Ann: June 2015 Quarterly Report Conference Call, page-24

1) ZIRP is about to close. Contrary to Geenspan, Bernanke and Yellen made a very good job, in extraordinary times. You say deflationary pressures are rampant, I agree, but normal result of ZIRP is inflation, not deflation. That's why this policy was absolutely necessary, to fight deflation.

2) I am much more worried by Chinese Policy, which let people scramble for stocks this winter and go in debt like crazy

3) I am also worried by the results of low energy prices on climate fight

4) OPEC ceiling is 30MBD, they are above 32. This deliberate move is the main factor in POO debacle



A-N