welcome to "worldwide exchange." >> these are your headlines from around the world. >> markets enter a pair list week with a ruling on the bailout fund, dutch election and cypress on the agenda. >> mario monty says they will not tap into the bond buying plan just yet. >> i believe what italy is doing is domestic policies both budgetary -- i mean fiscal discipline and reforms should be enough to reassure the markets.

>> and glencore raising its bid. >> weak trade data conformses china slowing at a faster than expected rate piling pressure on beijing to act. let's first get straight to data. it at that timian gdp figures are out, revised second quarter figure revised to 0.8% declined quarter on quarter. italy's economy has now contracted by 2.6% year on year. now, this follows a preliminary reading of 0.7%, so italy's secretary quarter gdp figures have revised lower. euro-dollar not too changed. still down about 0.2%.

weak domestic demand was a heavy drag on activity. perhaps no surprise begin some of the weakness we've seen in other data. in an exclusive interview with cnbc, mario monti says he will not access the bond buying program anytime soon. >> i believe that what italy is doing in terms of domestic policies both budgetary and fiscal discipline and structure reforms should be enough to reassure the markets. >> you can catch made he rea's full interview on u.s. closing bell at about 21:00 central european time. steven, welcome. >> my pleasure. >> your initial thoughts on this italian gdp data and mario monti saying the country won't apply the bailout. >> g did dpvised

town. it's too early for any of the policy shiftses to have had an impact. i think with respect to both italy and spain, there's he a tremendous reluctance to accept the potential constraints that would come with taking a program, not so much now because the ecb -- everyone seems to be res assuring them that they feel that they're in compliance. the question is what happens in six months, what happens in a year if there's a slowdown and all of a sudden they find the troica knocking on the door and talking about fiscal issues. what they have succeeded in doing, though, is getting rid of the far tail risks. >> we've heard that a lot, they got rid of the tail risk. >> not all of it, but things get bad enough, they can go to the ecb and say we're signing for the program, ecb will give them a lot of money and that tail risk will disappear.

what's still not there is whether the baseline is attractive. >> of course some even saying if you get into the details of this, there's not much this improves and in some ways maybe worse nap eat glass half empty view this morning. >> i think the other part that's significant is that you never really had full-fledged political support. willing to tolerate the principal objection i think that's really important. if implemented, i think it would be much more successful than the s&p. >> okay. steven stays with us. p. >> and we'll have more from the forum including italy's economy minister. >> and ross is out still then

it's on to zurich where we find on if the last ditch effort to save the glencore deal will be enough for shareholders. >> and then a stop in japan. plus we will head to houston for a discussion of the sale of $18 billion worth of aig shares. a move that would make the u.s. government a minority shareholder. >> the world's second largest economy is slowing according to data released over the weekend. china's trade surface widened after an unexpected drop in imports. on sunday industrial production figures showed the country's factory production expanded at its slowist race since may 2009. soybeans and copper also slipped from a month earlier. the man widely expected to become china's next president is pushing for greater political economic reform. local reports say he met and is

partially open to relaxation of political controls. chief china economist joins us now for a bit more on these figures. just give us your overall impressions of how bad this slowing pace of growth looks. >> it's very weak data. suggests a contraction of imports year on year. suggests domestic demand weakened and exports will continue to weaken. >> i know you've revised down the next few periods. so run us through those numbers.

>> in the very short time, september activity number continue to be quite weak. but i think in q4 we might have a very visible recovery and gdp growth could rebound above 8% because the government is taking aggressive being a because they were aware of the weakening in the economy and they started to take action and we saw approval of 25 subway lines and 13 highways in a matter of two days. last year they only approved eight subway lines all together for the whole rear. so the policy easing. >> and do you expect more of that policy easing or do you expect interest rate kits? >> i think cut reserve. they may not cut interest rate for the rest of this year because we already saw august

cpi remain rebounded a little bit. and seeing this already the low point of inflation and in q4, it will likely trend up . so i think they will cut rrr instead of interest rate. >> some iminvestors are worried that it won't be enough, that the downward momentum is so strong that the policies of the chinese governments likely put in place won't be effective. do you think that's a risk some. >> there's always a risk, but i think the baseline scenario for us is still a recovery in the economy for two reasons. one is the government is losing policy very aggressively. we saw the stimulus package

announced by early september and for the second reason is the property market actually started to show proper h. positive signs. so if both recover in q4, the economy will rebound. >> a bit more color on how you see the property market and that is one of of the key concerns, that people are really paying attention to it. what is the medium term picture look like in that sector specifically? >> it looks like actually very surprisingly the august data showed that property market started to improve. and the land market improved. developers bought a huge amount of land. and new housing starts also imported very sharply in august. so it looks like we might be getting close to a turning point or we may have actually passed the turning point in this property cycle that property investment in coming months may

become. i think for this kind of a cycle to follow kind of a long term cycle, so they don't just go out one month and go down another month. so that six months or 12 months down the road i think property investment will trend up and will support gdp growth. >> thank you very much for coming to join us. interesting insight. >> we'll talk south core radkor stimulus plan later, but spain is expected to meet specific targets based on current reforms. this according to eu economic and monetary affairs commissioner who spoke with ross at the forum about further actions madrid could take. >> certainly baked on the existing current policies and

recommendations. but any memorandum would have to be signed would include specific targets within that the framework of those existing recommendations. and also a time line and in that sense it would give strength for the recommendation and policies which the country has itself already agreed. >> do you think ireland and portugal will maybe now activate ecb programs? >> i would not want to speculate on any country making a request to the euro area countries or to the ecb. i can just say that the program is on track.

ireland is already returning to the markets. it has seen exports grow and industrial production is growing, as well. and in that sense ireland is turning the corner already now. >> one word about greece. we talk a lot about the euro invest ability of the euro and it seems to me that we cannot afford a greek exit because we still don't know what the impact would be on the likes of spain and italy. so are we in a sense pretending greece might be able to leave when it's fairly clear that it can't and therefore we're in some sort of political game where we pretend to be tough,

they pretend to make up the rules because we can't have an exit at the moment? >> in fact if you look at what greece has done already, that's on which under estima often underestimated in terms of fiscal policy and reducing the very sizable fiscal deficit of 15% in 2009. greece has undertaken that element to 12% of gdp in terms of reducing deficit. so greece is taking difficulty step, but much more to be done especially in the field of strugt all reforms that have an impact on the growth potential of greece. i see that any speculation are actually quite useless and waste of time pew as drai draghi pbec

it, it's irreversible. >> stefane has been following all of will this. spaniards are inclined to think that their country will need a bailout. >> that's indeed a strong number, 72% of spanish people believe that the country will need the bailout and that the spanish government should make a request in that sense. to compare with 26% to just a month ago. 70% of the spanish people support the euro despite the economic crisis versus 21% who would like to see the return. so it looks like public opinion is ready for a bailout which is not entirely the case for the

government. it was indicated they will take the time to look at it before making the decision. and the government seems to have a bit of breathing space since the yields fell below 6% for the first time since october october 2011. so it will give a bit of breathing space even if the government is facing a significant bond reduction. we may have further information on that decision tonight because the spanish prime minister will give an interview on the national television in spain for the first time that there's been -- since he's been elected nine months ago. so even if he's not perhaps going to say yes or no we'll take a bailout, he'll talk about

the situation tonight on television. very briefly i'd like to mention something really important that we're expecting this week in spain. it will be announced how much capital is needed for the 14 spanish entities to comply with the solvency ratio set by the government. six spanish banks won't need any help including the largest one. over to you. >> thanks very much for keeping us up-to-date on all of that. interesting to see what rajoy has to say. steven, hearing all the detail there, spaniards thinking they're basically going to be canning for a bail jou but their government is the last to acknowledge that. >> my daughter doesn't want pea looking over her spending and no government wants to have troica looking over their budgetary with the kind of scrutiny that

comes with that kind of plan. the issue is always at the long end of the curve, not the short he said. we'll see how they do in the next couple of auctions when there's more than just expectations, whether there's real demand to buy spanish bonds at lower yields. if there is, they'll probably hold off from asking. but i think that they really won't be able to hold off if yields start backing off. >> most of the others continuing to rally, but 5.14 about% is certainly better than the levels we saw in the fall. >> and the pressure is not just on the government finances. the rate for which private businesses is borrowing, the whole issue of fwrees oig has never paid 20% interest rates. they've always had a program. what happens is that when secondary market rates go up, it

slows growth and cripples businesses and that's why it's important for the esfs and esm component to come into place. >> and do you expect because we've heard some speculation that states have asked for that bailout, is that your baseline view? >> we think it's likely that they'll need a program. we've thought that was the case for some time. it just works better and the money is cheaper. >> and let's see how markets are reacting. >> markets are trending a little bit lower. just over a quarter of 1%. let's see exactly which markets are moving. ftse 100 just marginally lower. the cac down by nearly 0.2%. and in spain, down by just over half of 1%.

asian markets, we've had the weak data out of china, but this is a picture across the region. nikkei and kospi both trending a little bit lower. kospi down by a quarter of 1%. and the shanghai comes positive the up by a third of a percent. small gains for the hang seng. australian markets up by just 0.2%. some individual stocks, though, worth bringing to your attention. one that has been repeatedly in the news in italy is bmps trending higher by 3%. and now the company on friday had its top shareholder denying reports that it was selling it stake. the sale of its stake has been

delayed due to that company's holding. glencore who already has a 34% stake and now offering 3.05 new shares for every exstrata share said to be the best deal, its last move in this bid. but exstrata up by just 2%. glencore down. uk high street retailer one of the biggest gainers on the uk markets. >> i've been to marks and spencer quite a bit so

interesting to see if bidders show interest. this country you have discovered it's all about underwear. moving on, hollande has promised to revive france's economy in two years. in a tv interview, he said growth prospects were shrinking. he also promised to tackle the paper markets by year end. recovery plan will include a 75% tax rate on incomes over 1 million euros, but he said the move could be dropped after around two years if successful in raising revenue. in the meantime, france's richest man is planning to leave the country. he says it is not tax reasons, but the chairman and ceo is seeking belgium citizenship. a report alleges that he met with the french prime minister last week and warned of terrible consequences if hollande went ahead with the tax.

now, that brings us to today's new york exchange question. we want to know what you want to know about the rumored move and his explanation for it. if you want to join the conversation, you can get in touch with us worldwide at cnbc.com or @cnbcwex. >> we'll go for a quick break. glencore makes a final bid, but is it enough to seal the deal. we'll discuss the latest offer.

so glencore has confirmed its revised bid and increased its offer to 3.05 shares. as part of the deal, their chief executive will lead. commodities traders said it will not increase it offer any further. let's have a quick look at what's going on with the shares. down 1%. this shows the past seven days performance which is done by 2.8. extrat ta xtrata moving up.

carolyn has been looking at the deal. >> there have been so many twists and turns. xtrata's response was luke warm at best. that's why glencore went back to the negotiating table and came out with another revised offer this morning. and you mentioned some of the key points here. pricing was always one of the biggest sticking points. this is their final offer, that the share swap ratio up from the initial 2.8. but they say this is the final offer. it's 27% premium. take it or leave it. the second point of contention really was succession. it had been planned that nick davis will lead the combined group, but he will only do it for six months now and then hand over power to glencore ceo. and this is a major u turn from the initial planning. apart from that, glencore made

changes from the legal structure of the merger, also said it's willing to make some changes to the retention and incentive packages because by many that was consider tood generous. all in all, analysts say because of some changes that have been made to address the merging structure, it will likely be approved by extrxtrata's board. so it looks like the deal will go through. we didn't think so last thursday. >> still to come, japan's economy unexpectedly hits the brakes. will more easing help to drive growth? we'll discuss the outlook. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race.

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welcome back to the program. markets speaker apparel husband week with a ruling on europe's bailout fund, dutch elections and fomc meeting all on the agenda. >> mario monti tells cnbc that they will not tap into the bond buying plan just yet. >> i believe that what italy is doing in terms of domestic policies both budgetary and in fiscal discipline and structure reforms should be enough to

reassure the markets. >> the final offer, glencore raises its bid for xtrata. >> and the world's second largest economy is slower at a faster than expected rate piling the pressure on beijing to act. this is how the markets are looking. fairly muted trade. small dip in the ftse 100. large dip from ibex. slightly highest for the dax. >> take a look at the bond space. it has seen so much scrutiny after the bond buying plan was announced. and we are seeing yields continuing to move lower has price there is rally. same thing seen in germany where the bund is coming in to 1.52%.

but italy moving higher as we mentioned earlier on the program, 5.14%. and that follows data he showing weaker than initially reported read. the country shrinking at a rate of 2.5% from a year ago. gilts also moving higher, the ten year 1.7%. >> italian gdp data came out a little earlier in the show we knew italian gdp was pretty bad, but euro-dollar is trading lower by between 0.1% you can, 0.2%. the aussie dollar moving lower by 0.4% against the u.s. dollar. >> monti's reform agenda is broadly supported and likely to be continued by any subsequent

government, this according to the italian minister for economic development who spoke to cnbc about what further reform measures italy could take to return to growth. >> it's a mix for sure. they've approved a number of structure reforms more than probably ever in the last seven years. these reforms are to be implemented practically and are in the process of doing so and we'll have to wait some time. >> what happens when we get to whenever the elections are, what happens at that point? because this is a technical government that seems to have the support of the parties. they'll be a lot of fear that the progress that has been made may be given back. >> it will not happen. because all the parties realized

how close we got to a real problem at the end of last year. i think the large majority of our parliament will continue the agenda we are implementing in the last 12 months. obviously italian people will decide who will win the elections next year and the new parliament will elect a new government. the kind of support we got from the old parliament in the reforms and in the sacrifices we asked the italian people are such that i would be very surprised if the work we have done will be discontinued by in you my government. >> i spoke to now the ceo and he

was of the view that after elections, the parties would then ask mario monti to stay on as prime minister. do you share that view? would that be the right thing to do some. >> he can make this kind of forecast because he's not part of the government. i don't have this freedom that the monti approach, the monti philosophy, would certainly be confirmed also by the new government. >> and how confident are you that italy will be able to avoid having to ask for financial assistance program to engineer ecb support for its did at the time debt market? >> as of today, monti said there is no need for that. if markets would not recognize the kind of improvement that we are realizing, it would be in the interests of europe to have

the spreads reduced by an intervention by the ecb and if it happens, i don't see anything -- the kind of commitments we took in terms of conditions are already there. so we would probably not need to add anything to make that intervention possible. >> meantime german constitutional court expected to back a new rescue fund for europe when it votes on the esm this wednesday. legal experts unanimously predict they will attempt to block the ruling. and should not be a proapproved rein in the plan. soros urged angela merkel to

throw the country's fate in with the rest of europe or consider leaving the monetary union. this is getting plenty of attention. steven, i'm curious if you you believe that perhaps in the better interests if germany was to leave if it doesn't abandon it rhetoric. >> i think the proposal was rhetorical because the costs to the german financial institutions and the bundesbank who have so much exposure were germany to leave -- >> the real point to sort of illuminate the fact that germany can't, that it basically can't exit, has then to be more cooperative or to demonstrate more leadership in the sense of commit to go whatever it takes i guess? almost a draghi language here. >> i don't think he was suggesting that he didn't care which one they chose.

i think he very much would like to take the leadership view. and ice probably been happy this they've come around so much with respect to ecb policies, with respect to policies versus the periphery. >> but talking about the costs to germany of leaving the euro is kind of short term, it would be a major court in the short term, but if you take the view that persisting with the euro just continues to force upon the euro a system that fundamentally doesn't work, surely it's worth to take the short term pain for something that will work the next three decades? depends on what your short term is. you could make a strong cases that in sick months all the pain would be over, there will be a tremendous hole in the german xri because of the impact on the rest of europe and european integration has been successful. a lot of money is still owed across borders, a lot of trade. if you have that kind of did disruption, i think it would

take years just as we're seeing the u.s. credit crisis lasting far longer than anyone expected, i think the euro grade up crisis would last any longer than anyone expected. >> anding back to t incoming bas constitutional court decision, do you still expect language indicating that germany's constitution may have to be changed say next year if integration moves forward and is that a risk for the fourth quarter and beyond? >> i don't think that would be such a big risk. in frankfurt there seems to be a sense that there could be some conditionality to the constitutional court judgment, but nothing that would limit in any significant way germ any's ability to pursue the policies. >> as if we don't have enough on our plate, you've written about

whether the s&p will raise the floor on the euro swiss ci. will that happen? >> we think they'll try to raise it a little bit, arguing that they would like to raise it further and discouraging traders from going the other way. at the end of the day, 1.20, 1.22, 1.25, it's neither necessary or sufficient. if it sorts it out, it will go up naturally and if it doesn't it doesn't matter what level they put the floor at. >> you've actually suggested one way to stop being perceived as a safe haven is it actually to sort of double up with the ecb bond buying plan and purchase peripheral debt. the englander plan we're calling it. >> that was somewhat tuongue in cheek. but there is an argument that says were they to purchase the debt, it would diskurchurch coue

investors from going into a country that the investors are trying to get out of. and if europe doesn't work, they'll lose money. if it does work, they'll make money on the bonds that they're buying. keep in mind of course that almost all of the reserves are in aa and aaa hence the tongue in cheek aspect. >> we have to let you go now. thank you for spending the past time with us. great to have you on the show with us. >> we want to know what you think of this englander plan. e-mail us, worldwide@cnbc.com. we'll respond to that or anything else on the program this morning. well, thousands of protesters marched in greece's second biggest city on saturday to demonstrate against wage and pension cuts. 15,000 trade unionists turned out against the austerity package agreed to conform with

eu and imf demand. protesters burned european union flags, threw watermelons and peaches to show support of struggling farmers. and the government in south korea is hoping it latest stimulus package will help to boost growth. all the details live from seoul. >> yes, a 5.2 follow up stimulus package you including tax breaks worth over $2 billion. but the plan follows a stimulus bundle back inup. packages element to about 1% of south korea gdp and has ruled out more direct measures and says it wants to avoid any rise in debt levels. they add stimulus alone will not be enough to spur growth. back over to you you.

>> thanks very much. well, china slowdown continues to affect japan. and now live from the nikkei. >> japan's second quarter gdp grew 0.2%. on an annualized basis, gdp bryce adjusted 0.7% compared to initial amount of 1.4% expansion released only last month. the cut backe in inventories government spending and kpex were big reasons. but consumer confidence did show a marginal improvement in august. sentiment index for general households was 40.5 in august up from 39.7 in july. but the government will have to do a lot to sustain that confidence. the prime minister will seek re-election as party leader in a presidential race slated for september 21st. he's expected to hold on to his

post with no major rivals emerge willing. noda vowed to hit 1% inflation target within the year. meanwhile the democratic party president says he will not run for re-election as party chief in the upcoming ltp presidential election. back over to you. >> thanks very much.dtp presidential election. back over to you. >> thanks very much.p presidentl election. back over to you. >> thanks very much. >> let's bring in a senior economist for a bit more analysis on the figures. so martin, the japan sgchltgdp s don't look great. it highlights concerns for future growth, as well. how permanent or transient for that matter do you think this slowdown is? >> well, we're looking at these figures very, very slow closely. you heard the overall change in terms of the gdp estimates

actually not that big, but the economy is clearly cooling. and the supportive factor is government spending. there is a political deadlock, so there is not much more coming, so the economy will have to do with what's there and what we're seeing is asia and japan are cooling. probably slipping towards recession already during the third quarter and that certainly is not good news. it's a big, big impact now on sentiment. >> and the political gridlock, what kind of stimulus can we expect to get things moving? >> nothing. that's really a problem. the major parties are in presidential elections, so not much will come out of any political process during september. in october, we're seeing a fiscal cliff almost as in the u.s. where the government is deadlocked on issuing more

government bonds it than are necessary to finance the government. we're seeing already at the rate of about 1% gdp, a delay in government spending going on during this october. so not much good on this side of the economy. usually japan grows on overseas demand, on export, but exports tell us china and asia are cooling, as well. so not much good news from japan so far. >> so slowing growth in china. the problems in europe. lack of stimulus. are we heading for an out and out recession in japan? any bright spots at all? >> from our perspective, actually the situation in europe has improved quite a bit. the ecb decision to go into the market and stabilize the sense of risk also also in asia is helping tremendously.

so what we're seeing is the japanese yen, for example, hasn't strengthened that much. euro exchange rate is quite a bit weaker. overall in asia, this will help exports quite a bit and to stabilize sentiment. what we're also seeing is companies are still investing overseas and that helps tremendously. so far not much in europe, but overall sentiment is not really down in asia, but clearly cooling. >> i wonder if that relief on the yen comes too late. there's been so much discussion of what the hl lowing out of japanese industry has done to the country. longer term growth profile. do you share those concerns? >> absolutely. but what we're having so far is not really a hit on longer term growth. there is still substantial government spending and more spending coming next year. we will also have the support from the domestic side of consumer spending which is still strong in japan and will be

pulled forward because we're seeing fiscal hike in consumption 2014. this will help a bit growth this 2013. so what we're seeing so far is a hit on the business cycle, so sentiment when looking at what's going on in the world economy. so not a really deep drop and the same situation is what we see in china. not really a big drop so far, but clearly it could help some support from better numbers in the u.s. >> that was almost a silver lining there. martin schultz, thanks very much for your view on that this morning. let's take a quick look at what's on the agenda in asia tomorrow. it's the start of the sixth forum, and we'll talk to some of the top executives live including nissan's ceo, aetna's

chairman. >> this week we'll talk to the president and managing director of marriott international hotels about the opportunities and challenges in a new market.

last friday myanmar's parliament opened to foreign investors. the latest version of the legislation represents an improvement compared with what had been outlined in previous documents. in this week's trade links, we he ask what challenge and opportunities does the hotel industry encounter when venturing into new markets. and for that discussion, we're joined by simon cooper, asia pacific from marriott international. so is myanmar your next big market? >> we'd love to be there. i was fortunate enough to be at the world economic forum in bangkok and she said be cautious as you probably know. she got in a bit of trouble for that. but new market, you do have to be careful. you want to know that they're open. myanmar we'd love to be in obviously as an american company

now, we haven't been able to enter the market, but i have a team up there as we speak beginning to have a look. >> what does have a look mean in a new market like this? how do you edge into a new market? >> you look at existing hotels and whether there are independent hotels that would ben frefit from branding. typically what's there initially is unaffiliated with any global brands. as global brands begin to develop in a market that creates an opportunity or certainly a liability if you are just an independent hotel. so you may want to come under the umbrella of an international brand. and the nest step obviously is new build and then you're looking for a partner, a real estate partner whose business is real estate.

we're in the business of managing and branding hotels, not owning real estate in myanmar. >> i'm cure krus, too, to talk about the conditions you're seeing on the ground. there's been so many emphasis on whether china is experiencing a soft or hard landing. how are you seeing some of your kiho tell metrics plan out? w >> they're actually very good.e? >> they're actually very good. relatively little supply growth in beijing. recovered within a year of the olympics. and is a very strong market in the low 70s. shanghai is the largest market but has had more supply. >> we've seen the trade figures be quite weak lately and people typically think about goods, but services are an important piece, as well. that includes travel, people coming on business, staying in

your properties and can you explain whether those dynamics have shifted? >> they have shifted in xt port led areas. but the chinese consumer is really fill management gap of any international traveler. you take the tropical part of china, you have over 400 hotels there. running we very high occupancies. >> does that make it more difficult for you? are they able to pay what an international business traveler would some. >> absolutely. you look at macao which is 85% chinese as it six time larger in terms of what's played on the tableses in vegas. so the chinese consumer is

definitely spending. they're looking for experiences, they're looking to travel. and of course the americans recently have made it much easier for visas. >> how flexible do you have to be on the ground when entering new markets, the culture of countries that you're entering for the first time is this. >> you definitely have to be very flexible and it's interesting because we've gone through a transition. typical western company going in early days of shanghai, you do a western restaurant because you have western customers and chinese breakfast items on the side. today completely different. we do chinese restaurant with western dishes. >> thanks very much for coming by. it's fascinating. just reminder about our trade

link series here on "worldwide exchange." each week we look at global trade and how you do business around the world. it's monday at 10:50 central european time. and for more, visit trade links.cnbc.com. the federal reserve will prevent its latest policy decisions this week. how has disappointed jobs number raised or lowered the prospect of more qe? we'll discuss that case after the break fp bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty.

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. welcome to "worldwide exchange." these are your headlines from around the world. markets enter a perilous week with a ruling on europe's bailout fund, dutch leaks, and eu finance ministers get together in cypress. >> italian prime minister mario monti tells cnbc that they will not tap into the bond buying plan just yet. >> i believe that what italy is doing in terms of domestic policies both budgetary, fiscal discipline and structure reforms should be enough to reassure the markets.

>> and the final offer glencore raises its bid for xtrata, but says it won't increase this latest bid. >> let's take a quick check of u.s. market as we gear up for the start of the trading session. another trading week, an important week which we'll get into plenty of that in just a little bit, but with major index hes still with multiyear highs, this morning we're pairing gains maybe giving back a little bit of private taking. the dow jones industrial average lower by about 22, the nasdaq and s&p also seen shedding a couple points respectively. the activity overall, most are

describing as muted. european markets confer that, as well. if take you a look at the ftse 100, down 0.2%. ibex lower by about a tenth of a percent. >> so much coming this week. so no surprise that we're seeing a little bit of a wait and see attitude in the markets to kick off the week. the nikkei slightly lower. just roozing t ilosing into two. shanghai composite most convincingly higher. hang seng 0.1% just over to the good, 25 points or so added on there. and australian markets up and also for the indian markets, as well. bond markets, low yields for the

german ten year, bund at 1.516% right now. in spain, elevated yields, but certainly under control compared to levels at over 7 about% that we have seen. 5.6% is where we stand at the moment. in italy, second quarter gdp revised lower. 0.8% down in fact for the ten year in italy 5rks.1%. and here in the uk, again, low yields. 1.71 for ten year here in the uk. forex markets, euro-dollar, we did get the revision to the italian gdp data. we knew it was bad anyway. down by 0.2% at 1.2778. dollar against the yen steady at 78.30. aussie dollar losts some ground, some concern about chinese growth slowing. the aussie dollar losing 0.3% against the u.s. dollar. and sterling is just hovering under 1.60.

>> thanks for all of that. now let's take a quick look at what's on today's agenda in the u.s. july consumer credit is due out at about 3:00 p.m. that's pretty much it for the economic data. later this week, they, it really picks up. investors will get reports on the trade deficit, inflation, retail sales and consumer sentiment and of course the fed meets wednesday and thursday with its next policy decision along with the fed's updated economic forecasts due on thursday afternoon. there will be a press conference with chairman bernanke, as well. in the meantime, the u.s. treasury plans to sell $18 billion worth of aig shares slashing its stake in the insurer by more than half. the sale could make the u.s. government a minority shareholder in the company, potentially leaving it with a stake of less than 20%. the price of the offering hasn't been determined, but aig says it will buy back about $5 billion worth. the company got $182 billion bailout in 2008. last month the ceo said the company is close to repaying the government all of that and

making a profit. friday's disappointing u.s. jobs report may tip the scales in favor of more qe from the fed. the announcement on thursday is expected at 12:30 p.m. eastern followed by a press conference. during his speech at jackson hole last month, better mapky set the bar for more possible bond buying calling a stagnant job market a grave concern and reuters poll conducted just after the jobs report friday found 60% of economists now believe the fed will launch so-called qe-3 this week. so will they or won't they? joining us is lance roberts at street talk advisorses. lance, good morning. and thanks for getting up for us this morning. and i'm just curious what your own view is now as to whether we'll see qe-3 come thursday. >> well, i've been talking about this for like the last three months saying that we're not going to get more balance sheet expansion programs at this time. and we haven't gotten any yet.

and the reason is simply because the markets are already up for the year and near their highs and the issue is that the purpose of balance sheet expansions in particular is to boost asset prices to increase consumer confidence. so expanding balance sheets at this point with markets already up 13% for the year, there's really not a lot of quote/unquote bang for the buck for bernanke to get out of an operation here. and they're very costly because increasing balance sheets not only increase consumer inflation which we've already got a consumer that's really kind of struggling to make ends meet and really kind of goes back to the credit numbers we'll see this afternoon, but more importantly, interest rates already near their lows and last time you say spoke, we were talking about a 1% yield on the ten year. >> the argument, though, is that this is really about the fed. we hear this from the ecb, rear moving the tail risk, the u.s. economy could potentially worsen if they weren't to act.

does that argument hold water? >> not really. not so much. and there's also a bigger issue is that what ben bernanke said at the last meeting is that he will provide accommodative action as needed. and he said that the last three meetings. that is not new language. and accommodative action doesn't necessarily mean lsap which are the qe type programs. could be just extending the low interest rate environment until 2015, could be a variety of other issues. but at this point, yes, markets could do -- stock markets could do a little bit worse if he doesn't announce qe at this meeting, but the issues you've got to think about this from bernanke's standpoint. he's getting less and less return for each program. he's talked about these diminished returns on each of the programs that he's done so far. and with the economy not completely sliding off a cliff at this point, with the markets doing very well for this year, interest rates already low, he really should be looking at, you

know, i'm going to hold off until i really need it. if the economy is close to recession or having a systemic event out of europe which is the likely case in the next three or four months, i would expect qe at that point, maybe later this year, first part of 2013. >> so how does the recovery, if we can call it that, go without qe some do we continue to see what's often been referred to as a jobless recovery? >> that's what we've been seeing the last three years, so i'm not sure anything will be fundamentally different. if you look at employment, it's remained weak. and let's talk about qe and its effect on employment. really hasn't been one. there's into the good direct correlation between qe programs, these balance sheet expansion programs, and increasing jobs. what increases jobs is the type of fiscal policy that ben bernanke has asked congress for at the last five meetings from the fmoc. he keeps saying i need help from

congress, i need fiscal policy, i need deregulation, i need taxes established. i need something dealt with on the fiscal front because that's what's keeping jobs from being created. it's not qe. if you ask businesses why are you not hiring, they don't say, well, it's because we don't have a qe program, it's because core sales is their number one concern. look at bar any's. revenues are down sharply, earnings down sharply. that's not the type of environment that you want to be hiring employees into which are very costly. >> and we'll get into several of those issues on the fiscal front in just a little bit. lance roberts will stay with us. mario monti has told cnbc he's not expecting to access the new bond buying program anytime soon. in an exclusive enter you radio with maria bartiromo, he spoke about the latest steps. >> italy has been one of the most determined proponents at the european council of the need

for the eurozone to have appropriate glove nance instrume glove nance instruments including to copy with situations like this. we're happy they went down this road. from that to say that italy because it has been a proceed poe then the will make use of the instrument, there is a lot of difference. im i think what italy is doing in terms of policies and structure reforms should be enough to assure the markets. >> i want to talk about short term and long term. you've been very effective in terms of stabilizing the markets

and labor reform, making the labor markets more flexible, certainly raising revenue, cutting some programs and raising some taxes. but now the italian people want to know what's next. talk to us about your priorities for 2014 and really how much longer the italian people will have to face these austerity programs. >> the austerity part of the program i'm confident will gradually subside. because a concentrated need of deficit reduction was needed and once italy next year reaches the objective of having a balanced budget in siadjusted terms, it will have to stay a o. that course and no longer be hitted to the treatment in order to go there.

verse some structured reforms have been put in place. the labor reform, but other reforms are needed. for example, in the area of competition and liberalization, this government did quite a lot as recognized by international observers. but, you know, you never introduce enough competition in the market, particularly in markets where there has been for it a long time a more or less call for this tradition as is the case in many markets in europe. but one thing is for the people, for the country, to have to observe at the same time rehe session, extreme austerity.

and another thing which i hope will begin to materialize in 20 2013, is to have the beginning of an up turn in the economy, to stay on the fiscal course but without the aggressiveness as you said, and to begin to have the benefitses in terms of growth, of employment, and we hope of youth employment from the reforms already put it in place. and then of course if market confidence comes back in the overall eurozone market, i think the experience that we had to live in 2012 will not have to be repeated. >> so when would you expect growth to return once again to italy?

>> in 2013, this is my clear expectation. >> you can catch maria's interview with monday ititi on closing bell at 21:00 cet. >> hollande has promised to revive france's economy in two years. he said the country's growth prospects were shrinking prompting a downgrade of the growth forecasts of 0.8% for next year. he also promised to tackle the country's labor markets by year end. france's recovery plan will include a 75% tax rate on incomes over 1 million euros, but mr. hollande said the move could be dropped after two years if successful at raising revenue. in the meantime, france's richest man is planning to leave the country. he says it is not for tax returns, but he's seeking belgium citizenship.

it's alleged he met with the french prime minister last week and warned of terrible consequences if hollande went ahead with the tax. so our question this morning is what you think about the planned move and miss explanation for it. do you buy it? if you want to join the conversation here on "worldwide exchange," get in touch with us by e-mail, worldwide@cnbc.com, you can tweet us @cnbcwex, reach us@kelly_evans or @beccymeehan. glencore draws a line under its bid. all the details after this break.

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it's decision time for markets this is week with the eurozone bailout ruling dutch elections and the fmoc all topping the agenda. >> washington looks set to lower its stake in aig with an $18 billion stock offering. and the latest data out of china shows export and import numbers worse than expected in august.

gasoli glencore has increased its bid for xtrata. the commodities trader said it will not increase the offer any further. let's look at what's going on with the stock quickly. glencore down by 1.5% xtrata up by just over 2%. carolyn has been following every it turn in this deal. carol lin, is this really? >> it seems like it, but as you've pointed out, there are so many twists and turns. there really was a lot of haggling over the weekend. but with this new proposal, analysts say the chances of this deal actually going through have increased. so here is the new and final merger proposal. the share swap ratios has been

becomed to 3 e increased to 3.05. and mick davis will only be ceo for six months and then he'll hand over the power to glencore's ceo. glencore also adjusted the legal structure of the merger and said it is willing to make some some changes to those controversial retention packages for xtrata executives. xtrata said it will respond by september 24th. but finally this will deal could be approve 7. back over to you. >> so potentially this could be the last time we talk about the deal. >> i have a feeling it's not, though. but still to come, there's no sign of a rebound in the maybe market after the disappointing jobs data on friday. full discussion of that after the break. bob...

oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. it was the payroll support heard around the world. in case you missed it, shame on you. i'm kidding. but august payrolls did thk pie 96,000. this was well below expectations which were running somewhere in the range of 140,000 jobs of a

taker strong reading on private sector payrolls earlier in the week. july payroll figures and earlier reports also revise the lower. august jobless rate fell to 8.1%, but it was due to less people in the labor force. tony, you're here onset. welcome. your initial read on the figures friday. they did seem a little inconsistent with the stronger tone of some other payroll data lately. does it change your view? >> i think everyone was expecting for something a little bit better. we're dealing with a structure annually impaired economy. the question marks in europe and housing sector in the u.s. slow to recover. but we haven't seen any rapid or drastic changes. a little bit of caution from employers. >> and we're talking about the u.s. and it is an important

gauge, but to you how important is it when you look at the strength of demand in the ama region? >> i think it's important because you have a lot of multinational companies based in the u.s. that fuel a lot of growth both in europe and asia. i think what you're seeing is that people are looking for ways to find new customers and that's why you see growth in areas like technology. but still questions in southern europe. so more aggressive growth in northern versus southern europe, but a little bit inconsistent. >> listen, earlier we were taking about what it meant for the federal reserve, but just so its own merit, was it a can disappointing report? >> well, yes. and really what was disappointing about the number itself was really what was behind the number over 500,000

people moving off the rolls entirely. the number of people basically moving on to some form of welfare or some type of assume from the government, record increase now on the number of people on food stamps. almost 15 million people have moved on to food stamps. it tells you a lot about the structural dynamic of employment here in the united states. and you're seeing still an increase in the number of people hiring for temporary work rather than full-time employment and a lot of the full-time jobs are in the lower paying wage range which really impacts consumer for down the road for stronger economic recoveries. >> another concern is the falling share of americans who are in the labor force. so as a whole, the figure continues to decline that's partly because of demographic reasons. but 20 to 24-year-olds, 70% for the first time. a trend across the board happening worldwide.

and it would suggest that this goes beyond -- or that the damage in this particular recession could last for quite some time. >> certainly we're hoping to see better that i thinks to see people give more encourage chme but a lot of things have to be addressed quickly. what you are seeing is again i would go back to the fact that there are still a lot of job opportunities out there. people have to know where to find them. we pulled statistics from the national labor reports in the u.s. and we have supply and demand portal and we've seen there have been five positions that had over 30% increase in job listings and it's similar to that in europe. software engineers up 74%, customer service you want to stay close to customers and retain those customers in these difficult times, and of course areas of sales, again, financial analysts. people need to help them understand the trends in the

market and how companies can react to find the consumers. >> so some opportunities still. and given all that we've been talking about, economists must be doing okay, as well, tries to parse out the latest ecb moves. tony, thanks so much for stopping by. lance will stay with us. >> we'll go for a quick break. still to cork we'll hear from john mccain, a round up of the latest election hot top igs and ahead to the fmoc.

these are your headlines from around the world. markets enter a perilous week. dutch elections. the fmoc meeting and eu g uchlu ministers gather. >> italian prime minister mario monti tells cnbc in an exclusive interview that rome will not tap into the ecb bond buying plan just yet. bottom line is we're not

seeing a lot of movement in markets this morning. the dow jones industrial average implied to open lower by about 17 point and nasdaq and s&p also poised to shed a couple after all the major indexes at or near multihighs. take a look at what the major bourses in europe are doing. ftse fractionally higher. the ibex 35 down by 0.1%, but not major moves. 150e78s people are on the sidelines waiting for all that's to come. >> and breaking news out of japan. nhk reporting that the japanese financial services minister has been found dead at home.

he was 73 years old. the japanese police confirmed the death of the pnks sfinancia services minister. the cause of death is unknown. we'll bring you more on that when we get it. germany average yield negati negative, not quite as negative as the last time in early august when of course yields globally were lower. 0.015 is the yield with a bid to cover 1.5. so still weak demand for germany's auctions. romney is calling tit a

mistake. if the congress doesn't reach an agreement, automatic spending cuts will kick in on january 2nd. in an interview on nbc's meet the press, the republican presidential nominee also says more stimulus from the fed is a bad idea. >> i don't think that easing monetary policy will make a significant difference in the job market right now. i think what the nation needs is a change in fiscal policy, a different structure to our economic positions. and if we take the right course, i believe you'll see this economy come roaring back. >> romney also said that he liked parts of president obama's health care law so he says he'll keep some reforms such as making sure with pre-existing conditions can get coverage. >> meanwhile the man who lo the last election has warned that mitt romney's unfavorables with voters remain too high. speaking to ross at the forum on

the shores of lake como, john mccain said he thought what might finally sway voters. >> well, i think that the few undecided, and it is a very small number, may when they go into the ballot booth or even in there, we have a number of people who didn't make up their minds until the last minute, will ask themselves not only am i better off than i was four yearsing a go, but do i believe i will be better off four years from thousand. and i think that will be the fundamental question. does give me some optimism, but i still think we'll be down to five or six states and up very late that night. >> it is extraordinary. we have an incoming presidented with an ultimate employment rate of over 8% and yet republicans aren't seeming to make much head way. that's quite concerning if you're a republican. >> well, i think that this latest news, we haven't quite

seen the impact of that. but one thing it did do was dampen what i as a republican would point out was probably a pretty successful convention on their part. the president, the first lady gave a very excellent speech. there were a lot of good mf-the president's speech wasn't necessarily that great, but they did a good job orchestrating their convention. so i think this latest economic news will probably dampen any bump that they might have had which then leaves us deadlocked. i'm overanswering your question, but i would point out that for up until right now, president obama's campaign had a sizable financial advantage. and they spent a lot of money demonizing mitt romney. if you look at his unfavorables, they were very high. and they're still high. and although the republican con vepg brought them down some, we have some work to do in that area. >> i was talking yesterday with

frank kewith and he said we have to get to grips with the deficit, it's economics, it's not politics. we seem to have such a divided polarized congress at the moment. how are we going to whoever wins the election get both sides of the aisle to come together is this. >> first of all, politicians like to be liked. our approval rating, congress is down 11%. and i haven't met anybody in that 11% that approve of us. so there is that impetus. second of all, i think that it's very possible that unless we do something to avoid this fiscal cliff, that the markets will start reacting to it. i mean, there are just too many bad things that will happen unless we address this issue. and there a blueprint ut therou p about it's called simpson-bowles. we may not agree with every part

of it, but it's not as if we have to appoint another commission and say, hey, here's what we need to do. so i think some guarded optimism that whoever is elected is going to call people together and we'll have to say we've got to do this. and if we come out and say we can't do anything, i think the markets and you think consumer confidence is bad now, wait until you see what it is when facing this fiscal cliff. so maybe i'm digging for the pony, but i do believe that we have a good shot at coming together and making the tough decisions that need to be made using the umbrella of simpson b bowles. >> will lanlisten, listen wlans agree with john mccain? >> isn't that the $6 # milli$64

question. what concerns me here is that it's the same conversation as last year. we're at the debt ceiling once again. the potential concerning part is that everybody knows we need to do something. i don't think there's any question about that. what concerns me, though, is the possibility that between the right and the left that we get into one of these kind of ceiling showdowns over the fiscal cliff and nothing gets done in a it timetimely manner does spook the market. >> there is evidence when you look at kind of weakeningen investment in the u.s. that perhaps companies everyone when it comes to hiring and deploying capital are cautious ahead of the uncertainty that that brings.

let's say problem wins. would that be better or worse from an investment point of view than a change in leadership all together? >> you know, that's a very tough question to answer. if we do go with the incumbent -- >> i think mitt romney heard him there. and cut the feed. lance, we're sorry about that. we'll try to get that back together so lance can share his thoughts there will with us. >> you caught me scribbling away. i was figuring out what we're talking about next. a couple things to update you on. first regarding libor. the scandal around various institutions getting dragged into the manipulation of lie brother. we've had some headlines out from the bank of england who have told us that the bank of international settlements has set up a group to examine the

libor recommendations. and we've been talking a great deal this morning about one of the big events taking place this week, which is the german constitutional courts and the ruling we're expecting on the esm and the constitutionality of the esm. but particularly after we had a lawmaker complaining about the bond buying plan, comments coming out from a spokesman of the german finance ministry saying that they are still convinced that the esm and fiscal pact are still constitutional and nothing has changed regarding the constitutionality of the esm after that complaint about the bond buying plan. >> and it's also worth mentioning moody's this morning saying little new in the ecb bond buying plan, it leaves a number of uncertainties and will not rehe solve tsolve the can d. certainly playing in to the argument playing out across the world is whether the ecb has finally gotten ahead of its debt crisis this time or not. we'll see that there is not much

action if you take a quick look at how u.s. futures are doing as we head to break. investors clearly on the sidelines this morning as they wait all of the major events later this week. we'll ask ben liechtenstein about that and more about that fiscal clive. with the spark cash card from capital one, olaf's pizza palace gets the most rewards of any small business credit card! pizza!!!!! [ garth ] olaf's small business earns 2% cash back

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it's decision time for markets this week with the eurozone bailout ruling, dutch elections and the fmoc all topping the agenda. washington looks set to lower its stake in aig with an $18 billion stock offering. and the latest data out of china shows export and import numbers worse than expected in august. >> so a little more on the aig story. the u.s. treasury plans to sell $18 billion worth of aig shares slashing its stake by more than half. the sale could make the u.s. government a minority shareholder in the company, potentially leaving it with a stake of less than 20%. the price of the offering hasn't been said. aig got the bailout back in 2008. the ceo says they're close to

repaying all of it plus profit. citigroup reportedly rethinking their executive compensation plans. it may give jamie dimon and other top management smaller bonuses in the wake of the bank's massive trading loss earlier this year. but it has to figure out how to do that without dramatically cutting their take home pay. they want to play indicate share hold did. up next, we'll get a view from the trading pits and hear what jim rogers has to say about betting on stocks. bob...

oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good.

[ male announcer ] fedex office. now save 50% on banners. taking a quick look at u.s. futures. still headed lower. dow jones industrial average, all pointed lower. of course this follows the major indexes at or near multiyear highs. >> just done by less than 0.1%.

and small gains coming through from the dax and also for the cac. most markets hovering around unchanged level. now, in an exclusive interview with cnbc, mario monti says he's not expect to go access the european central bank's new bond buying program anytime soon. >> i believe what italy is doing both budgetary and fiscal discipline and structure reforms should be enough to assure the markets. >> you can catch the interview at 21:00 cet. >> well, let's tee a look. it's such a crazy week for traders this is week. investing has basically become event driven. this is what's been happening all month, but we want to keep in on this week alone.

september 12th, that's certainly one day to watch. the german ruling on the esm, that's expected. the dutch elections, a key gauge of sentiment in terms of the eurozone. on the 15th, we have the eco fin meeting. the 149, the you'th, euro group. spain could ask for a bailout and you can be sure that's on the agenda. merkel will meet with hollande later this month. and we should also mention the federal reserve has it policy meeting this week. apple unveils either latest iphone. that will get just as much of the attention. here's what some of the experts have been telling us this morning. >> we think on the u.s. side stocks are a pretty good value right now. so he we think it's a positive

spin for the stock market which is probably a positive spin for the economy, as well. >> i'd stick with a global european company. perhaps based in germany. or maybe even french. it does favor over most of the u.s. stocks and the multiple aren't that compelling. >> i'm short stocks an long commodities for the reasons i said before. if things get better, short answers. if it they don't, they'll print hone despite what carl says, they'll print money. and when they print money, you better own silver or rice or a real he is set. >> joining us is ben

liechtenstein. i don't know if you caught that, but a couple of our european guests are pretty cautious on the attractiveness of u.s. equities. you look at the tone this morning, are you surprised there's in the administer of a positive attitude now that people are talking about qe-3? >> well, not really. recently obviously bad has been good for the most part. we saw that on friday with the weaker than expected jobs data, but we saw a bit of activity for the most part or lack of a selloff if you will. but i think what we're dealing with right now headed in to this morning is weak than expected import and export data out of china and just a little bit of weight at the top. 1335 level on the s&p is a difficult level to get through. we've exhibited an enormous amount of energy to get up to the level. the question traders have, is this a top or a double top area. and certainly i have to agree

with the argument that if we start to see stocks coming off and we start to see dollars pribtsed, then we'll see some commodity rise with some energy to the up sight and then you have to be long those commodities. >> there does seem to be a plit in the market. one group arguing that central bankers are coming to the rescue, we can expect a floor under equities, too risky to not have exposure, and then on the other hand, people cite the concerns you've mentioned saying we've already hit our targets for the year. when we start to look ahead into 2013 and worry about perhaps the impact of fiscal tightening, do you think that is keeping people on the sidelines, as well? >> no question. multiple contributing factors to the low energy type trade and low interest for the most part prp one is that we have the elections coming up, so obviously we're dealing with that and the concerns, the uncertainty associated with that. uncertainty amongst the european

economic situation, our own domestic situation economically and concerns associated with that. we have health care issues. so afternoon an enormous information of lack of information. whether you call it sidelines or just the money has really no place to, if you will, put it in an intellectual way. and if you look at the he dollar, it's a clear cut example of that, the color coming off with conviction. so it doesn't really seem like the u.s. economic situation is the best, if you will, especial especially among qe-3. >> right at the top of the show today, one of oufr guests told us the tail risk for the eurozone crisis is diminishing. would you buy in it that looking at where markets go next?

>> if you look at the price of the euro currency, that's a cle clear cut example and traders are feeling like the weight on that is gone. i think that mainly what they're feeling is that what we're dealing with this the u.s., for the most part that the government will stand behind its currency and that we will see support and basically anything necessary to stimulate and to continue and to provide support for that currency and for that economic model, if you will. that was similar to what we did here. unfortunately, there's a concern about whether that's what we should be doing. >> ben, thanks very much for your time. becky, great to have you here, as well. you'll be back tomorrow because ross needs a break. he'll be back on wednesday. for now, though, hire is u.s. squawk. [ male announcer ] how can power consumption in china,

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ben bernanke, you're on deck. last week, mario draghi gave the global market as shot in the arm with a bond buying program. this week we'll find out if the fed chairman will do the same thing with his own version ch. qe-3. plus the government announces plans to unload more of aig. how much are politics at play? it's monday, september 10th, 2012. "squawk box" begins right now. welcome to "squawk box." becky is over today. we're launching a special "squawk box" report this week, financial