The Taiwan Escalation

The risk is that if the tightness of the worsening of relations between China and the United States continues, the trend of productivity, growth and jobs is going to be weaker for developed economies. I think there's a lot of good reasons to think something like that might be coming in the next year or two. If it did, let's kind of do a war game scenario of what are the macroeconomic consequences knock on effects and market effects if a scenario like that were to start to play out. The one that gets the losing side no matter what happens is the European Union because it doesn't have the technological leadership.