tom: adam posen? adam: it cuts both ways.inated austerity in 2010, not only in europe but the reversal of fiscal policy in the u.s. and japan, it cut both ways. and it was also, as with inflation targeting, there was nonsense about expansionary consolidation, like in the u.k. that somehow you were going to get a boost to the economy and the budget by tightening. that did not work. the open economy thing is extended rated -- the open economy thing is exaggerated. rogoff,ing up next, ken francine, and i will listen and question david lipton. it is easy to talk, and then you are in the seat where you have to do. "bloomberg surveillance." ♪ francine: i am francine lacqua in london. tom keene is in new york or the imf's meeting in d.c.. joining us from the imf, david lipton, the first deputy managing director. great to have you on the program. we heard from your managing director, saying that a three-pronged approach with monetary, fiscal, and structural actions is needed. given what we have heard from central banks since the has

and adam posen.an island, are we? an island.are not we need to trade, the investment, the capital, the human resources, and we need the demand. tom: so this is demand efficiency right now? joseph: i think so. it is global. francine: the problem is, there is something ugly out there. you are saying the world economy is fragile, but is it ugly enough for janet yellen to not normalize, or is it an excuse for the fed to buy themselves time? joseph: maybe a little bit of both. we have heard the fed talk a couple of weeks ago that international developments are still soft and fragile. they pulled back on the board rate hikes. bebe instead of two it will one. there is no doubt that we are looking at globally. globally, tell us about the risks out there. we know about china, brexit, japan. is there anything else? joseph: globally, the globalization. tom: what do you mean by that? joseph: de-globalization, the borders are going up. we saw a slowdown in trade, the global supply chains are contracting. corporat

adam posen, former member of the en atof england, dr. pos the pearson institute.ion with david lipton, deputy manager of the imf, today, 2:00 p.m. this afternoon -- maurice ochs fell tfeld.rice obs "bloomberg surveillance." ♪ show me movies with explosions. show me more like this. show me "previously watched." what's recommended for me. x1 makes it easy to find what blows you away. call or go online and switch to x1. only with xfinity. francine: this is "bloomberg surveillance." to bloombergaight "first word news" with nejra cehic. nehra: in india, seven people who fled after a weekend fire that killed at least 115 people have surrendered to face prosecution. the blaze was sparked by a legal fireworks where thousands were attending a religious festival and where the suspects were board members. 200 others are still hospitalized. texas senator ted cruz isn't and with hillary clinton in a matchup among married women who are likely general election voters. that is according to an online poll. against donald trump, clinton beats the new york rival 48% to 36%. since 19

we speak to ken rogoff, david lipton, and adam posen on friday. ♪ francine: i am frenzy and likewisem keene is in new york. we have plenty of news -- i am francine lacqua in london. tom keene is in new york. here is nejra cehic. this company joins four other coal companies to seek bankruptcy as the industry endures its worst downturn in decades amid for environmental policies, a flood of cheap natural gas, and a glut that sent prices to 10 year lows. trading in peabody shares in new york was suspended immediately. jpmorgan has reduced headcount 30its asia-pacific unit, positions eliminated, or 5% of the jobs. the move comes as the bank tries to refocus staff on serving clients with higher investment thresholds. the bank reports earnings late this morning. more evidence of stabilization in the world's second-biggest economy. in --exports have jumped have jumped the most in a year as imports have narrowed. stocks rallied on the news. shipment's were up 11.5% in dollar terms in march from a year earlier, compared with a 25% slump in february. that is your "bloomberg business flash." fra