lacqua,e and francine we are thrilled to have mickey levy with us and also lindsey bell. five-year forward in europe, which is massive disinflation in europe on its way to deflation. , ifold into your world believe it means lower nominal gdp and lower revenue growth. that is the new reality. beeney: inflation has lacking very much so over the last 10 years and seems to be coming down in europe and the u.s. expectations are low and the question becomes, one does this become reality? the small business confidence came out this morning and small business owners are starting to get more nervous about the economy. you are seeing that in ceo sentiment as well and it is only a matter of time before that turns into reality and less capital spending. tom: jonathan ferro mentioned capital spending as well. a log chart. the gamut of disinflation is something to say the least and the second derivative is ugly. what does that signal? in 2012the fed set out 2% as its target. inflation has been below that, so the fed is concerned about this, but i have a question. tom: i ask the questio