if yous no question that use elton friedman's famous lines, a dripping to the popularization of, if you drop enough dollar bills from it helicopter, there's no question you can get as much inflation as you want, in the classic annomics lexicon, that is expansion of fiscal policy because you are making a transfer, and we have done a lot of quantitative easing, and the inflation rate in the united states is not conspicuously higher than before we would start. answer the question of in what ways that zero interest-rate name bind over the longer term is i think important. the kind of thing i'm talking about is not a purely hypothetical possibility, painted with the broadest brush. the economic history of japan for the 22 years from 1992 2012 has substantial amounts of what i was talking about. use thegoing to privilege of the chair to ask a question to all four of you. i was struck by what i perceived as the implicit assumption that the next crisis is going to be a financial one, and i'm just has been whether this intentional or not. it seems there are some the school problems on the horizo

some of your thoughts on whether version -- whether virtual currencies have sufficient protections elton to them for consumers. do virtual currencies raise any additional new issues for consumer protection? do we need to do anything to better protect consumers from fraud or protect consumer privacy is as a result of these virtual currencies? think it is still trying to find its way. as a result of these folks that are at this point participating in this economy really have to try hard to participate in it, so these are not your average consumers just yet jumping into this space. at this point, i think it gives regulators some time to learn more about the technology, more about what the industry players are doing to address these -- ands, and flaherty whether the existing concerns are enough. as far as opportunities, what is interesting about, especially due to centralize digital currencies, if they provide a new choice for consumers. usey, if you want to electronic payments, you are probably going to use a credit card or paypal, and that comes with fees, sometimes high fees. those fees a