adam posen next. "bloomberg." ♪ what happens when a wireless carrier puts its customers in charge? well, the good news gets shared. and it gets rated #1 for customer satisfaction. but don't just take our word for it. take theirs. it's your wireless. your rules. only with xfinity mobile. call, click or visit a store today. tom: this morning in britain, jobseekers allowance also known as income support. in america, there is absolute silence as talks on income support have "completely halted." it is august 11. by one estimate, 82% of new york city restaurants cannot pay the rent. gold drops. real yields not as grim as they were, gold slipping under $2000 an ounce. inflation is out there somewhere. in this hour, adam posen henri inflating an economy. good morning, everyone. guy johnson in per francine lacqua in london. i have to go to the british employment statistics. were they a surprise or was the grimness expected? was expected and expected to go even grimmer. we come out of the summer into the

posen,we welcome adam president of the peterson institute for international economics. i cannot imagine someone better to talk to about this then you. he announced inflation averaging at 2% and said will focus on employment, not worried about too low unemployment. we want to get unemployment down as far as we can. what's he up does this have? you might say better late than never. adam: that is exactly what i would say. better late than never but also powell and richard clara for the process. there is a reality going back to well before the global financial crisis that the phillips curve has been flat. this is a fancy way of saying you can have deviations in inflation -- deviations in employment to the upside and you do not get that much inflation for it. then you combine that with the reality we have seen in japan for a long time and in the u.s. and europe for the last 12 to 15 years that when you're too close to zero on your interest rate balance, you cannot react as well as you should to policy and adjust policy. fomc -- powell and the they unanimously adopted the sta

we consider the battle to .einflate in this hour, adam posen.g surveillance with tom keene in new york, guy johnson in for francine in london. what this is doing to income support and yuan on a limit statistic -- u.n. on of limit statistics today -- am i right that they are grim? guy: they are grim, and the expectation is that they will get even grimmer. for a quarter of

getting thoughts on economic and national security leadership from adam posen of the peterson institute and from former homeland security secretary jeh johnson starting at 10:00 eastern time on bloomberg television and radio. that is tonight. when we look back at last night, it was given over to party unity. the democratic party coming together, including hearing from a former rival of joe biden, mr. bernie sanders, who pledged his solidarity with joe biden. the question is is there a price for the solidarity and does it come in a price of moving the entire party further to the left? to get a sense of that, we welcome someone with vast experience on wall street as well as in washington, he is ralph schlosstein, cochairman and co-ceo of evercore. great to have you with us as always. you've described yourself as a fiscal conservative but a social liberal. side, fiscal conservative are you concerned joe biden is tacking to the left to make sure he keeps the bernie brose with him? ralph: not really. if you look at vice president biden's record in the senate and when he was vice president to

getting thoughts on economic and national security leadership from adam posen of the peterson institute homeland security secretary jeh johnson starting at 10:00 eastern time on bloomberg television and radio. that is tonight. when we look back at last night, it was given over to party unity. the democratic party coming together, including hearing from a former rival of joe biden, mr. bernie sanders, who pledged his solidarity with joe biden. the question is is there a price for the solidarity and does it come in a price of

adam posen,- tom: liked up this morning. real important monetary discussion about what chairman powell has wrought. we go back to the japanese experiment of 20 or 30 years, and the idea of good deflation, bad deflation in such. the world this morning reacts to the celebration of mr. buffett's 90th birthday, where he looked back to the macy restoration of -- the mage he restoration of -- the meiji restoration of japan. there used to be 12 trading houses. now there's somewhere in the vicinity of five or six. katherine chiglinsky gets us up to speed on this. she covers berkshire hathaway for us. there's a huge wall of cash. how much of that wall do they use to acquire japan? reporter: technically just a sliver. the stakes were valued at more than $6 billion, but he has a heord $146 billion of cash is working with. while it is just a sliver, i do think the deal for these stakes in some of the japanese trading firms is really monumental in terms of how berkshire is thinking about investments and where they are looking. tom: what

posen,we welcome adam president of the peterson institute for international economics.t imagine someone better to talk to about this then you. he announced inflation averaging at 2% and said will focus on employment, not worried about too low unemployment. we want to get unemployment down as far as we can. what's he up does this ha?