in the european union, for instance iceland i am asking to join the european union precisely-- [inaudible] in fact it is a complete mistake to think that the problems of greece are a result of greece being in the euro. it is precisely because greece has not respected the rules of respect that greece is now facing difficulties and that there is a difficult adjustment it has to make her co. >> thank you very much. >> mr. president, thank you. could i just ask it perez question with respect to the storage of data which the german constitutional court has ruled on early in the month saying that it was nolan voigt to store code medications data but it is still unclear to what extent unsupervised data storage and accessing data is compatible with human rights. e.u. directives on the storage of data. or the catalog of fundamental rights in the e.u. treaty must come into force there. should we not check whether the catalog of fundamental rights in the treaty is correct with respect to provisions? >> thank you her co. >> first of all it is a fundamental right in article viii of the european charte

in the european union, for instance iceland i am asking to join the european union precisely-- [inaudible] in fact it is a complete mistake to think that the problems of greece are a result of greece being in the euro. it is precisely because greece has not respected the rules of respect that greece is now facing difficulties and that there is a difficult adjustment it has to make her co. >> thank you very much. >> mr. president, thank you. could i just ask it perez question with respect to the storage of data which the german constitutional it is still unclear to what extent unsupervised data storage and access to data is compatible with human rights. no information is given on the storage of data in the eu treaty must -- and the eu treaty must come into force there. should we not check whether the catalog of fundamental rights is correct? >> thank you. >> it is an article states of fundamental trigger we now have a framework for the collection of personal data. this is essential to ensure a common approach to all data processing activities within the european union since the procedure a

they are going to be discussed by the european council also by the european parliament and we hope it will be a very fruitful discussion. >> thank you. >> i'm not entirely satisfied the question is taxpayers' money is being used to engage in speculation against greek states. this money comes in part from german banks and nothing is happening. we're just hearing talk about other measures are going to be adopted. i'm disappointed by the fact so little is being done. to prevent, to ban things from happening in the e.u. to put a stop to the speculation so that we can concentrate on growth. >> regarding speculation let's be clear they were not caused by speculation. it is mainly caused by overspending and not respecting the european framework in terms of stimulating the impact. manly the access of the debt but of course afterwards it may happen that speculator stacked against the sovereign debt of the country. this show is also the importance of fundamental reform derivatives market and the relevance of the action already taken by the commission. of the 20th of october, 2005 the commission

my mom was a european.r naturalization papers says czechoslovakia, but she was actually born in 1912. and i think at that time her part of czechoslovakia was in the austrian hungarian. we don't know much about my mom. she was a mystery figure. a darling woman with a german accent. and she used to say to me, you idiot, you have no brain she would say to me. i've always found germans a little scary. and i grew up in michigan just west of detroit. >> host: claudette in lewiston, idaho please go ahead with your question. >> caller: thank you very much for your commentary here. i'm learning a lot. your statement you made you would prefer state-by-state healthcare, i think what us folks in the grassroots, if you want to call it that, we don't want more government control. so would the state-by-state insurance benefit us? could we do that? not that we don't want everyone to have healthcare. we just don't want the government more involved in our lives. and one more statement, you served in the navy and thank you fo

in brussels there is unsurprisingly tilt towards the european solution. >> putting in place a european framework for assistance as requested. we're working all of your areas and the member states in order to reach a solution. >> earlier this week, french and spanish leaders called for a special fund ahead of the main gathering. there was a not even widespread agreement on the need for an extra summit. the best that greek people can hope for is some flesh on the bones of the deal that was struck last month. a mechanism by which it might be delivered. right now that seems unlikely. everything seems so uncertain and gramm. >> let's go live to brussels, we're joined by a senior research fellow for european reform at the research center. if we do nothing, surely the values will drop further. >> you see the leaders coming to a different position on that now. it seems that they have created a kind of blocked space in which something has to give. >> what do you think that they can and should do? >> not very much, i am afraid. they can try to come up with something to prevent the collapse. poli

they are going to be discussed by the european council also by the european parliament and we hope it a very fruitful discussion. >> thank you. >> i'm not entirely satisfied the question is taxpayers' money is being used to engage in speculation against greek states. this money comes in part from german banks and nothing is happening. we're just hearing talk about other measures are going to be adopted. i'm disappointed by the fact so little is being done. to prevent, to ban things from happening in the e.u. to put a stop to the speculation so that we can concentrate on growth. >> regarding speculation let's be clear they were not caused by speculation. it is mainly caused by overspending and not respecting the european framework in terms of stimulating the impact. manly the access of the debt but of course afterwards it may happen that speculator stacked against the sovereign debt of the country. this show is also the importance of fundamental reform derivatives market and the relevance of the action already taken by the commission. of the 20th of october, 2005 the commission began a

and my argument was that europeans say under 35 or 40 these young europeans are the most united. they are the ones who have the strongest feeling that they are europeans rather than finns or astonians or poles or spaniards if you follow me. if you go up to somebody at 72 and say where are you from, she will say i'm from france or i'm from italy but if you go up to somebody 22 they'll say i'm a european who lives in italy. that was the argument. i think there's a lot of validity in that but it's not as true as i stated in the book. if i were to fix the book, i would downplay the generation e. it turns out these younger citizens of the united europe still feel that they're astonians or finns or dutch. and the kind of proof of it was when they had the referendum a few years ago on a treaty -- on a european constitution, the rule was it had to pass -- it had to be approved by every country. and it failed in france and in the netherlands. two of the original six countries who formed this united europe. that was kind of surprising. but the really surprising thing for me, the guy who wr

now, the european parliament with counsel will act as co- decider. my group is very keen on the fact that the european service for external action to take full responsibility in terms of budget and policy. i look forward to your comments. thank you very much, -- >> thank you very much. this service will ensure the coherence of our foreign policy. it will allow member states to participate more and be more and more involved in the area of common, for an, and security policy, so -- common, for in it, and security policy. -- common, foreign, and security policy. we will have a meeting at the college next thursday. we would like to have a strong european service that will be a strategic instrument that will allow for an expeditious exchange between member states and the other institutions in this area. this will be under the responsibility -- under the high representatives, and we, of course, must answer to the european parliament, and we have to look at all the aspects of this service. >> thank you very much. >> thank you, president. mr. barroso. the eu

european union to join european union, precise because i suppose someday to join european union as well. it is a complete mistake to think that problems of greece are result of european euro. is precisely greece has not respected the heels of sutherland respected greece is now facing difficulties, and that we will of course have to pay some cause of difficult adjustment it has to make. [speaking in native tongue] >> translator: thank you, mr. president. and i just ask a question with respect to the storage of data which the german constitutional court has ruled on our in the month, saying that it was no lymphoid to soar telecommunications data, but it is still unclear to what extent unsupervised data storage and access and data is compatible with human rights. clear notice was given to the spot on the swift agreement and e.u. directives of the storage of data. or the catalog of fundamental rights in the e.u. treaty must come into force there. should we not check whether the catalog of fundamental rights in the treaty is correct with respect to the provisions on data storage? smack it is

of the european union.cess where countries apply for mentorship that it would be like, let's say, mexico or some other smaller, they want to apply to become a state in the united states. well, what would be the rules and the prerequisites for that kind of a change? well, this is what europe has been doing. i have been a proponent of moving ahead, both with the western balkans, countries like albania, former soviet, croatia, serbia, bosnia-herzegovina, so that we move and they are now most of them candidates are potential candidates. they are -- i have proposed that we put a date to their accession which would be 2014, 2014, 2014 happens to be 100 years after the beginning of world war i, which began in the balkans in sarajevo. closing a circle of violence and instability, and again, showing how europe is a piece project. i also see that what turkey and i've been a proponent of turkey becoming, having the capability and becoming a member of the european union of course having to fulfill its copenhagen criter

of the european union. there is a process where countries apply for mentorship that it would be like, let's say, mexico or some other smaller, they want to apply to become a state in the united states. well, what would be the rules and the prerequisites for that kind of a change? well, this is what europe has been doing. i have been a proponent of moving ahead, both with the western balkans, countries like albania, former soviet, croatia, serbia, bosnia-herzegovina, so that we move and they are now most of them candidates are potential candidates. they are -- i have proposed that we put a date to their accession which would be 2014, 2014, 2014 happens to be 100 years after the beginning of world war i, which began in the balkans in sarajevo. closing a circle of violence and instability, and again, showing how europe is a piece project. i also see that what turkey and i've been a proponent of turkey becoming, having the capability and becoming a member of the european union of course having to fulfill its co

the european union was pretty much a peace project.ink the economies in such a way that there would be no desire for w ar, as that would be catastrophic for all sides. as that would be catastrophic from both sides if you're all sides. so it has been a piece project, and people sometimes underestimate the importance of the fact that the european union, over the years, have brought in countries, for example, breaking the divide between the east and west of the cold war. and that is huge piece project. with it also is a democratic project to project a democracy. bring in countries that were formerly did dictatorships, greece, spain, portugal. but also many of the eastern and central european countries that were under communist regimes. and thirdly, it is of course an economic project with social cohesion. the whole idea of social cohesion is very important. and many other countries, particularly the south, and we talk about the south sometimes we bring in countries like ireland, even though they are not south of europe. but now when we're

and that is why i'm such a committed internationalist and a passionate european. there are not easy national solutions to the problems we face, but there are international solutions. and we must turn outward and not inward, so i disagree with those who misguidedly seek an isolationist and anti-european option. now let me just take the challenges in turn. on the international economy, we came together to deliver the largest stimulus the world has ever seen with the potential to save or create nearly 20 million jobs last year alone. we agreed more than 1 trillion in the resources available through the international community and for trade finance to stabilize the global economy. for the first time we agreed a common approach to cleaning up banks balance sheets and restoring lending, and as a result of decisions we took at the bungee 20 in april, a more severe global recession was prevented. but now is the time to take the next steps to complete the task of rebuilding the global economy and to strengthen the international financial supervision in the coming months. a

economists and equity people, me, people and european equity strategists look at european equity markets very different than the european economy. equity markets have a real opportunity of opening up. one of the reasons is american investors won't touch europe right now. january, february, won't touch it. concerned about the currency. is it going to roll over? we've got weak economic growth, but if you look at companies in europe, they are very international in nature. about 45% of the quoted market is actually selling outside of europe, outside of the euro area, outside of europe, and profits can do quite well even when economic growth is weak. and because the americans won't touch europe and a lot of international investors, you're really starting to see a gap in valuations opening up for european companies, and there's some great opportunities. >> opportunities in terms of putting money to work at the bottom, putting money to work at very depressed levels? is that where you're seeing that? >> sure, opportunity means -- yeah, people have ignored the market and you've got companies that

economists and he can quit people and european equity strategist look at european equity markets very different than the european economy. equity markets have a real opportunity of opening up. one of the reasons is american investors won't touch europe right now. january, february, won't touch it. concerned about the currency. is it going to roll over? weak economic growth. but p companies in europe are a different nature. a lot of the market is selling outside of europe and profits can do quite well even when economic growth is weak. and because the americans won't touch europe and a lot of international investors you're starting to see a gap of valuations of european companies and great opportunities. >> opportunities in terms of putting money to work at the bottom, putting money to work at depressed levels. >> yeah, sure. opportunities means -- people have ignored the market. you look at s.a.p. versus oracle we saw on television. both had okay results but s.a.p. is trading at a big discount to oracle. so you get these big international players with good brand names that have done -

our commitment to protect the stability of our common european currency.s medicine may be bitter but it's the only -- but it is only an immediate remedy as we must deal with other core problems that have prevented greece from reaching its great economic potential and there is great economic potential in greece for far too long. so i've told the greek people that 2010, this year, must be and will be a year of drastic reforms across all levels of government, changes in our tax system, our social security system, our public administration, our education system, our health system and our development model. at the top of the list is tax evasion. to give you just one measure of the scope of that problem, fewer than 5,000 greeks declare incomes of 100,000 euros. that pattern must end and it will end. we will be prosecuting offenders no matter how rich or powerful to show that mean business. the rule of law means it applies to all. such changes we are sure will bring in billions of unpaid taxes and help underpin our return to fiscal health. we are also tackling ch

exporters, but for those within the european union, as well. >> yeah. and i guess, look, one of the solutions dealing with relations in asia is to set up a better work relationship with the eu, as well. and these things perhaps need to be decided on a global basis. how important is it to do that that we get a resolution with what's going on with the airplanemakers. are we going to get to an agreement on what constitutes safe subsidies for boeing and airbus? >> well, first of all, you're on the line premise is precisely why i'm here. in the mind of the i'd, we are at an extraordinary place with the european union. for us, this is by a wide margin, spectacularly the most successful trading commercial and strategic relationship as any we have in the world. it's just under a trillion dollars alone on the trade side. if you add in foreign direct investment, that's another $3 trillion, almost 14 million people are employed in the united states, in the european union because of the free flow of commerce between our two great economies. we believe the white noi

the common currency for 16 european states.n paris yesterday, french president nicolas sarkozy denounced the speculators and gave the greeks a strong vote of cover dense. >> greece has shown that it is capable of regaining its credibility by its own efforts. but i want to be very clear. if necessary, the member-states of the euro zone will fulfill their commitment. there can be no doubt on this. the euro is our currency. the euro implies solidarity. >> woodruff: whether that solidarity crosses oceans is another matter. neal erwin is a financial reporter for the "washington post." he says u.s. officials and markets still remember what happened in asian markets in the late 1990s. >> they realize they were taking losses in thailand, they started to look around and say, you know, is something going wrong in korea as well and indonesia and other nations? before you know it, all emerging markets around the world especially russia are having an all-out crisis. that has had a real impact on the global economy. the fear is that greece c

so who is going to be in the lead on this deal -- the european union or the imf? >> i will just read you what it says in the document. bear in mind, this is a draft. it may change. it says there will be substantial imf funding -- sorry, substantial imf fund financing but the majority of european financing. so while the imf, according to this document, will have a role, the suggestion here tonight is the european union will take the lead in all of that. that is important to many people here in brussels because that's really was a test for the year rose own. there was a strong feeling from some countries that the euro zone had to be able to appear it could keep its own house in order, that it would not need to be able to have to go to an organization like the imf, after all, based in washington, to help them sort things out. in this document it makes it pretty clear they will have to but the eu will have majority control over the whole thing. >> now let us take a look at some of the day's other news. british mp's questioned the continued use of security member broug

this is what all the european believe -- leaders believe and think. i have heard it said that europe was less interested in the united states. how many times do we have to come over to show that we were interested? very frankly and very honestly, not only is it not an issue, not a problem but is able -- it is wonderful to be able to work under these conditions. president obama and i are constantly having a dialogue. we might not agree on syria and france took an initiative. at no point has president obama turned his back on what we were doing. he is constantly watching and listening and we are constantly exchanging information even when there are more complex topics including our relations with the russians. president obama knows exactly what we are going to do and when we are going to do. we are very transparent on both sides with confidence and trust. there is a lot of trust. trust always helps one overcome diverging interests. it may be that the united states has slightly different interests than france but the bedrock of trust between us is someth

of the european union. and the solution should be colored by the european, we should make that it is applied to cyprus and to the solution of cyprus. if these elements follow, i believe we can find a solution. and i do know that both the present and tayyip erdogan our old friends, and if they are really allowed to move ahead and particularly, i would hope that we find a solution. as soon as possible. >> thank you very much. and i think we will have to close it now. the prime minister has as you might imagine an extremely heavy schedule. please, everybody be seated, because the delegation, the prime minister and his delegation will the first. so may i please ask you all to remain seated. thank you very much, mr. prime minister. [applause] [inaudible conversations] [inaudible conversations] [i [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] >> next on c-span, the economic -- economics of health care. and later, president obama talks on the topic

we had about 10 european ipos so far this year. only three of those are trading above the actual issue price. perhaps with today's ipo it is actually the fourth one trading above. so all in all, we have to see -- >> nice to know another ipo. >> absolutely. >> all right, thanks for that. what's going on in zurich? >> it's a similar picture in switzerland. yes, down half a percent gist really we're also watching the health care stocks in switzerland. which have really big exposure to the u.s. market. novartis and roche trading down in line with the market down 0.7%. of course, the vote, the positive vote of the house for the health care bill, that is important for the fees the health care companies will have to pay. they will be delayed from this year to 2011. also insurance coverage will be wider and that means more customers for these health care firms. but we see that roche and novartis are not really affected by these positive changes right now. apart from that, we also had positive news for rach, which are unrelated to the healt

but non-european union countries.d to talk about tax information exchange around the world. we had written welcome that because we have the benefit from liechtenstein, and that led be better off with the exchange of tax affirmation rather than harmonizing taxes. the issue on climate change, i think that people have agreed on national emission targets and plans, all the major countries have submitted there's, china, india, their national emissions reduction plan. we agree on financing that climate change objectives that have been set at copenhagen, but what we need for certainty of moving forward is a global framework agreed to by everyone. the challenge in mexico will be the global framework. that global framework is the basis on what the emission targets of the individual countries can be readily understood as being progress that we've made at copenhagen, but not cemented because the framework is are real enough. i do not believe in the people that our climate change deniers. there is a real problem that we have to d

their accounts not to european union country, but non-european country. so we had to have an agreement about the world. that the g20 move that forward. we britain welcome that because obviously we have benefit already as i said from the inside, and that in my view is a way forward for the exchange of tax information rather than harmonize taxes. just one answer the question on climate change. i see the stand a debate in the country is rivaling ours. the issue on climate change, is i think that people have agreed on national emissions targets and plans. all the major countries have been prepared to submit, china, india, the national emissions reduction plans. we have agreed that we got to find a way of financing the climate change objectives that have been set at copenhagen. but what we need for the certainty of moving forward is a global framework that is understood by everyone. and i think the challenge in germany and in the challenge in mexico will be to agree this global framework, and i think the global framework is the basis on which the emissions tar

in other words, did the europeans feel vulnerable now? have there been times not so distant history where i think they haven't come to the field of global and if so who are they worried about firing missiles at them? >> i think there is a growing appreciation in europe for the danger specifically from iran. i think they'll get to the nature of that regime clearly a state sponsor of terrorism working hard to a nuclear device additionally i think there's a great deal of understanding that the ballistic missile technology that the iranians will possess is moving pace so that is having a cellular tory affect on the european proclivity to be engaged with us a missile defense. now it varies from country to country and there are a number of factors that range from geography to relationships with the united states to the general world outlook that shaped but i think in my opinion it is fair to say that we are seeing a growing appreciation and again i have to applaud assistant secretary allin tauscher luft and forward. she's an expert on this and

the european economy is sagging. greece is a place where if you take away corruption, you destroy the social fabric of society. it's a banana republic, which for a short time had a aaa credit rating. >> does that mean the euro is going -- i appreciates theagek actives. does that mean the euro is going south? euro by the way, just hit a low today against the suisse frank. david is the euro going to continue to go south and the dollar becoming more king dollar? >> the europeans, according to robert mundell want the euro at around 1.25 to deal with their export catastrophe. so i think that's about right. i see 1.25, gradual fall. i don't believe the fed is going to tighten and push the dollar up further for a simple reason. you've got -- >> they don't have to! greece is doing it for them! that's my point. let me bring in axle mark. bernanke lucked into in. because after ignoring the dollar as he always does, he finally put a line in his speeches in january -- the dollar had fallen, u.s. import prices are rising, produce

this is an issue for the european union. we believe they had and possessed the capabilities to solve that and the president has on a number of occasions prior to the meeting today been briefed on the situation. but again, believe this is something that the europeans can and should resolve on their own. >> said the administration doesn't have a role at all? >> obviously i think the global economic recovery will be discussed in a meeting today. but the feeble go out after the meeting and you will see the president this evening at that defense in the east room. so there's no doubt that in addition to cooperation on afghanistan that global economic recovery will no doubt come up. yes, ma'am. >> just following on that is there any situation on which the u.s. would provide help directly? i know you've said it's something to do -- connect it's not simply my statement, that's what all the actors in europe have said as well. i think the europeans possess what of your ability they need to solve or to help in solving this problem. >> a

the biggest war crimes in european history since the not cease. conducting his own defense, he placed himself in a long and heroic national tradition. >> i stand before you not to defend the mere mortal i am, but to defend the greatness of a small nation in bosnia- hercegovina, which for 500 years has had to suffer. >> suffer, most recently at hands of bosnia muslims, is reckless push for independence caused the war. their conduct, he says, gave rise to our conduct. hundreds of thousands of non- serbs were driven from their homes during the war. it was the central dynamic of the conflict. thousands of muslim men were held not in concentration camps, but holding centers set to cater to non-serb refugees. there was no organized campaign of ethnic cleansing, he insisted. >> we are going to prove there never was any intention, and the idea, let alone plan to annex all muslims. -- to expel muslims. >> a mortar landed in a crowded marketplace of sarajevo killing 69 people and lead to a nato ultimatum against the serbs. but there was no serb bomb, he say

when aim in the european union, one i have to do practical work. my previous colleague, who served as their trade minister, is now, as i affectionately refer to, the high priest it's for foreign affairs. she's equivalent of their secretary of state. i have had a chance to speak with carl by phone. we'll be meeting with him to begin the later round. but one irritant we have still is the fact that our poultry producers have been locked out of the european union for 14 years now. even though we have been to the w.t.o., we have won the lawsuits, we have taken it to their scientific community. we want to talk about what we can do to get them to be more client with that as well. >> what solutions is the u.s. considering to the brazil cotton dispute? >> we have a team -- we had a team that met with the brazilians, not last week but the week before last when they were in argentina. mike and secretary locker in brazil as we speak. ambassador sha -- shapiro and her team have been engaged with our brazilian counterparts if not daily but weekly. seeing if we c

one is just the way european markets trade, particularly greece and spain. i'm most focused on spain. i think that's the next key example. spain since the end of january is unchanged in terms of spanish equities, the ewp with the s&p in that same period up over 8%. there's a widening gulf between the united states and spain and europe as a whole and we're going to continue to see that in the currency. i think euro currency must go much lower than that. i think really the second reason here is that the euro currency would have been lower if it weren't for government pressure in the united states to try to convince leveraged money to not short it. i think it created a false rise and it will now go lower. >> last point you wanted to make to cyclicals, approaching a new high, what do you do with this? you fade this? >> i still basically believe in stocks, but i want to avoid the cyclical names if you can, particularly ones with a lot of exposure to europe. if you look at the cyclical index this week it made a big new high for the last i think 16 months. but if y

in other words, do the europeans feel vulnerable now? there have been times in the not so distant history where they haven't. do they feel vulnerable and who are they worried about firing missiles at them? >> sir, i think there is a growing appreciation in europe for the danger from iran. i think they look at the nature of that regime and clearly a sponsor of terrorism, working hard to develop a nuclear device and additionally i think there is a great deal of understanding that the ballistic missile technology that iranians possess is moving in pace. that is having an effect on the oorp eastern proclivity to be engaged with us on missile defense. it varies from country to country and there a number of factors from geography to relationships with the united states to general world outlook that shape it, but i think in my opinion it's fair to say that we are seeing a growing appreciation of it and i have to applaud the secretary who is moving forward on the diplomatic side. she's an expert and doing a credible job of mortgaging the practic

it said capabilities for the europeans to be member states. we have worked in a significant way on our military. we have developed more than 20 missions to different parts of the world. the discussion about the budget is one aspect. it is under debate. the other is how the europeans have adapted and have they are able to adapt and manage conflict. this will continue. host: new york city, democrats line. caller: my comment does not require an answer, because i know you are a guest. it puts you in a funny position. i will offer something to you. many people when you go back to europe are wondering what is the problem in america in supporting the leadership that many of the world admirers, because he has universal qualities. i will say to you did you said america was dominant. there is a difference between being dominant in been young. we are the young this civilization. we are still catching bonn to what it is to live in a universal world. wheat for voting against our own interests. when you go back to your small groups and they asked about amer

yields going to the topside, and european yields are going to the downside. why is this important? you have seen the move in the euro and seen exactly how weak the euro has been and this is the market pricing uncertainty in the euro zone and bearish for the stock market in the u.s. and bearish in the u.s. but bullish for the bond market in europe, and this is an fx story and rate story that is important. >> so the european bond market in your view outperforming the u.s. is what you are saying? >> yes, from the bullish europe, and short the u.s. and in fx base bearish on the year in the cross and the major and this speaks to the lack of confidence still in the euro zone and trading applicability to this. >> i see eththat the last trade that you want to bring up or observation is the vix and that makes you bullish of the world stock markets given what you have said? >> no, a lot of talk that the vix is up 7%, but we are not reading into, that because the vix is going to look in simple math higher in percentage terms, but the vix is falling, and volatility is falling, and still it is

european scientists declared that can't exist. so it is a legend.et reports persisted that it did exist so humboldt traveled that can now to verify and that was the method he pursued. don't talk about it in a paris salon. go and look. it is a very empirical ground-based get your feet wet and you want to know about a volcano you have to walk down into the crater and smelled the stench of the sulfur and feel the burning walks -- rocks. very experiential knowledge and yet pursued partly in spirit of poetry but also measuring and trying to link the phenomenon you are examining with other phenomena in your experience or other people's experience so that you are constantly making comparisons. i use the explorer to measure and connect. that is what you see henry david thoreau doing. he casts himself as a world explorer and he says i am home. i will do the humboldt 11e n exploration right here and as the explorer sees but without leaving home. without leaving home and collecting objects, henry david for a collect arrowheads and plants and so on, measuring a

in other words, do the europeans feel vulnerable now?there have been times in the not so distant history where they haven't. do they feel vulnerable and who are they worried about firing missiles at them? >> sir, i think there is a growing appreciation in europe for the danger from iran. i think they look at the nature of that regime and clearly a sponsor of terrorism, working hard to develop a nuclear device and additionally i think there is a great deal of understanding that the ballistic missile technology that iranians possess is moving in pace. that is having an effect on the oorp eastern proclivity to be engaged with us on missile defense. it varies from country to country and there a number of factors from geography to relationships with the united states to general world outlook that shape it, but i think in my opinion it's fair to say that we are seeing a growing appreciation of it and i have to applaud the secretary who is moving forward on the diplomatic side. she's an expert and doing a credible job of mortgaging the practica

european markets are down. greece is up today. banks are flying because of the solution we have coming out of brussels. european leaders are leading brussels as we speak. with the kind of hodgepodge deal, it's sort of bilateral loans that greece has a problem, plus a bit of the imf. germany is being seen as the big winner coming out of this. i have to say, that is the real theme that is emerging here. angela merkel has played hardball. she's got what she wanted, but the legacy of this decision is really going to be quite immense. let me roll you on and show you what's happening with the euro at the moment and take you through the bond market reaction as well. 1.3364, meated reaction. i don't think they're convinced by what's coming out of brussels. this is not a long-term solution and we've got four leading academics writing in today and these guys have a lot of influence, saying if germany pays out a euro-cent towards greece, they will take germany to the constitutional court, and effectively, that could lead to germany leaving t

a european style social democracy? >> absolutely. i mean, not only did...e health care bill passed but you know they threw the baggage on this train of nationalizing the entire student loan industry. i mean, the entire student loan industry more or less under the radar has been nationalize sod that 19 million students who get their loans today from private banks are going to get them from the federal government as a result of that legislation being put on this bill. and then, of course, you have to movement in the area of financial reform. you have to movement in the area of the automobile. so there's no questions this a, as you said, a european approach which basically believes in more of a social democracy type of approach where the entrepreneurship that has been the core of the american value system in my opinion, which has caused the creativity and the energy for our nation is really dampened down by a government that's awfully big and intrusive. >> rose: so the defining battle that this president will face for the remainder of his first term and four y

of the european union. and the solution should be colored by the european, we should make that it is applied to cyprus and to the solution of cyprus. if these elements follow, i believe we can find a solution. and i do know that both the present and tayyip erdogan our old friends, and if they are really allowed to move ahead and particularly, i would hope that we find a solution. as soon as possible. >> thank you very much. and i think we will have to close it now. the prime minister has as you might imagine an extremely heavy schedule. please, everybody be seated, because the delegation, the prime minister and his delegation will the first. so may i please ask you all to remain seated. thank you very much, mr. prime minister. [applause] [inaudible conversations] [inaudible conversations] >> coming up next on c-span, a look at new national standards for what students should be learning in english and math. after that, first lady michelle obama donates her inaugural gown to the smoke -- smithsonian's history

but members of the european commission being part of our mission.ey provide part of the resources which were needed by hungary, in latvia, or other countries like this. if we look even further, and being even more ambitious, we could imagine a system where federal resources could serve as a backstop to regional tools. that is mostly for emerging market economies. market economies. what about4d%)'á@ @ @ @ k@ @ @ >> we are introducing new financial instruments and streamlining. we also had a major boost in our concessional lending resources which were the lowest to triple our lending to low income countries over the next two on top of that, we do this to increase conditionality but with the highest possible level of concessions melete which is 80 interest rate lending. it had never been done in the past at least until 2012. we will have to reconsider the need for maintaining the zero interest-rate lending if the interest rates have risen. . how it was done was part of the proceeds. we will see in the future where we will find the resources. of course,

instead we're witnessing the bankruptcy on the european entitlement state. and we're also seeing the parent powerlessness of european governments to stop the massive social benefits and to curb union wage hikes which these very governments themselves permitted. now, i'd like to say, this is strictly a euroland problem. but, in fact, democratic washington seems determined to follow similar policies here at home. and coddling unions is a hallmark of obama policies and, of course, we have our own grease in california and new york and elsewhere. look, raising tax rates just depresses the economy and shrinks the revenue base. gargantuan spending will never be paid for. do we here, in the u.s., really want to imitate the failed economics of old europe? do we want redistributionism and welfarism run amuck? do we want those types of sales taxes that will penalize the middle class? do we want asia to run away with the economic growth prize? i say, "no" to all of this. no, no, no. let me repeat my mantra, free market capitalism on the schley side is the way out. small

bonds or perhaps a european accrediting agency. so, mr. barroso, we see that things are moving quickly at least for the time being, so i have three very specific questions. is it true that the commission is currently working on a proposal to create this european monetary fund? secondly, is it true as mrs. mackel states -- i have my doubts -- that it's mess to change the treaty in order to do so? third, do you agree that this fund could only be a first step towards a true european treasury which we will need in order to sustain this monetary union? >> first of all, regarding proposal of emf, it was made that idea for, was put forward by the minister of finance of germany without giving any -- [inaudible] it seems, however, contribution to the current debate about the area, the emf is, however, a longer-term proposal which might probably require a change in the trity. -- tree treaty. we are preparing forced policy -- [inaudible] we cannot at this stage exactly tell you what will be the format of this. of course, generally speaking as

perhaps it coincided with the close of the european markets. we're also watching oil prices below $80 a barrel for the third straight friday. gene macmillan saying there is concern about the summer gasoline demand season. retail prices at the pump, $2.81 a gallon for the national average. that's the same as last friday. we're up 13 cents from the last month. we are also looking at perhaps $3 a gallon to consumers. will refiners start to pump more gas due to the fact that we are seeing $3 gas at the pump? good question for the next guest, dennis. over to you. >> all right. thank you very much, sharon. back in 1939, two scientists for shell oil made a friendly wager. which guy could get more mileage out of their cars. 60 years later the shell oil eco-marathon is one of the largest student competitions to design and build a car to travel the farthest distance on the least fuel. for a grand prize of $5,000. don't expect nascar speeds from these babies. here's marvin odum to tell us more. thanks for being with us. >> it's good to be with you. >> are

the increased cost in funding for european banks -- all of that is going to slow down the european economyif greece and the european union can fix these problems that are prevalent at the periphery of europe, and do them in a way that we instill confidence in investors, bringing down the cost of debt for greece, for its people, for the banks in europe, that is going to reinvigorate the greek economy and the european economy. the key is to come up with a credible plan to do that. as we think about your question -- as we think about the potential for this contagion to spill over into other economies, the point is that people are drawing parallels now between what is happening in greece. they are saying, "where is the next greece?" it is like the financial crisis, people saying, "where is the next bear stearns?" while there are many differences between what is happening in greece and in europe and what is happening in the united states, there are some parallels. i think the thread that draws them together is that lawmakers around the world need to think about how they are going to deal with f

we were clearly flat yesterday for european stock markets. an hour and a half into the trading day, we're just nudging higher. commodity stocks are higher, insurance stom stocks are higher. we had good numbers out from legal and k&rg, as well. how is it looking on the currency markets, christine? >> the dollar looking like this at the moment. that data on oouts housing will be front and center for the dollar today. dollar/yen, hovering around the 90 of 41. dollar looking stronger across the board. euro weaker against the board. a lot of european powers are now debating the fate of greece. sterling/dollar, 1.5016. euro/sterling, 0.9008. uk inflation data is coming out as we speak. nicole. >> christine, president obama will sign the health care reform bill into law at the white house today at 11:15 in the morning and travel to iowa on thursday to try and promote it. the landmark legislation narrowly passed the house on sunday. republicans say they're going to fight a package of changes designed to improve the bill which may be taken out by the

what is your message to the europeans concerned about the missiles aimed at them? in any complex negotiations, there are going to be points along the way it where negotiators have to go back to their capitals. the negotiators needed to negotiate -- i had to talk to my counterpart many times because president obama and president medvedev were very clear. we want to do this and get it done in a timely manner. it took quite a bit. we needed to make it clear that this was a priority of the highest level of our government. the russians responded to that very positively. we began to work out the last details. we made a decision that we wanted to have not the treaty agreed to only, we wanted the protocols. sometimes they have been submitted and the work of the protocol goes on what we wanted to go through all of the technical work in the protocols so that when we went to the senate, it was that we can look at the treaty and the protocols. that was some of the time taken to be able to get to the point where we felt like we had the package necessary to go to our legislative

when aim in the european union, one i have to do practical work. my previous colleague, who served as their trade minister, is now, as i affectionately refer to, the high priest it's for foreign affairs. she's equivalent of their secretary of state. i have had a chance to speak with carl by phone. we'll be meeting with him to begin the later round. but one irritant we have still is the fact that our poultry producers have been locked out of the european union for 14 years now. even though we have been to the w.t.o., we have won the lawsuits, we have taken it to their scientific community. we want to talk about what we can do to get them to be more client with that as well. >> what solutions is the u.s. considering to the brazil cotton dispute? >> we have a team -- we had a team that met with the brazilians, not last week but the week before last when they were in argentina. mike and secretary locker in brazil as we speak. ambassador sha -- shapiro and her team have been engaged with our brazilian counterparts if not daily but weekly. seeing if we c

we're seeing our european markets are higher across the board. basic resources, financial services as well as some of the travel stocks out there. briefly on the down side, retail, chemicals and some utilities coming off just a bit. christine, how are you and how is asia? >> asia is doing well today, creeping higher. but we are focusing as far as the currencies are concerned. dollar/yen right now hovering around 90.0. the dollar, of course, being kept on watch. a lot of data is coming out of the u.s. today. the euro continues to be weaker against the dollar. lots of concerns there about greece's fiscal situation, a lot of people are cautious about whether the euro zone can fix the position. sterling is weaker against the dollar. but of course, a lot of data coming from your neck of the woods. nicole. >> indeed, christine. we have durable goods, more housing data today. great to see you on "worldwide exchange" just after 5:00 in the morning. on wall street, welcome to the start of your global trading day. dow futures are down about 16 below fair v