i am joined by gary greenberg, head of emerging markets. rate to have you on the program. me about the stadium. the images are remarkable. it is also symptomatic of what brazil is going through. brazil actually had a very tough time recently. they are paying for a number of missing what should have been years of building infrastructure and transforming economy. ance 2002, it has been country that has been too relaxed and writing on the chinese import wave without really transforming. now they have got an economist as president. it is not working out a lot better for them either. >> one of the points that you make is that brazil continued to petrol and that is using -- hurting them. brazil could achieve energy independence and a couple of years if it doesn't kill its golden goose. investing a lot of money but the government is preventing it from earning any money. by using it to control inflation, keeping its prices down. in the meantime, it is building up a lot of debt. it is a very dangerous game that is being played and one that doesn't really make sense economically. >>