jonathan stubbs, the man behind the call is a global and european equity strategy at citi and joins us from lon n london. thanks so much for joining us. i'm wondering how do you see a death spiral in the economy playing how the? >> well, i mean, the death spiral really describes what we have been seeing and the challenge for investors is to see whether that continues and the spiral has been, you know, very, very powerful. we've had super strong u.s. dollar over the last 18 months, quantum and sort of velocity of a christian has been of historic importance, obviously the oil price has come down 70 bucks and the correlation between oil and dollar has been very strong. both of those have fed into a much weaker sort of global trade environment, and it's the size of the moves that have been very disru disruptive. also fed into much weaker liquidity and petro dollar liquidity coming up significant pressure and that in turn has fed into sort of major concerns in asset classes clyke u.s. high yield and also across a variety of em economies and emg volatility as well and this death spiral is so

. >>> meanwhile, for another perspective on the brexit debate, let's bring in jonathan stubbs. thank you for joining us this morning. we've just heard the case from a business leader here in the u.k. on why the u.k. should stay within the eu. we've heard various arguments on the economic side of what the real benefit, downside will be. from where you are looking at the equity space, how should investors protect themselves? >> first, uncertainty is the keyword here. uncertainty about what happens if the vote goes either way and uncertainty over the votes. our economists now think it's a 30%, 40% probability that the vote goes to leave. with that would bring huge political instability, potentially a change of prime minister, potentially the scotland referendum coming back. in that scenario, it's quite likely house prices go down. a lot of uncertainty on the political and economic side. that obviously brings in risk to the ek withquity market. >> and one risk are the downward movements in sterling of course. on the other side, you can say this has a stimulus impact when you look a