willem buiter is still there.ut the last eight months of the trial interrelations of this economy the need to restructure. is this the right way to diversify. the mega fund itself is not the way to diversify in terms of domestic production, right? you increase the size of the national savings that you would -- in which you would accumulate. oft happens in terms diversification and new job creation, we will have to see. the only thing i have seen since the interview is enough and that aramco is going to go more into refining and petrochemicals. but it does not create jobs. ways when this massive fund gets invested and diversify it. you get cap creation at home -- you get job creation at home. it will be a huge challenge and a major social, political, economic transformation for saudi arabia. francine: when you look at the price of oil, should they freeze all production to get the deputy crown prince -- they will only freeze all production if iran joins in the same plan. this is geopolitics. wilem: i don't think the

joining us now williem buiter. thank you for joining us.nd the fed which is more important this week. >> well the fed always. about the weight of any other central banks. they will however not do anything in terms of great movement. while there is some chance the bank of japan will cut rates further or do something else in expansion of nature in attempt to get the yen down. so as always the fed is the most important since they will do nothing and do it well. i think japan is probably more interesting. >> i'm wondering if you think given that your report a little gloomier than others on the street whether the fed is going to move at all this year when it comes to raising rates. >> the fed looks at -- conditions. dual mandate. and since inflationary pregnancies in the u.s., while still subdued are i think slowly rising. and since labor market tightness is continuing to increase, i would be surprised, unless the weakness in the first quarter is continued into the rest of the year, which i don't expect. i would be surprised if the fed would not