this is i thought you guys in a very great panel that you were arbitrating mr maltin with your records on inflation and deflation before we got to that i do want to bring this conversation to the debt supercycle which mr mollett and you believe are reaching the end game in the developed world at least before we get to outcomes and the future i just want to ask how did we get here and are these super cycles inevitable. they're not in at all will answer your last question switzerland is more in one and you don't get there by. not borrowing too much money that's how you get there you more who have money you leverage. you get into a down cycle you don't really want to. use it in the city feels good and then you start believing the good times will never him and over time sixty seventy years that it builds up and then you can have the boys were more it's no longer comfortable if you're going to be able to pay it back in a currency that. got a value that they're going to be comfortable with and your interest rates go up and then you get into a get spiral ending it's on but that's where greece

there but they all result in the same thing a debt restructuring of some type and i know and i know mr maltin what your spelling out is that bad scenario for europe and i've heard in regular say that in europe this situation is going to be bad or worse it's kind of like a choose your own disaster scenario that we it's really scary that it is after eight years after be disaster aid is keeping the euro zone together disaster because taking it apart either one is an economic nightmare bad policy decisions for the euro zone be good to begin with or without having a fiscal union and the same time we're not possible to create a monetary union and it is the union the politics weren't there the leaders of europe were so committed is that with their monetary unit we have a crisis oh that will be enough to force them to the union and maybe it will be yet maybe they'll bite the bullet and give up their sovereignty the amount of commitment in europe to keep. being in the euro zone together is really quite amazing yet somehow that they've accorded the euro. with the european union which is basically a lon