morning, the derivative story coming off china and the fed and everything else, tim is here with us. and elliott about kazahkstan, the currency. this is a story that has been incredibly stable for incredibly long time. tim: it is the competitive valuation across the world. he saw in china, vietnam, now it khstan's turn. we had an interesting story about the nigerian currency, defending that how long? which one is next? guy: which one you think is next? tim: i don't know. euro.he that is the ultimate one. guy: if you believe the fed dots , how they will raise rates, you will probably spot a lot. by the team we should call him ig, he is a very small violin. tim: he does. said day. glencore ipo minted six billionaires. it is now down to three, sadly. to 2.8 billion. but the classic glencore fall yesterday was amazing. another fallout from the markets. guy: what do you take out of the numbers yesterday? stephen: even the smartest people get it wrong. i am interested -- guy: he says he has no visibility. stephen: it is not just about china. it is about the spillover effects globally. they will tell y