it is ample maddock of the problem in japan and around the world that consumers -- it is emblematic ofhe problem in japan and around the world that consumers cannot drive the economy themselves. david: let me raise something that has been raised before on this program. that increasedce military spending could help japan at this point? paul: yes. prime minister abe a few weeks ago proposed additional spending, about $250 billion worth. the market was unimpressed principally because there was no real way to fund it. you can use an additional defense spending, and i think japan is wanting to head in that direction, becoming better prepared defensively. but unless the boj is willing to fund it, it will not get you much progress. market,e boj is in the buying etf. the boj now owns 60% of the nation's etf market. they have so much of certain stocks, it could grow exponentially over the next year if everything is equal. what distortion does that create in the market when it comes to liquidity and keeping some reforms off the table? paul: as you pointed out earlier, the bank of japan is -- par