economic recovery. There are other commodities that are mispriced, where the market is out of kilter because of politics. My favorite one there is water. Water is to believe to be a right. And so water is allocated in most of the world politically rather than via markets. So you get circumstances as an example where water is used for such brilliant things as growing rice in the desert, like here in California. And eventually, there's going to be an ugly, ugly, ugly reckoning around the lack of capital investment in water and the lack of real markets in water. The only way that you can make really, really, really vast broad mistakes in the world is through politics. And I'm afraid here in California that we're making absolutely stupendous mistakes around water, which might be, at least for a while, of advantage economically. It's interesting. We actually spoke about this in 2012. And I believe at that time, you cited something like 85% of the water used in California was used by 3% of (17/45)
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