"I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago."

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You always have to remember that Mother Nature is a lot like your body. If your temperature goes from 98.6 to 100.6, you don't feel so good. If it goes from 100.6 to 102.6, well, you call the doctor. If it goes from 102.6 to 104.6, you're in the emergency room at a hospital. The same with Mother Nature - small changes in global average temperatures have a huge climate effect.

— Thomas Friedman