all about the tax grab the two thousand staff and today having for marching markets especially the bric countries who are collectively attempting to challenge the economic supremacy of the developed world our guest today believes that the world's fascination with brakes will be short sleeved and in fact is almost over but it doesn't necessarily mean the end of the rise of the rats well to discuss that i'm now joined by richard sharma who leads the emerging market team at morgan stanley mr sharma thank you very much for your time now if you break out nations took the world by storm and became a best seller almost overnight but i think one of the reasons why it was such a success is because people tend to react to it in a very emotional and almost political way some people in the brics countries to get as your prediction of the almost immediate demise and some people in the west took it as a promise of that almost immediate recovery but i guess you didn't mean either of that's right i think my point was to sort of speak about the world as i see it and i spoke about some of these brics cou

all about the tax grab the two thousand staff and today having for marching markets especially the bric countries who are collectively at times to challenge the economic supremacy of the developed world our guest today believes that the world's fascination with brakes will be short sleeves and in fact is almost over but it doesn't necessarily mean the end of the rise of the rest well to discuss that i'm now joined by richard sharma who leads the emerging market team at morgan stanley mr sharma's think you very much for your time now if you break out nations took the world by storm and became a best seller almost overnight but i think one of the. why it was such a success is because people tend to react to it in a very emotional and almost political way some people in the brics countries too good as in your prediction of the almost immediate demise and some people in the west took it as a promise of that almost immediate recovery but i guess you didn't mean either of that's right i think my point was to sort of speak about the world as i see it and i spoke about some of these brics count

because people tend to react to it in a very emotional and almost political way some people in the brics countries stupid as in your prediction of the almost immediate demise and some people in the west took it as a promise of that almost immediate recovery but i guess you didn't mean either of that right i think my point was to sort of speak about the world as i see it and i spoke about some of these brics countries and on an individual basis and as i was traveling to various places from brazil to india i was getting a sense that a sense of complacency is setting in after agreed to take heed and that it was bound to lead to a slowdown in reforms and so therefore the good traits of these economies will bound to slow down in order to live up to the hyped up expectations so it really is . a very honest assessment of what i pour would be the goods to these videos countries but i think this is where your book get rather ambiguous and this ambiguity was even better articulated in your later article in the foreign policy magazine that you there have provoked actively titled broken brakes why t

all about the tax for the two thousand staff and today having for marching markets especially the bric countries who've collectively attempted to challenge the economic supremacy of the developed world our guest today believes that the world's fascination with brakes will be short leave them in fact is almost over but it doesn't necessarily mean the end of the rise of the rest well to discuss that i'm now joined by richard sharma who leads the emerging market team at morgan stanley mr sharma thank you very much for your time now if you break out nations took the world by storm it became a best seller almost overnight but i think one of the reasons why it was such a success is because people tend to react to it in a very emotional and almost political way some people in the brics countries stupid as your prediction of the almost immediate demise and some people in the west who could as a promise of that almost immediate recovery but i guess you didn't mean either of that's right i think my point was to sort of speak about the world as i see it and i spoke about some old. brics countries

all about the fact that the two thousand staff and today having for marching markets especially the bric countries who are collectively at times to challenge the economic supremacy of the developed world our guest today believes that the world's fascination with brakes will be short leave them in fact is almost all over but doesn't necessarily mean the end of the rise of the rest well to discuss that i'm now joined by richard sharma who leads the emerging market team at morgan stanley mr sharma thank you very much for your time now if you break out nations took the world by storm it became a best seller almost overnight but i think one of the reasons why it was such a success is because people tend to react to it in a very emotional and almost political way some people in the brics countries stupid as your prediction of the almost immediate demise and some people in the west took it as a promise of the almost immediate recovery but i guess you didn't mean either of that's right i think my point was to sort of speak about the world as i see it and i spoke about some of these brics countri

but if you look at the brics, the bric is china and the others have not yet built a framework that wille very stable. the chinese have produced a plan that's nobody understood in the beginning. but now that time has gone by, it looks better and better, including radical changes, including the one child family gradually. china just outstripped korea, which to that point had been the fastest for the longest. the rule of 70 says -- the fausto's for the longest. the rule of 70 says that that period increased 30% which is unprecedented in history. and it looks like they got most of what they should do, including structural changes, in place. that is good news. whether they will be able to do it and whether in the end they will be driven back to bank financing under orders of the government, we don't know. that probably could happen. for the others, they have to improve their policies. this is a sad story of life that, if you have all of the prerequisites in place but use it -- but you pursue policies that get worse and worse, you get into trouble. there is a phrase called the fragile five, w

thanks you. >> the fact is that every one of them was either a bric or, shortly after inventing the brics, jim o'neal invented something called the mists which were 10 countries for whom the leaders were mexico doing well, indonesia doing reasonably, south korea doing well, and turkey not clear. and you can't stay on top if you don't keep adjusting your policies and they haven't. they have begun to pay the price. will they learn the lesson? at some point they will. the sooner the better. we don't know about that. in africa, they say it is largely based on its waiting resources, but it is more than that. south america is divided into countries doing the right things, to countries not doing the right things. the ones not doing the right things don't look especially good right now. that is venezuela in particular. so even there we see the same fact they you better get your policies strain out and we hope they do it. >> cautiously optimistic. stan fisher? >> cautious as well. easy credit has been largely responsible for the market boom as is china's own development. i think stan is absolutely

all about the tax grab the two thousand staff and today having for merging markets especially the bric countries who've collectively attempted to challenge the economic supremacy of the developed world our guest today believes that the world's fascination with brakes will be short leave them in fact is almost over but it doesn't necessarily mean the end of the rise of the rest well to discuss that i'm now joined by richard sharma who leads the emerging market team at morgan stanley mr sharma thank you very much for your time now if you break out.

those are the only four countries that take this position the rest of the world the brics the nonaligned movement key u.s. allies like germany and japan have held consistently that the treaty recognizes a right to enrich and what is so perverse when wendy sherman testified exactly longer yet that it's always been the u.s. position there is no such right that's just a lot when the u.s. and the soviet union first opened the n.p.t. for signature in one nine hundred sixty eight senior u.s. officials testified to congress that the n.p.t. recognized the right to safeguarded in richmond that was the position of the united states in til the end of the cold war and then we decided to try to unilaterally rewrite the treaty because we didn't want non western countries getting fuel cycle capabilities ok valorie in paris before we go to break you want to react to that i mean it sounds very hypocritical on the part of the western powers well i mean i think in the case in the in the camp that we're talking about here let's just leave aside the right to enrich and let's look at the fact that iran to rei

all about the tax crap the two thousand staff and today having a marching markets especially in the bric countries who are collectively at times to challenge the economic supremacy of the developed world our guest today believes that the world's fascination with brakes will be short sleeved and in fact is almost over but it doesn't necessarily mean the end of the rise of the rest well to discuss that i'm.

because futures now are certain the legal part of the senate is holding is france hearings on the bric nations of digital currencies but the lawmakers are still seeking ways to clip bitcoins wings as art is going to trickle down reports. from us live foresman officials we heard about all the bad things were later to virtual money we heard that cyber criminals love it drug dealers use it terrorists are looking into it child pornography is bought and sold with virtual money to direct the treasury department's financial crimes in force my network even suggested that the stateless currency may have been created to facilitate illegal activity because it bypasses central banks and government regulations here's what the u.s. secret service said. while digital currencies may provide potential benefits they present real risks for the criminal and terrorist organizations trying to conceal their list of activities and as such digital currencies challenge law enforcement's ability to carry out our responsibilities to enforce the law and suppress criminal activity the chairman of the homeland secur

the russian periphery others in northeast asia and there are a lot of regional things emerging the brics are doing a lot of things as you know i'm not saying any one of these things eliminates the dollar overnight i'm saying they all point the same direction over a matter of years to the diminution of the dollars the global reserve currency ok last question when a book come out new books coming out april eighth it's available for preorder now it's got a nice cheery title the death of money and the coming collapse of the mighty in dollars just on average the knowledge that it's a bit but i mean this time when the shot ok all right it's time generator so i could be on the kind of remarks. all right that's going to do it for this edition of the kaiser report like to thank our guest jam records author of currency wars will be releasing currency wars or the death of money in early two thousand and fourteen you can follow him a twitter at james g. records if you like to get in touch tweet us at kaiser report until next time ask. if you. need no opportunity. to construct your own. no longer be

the russian periphery others in northeast asia and there are a lot of regional things emerging the brics are doing a lot of things as you know i'm not saying any one of these things eliminates the dollar overnight i'm saying they all point the same direction over a matter of years to the diminution of the dollar is the global reserve currency ok last question when a book come out new books coming out april eighth it's available for preorder now it's got a nice cheery title the death of money and the coming collapse of the mighty in dollars just on average the knowledge base a bit but in this time when the shot ok i razzed i'm generous i could be on the kind of remarks. all right that's going to do it for this edition of the kaiser report i'd like to thank our guest jam records author of currency wars will be releasing currency wars two for the death of money in early two thousand and fourteen you can follow him a twitter at james g. records if you like to get in touch tweet us at kaiser report until next time ask us and by all. i would rather ask questions to people in positions of power

the sector has endured several decades of restructuring and lower cost producers in the bric economies have stolen market share. with few remaining european-owned steel businesses like austria's voestapine have moved up the specialty chain. but the firmer euro is doing them few favors. we are delivering roughly 72% currently of our products within the european union. so this is more or less nearly all euro based. we are affected, on the other hand, at the other roughly 28% of our total sales by the development of the euro/dollar exchange rate and this is currently a problem. even a higher problem than in the past because we do not have just the dollar getting weaker. we have the yen in some months bringing us into a specific situation. so we have some additional pressure also from the japanese currency. >> dr. eaders other headache is europe's partly self-inflicted energy, expensive energy prices. >> it's hard to imagine ma it can get stronger. so in my opinion, if we do not see in the next years a very quick redimensioning of costs in general in europe, of course, especially including

a little bit better than this year, so the underlying term may -- >> he's speaking about the -- >> brics next 11, which are going to be the stars -- >> so of the 15 emerging markets, who's going to be a star, and who's going to be a dud? [laughter] don't all answer at once. >> my guess is that china will turn out more positive than is expected, there'll be about 8% or growth. remember that when china grows at 8% after ten years of growth at 10, it is adding far many more to global gdp at 8% growth this year than it added when it was growing at 10% ten years ago because the economy's two and a half times larger than it was previously. well, duds? there are a lot of candidates, and i'm not sure that i want to sort to them out. but i think there is a, there is a chance that politics in india's a great disappointment. i don't know if you want to go as far as calling it a dud. but india had it right, but the politics has taken over, and it's doing things that do not make a whole lot of sense economically, and there's an election coming up. >> right. >> wherever there's an election coming up,

now they are a bric country. they've got lots of money.now they have the highest rate of increase of type 2 diabetes on the planet. now they are consuming their own sugar. where is diabetes the highest? the middle east, saudi arabia, qatar, uab, malaysia. why them? no alcohol. that's right. no alcohol. they have soft drinks like they are going out of style. why? it is hot. the water supply is a question mark. no alcohol. this is their reward. i'm going to tell you, alcohol is better than soft drinks. you know why? number one, it is way more fun. [laughter] alcohol, for lack of a better word, is self limiting. you can only drink yourself under the table once a day. i have a little shot glass at home -- beat hangovers, stay drunk. the fact of the matter is, with soft drinks, you can keep doing it and doing it, and that is exactly what is going on in the middle east today. that is their reward. that is their oppression. analysis called the epic interactive study from europe, and what it shows is that when you adjust for calories, when you adj