in now david folkerts-landau china.he institutions to work through the always, ever-present, trilemma that is out there. david: the facilitation of the pboc is extraordinary. definitely on par with some of the central banks i see around europe. from that point of view, policies very much carefully thought through. tom: everybody has been wrong on hard landing for years. of the seen devaluation headlines, depreciation, and the need for appreciation. what does china signal with the you want? david: that is a temporary thing. over the long term, the currency will have to appreciate further slowly, and the reason is every industrialist who has made 50 million in his backyard producing gadgets, he wants that to be located outside china. flow is going to produce continued downward pressure on the r&b. -- on the r&d. there are regulations and rules to moderate that. the longer-term pressure is down. francine: the question is whether the pboc can handle what is happening. what i worry about is default, bad loans, and whether th

but now i think landau what do we do?o spread through the sincerity when dash decided now it is higher than mine and happy report of the impact on blacks so there will be differences among the ethnic groups and equally bad the same thing is true of education levels so long as a plus education are to have a non marital births those that are having more. but there is one impact for mother and children and the father as well. there much more likely to live in poverty i haven't met anyone who makes the claim poverty is good for kids or adults. can you think of any intervention? five times better than the control group? but then kids are five times as likely to be poor if they are in a single parent family. so clearly there is a big impact on poverty if you just want to summarize, and there are many of their outcomes at least one hybrid called decent steady featuring a random assignment steadies' reducing poverty rates, no question about that. a lot of evidence of slower abortion rates because women you are pregnant outside of

after speaking with david focus landau last week in new york, we speak with peter of which a bank. -- an important view on what the fed will do. stay with us on "bloomberg surveillance." ♪ tom: good morning, everyone. "bloomberg surveillance." it is time for our single best chart. ♪ o canada we bring in erik schatzker. for years, growing up in toronto, he is our esteemed canadian expert. before we get to the jokes, how big of a shock was this to the canadian people to see the sun appear-- to see the son and take over the landscape? erik: it is kind of like what we saw play out in britain earlier this year with david cameron take the majority. the same in canada. more at the expense of the party to the left of the liberals than the expense of the conservatives. tom: how much of this is the heritage of his father in the quebec independence movement? canadians, it is ancient history. for those of my parents' generation, it is very much alive, but they are a smaller percentage of the voting public. jc, we have a photograph of of the commodity -- of the montreal canadiens. the strength off