same aging problem which leads to less and less demand going forward and so japan is not a typical petree but i think what is necessary in the united states is fiscal spending. to be fair, the fed has talked about fiscal spending until their blue in the face, not only bernanke, but yellen as well. i think we need to spend money. what we spend it on is the question. how we elect our president going forward is the question, but infrastructure, health care and to my way of thinking, u.s. spending on a universall basic income which is probably five to 10 years in the future. in order to support an increasing jobless element in the u.s. society. >> what have you learned about the use and the efficacy of negative interest rates in the last couple weeks? challenges for small mid german banks, italian banking, three standard deviation in the euro dollar, how are negative rates going to play out? >> they have been playing out as you point out, not only in banking, but in pension funds. we have seen situations in puerto rico and troy and potentially in chicago and we blame those on individual acces