marcelo carvalho is with us.tinguished in his career studying the people of brazil, the politics, and how it simply links%j in to their very future. right now, it is a future of crisis. thank you so much for joining us today. --, howarvalho: how fragile is the -- carvalho: we look at the impact of the crisis on emerging markets. it hurts the credit account, capital flows. the global liquidity environment we think is very helpful for us in emerging markets in brazil, in particular. the economy is in bad shape, it is a deep recession this year. however, inflation is very low. well below the target of 4%. that allows the central bank to cut rates dramatically and probably keeps rates low for long periods of time. there may be challenges for brazil, but we think the best way forward is one of radical recovery, low inflation, rates lower for longer and appreciating currency after a lot of pressure earlier this year. tom: can you extrapolate that enthusiasm over to a strong by on all struggling or emerging markets? is