Before we get into the inflation deflation, emerging markets and more detail, the dollar, the carry trade, which is something I want to discuss because I think that's super interesting. Let's just wrap this up a little bit because you mentioned a paper that you guys are out with. You talk about market pressures and unilateral and multilateral. The thing that I would like you to clarify for me is when you talk about unilaterally, how would the US act unilaterally in your view? Then when you talk about multilaterally, who would they act with and who would participate? Is China really ... Well, it's a difficult question for you to answer. It's unfair to ask you what China thinks. Again, this is something else where at least in the press, I'm not privy to any special information. It's unclear whether the US has the leverage to compel China to engage North Korea in a way that would quell the crisis and prevent them from stopping their ballistic missile program. I guess I would start by (11/45)
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