peter dixon of commerzbank and kamal sharma of merrill lynch. alance, funneling back to strong dollar, flows and relative interest rates. which is predominant in the international economy? international capital flows? or a real rate nominal rate difference? peter: flows, most definitely. it goes back to what we were talking about, political risk. investors are being primarily driven by political factors at the moment. that has had impact. you can see that up on the flows, particularly out of emerging markets. that said, interest rates play a big role, particularly u.s., because as u.s. rates go higher, investors take a negative view, of the emerging market world. that has been driving capital out. kamal, the news today, turkey is coming to washington hat in hand. no one really knows. what will be the institutional responses to the idiosyncratic news we talked about in the first section? kamal: this is the flow story. there is an underlying interest rate narrative in the background. if you look at bank of japan for example, we've had contrasting n