martin wolf joins us from "the financial times."morning, martin. >> it's a pleasure to be here. >> let's talk about what the newspapers are suggesting. is this a vote against people's minds and people's hearts? >> i don't know, i think there is emotion on both sides. i, for instance, are emotionally committed to remaining. i feel very strong about britain's role and that's a value as well. it's probably true, i think, that the better informed people, people worried about economics, the people in business, economists themselves are overwhelmingly in favor of remain do have the knowledge and i think it is true that a lot of opposition is, i think, rather romantic desire to return to 19th century. plus the real hoissue of immigration. >> has it to remain based on facts? >> my theory they won the argument based on facts of course there's always exaggeration in the stories. it's simplified. but it seems to me it's just an overwhelming consensus which does not mean it's always right among professional economists, international organizatio

martin wolfe on why he says china's great economic shift needs to begin.na very much a part of this story. check out the futures. dow futures headed south again. down 341. s&p down 38. nasdaq down 86. you're watching worldwide exchange on cnbc. first in business worldwide. olay regenerist renews from within, plumping surface cells for a dramatic transformation without the need for fillers your concert tee might show your age... your skin never will. olay regenerist. olay. ageless. >>> welcome back to worldwide exchange. let's have a look at markets. we have been focused on the equity story today seeing red across the screen and we have buying of the u.s. bond market compressing yields down and we are below 2% on the ten year. >> that is significant. that 2% level is important. that's a lot of gloom and doom on the screen. in terms of currencies, action there as well. selling the dollar, buying the japanese yen. that's the one to focus on today. the yen is at a one year high. that means there's a flight to safety going into the safe haven yen and some of th

martin wolf writing in "the financial times" is typically a little bit gloomy, but he is optimistic todaydisagrees. tom: stephen was all upset. vonnie: he quotes three reasons why -- roach, before i go into the other details in the op-ed, explain why you disagree with this idea. i have great respect for the deep thinking erudite martin wolf, but the idea that disasters do not happen a lot is pretty much a no-brainer, which is really all martin is saying. but that type of complacency would have led many -- and martin did miss, like most journalists, in celebrating the brilliance of central banking -- the crisis of 2008 and 2009. vonnie: sure, but the point he's making that -- this includes the financial crisis interest. stephen: it does, but it leaves that in manynts cases are man-made. i believe the crisis of 2008 and 2009 is a reflection of serious policy blunders. if we take this complacent view of the world for granted like martin is saying, that it will keep growing forever, that encourages us to experiment with reckless and dangerous policy. i am not a big fan of this piece at all. f

my pick of the financial times by martin wolf entitled "brexit imperils the confidence of strangers."writes, brexit in sum might a big economic shock and not just for the uk. this is largely because of the fragility that precedes it. usually, he folk discussed on one important technical factor which i think is worth noting. the uk current account deficit reached 7% of gdp this quarter. mark carney has always said before that our standard of living requires on capital inflows from outsiders. the brexit could immediately spot fear in terms of those wanting to invest abroad. if your currency starts falling. and its something that could be might immediate. you can get in a vicious cycle with a big cycle and currency falling. >> a tough one to sell to the electorate. >> a tough one to sell to the electorate. absolutely right. it's an interesting read from martin wolf, it's quite technical, quite opinionated. >> i went to "the new york times." "why do terrorists commit terrorism?" it's by peter bergen, a national analyst at cnn. he's looked at more than 300 case of charged jihadist terroris

martin wolf writes that the decision will be costly. guest: mark wolfe is one of the most voices on the european union. the effect on the united kingdom it interestingt that donald trump was in scotland on friday. he sent out a tweet and said, they arrived in scotland, took their country back just back.e will take america no surprise there. the people in scotland, 62% of them voted to stay in the european union. scottish leaders will have a reasonable argument to say they don't want to be dragged out of against theirnion will. before long, you will see another referendum in scotland for the rough -- their independence. i can get very well will pass. another interesting aspect is northern ireland. the people of northern ireland floated to stay in the european union. that is an interesting case. while they are a separate entity, have an open border between them. they will now have an international border that will require custom service and integration. seein 5-10 years, you could the united kingdom of england and wells with international

martin wolf in the financial times. >> always nuanced.y academic. >> the point about regulators punishing the banks when they do do wrong and it's overly put on the shareholders as opposed to the executives who made the decision to take it there. >> we're still waiting on the dodge deutsche bank deal. >> the share price moved it the most. the people who led the bank into those positions have long since left. >> do we know when we will get that agreement? >> we don't the talk over the weekend was that it will come in a matter of days. the bank guided it will come in weeks. so we're in between that. it didn't come over the weekend. maybe next week or so. >> my pick is in the "wall street journal." it's titled how to make trade work for everyone. i picked it because it's a rare op-ed effort by imf managing director christiris christine l. how to make trade work for everyone. with open markets more people benefit from open access and goods and services, ideas spread, and firs access larger markets abroad. this is their way of stepping into po

my must read, martin wolf's column, more perils lie in wait for the eurozone.writes the combination of weak aggregate demand and huge post crisis divergences in economic performance has turned the eurozone into an accident waiting to happen. yes, we're not facing an in/out european referendum, but i think the positivity post the result, perhaps a bit overdone. martin wolf traditionally positive on europe, highlighting the perils that still exist. worth a read. >> the political risks are still there, despite the fact that the euro turned around, rallied, italian banks up again today. >> he goes through the economic stuff, other people around here are saying we have europe growth coming back, china growth coming back. that's why the u.s. is rallying. still a lot of economic weakness across europe. >> we'll see what draghi says tomorrow. approaching the top of the hour. the team is getting ready for "squawk box," the focus about to turn to them, they're live in washington. joe joins us with a preview. good morning. >> good morning. we have a really big show. i kno

i will talk to martin wolf who has slightly different perspectives and a very special treat. the great harry. star of stage and screen activist and humanitarian on the whiteness of academy awards, the blackness of the president and the state of race relations in america today. and finally, rolling on the red carpet in egypt and comikol rol rolling and rolling, i'll explain. >>> first, here's my take. it is the line that might have sunk a presidential campaign. it came during last saturday's debate from senator marco rubio. >> he knows exactly what he's doing. he's overtaking a systematic approach to make the country like the rest of the world. >> he repeated the phrasing almost robotically. what about the substance of what he said? the charge that president obama is attempting to change america fundamentally is a staple of right wing talk shows. as they point out, rush limbaugh and others assert obama's policies are designed to transit form america. this rhetoric does raise an important question. what makes america exceptional? all american politicians including obama use tha

. >> up next, today's must-read stori stories, including martin wolf trying to uncover why bank stockshis year. it's the worst performing group on the s&p. stay tuned. you're watching "worldwide exchange" on cnbc. >>> now on to today's must-read stories catching our attention. my pick is in "the financial times." it's titled "banks are still the weak links in the economic chain." that's not a new thought. the author, martin wolf, uses this chart to illustrate performance, showing how banks do during economic downturns. the problem, according to wolf, is that banks are exposed to everything and that poor market conditions undermine their returns from wealth management, asset management, that sort of thing. so are they canaries in the coal mine? are they the grease that makes the financial world turn economically? that's the reason why perhaps there's a real warning sign coming from these banks. >> so he's arguing that it's basically a read on economic weakness in the u.s. and globally. and they're just leverage bets on that. >> correct. and also there's an investor sentiment that we don

this is very opinioned from martin wolf.e says, donald trump embodies how great republics meet their end. i'm not so much interested in the body of this, but particularly the center of the argument when he says why this has happened, not so much where we're headed, but why trump has done so well so far. an interesting perspective. he says, mr. trump is no conservative. elite conservatives complain. precisely, that's also true of the party's base. interesting how he's saying how trump has managed to appeal to the base of the party, saying that he doesn't have to go the standard route. it doesn't always make sense there and then. it's really hit a tone with lots of people in the party. >> what i thought was interesting about the wolf piece was the doomsday prediction, end of the republic. a little exaggerated. >> very strongly opinionated. >> but martin wolf is not an american journalist. gives you a sense of how the outside world is looking at this. by allings, what we've heard is they're looking at it puzzled and a little af

on the other end, martin. wolf pack back up by 4. next possession, mcclellan, 28-27 game. other end, martin, he had 13 off the bench for n.c. state. they led by 5 at the half. that was an 8-point game with about 4 to go. devon reed, ding dong. back to a five-point game. n.c. state made their free throws and layups. wolf pack wins. >>> orlando soccer released their preseason culled today. lions open the exhibition the became closed to the public. six days later the crowds invited to jacksonville to see orlando city take on the armada. lions will also see two teams from the mls in closed door matches before finishing the preseason at the citrus bowl. it's on to the season opener march 6th against salt lake. if you can't make it to the citrus bowl watch it on strl >>> welcome back. racing fans crawled out of hibernation this week and were greeted with a bigger, better daytona in the annual rolex 24. they've been rolling around daytona about 8 hours already. so hopefully they're all getting overtime now. early in the race, the delta wing running well. acing gary loved that car.

. >> martin wolf writing in the "financial times" talking about the banking sector.are undoubtedly right to do so. erik nielsen, the banking sector has been battered -- undo so or -- unduly so or rightly so? erik: unduly so, but there is barely smoke if there is no fire. the issue is as martin says correctly in the "ft," financial institutions are complex animals, and we have been burdened from business, regulation -- the natural change we have to go through, commit to it and what have you, and then we have a flat yield curve. you follow short and then longer, but the curve has been flat for 5, 6 years. guy: the possibility of further negative rates seen as a real possibility to we are bashing the banks at the time we need them to do better work. erik: that is right, and it is a problem. alix: something that may be appealing to activist investors, they are nowhere to be found. you had an article about this out today. why are activists shunning european banks? lionel: it seems like it would be attractive for them given that you could maybe be involved in push manageme

guy: martin wolf writing in the "financial times" talking about the banking sector.re undoubtedly right to do so. erik nielsen, the banking sector has been battered -- unduly so or rightly so? erik: unduly so, but there is barely smoke if there is no fire. the issue is, as martin says correctly in the "ft," financial institutions are complex animals, and we have been burdened by a whole lot of new cost, business, regulation -- the natural change we have to go through and what have you, and then we have a flat yield curve. you follow short and then longer, as my daughter points out, but the curve has been flat for 5, 6 years. guy: the possibility of further negative rates seen as a real possibility. we are bashing the banks at the time we need them to do better work. erik: that is right, and it is a problem. alix: european banks trade for less than their book value, something that may be appealing to activist investors, but they are nowhere to be found. lionel, you had an article about this out today. why are activists shunning european banks? lionel: it seems like it

we will be moderated by martin wolf and please join me in welcoming the stage a stellar cast as the chief executive officer, ceo of goldman sachs and the group chief executive officer and president and chief officer of mitsubishi financialm i will turn it over to my colleague. >> it is an honor and a pleasure to be here to moderate the to rp session. you've been introduced already i don't need to repeat that. we don't have much time so i will talk quickly. i suppose if i were thinking about the world now it's a deflation meets political risk. we've been living in this postcrisis desperate central t bank doing everything they can n and finally it has hit politics in a big way with events happening nobody would have imagined a year or two ago andal donald trump emerging as the presidential candidate here. it's been doing that every year for the last six. it's pretty embarrassing but there we are. the emerging countries are growing much faster than the developed world two to three times but that is basically all and asia is half the world is so the other half looks pretty good and it's impor

pre-13 blue devils, for timer ross martin. a.j. wolf, an all-american. three n.c. state guys made the cut. joe tony is up for an award, while the current panthers are still licking their wounds a former panther called it quits today. he retires at age 31 years old. he started his first game as a panther going to the pro bowl three straight seasons. he was traded off to the giants in 2013. injuries hampered. he is going out with his health intact. it is amazing thinking of retiring at the age 31 years old. >> switch to centurylink prism tv, and get the same great channels cable gives you, without having to deal with cable. yes and? and...there's whole home dvr. plus tons of on demand options so you can watch whatever, whenever. yes and? why do you guys keep saying that? it's the first rule of improv. by saying "yes and," we accept the reality created by our comedy partners, paul. yes, right, i know. do you? feel like a hollywood insider >>> breaking news tonight in the race for 2016. at this hour, two big names dropping out of the race. and can any republican stop d

and the ft's martin wolf joins us to talk banking, the odds of a brexit, and security in europe.'s a quick check on what's happening in the european markets. that's sort of affecting us over here in the states as well. all red arrows. >>> welcome back to "squawk box." a new report out from citigroup saying that technology in the banking sector could cost 2 million workers their jobs. it's all about the rise of financial technology, the sort of uberization of the industry. here to talk about that scary headline, at least scary to some, and more on what's going on in europe and elsewhere, martin wolf, the chief editorial commentator at the "financial times." great to see you this morning. let's start with the tech issue, then i want to talk about your views on brexit and what's going on in europe and some of the security issues. when you look at that citi report, and you've written about the financial industry for so long, should we be happy or upset about what technology may ultimately do to the industry? >> well, first of all, it seems to be quite plausible i think this is an ind

brexit as some people like to call it joining us from london is martin wolf from the financial times. is cameron fundamentally misjudging this on both fronts? >> he's taken a huge gamble. we all knew he had when he announce the the referendum. i'm supposed the view will be taken he couldn't have avoided the referendum because the conservative party would have broken under him if he refused to have a referendum, and if he had a referendum he had to justify it by having a change in our relationship. he had to have the negotiation with the other members of the eu that he's now having. so you could say he's not misjudged it. you could argue that he's simply put into an impossible position. he's threading a very, very narrow needle here. >> what is your impression of what's now happening in brussels? without wanting to get too in the weeds about what he's asking for. what in essence is the dynamic that he's experiencing? >> i'm assuming -- of course this has been our experience, that in the end, after an immense huffing and puffing, and the huffing and puffing is part of proving attorney's

this from martin wolf.ong article, about six pages, he was a fierce remainer, he's critical of the stronger stance on brexit. he writes the uk's poor past export performance suggests the depreciation is still not big enough to generate the needed shift in the structure of the economy towards production of tradable goods and services. it's quite likely the huge current deficits will be unsustainable post brexit. if so, the uk will need a big decline in aggregate spend iing. he's very critical. i think he's fair to say this fall in sterling, we've seen a beg boost in the ftse 100 off the back of it, it's wrong to extrapolate off the ftse's rally that that means the economy will well. the ftse's rally is not because exports are picking up but a translation effect from foreign earnings. so boosts accounting earnings for ftse 100 companies with earnings abroad, not exports because the manufacturing export is very small for the uk economy. >> looking at the ftse 100 and the ftse 250, which is more domestically ow

let me bring in martin wolf, chief economics analyst from the times, who joins us from london.nd here on set with me is r rana foroohar, times assistant managing editor for economics and business and cnn's global economic analyst. you have been warning of what you believe is a coming global recession. explain to me why it's right. >> global downturns tend to happen once every eight years. we're sort of on track. what's worrying me now is the market jitters we've seen in the last few months from china are in some ways the echos of the crisis. you had a big bubble in the u.s. and we stop spending here in the u.s. and developing countries led by china took on the burden. they run up their own bubble and that's bursting and you got to same thing happening once again. china's downturn and capitol flight and i think the market jitters are going to continue for some time. you're saying the united states is not in recession and china is not in recession and those three collectively account for something like 75% of the global economy. are you still saying that? >> i suppose it means wh

we'll be moderated by the venerable martin wolf from the ft, and please join me in welcoming to the stage a truly stellar cast. mary callahan, chief executive

. >> martin wolf writing in the financial times, talking about the banking sector c.ple worry about these high leverage an extremely complex bonds and they are right to do so. the banking sector has been duly red or unduly so? >> unduly so. martin says correctly that the financial cetaceans are complex animals. erik nielsen, the banking sector has been battered. unduly so or rightly so? erik: unduly so, but there is barely smoke if there is no fire. i think the issue here is that as martin says correctly in the "ft," financial institutions are complex animals, and we have been burdened by a whole lot of new cost from survey, regulation. the natural change we have to go through and what have you, and then we have a flat yield curve. for a bank, ultimately you live off the transformation, borrow short and then live longer. but the curve has been flat for 5, 6 years. guy: the possibility of further negative rates seen as a real possibility. we are bashing the banks at the time we need them to do better work. erik: that is right, and it is a problem. alix: european banks

many people, including summers, paul krugman, martin wolf, very distinguished economists, felt it was a mistake. in retrospect, was it a mistake? >> well i certainly don't regard it as a mistake. we set two criteria to boost the funds rate that led to the december decision. one was we wanted to see substantial progress in the labor market, and we felt that had been satisfied. and we also, recognizing that inflation was running below our 2% objective, wanted to feel reasonably confident that inflation would move up over the medium term back to 2%. we all felt, i think, that those conditions were satisfied in december and justified taking a step. but we've tried to make very clear, there's not a preset course of rate increases. we will watch very carefully what is happening in the economy and adjust policy as appropriate. so we took one step. now, the u.s. economy has continued to progress in a sass -- satisfying way. that was our expectation when we raised rates in december. we indicated that we thought the path of rate increases would be gradual, and that remains our best guess and ex

many people, including paul krugman, martin wolf, there he distinguished economic commentators felt it was a mistake. in retrospect, was a mistake? : i don'tn yellen regard it as a mistake. it feels like the economy had -- towardsubstantial our goal. [laughter] >> i think alan greenspan was registering agreement with that. [laughter] met in chairwoman, if you could begin again. we sit at twolen: fundsia to boost the rate. it led to the december decision. one was he wanted to see substantial progress in the labor market. we felt that have been satisfied. we also recognizing that inflation was running below 1% or 2% objective. it wanted to feel reasonably confident that inflation would move up over the medium-term back to 2%. we all felt i think those conditions were satisfied in december and justify taking a step. is not on anyy preset course. also every three months my colleagues and i sit out our individual projections both of what we anticipate for the economy and also going along with that what we think is a monetary policy path that would be appropriate. we set out projections like

a special report by martin wolf of the financial times questioning whether it's working.s done overall i pulled out a couple of the points of whether it's working or not. you must read the detail saying on inflation, modest progress, on output disappointing on the labor market it's performing well. overall though he says that it is a supply issue. supply then he says is japan's problem. it's not japan's problem because of the shrinkage of the labor force. the real problem is the private demand. it's the enormous financial surpluses and the private savings over private investment and that's been the failure thus far. they can't change the culture of saving and the demand isn't picking up and it hasn't really worked. he does point to the demographic issue and highlighting that that's had massive head wind as well. >> there was so much enthusiasm and excitement around prime minister abe and this whole policy. it seems like the monetary policy arrow. did we even get the third arrow. >> people are saying we're at 2.5 years. >> it's the monetary shot that helped a lot. >> i mea

plus martin wolf about the aggressive move and what it means for the global markets and the global economyplus we're asking you on twitter this morning, which bottoms first? oil or stocks. vote now, keep the votes coming. a lot of you are saying oil. oil leading stocks lower. will it be the first to bottom? tweet us. you're watching cnbc first in business worldwide. ♪ opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. you can fly across welcome town in minutes16, or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪ while you're watching this, i'm hacking your company. grabbing your data. stealing your customers' secrets. there's an army of us. relent

david: i want to come back to martin wolf peace. it is a dissatisfaction and anger.growth is not a policy, that is a result. as you look at the candidates, who is coming forward with a policy to say this is how we can get the country growing? stephanie: a long-term foreign policy doesn't work for campaign. david: but ronald reagan did. tom: but we await that. recenthinking but the primaries and moving to carolina, but beyond the convention. we become focused in the second week of october is maybe where we begin -- jeff: right now we're still in the primary phrase so people are catering to their fringes. say after super tuesday live a better idea of the candidates are likely to be, especially on the candidate side. i think you'll see a rush for the middle -- at least i hope you will see a rush of the middle. people continue to cater to their bases. the bases are generally disinfected in every election cycle and even more so here. and do not elite speak for the vast majority of americans. that allows for -- stephanie: where does this matter? jeff: that allows folks i d

martin wolf writing, slowing growth of supply, rising balances between desired savings and investment unsustainable credit booms. if the fiscal authorities are unwilling to behave sensibly, central banks are the only players that could be given the power to send money to every adult citizen. would this add to demand? absolutely. his response, he's saying here the measures used so far aren't working. fiscal policy the obvious next step. political gridlock seems to be there. he's saying this sort of brinting money, giving it straight to consumers, is the next thing to do. i just wonder when we're going to step back and say everything we've tried are, if it doesn't work, then we've got to step back and flush things out. >> he says dropping money from the sky will work. >> he's saying it will work to boost demand. >> that's a ray dalio move. >> exactly. he mentioned ray. >> helicopter money, negative interest rates. they don't teach this, i don't think, in the economic textbooks. next up, fed vice chairman stanley fischer says he doesn't know what the central bank will decide to do in mar

we'll be moderated by the venerable martin wolf from the ft, and please join me in welcoming to the stage a truly stellar cast. mary callahan, chief executive officer at jpmorgan, gary cohn, president and coo of goldman sachs, sergio around madty, ubs, and nobu hi ran know at mitsubishi ufj financial. i will turn it over to my colleague, martin. >> so it's a great honor and pleasure to be here to moderate this session on the global outlook from the c suite. fortunately, you've all been introduced already. i don't think i need to repeat that. it's an incredibly complicated world, we don't have much time, so i'll start very quickly. i suppose if i were thinking about the world now from the developed country point of view, it's deflation meets political risk. we are, we have been living in this sort of post-crisis, limping growth, low inflation, desperate central banks trying to do everything they can and still doing it sort of world, and finally it really has hit politics in a very, very big way. i think the combination has made world just simply wildly unpredictable with events happening w

in the "financial times," my pick from martin wolf, who writes negative rates are not the fault of central banks. this article comes off the back of people like larry fink recently criticizing negative rates. also, the german -- >> whose fault are they? >> the german finance minister. he says the savers. there's an understandable complaint of a creditor nation, but this does not mean the objection makes sense. the world economy is suffering from a glut of savings relative to investment opportunities, and therefore central banks are just adjusting the relative price of these things. it's just worth a read. it's sort of defensive negative interest rates from someone who's not necessarily a plooefr -- believer in them. in brief, he concludes, we must regard ultra low rates as symptoms of our disease and not its cause. >> it does feel that right now the sort of narrative has changed in terms of central bank stimulus policies. investors like qe, not so much negative rates. they like low interest rates. but helicopter money, that idea has really come out. >> as a possibility. i don't think they

guy: martin wolf writing in the "financial times" talking about the banking sector.about the huge highly leveraged complex banks. they are undoubtedly right to do so. erik nielsen, the banking sector has been battered. unduly so or rightly so? erik: unduly so, but there is barely smoke if there is no fire. i think the issue here is that as martin says correctly in the "ft," financial institutions are complex animals, and we have been burdened by a whole lot of new cost from survey, regulation. the natural change we have to go through and what have you, and then we have a flat yield curve. for a bank, ultimately you live off the transformation, borrow short and then live longer. but the curve has been flat for 5, 6 years. guy: the possibility of further negative rates seen as a real possibility. we are bashing the banks at the time we need them to do better work. erik: that is right, and it is a problem. alix: european banks trade for less than their book value, something that typically might be appealing to activist investors, but they are nowhere to be found. lionel

we've got tickets to aretha franklin and ricky martin at wolf trap. it should be awesome. >> lucky for you guys. >>> harper stays hot as the nats >>> this is the xfinity sports desk. >> team usa men's basketball taking home the gold. >> yes. >> the final day. >> no doubt. >> they won by 87 points. not exactly 87. but it was a blowout from pretty much start to finish. really, this was not a ball game at all. no lebron james. no stephen curry on this year's olympic basketball team. and a lot of people thought they were nervous about this group's chances about three-peating as gold medal winners. the americans had three wins by single digits these olympic games. close games, something we're not used to seeing when talking team usa basketball. but the guys did save their best for the gold medal round. kevin durant. it was all k.d. he led the way for the "usa today." here he is. second quarter. long three ball. he makes it look easy. knocks that down. next time down the floor, serbia turns the ball over. easy bucket for k.d. right there. he scored 24 point

neel kashkari finding a friend and martin wolf. the banking sector has been battered. tly so? erik: unduly so. their israeli smoke if there is no fire. is that as martin said correctly, the financial institutions are complex animals . we have been burdened by regulation to the natural chains we have to move through. then we have a flat yield curve. for a bank, ultimately, you live off of maturity transformation. been flat for five years or six years, and it is difficult to make money. guy: the possibility of further negative rates down is a possibility. we are bashing the banks at the same time we need them to do better work. erik: it is not clear that what we have can live through the entire cycle up and down. when the problem comes there was a reference of too big to fail, but the german finance minister pronounces on deutsche bank. why do you think he said that? because deutsche bank has 52 trillion euros and derivatives. .hey are too big it is reality. tom: erik nielsen with unicredit . coming up, on bloomberg radio and television, he has made more than a splash as

christopher ma'am's and martin wolf i thought was really quite different an exceptional in the financial was scathing about those that with mike brexit to leave. -- like brexit to leave. nejra: three private equity groups are into the final round of editing for yahoo!. according to people familiar the -- they- finalists are are joined by at&t, verizon, and dan gilbert. bidseds range up to 16 -- range up to $6 billion. vw's ceo is trying to bring europe's largest carmaker out of the emissions cheating scandal. among the assets that could be sold, the motorcycle brand ducati. -- disney's new resort says construction has begun to make attractions in the shanghai park bigger. it cost $5.5 billion and is disney's largest business investment ever. francine: this is what we're watching for the rest of the week. today the fomc will release its rate decision at 2:00 p.m. new york time followed by a news conference from chair janet yellen. we get decisions from the bank of england, bank of japan, and swiss national bank. on friday, mario draghi speaks in munich at 11:00 eastern time. talked a litt

tom: there is martin wolf this morning -- it is a beautiful effort by mr. wolf.ssador haass, had to have seen this. richard: globalization is a reality. globalization itself is not stalled in the sense that it flows, it crosses borders with great speed and great quantity. tom: is this all for multinationals? brian: i don't think it has been. i think it will be looking different. north american and developed markets are going to pace forward differently, tom. republicans will hear things like the coupling over the next two years as the u.s. and canada, especially, kind of pace growth. francine: all right, brian belski of bmo capital markets and richard haass of the council of foreign relations. the federal reserve has kept interest rates unchanged. can i go into the negative territory? that's what we will be at the the governor. this is bloomberg. ♪ francine: this is "bloomberg surveillance." in london.ne lacqua tom keene is in new york. let's check the bloomberg business flash with taylor riggs. taylor: vw has signed a memo of ,nderstanding with shing y auto one

in terms of my "morning must-read," i picked martin wolf writing in "the financial times."his great service with the u.s., and how that links to budget spending this year. who will be with the outcome -- the worst outcome for what we can expect? stan: that is almost impossible to say. none of what the candidates are saying makes any difference to how they will be governing. if you have a hardliner by ted cruz, the ability to manipulate the deficit up or down will be much, much less. when you probably want is a candidate who will make a deal and talk to the other side. let's talk about what happens with congress. you could have four years of basically nothing happening, regardless of who gets elected president. francine: you are saying that no matter who gets elected, they will be more centrist? stan: no. i am saying that if they are not centrist, you may not get the fiscal policy that you need given the economy. tom: anthony, come on over here if you can't. we show this a couple of days ago. this is the glory of the 1970's and the 1980's. it is a long chart. we are still ro

martin wolf is always interesting. davos, and he kills it today. a spectacular essay on the fears of the elites. economic losers are in revolt. tom: that is only one part of this essay. derek, how does this full didn't to christine lagarde's new mediocre? the quickest way to get away from this polarity in society is to get some economic growth. when will it happen? >> that's a good question. if you look at the actual fundamentals for the u.s., the domestic situation does point to a big improvement. what i would highlight in particular from a domestic buildingve is the evidence that wages in the united states are finally beginning to pick up. we've had a catastrophic recession, the great financial crisis which pushed unemployment to 10%. we are only just getting to the point of reaching full employment again. timing,line with that there is building evidence that wages are picking up. the latest was the national association of business economists, which was released yesterday. its component on wages was the highest since the year 2000. everything we

. >> reporter: martin worked, wolf, as a contractor for booz allen hamilton. had a top secret security clearance. booz allen being the same contractor who employed edward snowden who carried out one of the biggest leaks of american government secrets. so far investigators don't think he was working for a foreign government but it's still something the fbi is looking at right now. his attorneys issued a statement this afternoon that reads in part, quote, there is no evidence that how martin betrayed his country. what we know is that mr. martin loves his family and america. he served his nation honorably in the u.s. navy was a lieutenant and has devoted his entire career to making america safe. wolf, this is another major blow to the nsa which has been working to rebuild its reputation after the snowden leaks. they've been doing a lot of work to try to prevent things like this, the so-called insider threat. >> thank you, evan prez. back with adam kizeninger of illinois. you know a lot of classified information. you served in the air force. you served in iraq and

we will be moderated by martin wolf, please join me in welcoming to the stage a truly stellar cast, maryerdoes as chief executive officer at jpmorgan asset management. gary cohn, president of goldman sachs your sergio ermotti, group chief executive officer at ubs. and trafficking is pressured and group chief executive officer at mitsubishi ufj financial. i will turn over to my colleague, martin spent it's a great honor and pleasure to be here to moderate this session on the global output, outlook. fortunately, you all have been introduced already. i don't think i need to repeat that. it's and public obligated world. we don't have much time so i will start very quickly. i suppose if i were think about the world now from the developed country point of view, it's inflation meets political risk. we have been living in this sort of post crisis limping growth and low inflation desperate central banks trying to do everything they can and still doing it sort of world, and the finally, it really has hit politics in a very, very big way. i think the combination has made the world just simply wildl

wolf? >> martin, thanks very much. martin savidge is reporting for us. new details right now we are getting about the dallas killer. ed lavandera is on the scene for us as well. ed, what are you learning about what police found law enforcement -- investigators found in the shooter's home? >> reporter: well, we were outside that house here in mesquite, texas, which is a suburb just east of dallas. this is where investigators, shortly after 1:00 in the morning, several neighbors told us, started appearing here in this neighborhood. dallas police officials say that during a search of micah johnson's home we were told he lives with his mother, that they found bomb making materials, ballistic vests, rifles, ammunition and a personal journal of combat tactics. and that detectives are, right now, in the process of going through those journals to decipher and learn more from the journals as we speak. that is a sense of what they found here during this search of the house here in mesquitmesqui texas. >> any political motivations? any social media contacts he may

. >>> the wolf pack traveled to syracuse today but couldn't pull off a win against the orange. caleb martin and his first the wolf pack with 18 points. but it wasn't enough. syracuse beat state. >>> and a championship game for shaw university's women's basketball team today. they took on virginia union this afternoon for the 2016 ciaa championship in charlotte. virginia union got off to a fast start taking an eight- point lead. shaw did manage to catch up. in the end, it wasn't enough. the final score, so close, 70- 66. still, congratulations to them. it was a great season. you okay? i just wish we didn't have to sell mom's piano. i know, but we need to pay for her funeral, the medical bills ... i'm a little worried i'll leave my kids in the same position. don't you have life insurance? we had to cut it out of our budget a few you know, massmutual has a new policy called guaranteed acceptance life insurance. steve and i got covered, and it was affordable. i know there's nothing we can do about the situation we're in. but this is definitely something you can do to help protect your family. i

martin wolfe and the financial times calls him a narcissist, a bully, a spreader of conspiracy theoriesrump's foreign policy would bring ruin to us all. britain's economist says he is a disaster for the world. but the prize for inflammatory language surely goes to "the washington post." stonewaller, shape-shifter, liar. just three choice words from ruth marcus at the post. you can feel the loathing. the media is in panic mode. their candidate is hillary clinton, and she's not doing that well. the fox poll shows trump running slightly ahead of her and beating her by 12 points on handling of the economy and on terror. sound the alarms. they're not just bashing trump, they're going after bernie too. they want him out of the race. he's hurting hillary, so this morning eugene robinson in the post says: bernie's scorched earth campaign is a gift to trump. so drop out of the campaign. it's very clear the media's preferred candidate is not bernie, and it certainly isn't donald trump. it is hillary clinton. they are determined to get her over the finish line even if they have to carry her across

martin wolf writes that the decision will be costly.: mark wolfe is one of the most respected voices on the european union. the effect on the united kingdom it interestingt that donald trump was in scotland on friday. he sent out a tweet and said, they arrived in scotland, took their country back just back.e will take america no surprise there. the people in scotland, 62% of them voted to stay in the european union. scottish leaders will have a reasonable argument to say they don't want to be dragged out of against theirnion will. before long, you will see another referendum in scotland for the rough -- their independence. i can get very well will pass. another interesting aspect is northern ireland. the people of northern ireland floated to stay in the european union. that is an interesting case. while they are a separate entity, have an open border between them. they will now have an international border that will require custom service and integration. seein 5-10 years, you could the united kingdom of england and wells with internati

. >> on that note, i don't know if you saw bullard yesterday, martin wolf, he wrote about the possibilityng money into bank accounts. just straight up. sending people money with the idea being you're trying to get inflation and with all the attempts that have been done so far the banking system is brought to its knees because of negative interest rates and people buying asset classes they would never buy except they are desperate for deals. when you go through the logic, ben bernanke, helicopter money, could they get to that? would that work? >> that's the kind of thing we kick around in simple based on monetary theory if you want more inflation how about morgan. if you can print currency with impunity why not do it solve all the problems of the world. whether we ever get to something more radical like that, i don't know. i will give you just one little snippet that we thought about this. you know, when you take your money banking class and they tell you if you double the money supply you'll double the price level and they mean currency. but there's an expectation component to that. if i

martin, yes,sir, wolf pack up by 4. next possession mcclellan back to one. he had 13 off the bench. they lead by 5 at the half. devin reed says hey, can i take back to a five point gain. they had all of their free throws and also made lay ups. 69. yesterday. lions will open the exhibition season against eastern florida state college. six days later you're all invited to jacksonville. lions will also see two teams from closed door matches before finishes the preseason at the citrus bowl. >>> under racing fans crawled out of hibernation. they were greeted by the row lex 24. they have been rolling around far while now. hopefully they are all getting overtime. the delta wing was running well and lead a couple of laps. just gone down. someone forgot to put their lights on. unable to move in the middle of the track. slams directly into the back end. the racing team has been in and out of the lead throughout this one. ricky tailor also spent time out front. have a great sunday everybody. >> all right. thanks. >>> here is a live look from the tower camera overlooking a very cloudy downtown

martin was able to steal so many secrets over such a long period of time. neither the nsa or the justice department would comment, citing an ongoing investigation. wolf? brian, prosecutors also presented very disturbing information about weapons allegedly found in harold martin's position, is that right? >> reporter: that's right, wolf. they say when authorities conversed on his house, they found at least ten firearms, including an ar-15 assault rifle, a loaded gun on the floor of his car. prosecutors say before his arrest, his wife asked them to remove all the weapons, fearing he would kill himself if he thought it was over. >> brian, thank you very much. >>> coming up, breaking news. a massive cyber assault takes down some of the most popular websites here in the united states, including amazon, netflix and others. so who is behind this? government investigators, they are racing right now to find out. recengrand prix race cars-benz made history when it sold for a record price of just under $30 million. and now, another mercedes-benz makes history selling at just over $30,000. and to think this one actually has a surround-sound stereo. the 2016 cla.

. >> jimmy: "the wolf on wall >> steve: yeah. [ laughter ] >> jimmy: anyway, the one and only is here. martin scorsese is here, ladies [ cheers and applause ] "the wolf of wall street." >> steve: "wolf of wall street." he and mick jagger -- imagine that. martin scorsese and mick jagger show on hbo called "vinyl." we're gonna talk about that. then mr. scorsese is going to indulge me and play a fun game called five- second movie summaries. it's gonna be great, and i'm going to lose. [ cheers and applause ] plus, from the new judd apatow series "love," gillian jacobs >> steve: oh! [ cheers and applause ] >> jimmy: and performing their hit song, i love this song, "roses." we have music from the chainsmokers! >> steve: yeah! [ cheers and applause ] >> jimmy: the chainsmokers. hey, everybody knows this sunday is super bowl sunday. >> steve: yeah. >> jimmy: yeah. [ cheers and applause ] get out there, get my chips, get my dip. >> steve: dip. >> jimmy: i got my favorite acceptance speeches from the nfl honors that was on a couple days beforehand. >> steve: oh, my god. >> jimmy: they love to give out

wodenshek >> martin phillips wohlforth >> katherine susan wolf >> jennifer yen wong >> siucheung steveong >> yin ping wong >> yuk ping wong >> brent james woodall >> james john woods >> marvin roger woods >> patrick j. woods >> richard herron woodwell >> david terence wooley >> john bentley works >> martin michael wortley >> rodney james wotton wren, retired. >> john w. wright, jr. >> neil robin wright >> sandra lee wright >> jupiter yambem jurgensauthority paul and my father thomas edward from the new york safety officers. the whole family misses you and although you never met my wife or your nephews, jack, charlie, ethan, your hero at actions in life or spoken of often. your life is memorialized by ours and we love you eternally. [applause] >> my mother. i will continue to work at the 9/11 memorial with you in my heart and i will try to spread the same love and compassion that you showed during your life. [applause] john d. yamnicky, sr. >> suresh yanamadala >> vicki yancey >> shuyin yang >> matthew david yarnell >> myrna yaskulka >> shakila yasmin >> olabisi shadie layeni yee >> kev

martin. >>> did you know there are 68 wolf gang bakeries around the country and they're headquartered right here in orlando. you won't believe how many they're opening up right here in 2006. biscuits are s during this extended visit from your extended family, all you want is a peaceful moment to stream your show. and you need enough bandwidth to share with a full house of hungry users. lightning internet from bright house networks. the speed you need. and now connect to... standard tv and 50 megabit lightning internet... only $94 a month (vo) making the most out of every mile. that's why i got a subaru impreza. love. it's what makes a subaru, a subaru. x . >>> there is such a wide variety of peanut butter, that choosing one can be kind of a pain. dr. joe is joining us this morning to help us with our this is a real problem, you know. hi, dr. joe. >> it's amazing. you go to the grocery store and it's there everywhere. you don't know which to pick and pull. we talked to registered dietician and she says, if you go by this, we'll look at the serving size and look for something that has calorie

wolf? >> makes sense indeed. thanks very much, martin savidge in indianapolis. that's it for me. thanks very much for watching. i'm wolf blitzer in "the situation room." "erin burnett outfront" starts right now. >>> "outfront" next, breaking news. a vicious attack on a major college campus. the knife-wielding student of somali descent. a facebook page believed to be his with grievances about attacks on muslims. >>> plus, donald trump charging serious voter fraud in key states. why is he questioning the results of an election he won? >>> and, trump tower is going up in istanbul. is trump crossing the line? let's go "outfront." >>> good evening, everyone. i'm kate bolduan in for erin burnett. "outfront" tonight, breaking news. chaos on campus. authorities are not