sterling balances. So if you like that retreat, actually fit in relatively nicely with a long-term difficult period for equities. And equities were very, very cheap at the end of World War II. And they did okay for a period. But that was a horrible period of withdrawal of sterling balances. So there's a legacy if you get it. And you just can't let it all go at once. And where we began this conversation is the need of other countries to get that money back now. And how you go about coping with that, and my issue is ultimately, can America allow it to flow freely out? So Russell, I want to bring it back to this conversation about capital controls. And maybe the word order of operations is not quite right. It sounds a bit too mechanistic for what we're describing here. But what are the things that in your view need to happen or are likely to happen before we see capital controls put into place in the United States? Okay. Well, there's some trigger events. And then there's things that (36/99)
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