Emerging markets are coalescing around this concept of the global south, they're taking a transactional view. They don't want to pick sides any confrontation, be it the US and Russia or the economic confrontation of the US and China. So some winners are being created; there are winners in specific locations where specific locations seem to be doing pretty well out of this rewiring of the global economy. The real overwhelming danger is that these sort of protectionist policies may make it harder for the next batch of economies to get onto that first couple of runs of the development ladder. That's not going to be good for the emerging world.