trade. we think we will have more of it. it won't be the linear price action. it will come in fits. >> i keep hearing about this. a lot of people describing it as rolling bear market. is that how you would describe it? european banks in the bang market. -- bear market. is that what this is, a rolling bear market? >> it does feel that way. we keep getting these idiosyncratic problems. which all add up to a bit more of a systemic problem. certainly, we are seeing problems right away. lots of different markets. it is all about liquidity withdrawal for me. it is just exposing a few of the tensions and troubles around the world, which are coming out. they are coming out aggressi

the united states exporting volatility on several fronts? i have been saying it all week, it is our deficit, your problem, our currency, your problem. our monetary policy, your problem. when does it become a problem for the united states? >> there will be feedback at some point. i do agree that it is more of a 2019 story, but we are getting episodes of body blows to the market. you got it with the vix, italy -- anything that is kind of a spread in the risk contract tree is getting hurt. em is now in the focus, but we take that will have more. but it will not be the linear price action. jonathan: i keep hearing about this, and a lot of people are describing it as rolling bear markets. is that how you would describe it? em equities on the brink of a bear market. is that what all of this is, a rolling bear market where the united states is not decoupling, just lagging? >> yeah, it does feel that the way, doesn't it? we keep getting these idiosyncratic problems which all add up to a bit more of a systemic problem. we are seeing problems right wa