As countries get wealthier - all of them, together - you're going to have financial assets. That is a good thing. You could argue the assets were traded too much, or that they're too highly valued, or too leveraged.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

Manipulating currencies is when you're going into the marketplace and buying something in large amounts to depress the value of the currency.

There is a lot of focus on that first rate move, and I'm not sure how important that is.

Good regulation should be conducive to business and to customer protection.

More people are working, lending is up and savings are up. These are all positive signs for a strengthening economy.

I speak to lots of people around the world, and no one would tell you that 25 basis points will make a difference to them.