i want to thank henry, deepa, gw, for organizing this project, which has been of the enormous interest and has engaged us in ways that we are delighted to report out to you. can you hear in the back now? it may seem odd. it may seem odd to some folks that we are talking about -- including japan on a project talking about rising powers. this is not the 1920's. last time i checked. and it is not in 1980's. when we were all about about japan as a rising power. it is true because japan is potentially a great power, many of the pieces to become a great power again, and of course, after the catastrophes of 3/11, the possibility that japan may be reborn again, at least reinvented yet again. so it deserves some closer analysis. that said, in a bid very japanese fashion, i start with an apology. this paper was written, for the most part, before 3/11. as we do the revisions, we will have to incorporate that. i hope that some of our comments will get to what 3/11 may need for a reborn, revitalized japan, or not. so what we have done here is right about what we call hedging. well this chart is not