in his "new york times" -- tom: carl weinberg is with us. o provide stimulus in europe, you cannot provide it anywhere, can you? carl: i agree with that. it is not coming, though. there are problems and there are facts. the fact is that fiscal stimulus is not coming. monetary policy has either reached its limits or not addressed the problem. so we are stuck in an eight-year depression now. tom: how do you define euro sclerosis? carl: that is such an old phrase. i think we are beyond euro sclerosis. that is from the 1980's. but banking depression with europe, save the banks, save the economy has been my motto for a long time. the underlying problem with low productivity growth, weighs heavily on the economy. that is the euro sclerosis. jeff, how do you look at charts when you have german yields out to eight years that are negative, when you have the ecb behind corporate bonds? how do you decide what charts are real and what are not? jeff: it becomes a relative game. in every circumstance, there are winners and losers. to carl's point, clearly,

we will show this later in the hour with carl weinberg and fareed zakaria. his from real gdp to nominal gdp. there is a huge debate over whether smart people in economics should target nominal gdp. should they? carl: i don't get it. other people might, but i just do not get it. , pricespendent action should be an object of policy into and of itself. that is the ability of prices that is a target work aiming for, and looking at nominal gdp, it skewers the gap between what is happening with prices and within the real economy. tom: it may obscure price dynamics, but our prices squeeze lower, much like the time of arthur burns and before the great inflation? if you squeeze the price changeup, what does that do to your models and all that? carl: my model works on real demand. focusing on the impact of population growth, on the economy, will be so much more important than going to nominal gdp versus real gdp as we move forward. i think we are in for a period of price stability. the underlyingt pulse of the economy will be driven by changes in the number of people w

basically, the journal article suggests that what carl weinberg will-- has talked about maybe finally happened. we will talk about that. francine: we have been reporting this for a couple of weeks. it's something i addressed. they have been asking for some time and debt relief. they have done this veiled threat that if they don't get that relief, they may not participate. news.get to the >> the u.s. is backing libya's request to find islamic state. john kerry is in vienna where he met with russia's foreign minister as well is the bromance from other countries. they ruled out the use of u.s. troops. the majority of britons want to remain in the european union. 55% of those surveyed what the u.k. to stay. that's up slightly. 40% want to leave. the referendum is june 23. in france, the french president will try to head off strikes. last week, demonstrators in paris announced the plan that he forced to the lower house of parliament. it makes it easier for companies to fire workers. this would lead to the creation of more jobs. the number three official in the chinese congress party is pro