happened -- you mentioned argentina, in 2002 after their crisis, before they had paid the value with argentina peso to the u.s. dollar and unemployment is 25%. they devalued an defaulted and the result of it was that they had the fastest economic growth, almost ever. they became the second fastest growing country in the world after china from then into the global financial crisis of 2008. so to me that is a wonderful example of devaluation working. there are other cases where it hasn't worked for exactly the reason i have said before. >> my second point is i -- my second point is i don't believe generally speaking there is such a thing of market failures. what i do believe is that the politicians make promises and they muck up the markets. >> well, the -- i don't know what you call the 2008 crisis where the banks, you know, had lent money to people who they preyed on poor people and they lent on money to people who couldn't repay. that was clearly a failure of markets and and when economists use market failure, they use it in a more generic way, not just the most obvious failure like our banking fa

joe: colombia, argentina, mexico, and the philippines all have a peso, separate obviously, and have hadair share of troubles lately. joining us now to take a deeper this trend is the global --thanksmarket strategy for coming in. scarlet recently showed a joint of the filipino pace over says the dollar. --filipino peso over the dollar. presidency, won his the currency strengthened over a couple months, then he started saying a lot of things to offend an insult major governments like the u.s. you can see his currency has weakened considerably, the blue line, and the default risk, the white line, has lowered as well. what is the outlook? >> this is the most disappointing of the law. the philippines has grown 6-7%, no inflation. duterte inherited a great story. but he has done a lot to mess it up. i don't think cursing leaders of the free world will have that consequent is -- this is a challenging time for emerging markets. you don't want to give investors not a time to invest in your country. matt: why is this such a challenging time? win: commodities are through the roof because of growth

su estadio nacional, mÉxico fue sancionado o 600000 pesos por gritos, para muchos, fÓbicos, cuando juega el rival. honduras ganarÁ, decir, argentinado trabajando dÍa a dia para llegar a otro llamado y estoy feliz de que haya llegado este momento. y ahora preocuparme por hacerlo bien y aprovechar la oportunidad que me estÁ dando osorio. presentador: hay preocupaciÓn por la lesiÓn de andrÉs guardado, parece que serÁ peor de lo esperado. exÁmenes mÉdicos han revelado lesiÓn en los ligamentos del tobillo izquierdo que lo dejarÍan por lo menos 6 semanas fuera de actividad. la selecciÓn mexicana estarÁ enfrentando en noviembre a los de las barras y las estrellas en el primer partido del hexagonal final camino al mundial. miles de personas se reunieron para dar el Último adiÓs a la leyenda del golf. falleciÓ el 25 de septiembre a los 87 aÑos de edad. como marca registrada deja 62 tÍtulos en su carrera profesional en el tenis la nÚmero d 1 del mundo podrÁ regresar a las canchas en abril, luego de que su sanciÓn por dopaje fuera reducida a quince meses, diciendo que no tuvo mucha culpa del resultado positivo. en el noticiero de las 11:00 t

reversing these bad policies, but out of these four, argentina has the potential to get out of it in good manner. scarlet: i need to ask about the colombian peso referendum result, people are doubting the government's ability to get anything done, including tax reform. win: they are hoping to pass in october and november. sides havews is both made noise, they want to keep this peace process going. my read is it was rejected because half the population felt it was too lenient on the rebels. we are going to make this worse on you. the rebels want this, but it will be very hard to do. is oil isews rebounding, so it is really an oil story in columbia. the fundamentals are not bad. -- in colombia. china was emerging, you could talk about these problems. now the tide goes out, and you have a problem in turkey, south africa, philippines, down the list. it is a challenging time. i have been telling clients, just differentiate. we cannot tell which are good and bad stories. joining us now is joe weisenthal, cohost of "would you miss?" let's talk not about the peso, but the story of the day today, which is really the move in rates, at least one of the m