mr. j. friedman: i do find the janet yellen image disturbing on all sorts of levels. [laughter] mr. j. iedman: apart from that, it was interesting to see the results of the poll. the fed has managed to convince everyone they are never raising rates because we take this poll last year and you thought it was earlier and it has moved out and moved out and when the actually raise it come i think it will surprise everybody because no one really believes they're going to raise rates and they have raised rates on a relative basis because of the negative rates we see in europe and elsewhere globally. in some sense, you can say rates are quite high relative to other places in the u.s.. i think it is very, very difficult for us to figure out a way to actually make money predicting rates. i think the exact timing and the speed with which they increase it are equally difficult to predict and i think the world of wooded with brilliant economists who love gotten this wrong so may times in the pet -- who love gotten this wrong so many times in the past. had you protect your self question mark how do a

mr. greeley, the morning read? brendan: edward luce reminds us that we are not. he economic animals. were that the case, we would longer go -- we would long ago have lowered transaction costs. this is thomas friedman'swo countries with mcdonald's could never go to war. is that assumption over? ruchir: there was something called the globalization, which is that before 2007 it was all about globalization, about the world getting much more integrated. what we are seeing in the last decade is de-globalization. capital flows are moving much more slowly than they used to. what they are seeing now is much more regionalization and localization and he globalization. this is a train that is here to stay. brendan: this is a developed economy issue, too. do economists need to take developing economies more seriously? ruchir: yes. the other buzzword i am hearing is -- in this expansion of democracies that took place in 2006 2007, the latest findings are showing that the last four to five years, there is a retreat on that front. tom: who are the discontents right now? i do not see screaming about labor arbitrage in the u.s. and asia. who are the discontents as we go into 2015? ruchir: the wage differential betwee