g.d.p. or purchasing power parity g.d.p. simply means that the overall economy is larger in china and with a billion people a billion plus people of course the economy's going to be large. in a country with three hundred million people such as the united states but i think what we really need to focus on is the ability of china to sustain it for a prolonged period of time and to achieve the quality of life there people in the united states have if you look at the g.d.p. per capita in the united states it's significantly higher than that of china and will continue to be saw for years to come furthermore if we look at other quality of life indicators such as pollution political risk control of corruption those are all issues that china is still struggling with in this simply focus on g.d.p. i think is misdirected well i'm joshua if i go to you i mean it's not just focusing on g.d.p. i mean we're looking at different sectors the economy in china that are excel meanwhile they're dying in the united states you just don't have to

and i've shown that actually i think you can optimize happiness and g.d.p. around fifteen thousand dollars per capita so the challenges we face as economists can we actually create conditions which maximize our demise happiness and g.d.p. so we have to in a sense ok into the priest or what do you think about that and what is the role of the state in all of this i mean some of the mentioned a number of things a number of friends you have or what kind of relationship you have i mean that's something the state really well i certainly hope doesn't have anything to do with now in the future i mean how do you put it how do you make some kind of algorithm for that because i couldn't even imagine that. well first of all it's not true to say that poorer countries are in any way happier than the rich countries within countries rich people are invariably happier than poor people and the rich societies around the world are generally happier than poor ones you will get some countries such as newtown and some of the same the indonesian countries some of the poorer countri

on g.d.p. and for example and in earning as much as possible is it takes away time from doing those other things directly so we spend our time working so that we can get all these other things that we desire when actually we can just get them directly by actually doing something market finger using up so a good referral first christopher go first go ahead why do you go as a political economist i was looking at it from measurable outcomes there's the politics and there's economics of course people pursue love and friendship and all these things of the free and at the end of the day probably the most important thing but money does provide for you and it does provide a certain degree of happiness you will need to put food on the table at some point and how you divide your time up afterwards is entirely up to you but you do have the freedom to go out and get a part time job your work life balance is entirely a matter for you and it's clearly going to be different for a twenty three year old city tr

it's a time for our weekly financial check out today g.d.p. numbers are out for the first quarter and growth is down three percent last quarter two thousand and eleven this first quarter this year only two point two percent then corporations american corporations are adding a lot more jobs but the only thing is they're not really here at home it's overseas and we're going to ask of banks are just becoming like predatory payday lenders so here to hash it all out with me is lauren lyster host of the capital account here in our teeth lauren thank you for joining me tonight thank you all right so let's talk g.d.p. right lower than it was last quarter of last year is lower than people were expecting at the same time it's growth right now horrible but what exactly is contributing to the numbers we saw today well in this particular report if you want to highlight kind of the main points you had negative you had contributing negatively to g.d.p. a decline in government spending at the federal level which was driven by defense cuts as well as state and

., 1999. 20.6% of g.d.p., 2000. 19.5% of g.d.p., 2001.so if people want to be serious about balancing the budget, we're going to have to have a revenue level based on what we see historically that's more than 18% of g.d.p. mr. president, the fiscal commission plan that i laid before colleagues yesterday, so-called bowls bowles-simpson plan does this with respect to tax reform. it eliminates or sales back tax expenditures we were just discussing but lowers tax rates. you can lower tax rates and get more money if you broaden the base, if you reduce some of these tax expenditures that frankly go disproportion nationally to the wealthiest among us and have grown like topsy in the tax code. we can promote economic growth and improve america's dmoabl comefnts -- global comefns. we can make the tax code more progressive. we can have what was included, an option, a reform plan that calls for three rates for individuals. 12, 22%, and 28%. the top rate now is 35%. a corporate rate of 28%. corporate rate now is 35%. the fiscal commission plan called

what was key in the g.d.p. report was that you look at savings rate from 4.5 percent to 3.3 percent and now the american households takes on more debt so to cover their positively obligations they are going out to have to borrow more money, and to borrow --. >>neil: and the spending which would compensate, that was down. >>guest: so you look at all that and incorporate everything else going on, all the negative items, around the globe, you have to suspect that in quarters to come we are going to be in deep trouble and we get a lot of heat on this tag about this, doom and gloom, but viewers want honesty. >>neil: this is not a political thing but play this thing out for me. do you see all of this coming to roost in the fall? later? >>guest: great question. so you go back to world war ii you look at that year-over-year g.d.p. rate when it dips below 2 percent the u.s. economy is always ending up in in a recession. nine months of last year we were below 2 percent and now we are spot on headed into a recession, prob

growth as a result of it and the net result will be higher g.d.p. growth then debt creation and this is gone back and forth for decades but as you thousand and eight we have the wall there is no more growth from debt creation there now trying to desperately pump up the debt the wall of debt to create any kind of g.d.p. growth but it's not working as work for four or five years now and now people are starting to realize or so i say well maybe it's not a religion are becoming agnostic i've become an atheist that's one step too i hate paper i'm buying gold because i realize that they can't get any g.d.p. no matter how many transfusions they put in this corpse this is zombie this to partially cure whole the graphic digital non existant economy it's not creating jobs or for cycling real savings it's not creating real capital you can't have capitalism without capital and this isn't capital it's just digital loops it's all of electrons dancing on the head of a pin and well let's look at who else in the world importantly those who have the resources are als

growth the highest level of g.d.p. growth along the g eight countries are cyclical what's going on in the russian market and it's mostly positive i have to say would be nice except part of percent but it's really driven by what's going on in europe where the spanish and italian bond yields are going down more than ten basis points we're gets about a bit later so the my say there's an interesting quote from. gazprom is down half a percent but if it has been talking about the hydrocarbon industry saying that there's a revolution potentially looming in shale gas and that russian companies should start preparing for this revolution d.t.b. among financial stocks is also a percent in line with the market point six percent the potash make a large part of making the world as reported net profit increase sixty four percent to. to move over to another story there's no i.p.o. potentially coming up on the russian market and russia's third largest mobile phone operator megaphone may consider listing in the foreseeable future quotin

it's a negative at the moment and that's because despite g.d.p. still managing to grow two point two percent that signifies a soft patch for the recovery of the us because between october and december last year we saw a growth of three percent so it has slowed down slightly investors are showing their own person safe at the moment during their first hour of trade ok moving on to russian business we're going to talk about gas problems and it is good news that she rushes that gas export the gas pump has beaten expectations with its full year results they managed to earn forty five billion dollars in twenty eleven it with a gain of thirty five percent thanks to high prices and growing production the company increased its market share in europe its key market to twenty seven percent from twenty four percent a year before but it was thought that over the last because the government plans to raise taxes on gas problem classes prospects of greater competition as the u.s. becomes the world's top gas producer due to the shale gas boom ok let's get over to

spain and italy are also adopting austerity and also watching their economies tank spain's debt to g.d.p ratio was thirty six percent for the crisis now after austerity it's expected to more than double to eighty four percent going exterior as for italy in two thousand and nine their debt to g.d.p. ratio was one hundred five percent and now thanks to austerity it's going to take up to one hundred twenty six percent but next year this is sweeping across europe or at least parts of it is the reason why the entire continent is on the verge of another recession but nowhere is it worse than in greece athens is just now putting out the flames after days of violent riots in the streets greek people went on strike said buildings on fire and clashed with police to fight back against austerity measures being shoved down their throats by the i.m.f. austerity measures that aren't working going on two years into the austerity is sarpa greek economy is still tanking shrinking by seven percent in just the final quarter of two thousand and eleven and still in need of another bail up since. two thousand

morgan than the g.d.p. of america by many times over for five dollars of g.d.p. of the entire country so as j.p. morgan goes belly up goes bust and jamie dimon is a very. immoral illegally bent type of corporate now mel malcontents. family tree goes belly up but hey he's going to join dimes on the street to do to make a john d. rockefeller impression but let's look at some of the crimes listed here along with him for a graphic about what j.p. morgan is done to keep a seventy trillion piles of derivatives taken morgan is rumored to hold fifty to eighty percent of the copper market and manipulated the market by massive purchases j.p. morgan is also guilty of manipulating the silver market to make billions and two thousand and ten j.p. morgan had three perfect trading quarters and only lost money on eight days lawsuits on home foreclosures have been filed against j.p. morgan aluminum prices manipulated by j.p. morgan through large physical ownership of material and creating bottlenecks during transport j.p. morgan was among the banks involved in the seizure of six h

and russia's economy had to completely overcome the consequences of the financial crisis with the g.d.p. reaching the pre-crisis levels in march oil prices soared to do more than one hundred twenty six dollars per barrel on the back of global economic improvement in the current brant price at one hundred eighteen dollars per barrel would allow the russian government to reduce the budget deficit or even see no deficit at all real consumer spending remains robust we think that consumer confidence is building. we we can feel the why the market is moving why the people of products. and she loves to start in the first part of this year however the situation in europe remains complicated then to suppression of worsening tourism performance and less inflows into russia but the main reasons why russia's economic development ministry cut the g.d.p. two thousand and twelve forecast to three point four percent from an earlier announced three point seven percent former finance minister aleksei could drink gave yet another wake up call shall we continue to only use the country's resources we may be

and you know less consumption and a shrinking g.d.p. which will add to more unemployment and it will just go down the tubes that's right the troika interactive but spain does have the highest unemployment rate in the eurozone it's reaching almost fifty percent among young people now the government is continuing its austerity drive with more cuts to health and education ahead is that really the solution at this point. you know the solution is a combination of austerity measures but not so many that you're cutting to the bone you have to cut the fat and that's fine but not cutting to the bone because you have to have an industry in order to rebuild your economy but the way that they're going about it is they're cutting so drastically because germany is is wanting to us has been pushing for this that you're hurting the spanish economy and so it's making it harder for them to get out of the hole that they're in now it looks as though spanish people really have nothing to lose and they continue to express their outrage out on the streets wor

not so much whether the unemployment figures are this or that or the g.d.p.. i defy you to put 10 people under you astritelight in milwaukee -- a streetlight in milwaukee and get them to define gfmentd or even around this table! [laughter] chris: and is he was -- as weak as john kerry was after the blitzkrieg of the swiftboating against him? >> weak in many ways in that all the things he thought he was going to run on were turned into liabilities. romney, we're seeing that with him. pime are seeing him as callous to the human condition. we thought he was a solid, attractive guy. well, he looks like a game show host. he has to regain control of hits narrative. chris: does history after -- offer a guide or is it a phenomenal situation here? >> i wouldn't say phenomenal but certainly unique, as every presidential race is. but let's don't forget race will be a factor in this presidential campaign. yes, the person -- the country can feel good about we elected a person of color, which i did not expect to see in my lifetime. but the economy is in this strange positio

a time finally come when we should value public aid of measurements of well being indices such as g.d.p. and other governments to. download the official t.f. location chobani phone the i pod touch from the i choose our. life on the go. video on demand copies mine comes and r.s.s. feeds now in the palm of your. questions on the comb. from. home.

finally come when we should value public aid of measurements of wellbeing over industries such as g.d.p. and other governments to. there hasn't been anything good on t.v. . it is to get the maximum political impact of. the full source material is what helps keep journalism honest we. we want to present. something up. home. lucky. for news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. china operations are all day.

sixty nine billion euros making this small change to recalculate that according to a percentage of g.d.p. well then it paints a very different picture for the stone year seeming to be forking out more on this basis stoney's contributions than that eight point five percent of g.d.p. growth to be speaking that's higher than germany france or italy my own as in the chancellor just as does the right thing challenging the ears same treaty in the constitutional court the point is as easy to on the eurozone a developing as using marriage regarding partial transfer of national sovereignty to these institutions politicians and courts may be debating but the nation appears to have made up its mind opinion polls suggest most are against the bailout fund they wonder why they're stumping up for the mistakes of others degrees r.t. tallinn estonia. well europe's money troubles are explained and analyzed for you what are to dot com also online will see that some prefer to drown their sorrows drinking culture earth killing all of them or premier their bargain of being blamed for the report on why few thi

looking at the numbers, the gross domestic product or g.d.p. of 2.2% in the first quarter was slower than most estimates. most of the growth came from a pick up in consumer spending, homebuilding and auto sales. but a pull back in business spending crimped overall growth. >> tom: the data adds fuel to worries the recovery from the credit crunch is faltering again. erika miller has a closer look from new york. >> we all want stronger economic growth. but in some ways, the slower growing economy we say in the first quarter is actually healthier than the faster gain we saw at the end of last year. that's because the economy's strong performance in the fourth quarter was due mostly to inventory build-up. as many companies rushed in to take advantage of an expiring tax credit for business investment. that's like loading up on paper towels, simply because they're on sale. in the first quarter, on the other hand, growth was slower. but most of it came from stronger consumer spending. >> when you have 70% of the economy, that's really key to the health

sixty nine billion euros making this small change to recalculate that according to a percentage of g.d.p. eight then it paints a very different picture for the stone year seeming to be forking out more on this basis a stone is contributions than that eight point five percent of g.d.p. ready to be speaking that's higher than germany france or italy. i think the chancellor of justice does the right thing challenging the e.s.m. treaty in the constitutional court the point is as the e.u. and the years on our developing issues in marriage regarding partial transfer of national sovereignty to these institutions politicians and courts may be debating but the nation appears to have made up its mind opinion polls suggest most are against the bailout fund they wonder why their stumping up for the mistakes of others degrees artsy town and slowly. still ahead this hour from abroad as india has to spend billions on new weapons find out why corruption could come to the country's military organization. international criminal court has turned down a palestinian request to investigate alleged israeli war

to be forking out more on this basis estonia's contribution stands at eight point five percent of g.d.p. growth of the speaking that's higher than germany france or italy my own i think the chancellor justice does the right thing challenging the ears same treaty in the constitutional court the pointers as the e.u. and the years on our developing issues emerge regarding partial transfer of national sovereignty to these institutions politicians and courts may be debating but the nation appears to have made up its mind opinion polls suggest most are against the bailout fund they wonder why they're stumping up for the mistakes of others degrees r.t. tallinn estonia. well that's ahead for you this hour arms from abroad the press to spend billions on new weapons corruption could hamper the country's victory modernization. the u.n. is deploying a team of negotiators to syria paperweight observer mission to the country it comes as damascus claims it's implementing a peace plan part of joy its military from residential areas position activists across syria saying this is the middle course of ong

be forking out more on this basis a slow news contributions than that eight point five percent of g.d.p. growth to be speaking that's higher than germany france or italy. as in the chancellor just as does the right thing challenging the ears same treaty in the constitutional court the pointers as the e.u. and the developing its use of marriage regarding partial transfer of national sovereignty to these institutions politicians and courts may be debating but the nation appears to have made up its mind opinion polls are just most are against the bailout fund they wonder why they're stumping up for the mistakes of others degrees r.t. time slowly. but still ahead arms from abroad as india has to spend billions on the weapons by corruption and good reason to treat modernization. the international criminal court has turned down a palestinian request investigate alleged israeli war crimes. and gaza three years ago i.c.c. prosecutor said investigation again go ahead only if the un or its security council recognizes palestine as a state jeff. israeli committee against house demolitions says the