david: what is the potential feedback of f.x., particularly the stronger euro, thaw predicted may keep going? what might that do to things in europe? >> right, i think this is a fascinating subject, and i say this because we started spending a lot of time thinking about this and trying to model it. if i was to summarize, our results would be as follows. the relationship is not linear, and at the end of the day, what is in the world, right? in the following sense, it is intuitive to make an argument that a higher euro-dollar is going to put a profit margin that are under pressure, is going to tighten financial conditions, and therefore, it's going to have an effect in the equity market and potentially on the economy. but one thing that this analysis fails to capture is the fact that where is the euro relative to its fair valuation. so let me put it differently, if euro is undervalue and had rises, does it deliver the same amount of tighteninger or the same amount, as opposed to when it's overvalue and had rising? the answer is no. we've done some preliminary work on this, and i think it