But that will be supplemented by a pick-up in European growth and eventually in Japan. These are the tactical things. There are strategic factors as well. Governments are falling over each other to become smaller, meaning you don't have as much state spending, so the supply of debt is going down. Conversely, the demand for debt is going to start increasing in the West particularly because of pension schemes.
Older populations are very fixed-income oriented.
If you are 65, you want more bonds in your portfolio than stocks. As populations in Japan, Western Europe and the U.S. get older, that is bullish for debt instruments. There is another point, which is very bullish for debt. One of the things that people have missed about the Internet is actually that it is stunningly deflationary. Fifteen years ago, in U.S. Treasuries, the bid-offer pricing spread was about 20 cents.