bilton, j.p. johngement head of ,lobal mostly asset strategy and still with us is david kelly, also of j.p. morgan. what does this mean? we've watched policy rates around the globe come down, policy rates relatively low when you look at historical context. markets have massively outstripped, in return terms, the level of gdp growth and wage growth around the world. so we've got this kind of interesting scenario where asset markets have gone a long way ahead of what we might have reasonably expected. in the previous segment, david talked about the notion that we are running out of road on monetary stimulus. if and when we do go through the next downturn into the next cycle, what is it going to look like? are we going to get a repeat of the situation with low growth, low rates? there's an argument that, with policymakers having run out of road from a monetary standpoint, do they do something different? do we see more of that fiscal boost coming on? christine lagarde has been talking about it in europe. i

john bilton, jpmorgan asset management. pricing of saudi aramco?t. ♪ francine: let's talk about what could be the biggest ipo ever, saudi aramco will allow investors to start bidding on december 17. isning us from london jillian lee, a bloomberg oil strategist. think you for coming on. i want to get to the ipo and a second. we also talk about peak oil in 2035. is that consensus? >> it is not a consensus view. there are 70 views out there. -- so many views out there. those are based on different assessments of what global climate legislation might look like. forecast, saudi aramco is talking about demand potentially leveling off after 2035, but even if that happens, it sees its own production continued to increase because it is one of the lowest cost producers in the world. they also say that if climate concerns are acted upon, you could see demand start to decrease in the late 20 20's, but even under that scenario, saudi aramco says its production will continue to grow, and not much slower than under its business as usual scenario. what is the one