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Currency with benign neglect in order to function as the reserve currency properly. And this is something we really have to take seriously in this particular environment trump can say whatever he wants politically. Mnuchin can say whatever he wants politically, but getting into intervention has always been a failed tool its never worked. And the concept that the Federal Reserve would cause it not to work by sterilizing is probably incorrect. Its not going to work in and of itself because nobody is big enough in that market to really drive the size of that market enough to have a noticeable impact excellent steve, glad to get your thoughts on that. Well go back to jon fortt and the gang thank you, steve pleasure. Good monday morning welcome to squawk alley. Im jon fortt with Morgan Brennan and david faber live from post 9 live at the New York Stock Exchange carl has the morning off and we have to begin with this selloff stocks are falling across the globe, as china devalues its currency

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