alberto gallo, what do you actually do when it is a bond world flipped upside down? an ecb meeting when you have real money at risk? alberto: first of all, qe is not a solution to europe's problems or in general to a world of stagnation. and helps, but economies are becoming more addicted to -- it helps, but economies are becoming more and more addicted to rate cuts. would try to invest in companies that are deleveraging -- we try to invest in companies that are deleveraging. there are a lot of zombies around. argentina went into distress this year. this creates a lot of opportunities for investors that can distinguish between the alive and the zombies. in this particular case with the have loweredthey expectations to be able to surprise with less. andink they will deliver restart qe for a much longer time, maybe 9-12 months. smaller amount, but longer time to bring down the cost of fiscal easing in europe. hopefully germany follows. tom: we will see. we thank mohamed el-erian for watching from denmark, where he is in the process of trying to keep agreement from denm

our time in the next session as well on one topic, speaking to the smartest guy on the block, alberto galloat germany might be using its so-called fiscal space? alberto: there is a lot of discussion -- tom: is there evidence? used if it seems to be there is a recession, and as john said, we are very close to that. definitely we are in the manufacturing, but we are very close. tom: john, you have been a great student of the history. the european model has been flawed from day one. where is the evidence we are going to get a united fiscal response? john: well, and germany made it worse, because they brought in their own fiscal rules that were tied to the eu fiscal rules, and they are running a fiscal surplus. if the only evidence, i suppose, is a discussion of using some kind of all balance sheet entities to fund infrastructure -- sheetoff balance entities." john: we can call them ob's. that thise thrilled week, the bloomberg global business forum will start strong. galliaiting and alberto -- john ryding and alberto gallo. this is bloomberg. ♪ tom: there are eight conversations of the day. yo