dr. weinberg is not thrilled about it either. helicopter money is a statement and identifies original physical transformation, right? >> they are engaging in helicopter money. in essence, it is helicopter money. but because of what it does, i wrote an article that the central bank, they are inflation toxins. bank says they store these reserves. the money needs to seep out for it to be toxic. it is more bank lending. >> we had a conversation, it's not like money but it's a little bit like a script. , nowis the kind of merger the government can borrow for zero. >> the interstate highway system was put in place, 50,000 miles of roadway and we still drive those roads and gain benefit in the economy from that investment. in the united states, what have we done? very little. we can't have more gdp unless we have more investment. >> this is what the liquidity trap is all about. there is no risk-taking in the term of fiscal investment, business investment. people just want to be safe. >> speaking to bloomberg's tom keene on surveillance

dr. weinberg. this is a chart that i did with the bernanke chart 12 years ago. here is deflator in japan, up with the inflation. they get to the peak in the 90's, and they flat-out rollover. theo to jackson hole, dynamics of deflation, can you exported? export it, but that is not what japan is about right now. in the united states we are looking at very little of what we buy imported from japan. very little of what is in the cpi is important. at the end of the day. -- at the end of the day, japan's inflation is a local phenomenon. but it is a natural consequence of the domestic economy. when an economy depopulate, demand falls as well. tom: i will go with the depopulation angle, but understand maybe it does not affect us. but the adjacencies to asia have to be extraordinary. carl: china has its power structure, and that is domestically determined also. the variability in china's price structure, that is mostly food prices. you look at ppi, nonfood prices in china, and they are steady as a rock. if there is any risk in japan, it is deflation. not see that it'd is