The Price of Capital Will Have to Go Up, Not Financial Capital

Russia has a capital base that was developed, probably sub-optimally, by generations of people who suffered in the Soviet Union. There's a load of capacity there that we're currently in the process of offering. Same is true for China. It will also create these big inefficiencies, the lack of economies of scale, because we're replicating everything. The plant and factories will be in short supply. I think you are accurate in the short term that the rate of return demanded by the person making the investment in the Philippines, for instance, or in Brazil would be greater than what they would get from Russia. But the question is, can you afford not to change your point of