paul johnson is still with us -- donovan is still with us. asically meant that there was a selloff in all emerging markets. turkey also seems like it is a very turkish problem. paul: i think it is a very turkish problem. i don't think you necessarily have the same degree of contagion that we have perhaps seen in the past. the ending of that process combined with uncertainty about economic policy, and with u.s. president trump's sanctions -- there is a whole series of specific issues. we are also in an environment where emerging markets have had run and we are now seeing structural changes in the economy. there are questions on trade which tend to hurt emerging markets disproportionately. there are questions over the degree to which dollar liquidity is going to move from international markets. half of the dollar cash in circulation is outside of the united states, a lot of the in emerging markets. if you're going to see tighter liquidity conditions, that is something that will have an economic consequence. francine: is it all emerging markets?