completely different. That's why I really appreciate Paolo's view emerging markets framework. And the funny thing is, he said that we were afraid of Japanification initially. But look at what Japanification is today, not what it was before. Today it is covert depreciation of currencies, covert debasement of currencies, negative real rates, a form of yield control, and then pretend that you care about your currency. So today the US has positive real rates of what, 2%? Well, the Japanese have negative real rates of 2%. They're doing yield curve control, and they pretend that they care that the yen has depreciated by 30%, but actually they don't really care because the exports are doing better. So Japanification of the past is very different than the Japanification of today. It's actually, Japan is also stealing a bit the emerging market. It's so funny, shrub. This is not your father's Japan, you know? Exactly. Not your father's Japan, but they're doing it so eloquently because they're a (43/57)
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