trade stagnant, roles thechina take u.s. has had for years in spurring demand?i don't think we will see that for three years or more. we're going to see -- china is going through this adjustment process, and it will be, i think, a three-your type of three-yearprocess -- type of adjustment process. or the equivalent. it's going to be a negative world economy, and that passes through to emerging countries, particularly those that depend on exports in china or have commodities, and then that is passing through in turn to a number of countries, so there is a world deflationary pressure and that's why when we think about the fed's policies, there's not a country in the world that should not ease its monetary policies. they be some should stay fat. maybe u.k. should stay fat. -- maybe some should stay fat. maybe u.k. should stay fat. by a large, we have that self enforcing growth because the rest of the world represents weakening force in china to the exports for their demand. that is also weakening. i think the question will be -- where is the locomotive? is it, and