pete terseberg in september as well. i thought mark made an impressive comment, maybe if we don't see the economic growth, not only will there not be a cut in stimulus, you may see stimulus picking up as well. that's something the market is not picking about. >> big onus that the fed has that right. there's necessary volatility. the other thing, steve, we're seeing quite clearly this morning is the selloff in merging market currency and more pressure on the brick as well. i'm wondering what people are saying and the response they're getting in russia? >> here's an absolutely extraordinary thing. we have at the moment full blown quantitative easing. we have the full blown moments and how are the brick evaluations looking? well, let's just go through it. the s&p 20, broader emerging trading just over 10 times pe. russia, 4.8 forward pe. they're telling me that -- they're telling me that the full blown qe is in place. we're trading five times the russian equities. i can't help thinking there are other factors at play here a