velocity of money we'll term it's this huge mean reversal in reversion machine that takes decades bossidy money started turning down in the middle of the last decade or what are you before the crisis and when it's there when you turn it back you're going to see inflation up until that time we're in a deflationary world. it's a dealer bridging world which is by definition deflationary most of the developed world has negative demographics that's by definition deflationary of and so i agree with you there so a size five point here is there is john here's what i want to say ok those are all deflationary but if you've got huge private sector debt as we do how is it possible for us to have when we have these recess and asset price deflation that translates into consumer price the place of households are basically going to be de leverage and that's a deflationary environment a disinflationary how are you going to get that inflation and higher i don't disagree it's only when the velocity of money. it starts up where we have that next business cycle recession when you have which always. is accompa