daniel russell of new york to be assistant secretary of state with east asia and pacific affairs. the nominee for the assistant secretary of state for east asia. i had a chance to be with mr. russell for my recent chance the qtr to asia and i want to thank him personally for the briefing and he's well qualified i want to thank you for your continuing to serve the public and i know that your family is there and we want to think your family as well. we think the members of your family for being willing to put up with your desire to serve the country. mr. russell is a career diplomat since 1985 was a major architect of the administration's rebalanced asia policy as white house national security staff since 2009. as the turn of the subcommittee rebalancing the asia policy so i welcome the opportunity to discuss mr. russell's plans for the rebalanced bigot asia is tremendously important for america's economic growth and faces serious challenges of nuclear proliferation, the cyber attacks to climate change. i look forward to hearing from mr. russell how he will tackle these challenges an

africa, and the asia-pacific region. these drugs are strictly related in japan and are controlled by police. but demand is soaring for what people in japan call low evading drugs. a survey by the japanese government shocked many people. when in march some children as young as 13 are consuming new psychoactive substances. one of the most common types of nps found in japan is a mix of herbs laced with chemical powder. users roll it in cigarettes. it can produce hallucinations as strong as the real product. one pack costs about $40. >> translator: this kind of herb gives a certain peace of mind because it's not illegal like actual marijuana or other drugs. you can't be arrested for possession. all you have to do is go to a shop, and it's not that expensive. >> reporter: but users underestimate the impact the substances can have on their health. >> translator: i had a really scary experience once. i smoked more powder than usual, and right afterwards, even though i was at home, i could no longer tell where i was. i didn't ev

. >> translator: we confirmed that we share strategic views in the asia pacific region. we also agreed to step up coordination in the asia pacific islands. >> he hopes the two country also promote bilateral dialog at various levels to fortify ties. as maritime nations, the two countries stressed the importance of issues being resolved peacefully without force or provocation in a manner that is clearly consistent with international law. the statement was made with nations such as china in mind. >>> japan and china have been locked in a dispute over a group of islands in the east china sea. taiwan and china claim them. the united states view has been consistent for decades. it says japan has add men traytive control of the islands but has not taken a public stance on what country actually has sovereignty over them. the u.s. position has its origins in 1971. documents to led to this exist, but a recently discovered audio file sheds further light on the issue. nhk world has the story. >> reporter: the okinawa reversion agreement was signed on june 17, 1971. the senkaku islan

this could have a negative impact on our ability to protect our interests in the asia- pacific region. what is your assessment of this? >> thank you. i will respond and then i know general dnc will want to respond as well. first, your initial question about additional operating expenses based on threats in the asia-pacific, you mentioned specifically north korea. we have had to place asset differently, reposition resources, capabilities over the last few months, essentially since i have been over there a little more than three months, a good deal of my time has been devoted to that part of the world, and that particular issue of north korea has consumed a good amount of it. so there have been additional cost and there may well be additional costs. part of what the comptroller is referring to in his general commentary on answering the chairman's question about uncertainties. you plan for uncertainties but you never know. we have had to protect our assets there, whether it is guam, hawaii, south korea. we need to continue to keep all options available for the president if we would be re

not in europe as has been for 100 years prior to that, than the asia pacific region. secondly, that we would maintain freedom of access throughout that region. in particular, we would maintain the sea lanes in that area, whatever the challenge might be. even as we reduce our defense budget, therefore we must maintain and would maintain a powerful navy, and that that navy would be charged with maintaining the freedom of those sea lanes. we had, of course, to be concerned as to whether there would be a challenge for that. we observed that the rise and shine has more energy needs for more energy than they can produce themselves, and to maintain the economic growth which they believe is essential. we observed that the south china sea is a potential source of energy supplies for china and that there is a contention among the nations in that region as to where the ownership and rights of access are to the south china sea. and this is conceivable that china might seek to reestablish its claim there by military coercion and that could lead them into a confrontation with the u

defence policy in the asia- pacific.n he traveled on to brussels for the nato defense minister both sidesd book end of our effort, the asia-pacific also europe. our: from oklahoma, on democratic a line, good morning. caller: good morning to you. how are you? host: go ahead. caller: i think we just need to pull out of afghanistan and iraq and just let them people have it and take care of their own affairs. we have not accomplished anything over there except getting americans killed and we could put that money that we're spending over there to good use in this country and helping the people over here and just let them people have it over there and just be done with it. we are not going to accomplish anything. that's basically all i have to say. host: are we accomplishing anything? guest: i would take issue with the colors you that we have not accomplished anything. in iraq, we pulled out that u.s. forces years ago and we have given the iraqis and an opportunity to build a better future. in afghanistan, we are on the pathwa

. >> i don't think back to tell the audience how important the asia-pacific market is to the u.s. 40%f global trade. in 2010, u.s. goods exports totaled $775 billion, comprising almost 60% of almost all of our goods exports. we're up 25% in the last two years. for the farmers and ranchers, nearly three-quarters of our total exports go to asia-pacific customers. for our service providers, nearly 40% of their total services exports go to the region. these benefits are not just for the big multinational companies, but for americans -- america's small and medium-size enterprises who export over $70 billion to the asia pacific region. >> that is michael froman, the nominated as replacement for ron kirk as u.s. trade representative. celeste drake, if you could talk about the significance of what he said any tpp, where you're coming from from the afl-cio? >> thank you very much. we question the wisdom of pursuing the tpp in the first place. we do have, for better for worse, the world trade organization, which has lower tariffs around the world that has allowed us to increase our exports as m

just turn to the asia-pacific area. we have five major treaties in the asia-pacific area, and they go back decades. we have responsibilities. nationsargue that many in the asia-pacific area rely on the president of the united states. i don't think we can ignore those responsibilities. as i put in my -- i take my comment from the marine corps hat off and i think about the nation and what is best for the nation. the balances, how do we fulfill our role as a global superpower. and then as a the part of the fence, what is our responsibility in that? more specifically and more tightly focused, what is my responsibility to provide capabilities as the, of the marine corps. with that i think i will stop, and mike and i will jump up here and take some questions. thank you. [applause] >> thank you, general. i would like to pick up with a couple of the scenes that you usually begin with. let's get to the sequestration matter in more detail. i will begin as a for early skeptic might. i raised the issue in terms of the debate we hea

that's why you see me traveling throughout asia pacific, throughout europe.ons in this last year in terms of the big ones. >> you can't repatriate the $47 billion? >> i can't. we still have the majority of our employees in america. this is where tax policy can determine where you grow and where you don't. >> a lot of consulation in the markets about what the fed is doing. less so in the business community who are seeing some grassroots growth in the united states but only seeing it across the globe. are they seeing it in europe as well? i'm delighted to well come to "worldwide exchange" maurice who is the chairman of tyson. very good to see you. >> good to see you, steve. >> what are you doing in russia? nkts we were invited over because we made our first acquisition here in russia in the tire plant. we have 42% of the north american tire market and we have 42% of the agricultural market here. we're following our customer base and we're excited about it. >> european market is struggling. i know you're looking at the agricultural side in terms of investment he

asia pacific and china's the largest market in the world.e're putting in production capability, plus, producing all new vehicles. i think the answer to your question is that henry wanted to operate everywhere around the world, we wanted to be part of the fabric in addition to making good cars and trucks, so every vehicle we make helps our scale so we can offer all the vehicles we make. >> you're putting up how many factories in china right now? >> seven. seven in asia pacific and we're covering the country and also, their excitement for the different vehicles, we thought we'd have small suvs, but i think they just absolutely loved that ford lineup. >> let's talk trucks. you've got some numbers today. >> what kind do you have now? >> i bought a ford 350. >> jim, you'd like to talk about that. >> we run and it, if you're a small business person, you need a truck. >> absolutely. >> is that what actually -- housing, what correlates with these incredible sales? how can you have sales better than any time in the last seven years? >> data says that

relationship of these two leaders will have a significant impact on security and stability in the asia pacific. campbell says the obama administration recognizes the key to a successful relationship involves putting u.s. china policy in a larger regional context. nhk world, washington. >>> the french president is making his first official visit to japan high pressure he and the prime minister have agreed to cooperate on a rang of issues including promoting french and japanese issues around the country. the president and the first lady were greeted by the emperor and e emporess. they made a joint announcement. >> translator: france and japan share common responsibilities, universal values. we agree that our countries should deeper their special partnership. >> the two leaders said the defense and foreign ministers of their countries will discuss the joint development of defense equipment. they also built a new -- they said they will support overseas sales of a nuclear reactor developed by two countries from france and japan. they m shared concerns especially when it came to tackling the economi

as a vehicle for asia pacific wide economic integration that share our vision of negotiating a higher standard twenty first century regional agreement the goal is to cover a region that represents more than half of global output and over forty percent of world trade so what does all this mean well the trans-pacific partnership is a huge free trade deal between eleven pacific region nations the us australia canada. new zealand producing a poor malaysia and vietnam china japan might join as well that's still in the air this would bring it together over twenty six trillion dollars in annual economic output this would be the largest trade agreement ever negotiations start in two thousand and eight of of which have taken place behind closed doors the seventeenth the round just took place and may in lima peru will while congress has the legal authority for regulating u.s. trade members were originally not allowed to have any access to the draft tags however hundreds of private sector advisers have been working on the treaty just one concern arising from documents is that as with past free t

commanders are increasing their military presence in the asia pacific as part of a strategic redeployment. they plan to raise the number of marines stationed in australia by nearly six times next year. australian prime minister julia gillard announced 1,150 u.s. personnel will be deployed in darwin. the six-month rotation started last year. 200 marines are involved in joint drills with the australian military. the exercises take place during the dry season between april and september. darwin is located on the northern tip of australia. it's a strategic location because it puts within reach areas where china is stepping up military activities. u.s. commanders plan to increase their presence in australia to 2,500 personnel including aircraft units and the command staff. >>> the south korean president is trying to get other foreign leaders to come to the table. she has asked other foreign ministers to try and persuade them. officials in south korea's presidential office said she expressed regret that talks were canceled because of disagreement over who led the delegations. pak told tong she

the belief is when we look at asia-pacific, some of the developing economies, they will probably be backn top in the near term. particularly asia-pacific, which we think will have the fastest growth rate to 2015 where we think world wealth will be -- find net worth over 55 trillion. think about the volatility in the marks. in 2010, 2011, and think about what the u.s. markets did and, quite frankly, u.s. real estate. so it's really not a surprise. we flip-flopped a little bit in 2012 with north america coming back on top. >> those who argue for tax cuts for the wealthy say those -- that they should be allowed to have those tax cuts, because this is where the jobs are created. they are the job creators in this economy. do you find that to be the case? are they the kind of risk taker where they're using some of that wealth to create jobs? >> well, we would say where you're seeing the most job creation in the united states, quite frankly, has always been small business owners, and small business owners are -- tend to be in this category, putting a lot of risk in their business and high net w

other markets in asia pacific, hong kong share snapped a losing streak. tokyo stocks lost 0.72% as investors jumped china-linked stocks. general shareholders meetings are in full swing in japan for businesses that have reported their earnings for fiscal 2012. overseas investment funds and others are putting japanese companies under strong pressure to boost their corporate value. the moves come as share prices have risen this year. railway operators faced a showdown with u.s. investment fund at its shareholders meeting on tuesday. an effort to wield greater influence, shareholders voted it down. top company managers said they would consider a proposal made by another u.s. fund, third point. the fund wants sony to spin-off its entertainment business and build off its main electronics business. japanese holdings have been holding down spending and building up reserves since the global crisis in 2008. estimated now about $720 billion. shareholders are closely watching to see how companies plan to invest their cash reserves for future growth. japan's economic

relationship of these two leaders will have a significant impact on security and stability in the asia pacific. campbell says the obama administration recognizes the key to a successful relationship involves putting u.s.-china policy in a larger regional context. junko tanaka, nhk world, washington. >>> all right. let's get you caught up with the latest in biz now. we are getting fresh clues today that japan's economy is picking up. officials at the cabinet office say a key indicator rose for a third month in a row. the cowince dent index stood at 94.8 in april. that's up one point from the previous month. it includes industrial output and employment. the rise attributed to brisk production of smart phones and liquid crystal televisions as well as car sales. meanwhile, the leading index that forecasts the state of the economy a few months down the road went up 1.3 points. april marked a fifth consecutive month of gains. the index recovered the level seen 5 1/2 years ago. the cabinet office kept its assessment of the economy unchanged for march. officials say signs of economic recovery seem to

a negativehave impact on our ability to protect our interests in the asia- pacific region. what is your assessment of this? >> thank you. i will respond and then i know general dnc will want to respond as well. first, your initial question about additional operating expenses based on threats in the asia-pacific, you mentioned specifically north korea. we have had to place asset differently, reposition resources, capabilities over the last few months, essentially since i have been over there a little more than three months, a good deal of my time has been devoted to that part of the particular issue of north korea has consumed a good amount of it. so there have been additional cost and there may well be additional costs. part of what the comptroller is referring to in his general commentary on answering the chairman's question about uncertainties. you plan for uncertainties but you never know. we have had to protect our assets there, whether it is guam, hawaii, south korea. we need to continue to keep all options available for the president if we would be required to take an

as a vehicle for asia pacific wide economic integration that share our vision of negotiating a higher standard twenty first century regional agreement the goal is to cover a region that represents more than half of global output and over forty percent of world trade so what does all this mean well the trans-pacific partnership is a huge free trade deal between eleven pacific region nations the us australia canada. new zealand producing a poor malaysia and vietnam china japan might join as well that's still in the air this one bring it together over twenty six trillion dollars in annual economic output this would be the largest trade agreement ever negotiations start in two thousand and eight which have taken place behind closed doors the seventeenth the round just took place and may in lima peru while congress has the legal of the. already for regulating us trade members were originally not allowed to have any access to the draft text however hundreds of private sector advisers had been working on the treaty just one concern arising from documents is that as with past free trade agree

for the prosperity of our two countries on the security of our two countries, but also for the asia-pacificion and the world. [translator speaking] the importance of this relationship is reflected with the somewhat unusual setting that we're hosting the president in. our thought was that we would have more opportunity for an extended and informal conversation in which we were able to share our visions for our respective countries and how we can forge a new model of cooperation between countries based on mutual interest and respect. [translator speaking] i think both of us agree that continuous and candid and constructive conversation and communication is critical and important to shaping our relationship for years to come. [translator speaking] for my part, this will give me an opportunity to reiterate have the united states welcomes the continuing peaceful rise of china as a world power and that it is in the united states interest that china continues on the path of success because we believe a peaceful and stable and prosperous china is not only good for chinese, but also good for the wor

women who were abducted or recruiting by trickery to serve the japanese military in the field in asia pacific during that period of time. these women and girls were drawn throughout asia and southeast asia primarily korea, the philippines and china and including japan. some of them were so young that they had not reached puberty. a quote from one of the women who told her story many decades after the incident talked about how, "the broth he will i was taken to was a two-story japanese style building with 20 rooms. there were already women there when we arrived and rooms were very small. each was big enough for two to lie down in [speaker not understood]. the walls and floors were laid with wooden beards bowederxand nothing else. [speaker not understood] when my pregnancy became apparent, i don't know if my baby was born alive or not. [speaker not understood]. these stories share a common element which hear about with human trafficking. initial promising of gainful employment at factories, [speaker not understood] upon arrival of the destination, the discovery of a situation completely differe

military has made to the asia pacific many experts believe that the u.s. is now surrounding china militarily building up militarily in china's backyard so clearly there is a lot of confrontations or issues that both of the elite these leaders need to confront but at the end of the day these two countries the two largest economies in the world need to find a way to work together because they are tied in systemically with when it comes to debt when it comes to borrowing when it comes to trade but the tense moments right now seem to be surrounding cyber security virtual espionage and these mutual accusations of hacking and this is what both these leaders need to be ironing out right now report correspondent new york. well things up in the u.s. not only over. there but also overseas trading. me to destroy a deal that could become his biggest ever take over of an american company the scale of the moves got some business leaders worried but other spot golden opportunity this is a quote from virginia. who told harry more he says he thinks his state's actually goi

has been described in the media at least, is there is a shift happening when it comes asia and asia pacificrom the administration. can you explain the plan? guest: the administration, which termed it as the asia event, and then later the idea is wherehe should america be prioritizing resources, and given the economic importance of asia, the security applications of asia where there are multiple nuclear powers, a sickly the united states -- basically the united states should shift its focus to that region. unitedemphasize that states is not just talking about the military, but also economic trade. the pieces in play as the u.s. tries to emphasize its asia connections. host: china perceives the. -- the pivot as? an attempt to limit china's capabilities and limit their rights. host: is that accurate? guest: i would suggest that perhaps paranoid is too strong a word, but china is refusing to recognize that their actions .ave reactions to -- reactions i do not think there is case teaming american president looking to contain china so much as a push reaction to china's increasing assertiveness. h

strike bomber and virginia-class submarines, all assets that are important to our rebalance to the asia pacific region. however, i am concerned about section 233 in the underlying bill. i appreciate the intent of this provision. we do need to ensure the defense of our allies in east asia. yet this provision unduly restricts our combatant commanders to provideing support or supporting allies in other areas. the provision is unnecessary and it impacts our military readiness and i hope the rules committee will make my amendment in order to improve the provision. i thank my colleagues and i urge all my colleagues to support this vitally important bill. i yield back. the chair: the gentlelady yields back. the gentleman from california is recognized. mr. mckeon: i yield to the gentleman from virginia, mr. forbes. . . the speaker pro tempore: the gentleman is recognized. mr. forbes: with chairman mckeon's and ranking member smith's leadership, i believe this provides the right authorities to represent our resounding and unequivocal support for those men and women who place their service above all thin

leading to this or described in the media there's a shift happening when it comes to asia and the asia-pacific from the administration. the idea that in the wake of the iraq and afghanistan conflict winding down. where should america be prioritizing the resources? and given the economic importance of asia, give the security implications of asia where there are multiple nuclear power, north korea, that basically the united states should shift focus to that region. let me emphasize here that the administration is not simply talked about the military. that's obviously a big piece of it. also diplomatic even trade. the transpacific partnership. there's multiple pieces and in play as the u.s. basically tries to reemphasize the asia connections as well as its traditional. glois and china perceive it is as? >> guest: as an effort to contain china. perceive it is as an effort to limit china's capability and counter china's rise. >> host: is that a fair assessment? >> guest: i would china is -- paranoid is perhaps a too strong word. they fail to recognize that their actions have consequences. when they

number ves disappointed, not just in china, but throughout the asia pacific over the last couple of months. it's not just the slowdown in exports, we see some weakness in domestic demand coming through, as well. >> hsbc's pmi was weaker compared to china's official reading over the weekend. tough to assess the stress of china's economy given the mixed reading. joining us from hong kong, the chief economist at rbs will be with us in a few moments in time. let's run through those pmis for you, as well. the pmi for germany was still sub-50, but it does improve a similar story in france, as well. pmi for spain and itly also rising this morning. we did see -- take a look at new orders, interesting to look at on the same vain this morning. we have the highest gauge since february 2012, first time since the down turn eased in four months. back to the china number, what do you make of the difference between the official pmi, 50.8 going up and the china hsbc number, which is slightly contractionary? >> one of the things that is worrying us a little bit both in terms of trying to make sense of it al

we kept initially intending to be engagement that we want to do so seriously in the asia-pacif asia-pacific. >> just to follow-up with the answer you just gave and what you been saying about this plan and you can semi-the armies can under these plans but what happens to the army's engagement plans under sequestration? >> let me talk about it in terms of defense strategic guidance of 2012. this force structure can meet the guidance that was outlined last week to when we could sequestration we have to do another analysis of whether we can meet in a strategy or not. and that's what we have to work through. we've been talking about, working through that. and keeping on where it ends up, whether we can still meet strategy or not. >> i have one follow-up question if you don't mind in wake of the edward snowden surveillance leaks. are you at all concerned about how terrorists, brought terrorist groups might be changing their tactics in terms of to mutations? and are using that already? are you seeing any changes in the way they communicate now that they have this broader scope, understanding of ho

seven in asia pacific and covering the country and also, their excitement for the different vehicles,ave small suvs, but i think they just absolutely loved that ford lineup. >> let's talk trucks. you've got some numbers today. >> what kind do you have now? >> i bought a ford 350. >> jim, you'd like to talk -- >> we run and it, if you're a small business person, you need a truck. >> absolutely. >> is that what actually -- housing, what correlates with these incredible sales? how can you have sales better than the last several years? >> data says that p perfectly correlatable with the gdp and that goes in a big way with houses. it supports economic development. for 37 years and so, it is coming back strong. the may year over year sales is nearly 31%. >> what's the secret here because we've seen styles come and go. we've seen cars be strong and be weak. what's the secret of the f-150? of the f series? >> i think it's been this laser commitment to the consumers because it's such an important vehicle. keep improving it year after year. absolutely. today with my sports version, which people

the united states trying to shift its foreign policy focus to the asia/pacific region as it draws downeeting is really a key part of that policy decision. president obama will be meeting with chinese president, xi jinping at a resort called sunnyland in southern california 59 rancho mirage. the ckdrop aimed at fostering a personal connection between these two leaders. there will be some important issues on the table, including cyber attacks, as well as north korea and human rights abuses. so i expect all of those issues to be on the table. going back to the appointment of susan rice, it allows national security adviser tom donalan to oversee that meeting. >> kristen, you will be covering that meeting? >> i will be. >> we'll be right back. can become major victories. i'm phil mickelson, pro golfer. when i was diagnosed with psoriatic arthritis, my rheumatologist prescribed enbrel for my pain and stiffness, and to help stop joint damage. [ male announcer ] enbrel may lower your ability to fight infections. serious, sometimes fatal events including infections, tuberculosis, lymphoma, othe

the larger strategy to shift focus back to the asia pacific region. it's 200 acre historic estate and ranch which has hosted seven presidents. obama will be the eighth. the location is aimed at fostering an open and wide range discussion. op on the agenda, north korea's nuclear program, but the white house has made no secret of the -- cyber attacks linkeded to the chinese government and now, awkwa awkwardly, nbc news has unveiled new revelations about how extensive this chinese cyber spying operation is and was. in fact, it penetrated obama's 2008 campaign including a direct hit on computers in his chicago campaign headquarters. >> hackers gained access to e-mails in range of campaign files from policy position papers to travel plans. >> what we didn't know is that u.s. intelligence actsies quickly traced the attack to china. mccain campaign was also targeted. officials also got a phone call complaining about a private letter that had been released from mccain to taiwan's new president. the b problem is is, the letter had not yet been delivered. it's

america's national security now for more than a decade, and instead to put greater attention on the asia pacific which is where the great powers of this year are colliding and where american instruments can actually accomplish great good. so i would hope the administration will, if you will, state course there, as well as als do what i would argue, which is repair some of the dpownd'd foundations of our power here at home. there will be those arguing for intervention, but, again, i'm hoping the president, if you will, stays the course, and continues to show real restraint. >> woodruff: what changes do you, coming? >> i think, again, this is a team that agrees on the desirability of focusing on asia and susan rice has dealt with north korea and knows that portfolio. i think, though, the world has a funny way of deflect, what you want to do, even in the best advice, and, again, i think both susan rice and samantha power are people who very much understand the complexity of development issues, terrorism issues, sectarian issues, humanitarian issues, in a very complicated strategic calculus. >> wood

foreign policy to the asia-pacific region. so heç will be there. the beginning of july. so the president emphasizing the role that tom donolan played in that as well. >> let me quickly bring in pj. it is worth noting, pj, the president referring to samantha power and members of congress urging them to confirm her quickly knowing there is no battle at least, a vote to be had, regarding susan rice but something we could see with samantha power. >> i thought samantha did a tremendous job in her remarks. she is an immigrant. she lives the immigrant story. transition, you know, trying to get rid of her brogue. it still creeps into the conversation now and again. it'll be very, very hard for the senate to filibuster her nomination. i expect there to be no problem. >> thank you, pj. appreciate you sticking around during big announcement on the rose garden bit president. thank you as well, kristin welker. >>> get you caught up on breaking news. wcau is reporting there's at least one fatality as a result of this building collapse in the heart of philadelphi

and for five years, performance ranges number one among asia pacific funds returning 30% to investorshe co-manages the matthew china's fund. thanks for take time out to spend time with us. >> thank you for having me. >> i wanted to start with the nikkei and volatility that we've been seeing coming out of japan. i noticed that a couple of your top picks are japanese stocks. are you worried about that? how are you hedging against that volatility? >> it's very interesting. over the last six months, all of a sudden everybody wants to talk about japan after not wanting to talk about it for years. you are correct, some of our top three holdings, all japanese, large caps. the reason we were there for years as a dividend seeking strategy has been because we have seen tremendous dividend growth out of japan, before this rally in equity markets. is there cause for concern? i think what shin zoe abe has been putting in place in japan is hugely important. it's different than what we've heard out of japan for decades. he's doing an all-out attack on the deflationary spiral that the country has see

that's versus 68% in south africa, 58% in latin america and 57% in asia-pacific, so we're less than halfow much -- >> now, let me finish. >> yeah, yeah, yeah. >> two schools of thought. one school is that this is basically the wealth cycle, right. >> yes. >> wealth in these countries is newer. >> it's catching up. >> so they don't have many years of saved income. >> right. >> don't have many years of investment so naturally a higher percentage would be entrepreneurs. but the other -- it does dovetail with other research that shows despite the fact that we like to think that wealth in america is entrepreneurial and the recession created all these entrepreneurs, actually we're at a five-year low for the number of entrepreneurs and new business creation, and the number of jobs created from new companies is actually lagging, too, so i think you put all that together and there is an argument for saying like where is our moj sno what happened to the great country? >> what was the jobs act supposed to do is create jobs in entrepreneurial spaces? >> no way they would price or give funding to ipo

would say there is more selling on the cards today, look what happened yesterday the api, the asia pacific had a fresh 9.5 year low. now the fed is talking about pulling back. we are seeing capital outflows from this region and the marks over here are repricing rick as well. china was a big casualty as you pointed out t. shanghai composite was down by 5.3% yesterday at the settlement. is the biggest one-day loss in almost four years t. banks were hit very hard in china. what's going on here is by a jenning, the central government is trying to get ahead of the curve, is trying to address the risks in the shattered banking sector. has caused stress in the interbank market. this is very much fine tuning in terms of economic management. this is a work in progress. this is going to be a factor. it will contribute to volatility and outside moves in the china market and by implication the region as a whole. in my book, look for more selling today. >> thank you. speaking of china, we are seeing the metals in the meltdown lows on peers the fed will pull back its monetary easing out of china. so let