carsten brzeski is with ing. october, -- he did crew for academics and harvard. like 700 teams on the charles river. you have done this. carsten: it is the best event in the world. tom: every october. wonderful to have you here today. bring up the german cpi number. there is something going on and i do not know what it is. there is a drive lower and to me the word is chronic, there is a chronic disinflation and lower rates. why? carsten: because of globalization. increase% nominal wage and we have too much competition coming from other countries. talkedseph stiglitz about the discontent of globalization. maybe there was a 2006 globalization. what is the globalization now that is forcing this disinflation and south african contraction? carsten: globalization is having a pressure on wages. germany is competing against asian economies which means there is no room for german producers to increase wages. we also have the refugee crisis so there is an influx. tom: you are going to pull that right in? carsten: they are at the lowest factor of the wages so there will be a