Dan, thank you too. I agree that it would be good to have an explicit discussion about it. Many economists working on China have traditionally been squarely monetarist in their discussions about inflation. I have over the years read many reports on China asserting a close causal link from M2 to CPI inflation with a certain number of months lag (or a close link from the difference between M2 growth and M1 growth to CPI inflation). I thought last year's monetary explosion was going to be interesting in this regard. I thought monetarists would have to start projecting very high inflation for this year. But they have not done that. Why does this not happen? Are people adjusting their framework or are there special circumstances? By the way, these are genuine questions, not rethorical ones. Do you expect substantially higher inflation than the consensus of 3-4 % this year or next?