so it's not a good idea. >> it echoes what adam fisher told us previously as well. know what, it turns out there is a difference between having -- >> ever since the rates went negative in europe, the dollar has weakened and the euro has strengthened. same in japan. the euro stock market has underperformed the u.s. since they went negative. the japanese stock market has been terrible since they went negative. so one of these days the policy makers are going to realize that negative rates are a problem. but if positive rates are a problem and negative rates are a problem. you got a problem. so the only solution has to be on the fiscal side. >> that also seems to be a theme that people are coalescing around here. what about quantitative easing. to some extent the research seems to demonstrate that works kind of the same way. >> quantitative easing seems to help stock markets pretty well but negative interest rates don't. i don't think we're going to go back to quantitative easing in the united states. i think it is very unlikely. they are doing it in other countries. a

guy: given that, adam fisher from commonwealth saying he 30 year japanese bond may be the most overpricedhe face of the earth. he is saying that is massively saying it unwinds tomorrow, just saying overpriced relative to reality. the reality is a weird right now. inhard: it's a represent real terms, a 10 year is low by any standard. if you look at other bond market it is to going to be attractive. that will cap u.s. yields as well. i think it is consistent with what we have seen. it is solid, it is unspectacular. should bege growth hired them what it is right now. that will only be welcomed by the fed. richard jones, thank you very much joining us from bloomberg first word. "the pulse" is coming up next. with at this meeting taking place in turkey. and the prime minister is having a meeting with the party this morning. there will be a press conference after that. ferro and i will be on bloomberg radio very shortly. we'll kick around this story, and what is happening with the fed. all that coming up. ♪ francine: turkey's tournaments. the prime minister is expected to step down after losing

adam fisher, offered a bleak view on japanese bonds saying " the 30 year bond in japan may be the mostf the earth." he was not keen on betting against european sovereign debt, saying that trait -- trade would be a widow maker. , an accident waiting to happen, the original widow maker. why is it an accident waiting to happen imminently? michael: it is not imminently, that is the problem. they are not going to be able to service their debt over the next 20 or 30 years and i think something bad is going to happen. have time on their side and it is not dissimilar to china, 200% of gdp, but it is all funded onshore. --se countries run through run into problems when i cannot get the funding anymore. neither of those countries have an imminent problem with that. they have a huge, unsustainable debt load and investing is a risk. we actively manage across the curve. we like the 20 year versus the barbell, but those are picking up pennies. jonathan: not much space, and when you say who was going to buy, the government fund was pushed to get out of it a little bit. somebody has to buy it and the

adam and turnbulls and swanson from the police department. we would also like to thank congressman and state of steve king, also senators ernst, fisher, grassley sessions, and the doctors and nurses at the university of nebraska medical center. as a 30-year member of the steamfitters local 464, it's ironic that i thank an republican -- my ex-wife were not contacted by any democrats or i.c.e. until april 22nd after i learned i would testify, and the days and 82 days after my data was murdered. they were told i.c.e. and a victims unit would be reaching out. i am an army veteran, served with the 1st cav. my father was a recipient of the purple heart, and silver star. i don't want to talk this about ourselves, but to point out the root family has served the family, and now we're asking for help. my mother and sister legally immigrated to the united states to become american citizens. in my opinion the obama administration with an open boarders policy has changed us. we no longer ask for immigrants to assimilate to our way of life. rather schools and governments are required to accommodate to their needs. my mother and sister took pride in becoming