we are here with david folkerts-landau. ng average, the four year moving average of real gdp. and david folkerts-landau, this is the why of the election. this is not enough economic growth for america. david: no. it is not. not by far. i would expect and hope that the measures talked about now will put us closer to between 3.5%-4% by the early part of 2017. tom: doesn't boost consumption? consumption?ost hopefully tax changes and repatriation of foreign profits. they need a policy incentives out of washington to direct all the money coming back into american jobs? david: i believe there is a window to get these things done and the window is short. it has to get done quickly and i believe they understand that. francine: quickly. trillion dollars is how much money a lot of american companies hold offshore. so to even get 10% of that back -- on ai cannot do that monday. let me do a data check. markets on the move. we want to remind you there is a re-pricing in the markets. near 19,000.res up a 1% to year yield. swiss franc is s

david white flour with us. this is what "surveillance" is all about. bring up the chart. this is from folkerts-landau. landau from deutsche bank. does code to happen days or week after an independently or after the wealth destruction? ian: there would be an extended period of total chaos. you could not have italy leaving the eurozone without the rest of italy falling apart. 1, 2, 3, six years down the line, that is a different question. a sovereignof pain, italian currency may put it into a better position. but the transition from where we are now to that would be horrendous. ,rancine: tom keeps saying talking about the switch to lira. this is extremely unlikely. do we just need to have a prime minister with more power that has a much more aggressive mandate in reforms? you want a critical -- you want a credible market going forward that they can invest and hire. what you have been talking about is a country in chaos. we have seen similar problems in the u.k. where brexit has come. you cannot form a government or get a policy -- we do not know where this country is going. why would firms go in and hire

it really carries forth the divide that we saw when i was in london between david folkerts-landau andest divide i saw in london was on italy, the immediacy of the solution in italy versus the more dramatic like. to do central bankers adapt the political reality of a new western populism? kim: in part it is the leadership, and you will find that new leaders of these countries up leaders of central banks. that will have an impact on the way they behave. but central banks have a very specific mandate at least in the united states, they are instructed to keep prices stable, to keep output close to normal levers -- to keep output close to normal levels. tom: checks and balances are in the air right now. there is a check and balance in england, in frankfurt, in washington. the checks and balances to our monetary policies? there are lots of them. it depends on which institutional setup you talk about. if you think about the federal reserve, they communicate rarely what they are doing through statements, press conferences, testimony, and they are called to account by the congress. so i think