it may not be of the same magnitude of other crises we have seen. , lesshard in smaller liquid markets to separate out and isolate when you are in the throes of a situation like this. later on, there will be some bargains. it is never different. jonathan: when you look at the situation and you have this many countries that need to raise short-term rates aggressively, do you choke earnings? before you know it, you've got a different kind of problem? we areink so but when thinking about contagion, we should be looking at countries that look like turkey. it is not clear there is a country with that and external imbalance of that is on the same scale or magnitude. that's point, one thing could make this less idiosyncratic is you have this big move in the dollar. that would make problems more generalized. it is making problems more generalized and that is the thing to watch. jonathan: it has been great to have you with me. sticking with me is kathy jones and kathleen half knee. -- gaffney. up, a record week for treasury auctions. it went fine. that is next. this is bloomberg. ♪ jonathan: i