tom: i have to get your blood boiling -- charles calomiris -- r paul krugman saying something surrogate a for the fed while we clear markets? charles: i do not know if you remember, six years ago we did a special event where we talked about fiscal policy. we had interesting people. bob schiller. tom: peter orszag. charles: we have needs for investment, including education. there is lots you can imagine from a fiscal capacity. here is what we lack, debt capacity. we do not have the debt capacity to do those things. real reform, which we could have done with bowles simpson, if obama would have been serious, could it put us in a position to break through this. an exclusive. i think they agreed on something. let's look at oil, not on the demand side, the supply side. global oil production was once flat. then it went up, then it really went up, up, up. this curve of his more and more in accelerating with production. teachs calomiris, you this at columbia. there is a point where the microeconomics gets squishy. doing away the price is on oil right now? charles: $40 a barrel. tom: but it is st

charles calomiris will join us next. us worldwide, "bloomberg surveillance." ♪ tom: markets struggle to find a certain stability and the dow down 12% for the year. central bankers are michael mckee and brendan greeley. vice chairman fisher will discuss inflation and it is the one thing the donald trump hasn't discussed. the stronger dollar trumps all. this is bloomberg surveillance and we are live from the world headquarters in new york. i am tom keene and i took two days off. well-timed? vonnie: you could've taken any two days off in august and you would've missed something. tom: will bring you up to speed on currencies and commodities. let's begin with our top headlines. isn't asoday's decline steep but the direction is still investors were not encouraged by the interest rate cuts. starteduro the stocks skidding again the day after germany britain and france all down by 0.66%. the s&p 500 coming off of its worst six days and five years. central bankers plenty to talk about they all gathered it sent -- jackson hole, wyo