no one better to speak to then willem buiter. your textbooks at cambridge a few years ago? is any of this text books of tobin and old? willem: nothing like this. another world where after years of residing at the effective lower bound, the u.s. has managed to lift itself 250 basis points from it and now it excepts to get more acquainted with lower bound with a likely series of rate cuts. this is the land of make-believe. tom: this lower bound that we are in, and professor krugman has been so good at to finding the international ramifications of a liquidity tap, which means central bankers can advantage society. this is a surveillance mosquito coming out. buiter did not bring this with him. got it. we killed it. trap, what are the ramifications of the 2020 liquidity trap. trap? willem: central bankers will find themselves short of ammunition very soon. theurope and japan, shortage is a cute already because there is very little room for cutting -- acute already because there is very little room for cutting. monetarycountries, the po