Obviously geopolitics can be a great danger. Heaven forbid there are still some nuclear arms out there, and if somebody makes a mistake and overreaches — you’ve had some of these uprisings in and around Ukraine they have a very paramilitary look to them. And it’s not just people hurling paving stones.
“They have rocketry and other things. So this could rather easily escalate. You tend to hope that people will be sane enough to keep something like that from happening. The other problem is that even with the sanctions and other things, if that economic game of chicken begins to go, we learned far too painfully in 2008 what can happen when contagion springs out. I had that discussion with some big institutional clients this morning. I said:
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