we also know that offshore cash is shaping outbound activity so as one example of this, michelle hanlen and others have papers looking at announcement of results of outbound mma activity by multinational firms that have large amounts of cash abroad. so when microsoft has a lot of cash abroad and buy skype and the answer is they don't think highly of it. so what's the broader lessons. i will finish with this. i think from a policy perspective, i will not spend a lot of time. we have a distinguished panel coming up but i think the clear point is you can't think about inverkssions in isolation. if you todo, the consequence can be very difficult. by the way the evidence for that is the tax link is there but the more general point is these are all transactions on a continuum. we should understand them as such. the reason that that's important is if you address these problems in piecemeal ways you're likely to cause other problems that are maybe even more severe elsewhere. so when the disease is systemic and if you diagnose it as non70 emic and you treat one piece of it, you delay and see fur