Dr. Alan O'Sullivan

We see where U.S.

equities over the last 15 years, any time there was a 10% decline, the dollar rose.

So we saw recently the dollar declining at the same time as U.S.

equities declining.

I'm sorry to interrupt you.

Feel free, it's great.

But I was just making the point as well that that's currently being seen in the US bond market as well.

I mean, because people say, oh, well, the yield is rising on the long end, but maybe it's just getting repriced because it's inherently more risky.

I mean, investors are looking for more compensation for US assets that are more risky.

And then you've got the inflation aspect to that as well.

But when the central bank in the US cuts interest rates,

and then the long end rises again.

I mean, that's another very strange thing that hasn't happened.

So as investors, as, I suppose, market commentators, that's the kind of thing we should be looking at to say, all is not well, I suppose, all is not right.

I've been following Marco Papage as well in BCA and he, in relation to the trade, yeah, in relation to the trade war, he's kind of...

It doesn't matter.

I mean, the US was withdrawing even before this.

And I mean, he kind of he couches the 2010-20 period.

Yes, it was exceptional.

But Europe met a complete mess of the fiscal austerity that like we know in Ireland.