New era, right? We have the worst war in 80 years, we tried to have some inflation in a modest amount over the last 25 years. Now we have inflation in spades and we can't we can't get rid of it fast enough. So there are variety of different risks that we face. There's not one overarching risk. And so I think we're going to be working through the inflation problem. We're going to be working through the interest rate cycle and we're going to be working through the commodity price cycle. And all of those things will manifest an attribute, but we go through that over the next one, two, three years from a position of absolute and relative strength, as you say. That was my conversation with co bank CEO Tom halverson from earlier this month. Now we want to keep up to date with news from all around the world that we turn to Mark crumpton here with the first word. David, thank you. The fraud case against FTX cofounders Sam bankman Friedman has been reassigned to U.S. district judge Lewis Kaplan, the switch comes after the original judge recused herself over a potential conflict of interest. U.S. district judge Ronnie Abrams stepped down from her case because her husband is a partner at law firm, Davis Polk and hardwell. She said the firm is currently representing parties that may be adverse to the preceding. In Michigan, the co leader of a plot to kidnap governor Gretchen Whitmer before the 2020 election to 16 years in prison. Adam Fox could have gotten a life sentence FBI informants helped law enforcement break up the plot before it could be carried out. Fox's lawyers says he was manipulated by the informants. China is reopening its borders to the world by removing the final COVID zero restrictions, starting January 8th, Beijing will no longer require inbound travelers to quarantine, though only have to obtain a negative COVID test within 48 hours. Meantime, the Chinese government may also reduce the frequency of reporting cases, ultimately changing to a monthly report. In South Korea, the military says it sent drones across the border into North Korea for the first time. It's an unprecedented move that followed North Korea's decision to send 5 unmanned aerial vehicles into South Korean airspace. North Korea's leader, Kim Jong-un, just opened a major political meeting to set security economic and political policy. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700