before that david focus landau joins us. david folkertsu and the import research on intervention two years ago. you and others at deutsche bank are talking seriously about a need to intervene. the weak euro intervention of another time and laces $.85, $.90, now you're talking intervention at 1.10, why is that? david: is a question of how to control inflation without doing too much damage. the easiest way and the most effective way to do that would be for the european central bank to raise rates or find some way of talking rates up and indicating that is what they will do. you will recall that when they went negative in 2014 the dollar appreciated in a matter of nine months. any move now to increase rates and a signal that they will be going positive would precipitate a very quick dollar depreciation , which is great for inflation within europe, which will be one of the main problems they have given what is in the pipeline. tom: do you see this as a singular eu effort or would it be coordinated? david: there's not a chance in the world we w