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it s a big shock the first in 70 years. you have all have become known for what we ve been calling the politics of austerity trying to impose some fiscal discipline in the interest of long-term growth and long-term security. as you look at it in the united states, what do you see that you have would like us to be doing that we are not? i think the situation is really different. i think one of the things whilst we were all up against the same crisis in the banks and so on and the world came together in many ways very effectively to pull us back from the brink. i think how we sought out the aftereffects, the deficit, really depends from country to country. we in a sense are in a much more exposed position than many other countries. why is that? because we re a smaller economy than the american economy. we re part of an ep economy. not part of a reserved currency. we re much more vulnerable in many respects and what we ve said is, look, we can t afford to take the risk of the ....