one of the things facing us, obviously, are exteris we're discussing, i think, one of the biggest threats to our economy and deficits and debt, is the european economic challenges, another is what could happen with respect to military engagements around the world. we'll be dealing with that at a later hearing. let's go to our witnesses this morning. we'll start with simon johnson. dr. johnson, thank you, again, very much for being here. please proceed. we'll go right through the witnesses. and then we'll open it up to questions. and we'll do seven-minute rounds. and again, thanks to all the witnesses for being here. dr. johnson, please proceed. >> thank you, senator conrad and johnson and thank you also for placing the conversation today in the context which you just did of the u.s. budget and our unsustainable situation. i think that is absolutely correct. and i'd like to frame my remarks very much to respond to that. let me make three points. first of all, the eurozone has already failed. the eurozone was established as a bastian of stability of prosperity on the world. it was establish