There Are Two Types Of Depreciation. There

Part Of The Concept Of The Euro Zone Was To Establish A Common Market. The Banks Were Going To Bank Across All Their Countries Like We Bank Across States. But That Concept Got Killed For A Whole Bunch Of Reasons That I Won't Get Into. That Was A Good Concept, By The Way. It May Yet Return, Because There Are Huge Economies Of Scale In Banking. That's Another Thing People Don't Quite Get.

If It Is A Small Rate Raises, [there Will Be] No Impact.

Now The Japanese Companies Are More Focused On That. To Have Two Independent Directors - I Think It's Good To Have Outside People Look At You And Think Of What You Could Be Doing Better. Those Are Voluntary, But Most Of The Companies Told Me They're Going To Do It. And I Think It's Good For Them To Say Our Returns On Equity, For Example, Should Be Higher. Also, I Think Some Could Be More Ambitious.

As Countries Get Wealthier - All Of Them, Together - You're Going To Have Financial Assets. That Is A Good Thing. You Could Argue The Assets Were Traded Too Much, Or That They're Too Highly Valued, Or Too Leveraged.

Businesses Can Be Opaque. They Are Complex. You Don't Know How Aircraft Engines Work Either.