its a fundamental mismatch of supply and demand and thats truewith money and goods and services and labor and everything else im assuming that that cannot continue forever something thatsto bring that back into alignment somehow if youre an investor how do you prepare for that world because that suggests thatthe world three years from now may not look like the world we see today the thing that brings that back into equilibrium is atightening of monetary policy we no longer have the ability to cut interest rates we gotplenty ability to raise interest rates and so you know were getting closer and closer to that day and then the question ishow much of an interest rate increase and when itll be sooner than whats discounted probably a lot bigger if you look backhistorically at how much of an interest rate increase it takes to slow down an economy its like 300 400 basis points andthats in normal times when we have abnormal times because so much wealth is being createdits its its its nominal wealth it may not be real wealth but so much wealth and so much money is sitting in bank accountsthat theres a lot of potential spending out there just sitting in bank accounts is sitting in assets well take me into thatworld or as you say nominal wealth has been created an asset values have been passed without a doubtwhen in a world where you go up 300 400 basis points you take some of that value out of those assets for an investor where doyou go to make sure that youll go get burned by that do you go offshore or do you go to asia you go to china where do you gowell i think first of all you want inflation hedge assets because its very likely that the rise in interest rates willlag inflation and lag the economy the fed doesnt really want to get ahead of it someday they might have to but that thefirst move up in interest rates is a rise in inflation is interest rates are dragged higher by the economy and thatdoesnt shut things down it just sort of resets the levels of everything so first of all inflation assets and second of allof things you were describing about the united states and europe theyre not true for asiaand the you know we tend to have a very west centric view of investing and yet you know the economic output of of what irefer to as an asia bloc which is china plus a number of countries that are trade very closely together the contributionof those that that area to global growth is two and a half times the contribution of the us and europe in terms of growthrates if you look at the sizes of the cash flows the size of credit outstanding its equal and so i like to think in termsof balancing a portfolio between east and west and of course nobodys really even close to that ok to be unfair to you imgoing to ask a really hard question but we only have a short time to answer it are we looking at a volcker momentno because if you have to have a paul volcker you get a volcker momentyou know but paul volcker was a rare rare person and a great personbut no that was that was you know it was at 20 years of inflation accumulation serious pressure on the dollar seriousquestion of the dollar as a reserve currency and he stepped in to to to change the tide were at the beginning of a potentialproblem and so weve got probably a few central central bank heads before we get to the