daragh maher.alk me through your thinking on the u.s. dollar. daragh: big picture, i think there is actually a battle for the soul of the dollar. it sounds dramatic but i think this is the case because we have two conflicting frameworks. we have the dollar on good u.s. news and local news and the cyclical model where you are looking at a u.s. recovery, not in the context of risk appetite but what does this mean for the fed taper and for interest rates, and the u.s. becomes dollar positive. that is been a real struggle for the market to work out which will be the dominant framework. we are headed to a transition that will create a stronger dollar in the medium-term. right now it is still in the balance. jonathan: are deficits a factor for you? daragh: i am 50 years old and the u.s. has done between deficits for every year i've been on this planet. what we have been through in the context of the deficit blowout in the u.s., and yet it did not provoke a debasing of the dollar. if we get through that a