 I turn to Jean-Claude Mayer and I understand that you share part of the views which were just expressed. Please. You have the floor. Well, every forecast on the financial markets has been wrong, therefore I can give you my own views without any problem. The question is, 10 years after the crisis, are we faced with a new financial systemic crisis or not, as we are at the end of an economic cycle, at the end of a sort of miracle? As a matter of fact, during the week of October 10th, stock markets have already had a severe correction, minus 7%. Nearly $3 trillion have been wiped off then. And since the beginning of the year, Shanghai stock market has already fallen by 40%. French market has been decreased by 10% in October. At the same time, Nouriel Roubini, among others, has just predicted a new financial crisis. Olivier Blanchard yesterday very brilliantly outlined his views, which are relatively optimistic. I'm less so, like Jean-Claude Trichet. Probably because I prefer to be pessimistic and have a good surprise rather than being optimistic and have a thunderstorm. In fact, we can contemplate only, in my view, two scenarios. No optimistic scenarios, but just two, which are the following. A soft landing scenario or a severe financial crisis. A soft landing scenario could occur with three conditions. First, if Fed increases its rates only gradually, step by step, because inflation is moderate around 2%, we could expect just a slowdown. Second, a sovereign debt default would not compulsory generate a systemic crisis as financing from IMF or banks could help and could avoid it. Third, the trade war should not be as tough as anticipated, especially after the trade agreement with Canada and Mexico. And in that scenario, stock markets could stay nearly as we are in a sort of plateau or be lower by 10% to 20% in a very moderate way, of course, with a lot of volatility every day, which is the case right now, as a matter of fact. This is the ideal scenario which would make everybody quite happy. Unfortunately, on the other hand, a much less rosy scenario could lead us to a very deep financial crisis, as many ingredients are there. There are six ingredients. First, we are at the end of a 10-year cycle, as we said, with low rates and economic growth, and we enter now in a new paradigm. Everybody shares this opinion, and this psychological impact will have many effects. Geopolitical risks, as we see at this WPC, are huge. We have never faced such uncertainty except maybe before last war. Stock market, particularly in the U.S., for the third reason, has so much increased, 330% in 10 years, that it can only fall down, particularly because earnings will decrease, because growth will decrease. The nine-year bull run is finished. Till now, it has been fueled by low interest rates, fiscal stimulus, and a surge in share buyback 1 trillion in 2018, which would decrease from now on. The problem now which we face is that the U.S. stock market has risen a lot, while the Japanese and European markets have not risen at the same way. There is a divergence which we all know, so the fall of the markets will be more painful in Europe and in Japan. The irony of all that is that, well, the fourth point is the trade war. The trade war could affect us a lot. It would affect the growth of U.S., the growth of China, which we notice already, and the exporting of emerging countries. Trump's trades will raise the price of imports, leading to inflationary pressure, and as a consequence, higher interest rates, stock market down, and thus creating a vicious circle. Again, the irony of all that is that Mao must laugh in his tomb because it's China which is threatening capitalism. On top of that, confidence which is key for growth and is needed by foreign investors will reduce new investments as companies will wonder where to locate, and this uncertainty is exactly what market hates. Fifth ingredient, the debt burden which we all know has increased too much since 10 years. Emerging debt market has been multiplied by four. China's debt market has been multiplied by five times in addition to its shadow banking problem. This debt has been fueled by low interest rates, huge liquidities coming from quantitative easing. Now that interest rates increase, major problem could arise, and in case a crisis occurs, governments would have much less room for maneuver, particularly in the U.S. where budget policy has been already used, which will restrict additional munitions when it will be needed by a recession. In fact, low interest rates have been very useful, but high liquidity has put also the world at risk, a much bigger risk than the subprime crisis because the amounts are huge and could come from state defaults. Sixth ingredient, interest rates. Interest rates will increase by Fed. They have already increased a lot, eight rises since 2015. Once more till the end of the year, three times next year in parallel with inflation because of a budget deficit due to tax cuts and therefore the need to attract hot money, especially at a time when China is reluctant to buy treasury bills. The interest rates could rise much higher than expected and there is the risk, the highest risk because inflation would come higher and particularly we must not forget that oil prices which are quite high could become much higher in case of a war, in case of a problem in the Middle East. Because of this rise of interest rates and the dollar as a consequence, emerging countries are badly hit as the economies are dependent on foreign financing and that would be very bad for the world growth because emerging countries are key for world growth, two thirds of the world growth. Growth will be reduced also as financing will be more costly and it will be harder to raise equity. Stock markets will slow down as yields of bonds will be higher than dividends and because of slower growth and increased financing costs. This rise of interest rates is done in a very bad timing as we all expect a slow down of the economy and a fall of stocks because of falling earnings due to a declining growth versus a huge pile of debt. In addition, nobody knows how the shrinkage of liquidities due to quantitative tightening will affect us as we know balance sheet of banks will shrink by $437 billion in 2019. In brief, we are very worried by the US situation although booming now as never, its growth will be reduced next year and maybe lead to a recession in 2020 and contaminate, as usual, the rest of the world. We all know that when the US sneezes, everybody catches a cold. To conclude, we should remember what Hyman Minsky has called the paradox of tranquility. When things seem to go well, it means that crisis is roaring. A severe crisis or a crack might occur. Everybody believes it could happen in 2020 or next year or later. Nobody knows when, of course. We should therefore be cautious and be very worried, especially as we all know that history is tragic and as Kain said, we are all dead in the long run. Christine Lagarde just said in October, it's not just clouds and the horizon, it's a bit more than a drizzle. I would say that we are in fact in the fog, which is the worst thing for markets. Our only hope is that we will not see deep crisis, but just a correction, a soft landing scenario. Thank you very much. Well, you were quite asymmetric in your presentation with much more on the scenario too than there on, but you are catching up at the end with your own wish. In any case, I think that Olivier should be prepared perhaps to intervene after having heard all that. A very gloomy perspective. You know, to rebalance a little bit. Anyway, thank you very much, Ida and Jean-Claude.