Professor Alan Ahearne:

When I gave that seminar, I did not give a projection. I did not say, "Here is my forecast, here is what is going to happen". I did not do it that way; I presented it in much the same way as I presented today. I presented the evidence, "Here is what we found when we looked at the international experience". Most of the questions at that seminar, if I remember rightly, were about some of the technicalities. Nobody said, "This is nonsense", and nobody said, "We are all doomed", and stormed out of the room. It was not like that.