there is no one better to do that with than james o'neill, jim o'neill, lord o'neill of chatham housejim o'neill, let's do a history lesson here. i want to get you to compare and contrast where we are right now, weak dollar versus the plaza accord of long ago and far away, which was so gummed up. -- ad the rubin dollar wonderful seminar a zillion years ago, where he killed it on japanese yen, we are back there again. are we going to see a government pressure for weaker dollar because of strength of other currencies? jim: what i notice the past few days is already you see one or two countries -- canada -- starting to make noise about how the currencies are rising very fast. throughout the whole of my 40 years of looking at the foreign exchange markets, what is remarkable really is the dollar ends up getting rescued when it starts showing a big decline come at some point with other countries trying to resist it. we start to see first signs of that. i personally think it is very likely that the dollar weakens through the holiday period and into january, but i would imagine for example, t

we heard the same thing from jim o'neill as well. nations will respond to a weaker dollar. look for that to be a real theme for surveillance in our first quarter. in 2021.ck together whatssance macro, i love you say about runaway inflation. the parsing of good inflation, bad inflation and runaway inflation's. what is the character of our inflation forward? people are sort of amped up for higher inflation. planning those summer vacations after they get the vaccine. outside of a few pockets of related sectors it is really hard for me to see inflation pick up next year beyond those industries. prices that move slowly. things like rent, they have collapsed this year. they tend to move quite slowly. of the inflation in the u.s. this year has been in goods. cars, appliances, furniture. that is a function of the pandemic. people kept buying stuff. factories were shut down. you had a depletion of inventory. that is normalized. prices for goods have moderated. i think this is so important. the great call from early in the year is the service