pieter? >> specifically on the question of social unrest becoming more politically endangered, in response to a hard landing, i think that was your question. it's important to realize that there's a lot of social unrest in china today, how much of that social unrest is politically in nature is hard to ascertain. myself is that most social unrest in china is focused on local grievances, unfair competition for land, local pollution problems and things like that. if the growth rate were to drop too hard landing situation, 5% or so, it's very likely that social unrest would intensify in china, and that what is a more political nature. but i cannot answer that specific question, what will happen after that. this government for 30 years has been able to maintain high growth, and in spite of that social unrest is on the rise. the micro-blogging which has become so prevalent in china in the last 12 to 18 months is surely, well, on the one hand a source of greater grievances because they can be more e

pieter? >> on the question of social unrest becoming more political and in response to it hard landing, it is important to realize there is social unrest in china today. it is rising. how much of that social unrest is political in nature is hard to ascertain. my sense is that most social unrest is focused on local grievances. local pollution programs and things like that. if the rate were to drop to a hard landing situation, 5% or so, it is likely that social unrest would intensify in china and it would assume a more political nature. i do not know what happened after that. this government has been able to maintain high growth. social unrest is on the rise. the microblogging is surely on one hand a source of greater grievances because they can be more easily share. but it is also a safety valve on the system. people can now express themselves more safely through the internet. it is hard to say. my sense is that china is politically stable, much more stable than most people's realize. >> let m

pieter?ical and in response to it hard landing, it is important to realize there is social unrest in china today. it is rising. how much of that social unrest is political in nature is hard to ascertain. my sense is that most social unrest is focused on local grievances. local pollution programs and things like that. if the rate were to drop to a hard landing situation, 5% or so, it is likely that social unrest would intensify in china and it would assume a more political nature. i do not know what happened after that. this government has been able to maintain high growth. social unrest is on the rise. the microblogging is surely on one hand a source of greater grievances because they can be more easily share. but it is also a safety valve on the system. people can now express themselves more safely through the internet. it is hard to say. my sense is that china is politically stable, much more stable than most people's realize. >> let me take a stab at the euro question. i think it is good n

. >> thank you, pieter. well, my 30 seconds is to resume with hans' comments. hans said the world is getting bigger, so this is one message. the world is getting bigger with china, with a multiplicity in emerging markets. and that of course is a huge opportunity for the united states. in many ways, the united states is the economy best positioned to tap the lead sunday. its innovative capacity. its openness to foreign cultures . its establishment of the rules under which the current global economy operates. but they're also very big risks in the world, just as the world is getting bigger, some of the foreign risks are getting bigger, too. and none is bigger in my view than that of europe at the moment. so i guess for a washington audience, the message is there a more opportunities out there, but politicians here need to be much more aware of the risks coming from overseas. it is remarkable to me, just out in taylor the policy debate and how concentrated on the micro questions of policy debate has become in this city. this is from the global superpower of the ri