Is Europe Going to Be the Worst Economy in the World?

I think we're in an environment that we are going to have low returns going forward for a very, very long time. The present value effect of lowering interest rates and putting liquidity into the system has largely run its course. Europe will have a greater amount of challenge because they don't have a common fiscal policy. I would say that Europe probably would be the most strained. We'll try and get through as many questions as we can. Thanks.