 Well, it's different this time because not only do you have a conventional debt deflation after having doubled the amount of debt outstanding in the United States and almost doubled the amount of debt outstanding in Europe, but on top of that you have a historical event that occurred about 20 years ago, which is the release of pretty much 3.5 billion people worth of folks formerly behind the iron curtain and the bamboo curtain who are now competing directly with us and that is in effect a very very deflationary force. So you have the effects of debt deflation and the effects of this unleashing of the post socialist world and both of those things have never really happened together. At the same time in fact you can go so far as to say that there hasn't been a release of post socialist world ever before. I think that in the US we are having a very very difficult time understanding the problem, which is what the paper that we wrote with Bob Hockett and Nareo Urbini was all about. The difficulty there is that unless you understand the degree to which this situation has been fostered by excess supply relative to demand and that's supply of labor, supply of productive capacity and supply of capital. And unless you understand that the country has been in an environment of massive increase in debt, fostered in large part by the excess of supply, you can't really get your arms around it. Austerity is not the answer. Austerity actually is quite harmful. It exacerbates the same effects of debt deflation and a deflation caused by excess labor. Look, the US economy tends to be resilient. It tends to bounce around a lot and one of the things that folks have looked at recently is retail sales. Going into the holiday season that always gives people a little bit of cheer. We're not exactly sure where those numbers are going to come out until we hit January because we don't know what the whole season's going to be like. But having said that it's quite clear and we saw some numbers out of the Federal Reserve today that show that consumer credit is expanding at the highest rate in two years. So you have an environment with no wage growth where it's very, very unlikely that you're going to be able to increase the amount of consumer credit at infinitum because wages aren't growing and you can't continue to pay debt service, higher and higher debt service. So consequently there's a cap to the amount of the degree to which the American consumer, whether the American consumer feels confident or is just acting confident, meaning they're tired of depriving themselves. There's a limit to the degree to which the consumer can rely on credit. Credit cannot expand the way it did over the last 10 years. Well it will fix itself eventually the problem. The difficulty is to what outcome. Economies all tend to equilibrium. Global economies tend to equilibrium. Unfortunately, tending to equilibrium in this case without any action on the part of government, which is the both the employer of last resort and the actor of last resort, is going to create a very, very bad and troublesome outcome for the United States of America.