until nixon came in and changed the bretton woods agreements and we switched from the caine's economics to milton friedman and nobody ever understood that. we never went back to discuss it. i was in the congress. congress didn't know what they were doing. most of the congress people are lawyers. we had an economist who was the chair of that international finance committee, royce. but he was intimidated by arthur burns and george shultz and paul volcker. watergate broke three weeks later and we never got back to discuss how we got from a stable global economy where everybody was growing at a 5% to 7%, some as much as 10%, to this roller coaster economy that we've had since the late 1970's. it seems like we went from a gold standard, which everybody agreed to, to an oil standard, which nobody fully understands who's pulling the strings, but there are some basic economic discussions that we need across generations and that we need, frankly, across national lines, because these are global issues now. tavis: when you say that -- you said a moment ago it concerns you that the member

with other countries until you throw those two parts will constitute the new system is not the bretton woods two yet we are not there yet but it's one of the elements of the future and new future global mindtree system speaking about risks many experts today speak about the risks of the cheap dollar and cheap you wind for russian economy is there a risk that the ruble will start becoming too. strong. well be her for. inexperience already. overweight it will. in the way of frugal was higher than the supposed by from the mental due to higher inflation and capital inflows that hurt before the crisis and creates risks for for the economy what is important is that the rate of appreciation of the national currency is not higher than the rate of increase in efficiency of labor productivity and energy efficiency and other efficiency indicators we believe that at least at this point in time the medium term perspective. would potential to increase efficiency even faster than the rate of increase in the real value of robel and this will keep us on the safe side and will not expedient thing in negative

monetary system says he wants a debate about a new international financial order to replace the bretton woods accords. and time to check on the markets now and both reporters are falling over a percent here in moscow all the main players are down on the r.t.s. with energy stocks the major drag after vases bucking the trend though it's preferred stock is up again for the second day more than twenty percent higher over my six. it's a similar story in europe markets are lower a day after some some hit two year highs with a fresh round of earnings weighing on some shares in london the footsie has fallen a half a percent led by a two percent fall and roll for his group and one point six percent fall for jane sales pre-pay all see which reported course helped herself. onto russian billionaire alexander mahmood has bought a three percent stake in him v. group and international entertainment retail chain operating in seven countries and with an annual revenue of three point two billion dollars analysts say mahmood acquired the shares because of the current low price and some reports say the move even

. >> the problem is, there have been these great moments in history like bretton woods after the second world war when nations have come together, g-20 in washington, in london and philadelphia -- sorry, pittsburgh, when they came together to try to solve the problems. what they are now doing is they are tinkering at the edges. the house isn't burning but there's smoldering embers somewhere in the basement. the real risk is if they don't start dealing with these imbalances as the president of the world bank has said, more and more people are saying, eventually those embers will be set afire again. >> let's be clear china saves to much exports to much. america spends to much. europe needs to invest more. that's what happened before the crisis. many people said the huge -- magnetism of these big structural imbalances created the whole problem in the first place that allowed the housing crisis to erupt and it's all still there. >> richard, good to see you. try to bring a little more energy next time you join us. we'll take a break. bacon, cereal, coffee, sounds like a great way to start yo