you wind up and of as a conservative in continental europe at the time. but a voice for anglo-american conservatism. he's been understood that way before. >> host: so he was thomas paine? >> guest: thomas paine was an english born immigrant to america. contemporary of burke's brother. he was eight years younger. history is quite different. he began life in a working-class family in england, through a series of terrible misadventures, found himself basically a bankrupt tax collector living in london trying to forget what to do with his life but one with extorted self-education in philosophy and political science. and he encountered benjamin franklin, the representative of the american colonies in britain, and franklin got to know him a little, very little, and suggested to him that he should try going to america and starting over. and he did that and they quickly became an important figure in the intellectual circles of philadelphia. he was the editor of a small magazine called the pennsylvania magazine, a writer, and as the american revolution began to br

i don't think that burke is all that applicable to continental europe. there people that try to apply him in ways that were very perverse and it led to a certain kind of historicism. people like hagel thought they were following burke in some respects and burke would not have thought so in any respect but i think he translates to america --. >> host: there is always hagel. >> guest: he translates to america much more easily because in a funny way one of the things that we americans of the left and right take for granted and assume without thinking about it too much is the american revolution was the beginning of something grand but of course the american revolution was the extension of a certain kind of anglo-american english way of life in and way of thinking. it's quite due -- different and developer long time in american life and burke on his speeches notes that the americans are much more alert to threats of their liberty much more suspicious of government than the british were. but their basic idea the relation to the community and its rights is an

and so he will send a person that would have been thought of as a conservative and continental europe at the time but the voice for the anglo-american conservatism he has been understood that we before. >> host: who was thomas paine? >> guest: and immigrant bourn to america. he was eight years younger and his story is quite different. he began life in a working-class family in england fruit eight series of misadventures and found himself basically a bankrupt collector trying to figure out what to do with his life but an extraordinary self education and physical science and he encountered a benjamin franklin the representative of the colonies in britain. a suggested to him to get into america. in the intellectual circles in philadelphia he was the editor of a small magazine called the pennsylvania magazine and a writer and the american revolution and the struggle for independence and he wrote the crisis papers. lesser known as he went to france and became an important spokesman for the french revolutionaries to be a really great champion to the speaking world and the case for the revol

operation of continental europe costs the costs of everything are much nor in percentage terms were disclosed to kill almost four million two minutes of the scratch card scheme that has been formidable money to scratch cards while we wait were very good in terms of getting good but it's the and returning prizes overturn over sixty percent and protestants rotate the retailers both inhofe percent. we have taken circle citizens to secure supply combine don't write that their costs and the strip of pink. i'm for european today it doesn't really matter though that the prophet doesn't really matter and is appointed on a shot of making the site because you all to this compensation scheme. you gotta think it or you could guess you are all for your all that from the states for free every you're you raise the sales so it was a phrase used in official fundraising practices which were used to leverage government funding the minister shopper is incorrect there and we are concerned the post generation profit is a nifty list of to top on charging off trees we would take on the national three in which it was

developing markets particularly in the united states, lloyd's is the number one provider and also in continental europe where we have in france and germany very interesting opportunities. >> do you think we'll continue to see the growth rotation away from some of the developing markets into developed markets this year and beyond? >> well, i think over the next 10, 15 years we're going to see it. along the way we'll have years where it's all three or four years where the pace is different. i think if i was guessing in 2014 funnily enough for lloyd's i'd see us having good prosecpes for the united states and europe. we're continuing to increase our footprint in emerging companies but that will take time. >> you've insured the first vault to protect bit coins. >> the answer is i couldn't possibly comment. >> no comment, i'll accept that. thank you so much. >>> now russ i was talking to you about the potential for china's shale boom. we're going to talk to the top expert in china about the potential there and whether or not china's government is investing enough in energy security for china, that coming up

uk and across continental europe largely on the red following disappointing earnings. dow some of the stronger than expected pmis we got in europe rising this month to levels not seen since the middle of 2011. the china data weighed on the mining sector, all lower in london trading. and meantime, shares of nokia down sharply, too. 40 quarter sales down 22% at the core network equipment division. handset sales declined in the period. they are in the process of completing the sale of the phone business to microsoft. in the meantime, staying with the markets, guggenheim partners manages more than $190 billion. remains bullish this year. what do they think of today's moves? let's bring in scott minerd joining us live from davos today. scott, it is great to have you. welcome. >> well, thank you for having me. >> it's nice -- i'll let you get to the parties here after we talk. in the meantime you guys are making a play toward europe. you've got an office in london now. looking at real estate opportunities there. what would you describe as the key conversation coming out of da

. >>> simon hobbs is back as we count you down to the close in the uk and across continental europe.irmly into the red. you got a slight recovery on spain and italy because they have greater exposure to emerging markets for many of the blue chips there. be aware we've had a recovery partly as a result of what the turks have done overnight. one standout today is a lot of the miners have been doing well in the production numbers. on the plus side they've been doing well. anglo-american with record copper production. anglo-american's platinum production is up 25%. that's him elped. also had the board meeting at fiat. fiat chrysler automobiles will be come and list here at the nyse. it will be incorporated in the netherlands and for tax purposes be domiciled probably in the uk. so just be aware that he is returning to the floor of the new york stock exchange. i just want to mention an issue that may not immediately impact the markets but is very big in london. we've had now a second suicide of an american banker this week in london. somebody at jpmorgan threw themselves off the roof of j

stronger euro -- let's bring in simon hobbs as we count you down to the close in the uk and across continental europe for the audio difficulty. in the meantime, dow is still down 115 points. let's bring in art cashin, director of floor operations at ubs here at post 9 to talk about that. art, good morning. >> good morning. >> can you explain what happened in the last half hour? >> if you live by the component you die by the component. handful of dow stocks that mostly multinationals that got hit a little bit after 11:00. ibm, johnson & johnson. the viewers have to remember that the dow is weighted far differently than all the others. everybody else is weighted by capitalization. the dow is primarily weighted by price. so if, for example, johnson & johnson is down 2 1/2 points, that's 20 points on the dow. so you get five stocks down 20 points we're down 100. you can make some comparisons. theories around that there was some sharp futures trade after 11:00. that didn't seem to impact things because the s&p is down far less than the dow is right now. >> right. there had been some talk about 1840 being

. >>> markets are closing across continental europe. it's about 11:30 on the east coast.rkets and disappointing corporate news combining to weigh on stocks. a pair of british blue chips dragging the ftse to five-week lows. bg group tumbling partly due to some turmoil in egypt. and as for vodaphone, it does not intend to bid for the mobile operator, that in response to speculation about a potential deal. speaking of m&a, john malone acquiring zigo for $13.7 in cash and stock after ziggo rejected an earlier offer. we know malone has been interested in europe for a long time. >> the data out of germany, carl, was stronger than expected today. not doing too much for the market there though. coming up, royal caribbean making headlines after one of its ships had to turn back early. today, royal caribbean stock rallying after reporting strong earnings in the fourth quarter. it's up almost 2%. could this latest news overshadow that? we'll ask the ceo of royal caribbean in a cnbc exclusive in just a moment. ♪ ♪ ♪ ♪ [ tires screech ] chewley's finds itself in a sticky situation tod

and our team's first ever in the top sixteen in their maiden count pain in europe's top flight though it was their third continental win by eight points or fantastic on the artist sank the historic basket after scoring eleven of his thirteen points in the second half when it sees them fifth in group best while the istanbul hosts have yet to taste victory in three last sixteen think ounces. and while looking much seal's their first top sixteen victory to scout tasted their first defeat and also by a point this point is on belgrade's never say die approach resulted in a stunning seventy three points to seventy two win over the moscow giants fall down down a bit lead to the home side to their famous triumph netting twenty seven points with nineteen of those coming in a pivotal final fourteen minutes us. meanwhile the n.b.a. was at london's o two arena where the brooklyn nets remain undefeated in three games after beating the atlanta hawks one hundred twenty seven point two one hundred ten for joe johnson scored twenty nine points and andray blatche added twenty to make it three wins from three a throw so between the t

europe. let's get the facts first. i always want to be where you're at, michelle. you're always in a great place. somewhere continentale to deal with matters we would consider sticky, they say, c'est la vie? >> yeah, nice choice of words there, sticky. i think they like to say, they love to say these are personal matters this is private, they don't care, and they do take certain things in stride. things like public nudity. someone is photographed sun bathing topless. something like this is different. they will tell you on the street, we don't care what he does in his private life, this is the biggest story over there, i was in paris two days ago, it was wall to wall coverage. i mean this is what everybody was talking about, from intellectuals to taxi drivers. >> why? >> i think the details of it, he is hugely unpopular now, his ratings are down to, by some estimates 15%. and also, the nature of it, the fact that he was photographed being not very discrete, because you know to the french, discretion is everything 37 they want to at least be toastful about it and then they'll cut you a lot more slack. he was photographe

to 1,000 souls that included national guard, active component, reserves from continental united states, from places in europe, all fine individuals working under one command and one mission with one standard. so i'm concerned when i hear that the chiefs are being put into, in my opinion, a position to say that the guard and the reserves are lesser. because it is my experience that they are not. it is my experience when soldiers are serving side by side that they don't see and they don't recognize and they don't notice any difference. they do their jobs. and i don't want the chiefs to be put that position, we are asking, we are pleading through this with the administration let's have an open process. let's have one that is transparent. let's have one that we can engage in a conversation because if the guard costs 30% of what the active duty costs are, then a proportional cut really isn't proportional. if we offer things that is important to the nation as is evidenced in the last 10, 15 years of war, 50% of the component fighting those wars not only in just logistics but in ken netic activity, engaging the ene

continental, and you have trucking company con-way taking a hit. >> thank you for that, sheila. red arrows across the board here. the bells are about to sound across europe markets right after this break. we know we're not the center of your life, but we'll do our best to help you connect to what is. i nethat's my geico digital insurance id card - gots all my pertinents on it and such. works for me. turn to the camera. ah, actually i think my eyes might ha... next! digital insurance id cards. just a tap away on the geico app. could save you fifteen percent or more on car insurance. everybody knows that. well, did you know that when a tree falls in the forest and no one's around, it does make a sound? ohhh...ugh. geico. little help here. >>> dow jones industrial average now down 204 points in the s&p is down more than 27 to some critical levels. technicians argue around 1801. not coincidentally, europe is about to close the stocks suffering the biggest one-day slide there in seven months amid a global sell-off. worries about emerging markets, currency crisis in argentina. taking an especially hard toll on spain. benchmark ibex is down. in the uk, falling