the endre in the in of a long-term debt cycle. you have spreads that have come down. those friends that have come --n means that asset prices that have come down means that asset prices are low. are 2.4%.at bonds all of the asset classes are aligned. why, if interest rates rise, those markets are -- tom: for those of you worldwide on radio and television, confident uses a bloomberg said,als, with that within the framework of the machine, do you presume a jump condition a central banks come out of this, or can they manage it? believe they can raise rates faster than what is discounted in of curve. , it'snterest rate curve built into all asset prices here it if you raise them much more than is discounted than the curve, that is going to cause asset prices to go down. all things being equal, all are subject to the same discount rate. rates fasterise than is discounted, all things being equal, that produces a downward pressure and that is a dangerous situation because the capacity of the central banks has not been less than our lifetime. we have a very limited capacity of