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I'm on the Bloomberg.

I'm on a single best chart right now.

We'll do this with David Kelly, chief global strategies at JP Morgan,

and he mentioned earlier in the hour the C word courage. The courage to act.

Let's look at a single best chart which defines how lonely Europe is right now.

This is Swiss 20-year with a normal yield here in August of 2007.

The great deflation, we flatten and we've just

run over again and I would suggest David that this is a linkage of courage

into theory and not only for the ECB but for all of us the theory of how we've extricated

ourselves from this crisis is really under test.

Oh yes it is because one of the things that's happened there are know, there are things that are pushed down in inflation in the long run, including information technology.

One of the big things is QE basically causes asset prices to go up more than real output.

...