still with us, alberto gallo and kit juckes.uld we worry more about china than we are at the moment? >> no, i think there's two common fallacies people have about china. one is they have infinite dry powder. that is not true. they have a simulated -- they have accumulated losses in the banking system, which are roughly over $1 trillion in loans. knows what -- nobody the true number is, but if you are one of the 10 people in china that knows the real num ber, you know dry powder has to lust for the next five years. the second fallacy though, is that they have other resources they can use. it's not a free democracy. you can funnel people's savings into investment, and that is a much larger amount of money. they are trying to control the slowdown, create bond market, so the debt can be externalized and they can use people's savings to invest in stocks and corporate bonds. anyou have too much debt at aggregate level, you can either grow out of it, which they have already done. you can count of future population growth, which just ch

tom: how miserable is alberto gallo? how miserable is alberto gallo coming from r.b.s. over to you?lly looks five years younger. [laughter] being an employee at the bank of scotland. francine: i think we'll have to ask him directly. tom: very good. thank you davide for a wonderful discussion. this story is not going to go away. there are other stories in new york city with our news. here is taylor riggs. taylor: president trunch is contradicting some of his fellow republicans when it comes to tax reform. he wants them to benefit the middle class and not the wealthy. next week, british prime minister theresa may takes her brexit firm offensive to italy. she said the u.k. can still work closely with the e.u. after leaving. meanwhile the chancellor said they have -- over the super vision of financial markets. later this month germany decides whether to give chancellor merkel a fourth term. there is talk the left leaning green party could join a grand coalition. >> not good for the country on the long-term to have all of parties are asked to -- what else is possible? what we need to do