Those ratings have come from fundamental improvements in monetary and fiscal policy. Deficit spending has declined considerably in emerging-market countries.

Investors see the IMF as a policeman who controls good fiscal and monetary policies. When a crisis hits, emergency credit lines from the IMF are what makes emerging market investors more comfortable.

Brazil is the star of the market. It's a significantly improved credit over the last few years and people are talking about it becoming investment grade sooner rather than later.

Argentina says an agreement with the fund is not indispensable because they want to be able to keep on spending to boost the recovery, but they know they'll end up negotiating an accord because they need it.

It's not bad at all, getting a Nobel and making so many old fossils explode with rage.

I know what Tony told you. But it looked to me like he lifted. I'll get to the bottom of it.