>> coming up on bloomberg best, the stories that shaped the week in business around the world. the pound takes a pounding and sendsnt of an ecb taper them make it running. european banks, google leaps into hardware, and a message in the september u.s. jobs report. >> janet yellen, call it a goldilocks job report. not too hot, not too cold. matt: a hike may come in

september. provocative thoughts in the weeks top interviews. >> government is a pro-business government. >> everything with growth. no one has been successful that has never admitted a failure. matt: that is straight ahead on bloomberg best. hello, welcome. i am matt miller. your weekly review of the most news,ant business analysis, and interviews around the world. it began with a stunning announcement as 2 asset management firms consolidated. >> janus capital, home to bill gross ring brought by henderson group.

is this what we have come to you in investing? so much pressure that managers have to combine to make the marginal margin? >> yes, we are going to see more of this. what is happening is the rise of passive indexing has put pressure on active managers. one thing this hopes to accomplish is to provide more scale to both companies, allowing them to distribute projects more evenly. henderson in the u.k. and janus u.s., they feel they can expand their client base to run active management fees and stay competitive. >> why be global? you will be dwarfed by blackrock and fidelity. >> the combination gives us resources and economy of scale. we're not trying to be black

rock or a huge one. the additional scale of $300 billion of assets under management allows us the opportunity to capture more benefit and opportunities for shareholders and build out our business around the world. >> does management have a role to play in this combined company? >> there is no star manager or a lone wolf. they are a combination of ids being generated by people in the firm. being able to collectively grab that through a collaborative approach. that is the future of active asset management. what is held by henderson and janus capital, going forward. >> the pound has fallen to a 31-year low as their could be a hard brexit. how much lower could we go? >> it will be a bumpy ride, guy. i think you are right. investors are looking at the

hard brexit scenario and being spooked. we have had decent data recently. yesterday's manufacturing pmi data was better than expected. investors are looking past that as the brexit becomes more of a reality. >> what about the euro-pound trade? >> that is important to note. notwithstanding the dollar's strength, euro sterling has been pushing higher. it has been relentless. we do not have the size and scope of 31-years of lows, but we are seeing multi-year lows for the pound against the euro, and that will be important to watch as we go through the next few months. >> an update on the euro, seven sudden gains from the news the european central banks may wind down the bond purchases before the end of quantitative easing, 10 billion euros a month.

why is the european central bank are they talking about tapering qe purchases were the economy is not at a point where that could happen? >> i don't know if they are trying to keep in lockstep with the fed, but by announcing measures, incremental measures to step back, it will be everyone hitting the door at the same time. there is no way they can exit on an incremental basis. >> treasuries trading after the bloomberg scooped that european central banks will probably -- will gradually wind down the bond purchases before the conclusion of quantitative easing. >> do we have another taper tantrum on our hands? >> the drop is totally significant? probably not. it caused to reverse positions in terms of being long duration to a short duration. i'm glad i have been watching bloomberg. >> european stocks falling with emerging markets after bloomberg reported ecb officials are discussing ways to bring quantitative easing to an end.

as well as the selloff in stocks, 10 year bond deals in italy have surged to the highest since june. the 10-year spanish yields is above 1% for the first time in two weeks. >> it shows you how nervous investors are. we are getting to the end of the big road they have been taking -- been kicking the can down for years. you can only extend that for so long. anything with a hint we might be nearing the end spooks the market. >> any sense that the ecb perhaps leaks this information to test the market to see how they might react? on this occasion, they may not be too pleased with the reaction? >> central banks are known to fly test balloons here and there. if mario draghi wanted to do an official one, he would have done it himself. it is probably not right to say

it is an official trial balloon, but people are having discussions. the ecb governing council has not officially discussed tapering or the future of qe. it has not been on any official agenda. clearly, people are talking and thinking about it. >> german regulators investigating deutsche bank's ties with an italian bank. regulators say deutsche bank mismarked 37-deals with other banks. there is no connection between the deals. talk me through what we have learned about deutsche bank in 24-hours. >> this one type of deal that they structured with monte paschit's it is a similar deal , with other intention struck by the german bank with clients am

-- by the german bank with other clients, 30 other clients. deutsche bank itself used and accounting treatment that was not what regulators determine should not have been used for those deals. >> there were more than 100 deals in all similar to the one they were doing. crucially, the ones that they had to restate deutsche , bank was lending money without putting the loans on their balance sheets. >> if you do not understand what is on the book, how do you value the bank? how much of a problem is that for ceo john cryan? >> it is the balance sheet of what is unknown? what is hidden? were they doing complex deals that shareholders don't know about? >> payrolls number out in five seconds. erik schatzker is an washington, d.c. with the numbers. >> 156,000 jobs is the increase in payrolls for the month of september. hourly wages, up 2.6% from a year earlier.

up 0.2% from august. the unemployment rate is 5%. ticking up from 4.9%. a slight miss in economists' forecasts, but it is not the political football it could has been in this election season. if you are janet yellen call it a goldilocks job report. not too hot or too cold. >> i think the fed will move. they will move possibly every nine-months to 12-months unless circumstances change significantly. an upward move to renormalization is appropriate. >> this is a no drama report. that is what we would like. the way this report should be read is the economy is continuing to recover. unemployment rates held steady. .10 percent of a move that is

not significant, it is within the margin of error. we are continuing to dig out of the problems created by the recession. one sign of progress is the strongest in seven years. matt: the data-driven fed has more data to consider. later, we will replay our interview who says it could do ictate a november hike. plus, christine lagarde and the road for the u.k. europe's biggest banks trying to get smaller. the cuts are causing pain. this is bloomberg. ♪

matt: this is "bloomberg best."

i am matt miller. let's continue our global tour in europe with more cutbacks coming in the continent's financial industry. 8500 jobs into cut the netherlands and belgium. approximately 3500 jobs cut in belgium over 2016-2021. the cost on the top line will be 1.1 billion euros. the company says it remains committed to progressive dividends. is this the worst case scenario for you? will all jobs be let go over the next five years? >> yes, unfortunately as we invest, and continue to invest, in a digital transformation, and it means less jobs. the important point is we have

strong commercial momentum. we are growing profitability. we are growing our roe on the back of increasing capital ratios. we have to move to the next stage. time waits for no man. we are ready to move to the next stage of our digital transformation, which unfortunately means a lower fte. it means ing can navigate a low rate environment and generate growth. >> deutsche bank set to reach an agreement with labor representatives that will pave the way to eliminate 1000 jobs according to people with knowledge of the matter. this is preannounced. they are also nearing a settlement with the doj to not pay $14 billion? >> it is about getting to the finish line on some of these items, cutting jobs they laid out last year. this is one more obstacle they have in terms of shrinking the bank.

the other is on the doj settlement number, what number the end up at, and how quickly they can reach a settlement with the doj. that is the question, short-term. long-term, it is profitability. short-term, it is about the doj number. >> takata is said to receive investment officers of $2 billion from five suitors. how big with these investments be in relation to the size of the company? >> $1 billion to $2 billion from the suitors. looking at the market cap it is $290 million. a big jump in terms of the market cap compared to the offers. the suitors include a bio 2 airbag makers. not all are considered equal.

why are some viewed more favorably? >> there are three bidders. those are the ones takta may lean towards. all five proposed bankruptcy as an option. 2 insist upon it. they may favor 3. other 2 insist on bankruptcy. at this point, we are told none have been ruled out. >> you have it official, bass pro shops buying novellus for $5.5 billion. elas for the idea $5.5 billion. was that elliott management owns part of cabelas. they have been pushing for a n upsell of the company. there was a reading war between bass pro shops and sycamore. >> what is driving a deal?

>> elliott. there was an activist and cabela's pushing a deal. they got a deal. $5.5 billion is above where they traded. for the last 2 years, cabelas shares were going down. since elliott got in there and they became public, shares are up 15% to 20%. they are now up on top of the deal. bass pro shop, one retailer buying another, you see that a lot. i would not be surprised if the cabela's name went away. matt: u.s. sales figures for september trickling out all day. autos. in the u.s., gm and ford posted declines for the month, but came in basically in line with analysts' estimates. nissan saw sales rise 5% for the month. that clobbered estimates for drop of 1.5%. >> i think that this month is about quality of sales over quantity.

one thing i was encouraged to see was the improvement in average transaction prices. consumers are paying more for vehicles than last year. spending more, higher trim levels, better equipped vehicles. this is a positive when we look at gm and ford stock in particular. it speaks to the profitability of the balance sheet. >> breaking story out of australia. rba keeping rates unchanged. 1.5%. the statement is key. what is rba saying? >> it is all about inflation. that is how we got to 1.5%. we have had weak inflation. the 2 cuts we have seen so far this year were in response to that. keeping it at 1.5% is consistent with meeting the cpi target over time.

it is consistent with what the new governor has been saying in the weeks leading up to the meeting. he is in charge as the governor. he described the rba as not being inflation. words that could come to define his tenure. he is expressing a willingness to allow australia to live out the inflation target ban and keep a little powder dry in terms of the cash rate. he had confirmation of that in a statement. also saying the cash rate of 1.5% is consistent with sustainable economic growth and continued jobs term. -- continued jobs growth in the near term. >> another stock we are watching is walmart. shares down in early trading after the company forecasted earnings that missed analyst estimates. ceo doug mcmillon said income will be relatively flat compared to the current year.

what is behind that mediocre forecast? >> david has been laying out for the past couple of years that it will take time to come back to growth. they are investing in higher wages and fixing store bases. the big news, i think, is they will not be opening as many stores as they have been. for the first time in years, since investors and analysts have been saying "don't open so many stores." they are saying "we won't open so many stores." 20181 billion in 2017 and in e-commerce to remodel stores. in the long run, is that what investors want them to be doing? >> in the long run, in the next 10-years, if they can do everything they say they will do, investors will like that. the question is, will walmart deal with they say they will do, and will investors give them this namely way they do to a company like amazon? >> 2 minutes in chaos in asian trading.

stocks plunging in the pound to 31-year low, saying the slump was exacerbated by computer initiated sell orders. sterling fell against the dollar, the biggest decline since the day of the eu referendum result. we have views that this was largely due to computers that exacerbated the selloff here do you think there's something more sinister or just highlighting the sterling vulnerability? >> there were a lot of selloffs in the system. why are there so many so orders -- sell orders in the system? if we look at what some economists and investors are fearing is that we could be in for a decline. it has been a horrible week for sterling. the market is fearing a hard brexit. i think that it is suggesting a vulnerability in sterling. ♪

matt: welcome back to "bloomberg best." i am matt miller. the federal reserve held rates steady at the september meeting. in an unusual show of dissent 3 fomc members voted to hike. one hawk was the cleveland fed president. she put markets on the alert to brace for tightening in an exclusive interview with bloomberg. >> why dissent? is the economy overheating? >> it is not overheating and i do not think we are behind the curve, but there was a compelling case for taking the gradual step on the path. fore is a compelling case taking the rate of gradually for , taking the rate of gradually.

taking another step on the gradual path. some people think, you want to curtail the expansion? not at all. the reason i think it was appropriate to move up by 25-basis points is that we want a sustainable expansion. moving rates up is consistent with that. the first half of gdp barely grew over 1%. does that make you think that the wait could be a little longer? there is a risk of hitting the economy with a rate hike when it is not that strong. >> the first half of the year, growth was 1%. i still think we will see a rebound in the second half. around 2% to 3% in the second half, 2% for the year. my view is that we will be growing a little over trend for the next 2-years, strong enough to put downward pressure on the unemployment rate. i expect it to go down from the current level. the data is in place for inflation to move gradually back to 2. inflation expectations are

reasonably well anchored with inflation moving up over the past year. economic conditions are such that we will go gradually to the 2% goal. we do have to be preemptive to make sure we are moving the interest rate up to make sure we can keep the expansion sustained. >> if the data stays strong, it seems like the economy is on better footing for a rate hike, if the reports come in strong. when you argue for a rate hike in november? >> all meetings are live. i would include november. in september, i said i thought the case was compelling to take another step on the gradual path. if the data is consistent with my forecast over the meeting run, i would expect the case to remain compelling. we will look at all of the data that comes in between now and november, between november and december, as we do all the time.

we like to look at all the incoming information. you are right, if the data comes in consistent with what we have been seeing, yes. i think it would still remain compelling. >> you would vote for a rate hike? >> we will see when we get to the meeting, but i think the case would be compelling. matt: more exclusive interviews straight ahead. thank you kate chancellor philip managingnd imf director christine lagarde tackle the toughest questions facing the global economy. plus, looking back at the week in tech. mark cuban lets loose on donald trump. >> that makes him completely unfit. matt: this is bloomberg. ♪

matt: this is "bloomberg best." i am matt miller. philip hammond has a tough job

as the head of the u.k. treasury. he must set a fiscal policy that can soften economic shocks as the country moves ahead with it 's exit from the european union. hammond visited wall street to reassure u.s. banks of britain's strength and discussing the challenges he faces with an inclusive interview. >> now we have a situation over the past week. you see the talk of hard brexit. sterling has gone down. people do not see the city -- it looks like the government will go. is that fair? you have many worried watching on television. what would you say? >> i don't think it is fair. it's not a correct analysis of what has happened this week. first of all, we don't recognize the distinction between hard brexit and soft brexit. we want the one that works for britain and for the european union. it has to be about mutual advantage.

it has to be about a mutually beneficial absolution. the financial services sector is a very important part of the u.k. the largest single value contributing sector. we will place a very high priority on getting the right solution with our european union partners. john: you think it should be treated differently to any other sector? it is britain's and most important industry. surely it deserves some deal of priority. >> is different because manufacturing sectors, if we were to end up in a wto, rather than a negotiated deal, manufacturing would know exactly what that meant for it. financial services are not really covered by wto rules. it is different when we have to deal with each sector according to its specific needs.

we are in the process of analyzing with people in the financial services sector and in other sectors across the economy to understand the specific needs they have. one of the things that is already clear is the sort of initial response of people. we must have this. it is too general. there are some specific needs, really specific issues that we have to understand and we have to factor into the way we conduct negotiations with the european union. >> do you think there is any economic advantage to brexit? >> in the long-term, yes. the u.k. is an outward looking nation with strong trading links and investment links around the world. outside the european union we will build on those historic trading links and we will leverage the advantage of an economy which is, in many

respects, more mid-atlantic than 20 miles off the coast of europe. the way it approaches markets, the way it's labor market works, attitudes for doing business, and, of course, the legal system. i think most people in britain feel halfway across the atlantic between the u.s. and europe rather than just 20 lots of -- 20 miles off of the coast of europe and 3000 miles away from the u.s. >> people listen to teresa may's speech and they heard a voice that sounded more critical of business than anything we have heard for a long time. more critical than cameron, and tony blair. all the way back to jim callahan. is this a government that is antibusiness in some way? was that the message he wanted to send? >> absolutely not. this is a pro-business government, strongly supportive of open markets, free markets, open economies, free trade.

but we have a problem, and it's not just a british problem, it is a developed world problem, of keeping out populations engaged and supportive of our market capitalism economic model. people who feel, and you see it in the u.s. through the primary campaign, people who feel the economy is not working for them anymore. they are the losers out of globalization. that it works for some, but it doesn't work for all. what theresa may was setting out was a recognition that we have to reengage those people who feel they don't have a stake in the economy anymore. i would suggest that for liberal and market capitalism to be firmly rooted, we have to ,ddress any symptoms, any signs of a sizable group of our population becoming disenchanted

with the model. weather it is in the u.s., europe, or the u.k. we need to , seize the challenge and respond to it. that is what we intend to do. matt: brexit is just one of the factors feeding to this week's subdued global growth forecast from the imf, which warned of risks that political discord and protectionism post to advanced -- those to advanced economies. managing director christine lagarde flushed out the imf outlook in another bloomberg exclusive. >> do you feel like central-bank policy is coming at the end of the line? how difficult is it for government to pick it up when we are so indebted. >> i want to throw a little cost and on that massive number of $152 trillion, which is about 225% of global gdp. about two thirds of that is corporate debt, household debts, and one third is sovereign debt. not all countries are in the same position. some countries are heavily

indebted and some debt is held by domestic holders, which is particularly problematic. a particular situation. we cannot just cry and say it is a huge debt around the world. we need to be country specific. there is an issue of the debt burden, and there is an issue of what monetary policy can be conducted on its own. as has been the case for too long, which is the reason why we are calling for the three-pronged approach. monetary, fiscal, structural reforms and they have to come together. >> the distinction here is what will be the new path for economic growth. the debt can be sustained for certain growth. where is christine lagarde's level of economic growth? where is your new terminal value? christine: my grandmother used to say anything is better with

butter. everything is better with growth. it has been too low for too long in benefiting too few. we are advocating a three-pronged approach using all levers in the toolbox and benefiting all, not a few. >> we have got to ask about brexit and the effect on sterling. >> is the u.k. still open for business after what we're hearing this week? >> i think you have to ask the u.k. authorities. it seems to be that the determination to continue to do trade. i think the terms under which it will trade with europe for -- with europe, for instance, it is not yet really certain what it will be. we welcome this certainty about timing, but the certainty about terms and conditions when it comes to financial passports for banks, when it comes to harmonization of norms --

>> we had an outright plunge in sterling. i did a 100 year chart for sterling the other day. $ 5 per pound in 1934 and down we go through the years. did you have in your head of point where every dialogue currency depreciation and of wealth distraction and not social unrest, but the debate shifts. >> i do not have a magic point. that ifsimply observe the outcome of the brexit, rather than the adverse scenario that we had forecasted, the sterling is certainly taking a hit as a result of the currency situation. >> does brexit and donald trump feed on the same fear? how would the imf deal with the donald trump presidency? >> i think those paradigms are

too country-specific and complicated, subtle to be , put in the same basket and dealt with like that. it would require another long debate. ♪

matt: this week bloomberg launched bloomberg technology, a new website about the developments in global technology from bloomberg's 12 international bureaus. code of -- go to bloomberg.com/technology, or check out our handle on twitter @technology. one of the biggest tech stories with one of the tech world's biggest names. emily chang caught up with mark cuban at the dream force conference in san francisco. he had a few things to say about technology and politics. >> how do you think clinton versus trump would impact deals, pe, growth in general?

>> where it impacts us, when you have a president, let's say you do not know what he is going to say next that the ultimate uncertainty. , he has not been it will to control himself and is this close to the presidency. he is not going to change. one offensive comment and north korea drops a bomb on japan. one offensive comment and demonstration or being oblivious about the world and putin invade another country. those of the kind of things that radel everybody. when i said the market would tank if he were elected, social unrest is the ultimate uncertainty. you got your senator or congressman and deal with it. you can have a say in trying to oppose it. if someone is oblivious to what is going on in the world -- look at charlotte. when they have unrest,

businesses cannot open. it does not matter what the tax structure is. businesses cannot open if they are afraid someone is going to get hurt and you're afraid is in -- and you are afraid to send your kids to school, that is when society really takes a turn for the worst. hillary clinton understands the balance of power in the world. she understands the relationship between china, north korea, and whole asian area. she understands the dynamics of russia and putin. and the surrounding countries. he doesn't. it's not even about a lack of understanding. as president you make one , flippant comment and it's offensive to an unstable or contentious world leader that is , all the excuse you need. one bomb dropped on a nato ally, one incursion on a nato ally, we are in a different world.

as an investor, as a business person i look at probability and risk assessment. is a greater than 0% chance that trump would say something stupid as a president that would cause north korea to take an action? yes. is it greater than a 10% chance, based on him tweeting at 3:00 in the morning about a night teen 96 beauty queen that gained weight, it is greater than 75%. there is no amount of policy that offsets that. that makes him completely unfit. i don't care what you think about hillary clinton. we can argue about all the crazy stuff that has been said about her. she is pragmatic, she is smart, she understands our military. she is starting to understand cyber more and more. he has no clue. when he tried to explain ciber, he did not know what he was talking about. >> you have blasted him for not paying taxes. what is him about him taking

advantage of the taxes legally? >> nothing is wrong with that, but if i was out there saying i'm the world's greatest business person i would admit my , mistakes. if i was releasing my taxes and i had a $915 million loss, i would tell you why. there are two ways to look at it. one, i'm a financial engineer and of trying to hide and ashamed of what i've done. or if he was really an entrepreneur, if you really cared about people and developing jobs why not say i , took a big chance. i thought i could create this company that we do $10 billion in business, i failed what i -- but i learned a lot from it. if you're going to take the benefit for my knowledge and failure. there is nobody that is ever been successful that is not admitted failure. he has never admitted failure. >> google takes its biggest leap yet into the smartphone hardware market after years of outsourcing development to other phone makers. they are taking the apple approach and taking phones from

end-to-end in house. they also unveiled a speaker device to take on amazon echo and a headset to spread vr to the masses. -like speakersecho are the most interesting to me. we expected the pixel that strategy. for thee 2 connections apps and other devices in your house. it is interesting they are going after the home market from different angles. >> could this be game changing for the smart phone market? devices have not done well. >> i do not think it is a game changer today? it is an introduction to a game changer down the line

here they are indicating this is a journey. every year they will do more here they are starting with a custom controller to make response times on the phones faster, as well as camera custom work on the chip set. you will see more modem testing other chips. down the road, that will be a game changer that will cause concern between the android platform and google as a hardware company. >> samsung is experiencing the highs and lows. activistord after an investor called to embrace change. the heat is on after a note 7 smartphone caused an aircraft emergency in the united states. calls for change, that is the high. >> there is a letter sent to samsung's board. it essentially has affiliates of management have come out to say

when you look at the share price of samsung, they trade at steep discounts. they are meant to address the valuation caps. >> what are the chances of success? >> actually, pretty good. the call for the proposal is intended to make the company, i should say conglomerate, more transparent to increase shareholder value. at the same time, the son of the chairman is looking to modernize the company here it make it more open. address criticisms of the governance issue. this proposal might be one way to do that. >> shares of twitter tumbling the most in one year. over reports that google is not interested in buying the social networking site. apple is not interested. disney might not be interested. i can confirm that salesforce

is still interested. they are still in it as of right now. i have not been able to confirm that disney is out. google is interesting. google does not need to buy twitter on its own to keep its current search partnership intact. i can tell you from my sourcing we reported google is working with lazard. there was never a firm commitment from google that they were going to bid.it is possible they will not hear. that they were looking at twitter, kicking the tires, and moving on. thinks costolo said he twitter can still be independent . what do you think? >> i do not see how he gets better without fresh blood. i do not see a path. a twitterear there is 2.0 or 4.0 in the works.

i'm not heard someone talk with passion about what is coming down the pipe. hope for an acquisition? a new ceo? acquisition. an that is not new for me. i have been saying for a long time that i think it is a natural complement to at least four or five companies. >> what would you like to see? >> it is an obvious google fit your they underestimated the company because it is not scientifically hard to pull off, the same way that google underestimated blogger. i think microsoft would be able to absorb the business. >> disney? >> disney makes sense. people are overweighting the importance of media on the platform. there is an audience and a lot of engagement. if you do that media partners will come here you do not have to do a media access deal to get people excited about a platform.

you have to make it fun to engage with the content, the able to monetize, then content shows up. >> have you sold twitter shares? >> yeah. >> how much? that i do not it own as many as i used to, because i am not an idiot, but i own more than i should, because i am an idiot. ♪

adjusted 7000, which is great, but what a caveat this is. i will take you to my wei. i have a currency adjusted ftse. up by 12.9%, and yes we are north of 7000. if you look at the last column

in euros, down by 5.23%, which is worse than the dax. matt: there are about 30,000 different functions on the bloomberg. we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites. here is another function you will find useful. ic will take you to our quick takes. here is our quick take from this week. >> brexit pulls. >> the pollsters have got it wrong again. >> the 2014 u.s. congressional polls. israel, greece, wrong, wrong, wrong. in any election year on cable news -- >> the latest wave of swingset polling. >> any news outlet or donald

trump's twitter feed, polls are touted as gospel, but they need to be taken with a grain of salt. here's the situation. scientific polling started with one man in 1932. he conducted a poll for his mother-in-law who was running to be secretary of state in iowa. it was accurate and she won, but he got some reductions wrong. remember this headline? one of the greatest wonders of all time was the result of a incorrect poll. it became more accurate and polls grew exponentially. today there is quinnipiac, reuters, even bloomberg. the list goes on and on. it is getting harder to trust their accuracy. one reason is a ban on cell

phone auto dialing. all calls must be made manually, which is time-consuming and expensive. anyone receiving a call on the cell tends to not answer. 9% answered. low response rates means it is harder to get responses. analysts trust aggregations of polls like those created by real clear politics. they do not focus on just one poll. given the doubts of the accuracy, politicians need to skew the narrative anyway they want. it results in exchanges like this. >> you are down. >> says who? >> most of them. all of them? >> pollsters say more time is

needed. meantime, some think that polling is good for democracy on the justification more people might vote if they think the results are not preordained. matt: that was one of the many quick takes that you can find on the bloomberg. you can also find them on bloomberg.com with the latest bloomberg news and analysis 24-hours a day. that is all, thank you for watching. i am matt miller. this is a bloomberg. ♪

announcer: "big problems, big thinkers" is brought to you by cisco. there has never been a better time to change the world. ♪ terre: we asked some of the best minds in the world from business, government, the arts, academia, what are the most urgent problems facing humanity, and how do we solve them? the result is "big problems, big thinkers." what is the number one major problem facing mankind? >> i think is the lack of education. >> politics has been getting dumber and dumber. >> there is a balance of green spirit. >> if we don't have a more sustainable way -- >> everybody has the capability