seven share of g.d.p. has steadily declined since the one nine hundred eighty s. plummeting from fifty percent to just over forty and some of the world's fastest emerging economies including china india and russia are not represented economist jeffrey tucker thinks the g seven is losing its importance especially not one that's just the g seven which excludes china and russia as trump himself put it out there doesn't constitute if you believe these figures not even half of the world g.d.p. it's no longer relevant body even in the sense that they believe there's a more fundamental problem here the world economy is increasingly decentralized and integrated in a way that eludes control by anybody any g where the g seven g eight g twenty g two hundred the big topic of discussion is trump's crazy trade war stuff and his demand for national production and punish in other countries is starting and destructive trade routes and raising prices this is all very dangerous behavior and to the extent that something like the g. seven could contain that problem it's really hard to

seven share of g.d.p. has steadily declined since the one nine hundred eighty s. plummeting from fifty percent to just over thirty and some of the world's fastest emerging economies including china india and russia are not represented economist jeffrey tucker thinks the g seven is losing its importance especially not one just that's.

since the first summit was held in one thousand nine hundred seventy five but you seven share of g.d.p. has steadily declined since the one nine hundred eighty s. promising from fifty percent to just over thirty and some of the world's fastest emerging economies including china india and russia are not represented economist jeffrey tucker thinks the g seven is losing its importance especially not one that's just the g seven which excludes china and russia as trump himself put it out there doesn't constitute if you believe these figures not even half of the world's g.d.p. it's no longer a relevant body even in the sense that they believe there's a more fundamental problem here the world economy is increasingly decentralized and integrated in a way that it alludes controlled by anybody any g where the g seven g eight g twenty g two hundred the big topic of discussion is trumps crazy trade war stuff and his demand for national production and punish in other countries the starting and destructive trade routes and raising prices this is all very dangerous behavior and to the extent that somethin

between the european union and the us don't look any better a trade war has crippled their economies g.d.p. has plummeted and unemployment has soared. has done no shelter of these realistic scenarios as we all think it's certainly conceivable after all the protectionism predates donald trump. and it's all call inside the since the financial crisis of two thousand and seven we've seen a rise in what protectionism worldwide and we never really recovered from the crisis with us was that people in germany don't see that because the economy here is doing well it's booming that's what was it looks a lot of the global level growth has been significantly lower since that and that leads to tensions that used to trump is merely a symptom of a more general development not because it would be global but it was often. does here is an economist and former management consultant as an author and blogger he takes a critical view of world economic developments. contacts what might happen if things continue to escalate with more tariffs and counter tariffs visine cotton few not enough china's economy is cooling r

seven share of g.d.p. has steadily declined since the eighty's and has in fact plummeted from fifty percent to just over thirty percent and some of the world's largest economies too including china india and russia are not represented jeffrey tucker the executive editor of less affair books thinks that the g seven is losing its importance especially not one that's just the g seven which excludes china or russia as trump himself put it it doesn't constitute if you believe these figures not even half of the world g.d.p. it's no longer a relevant body even in the sense that they believe there is a more fundamental problem here the world economy is increasingly decentralized and integrated in a way that eludes control by anybody any g where the g seven g a g twenty g two hundred the big topic of discussion is trumps crazy trade war stuff his demand for national production and punishing other countries is starting and destructive trade routes and raising prices this is all very dangerous behavior and to the extent

seven share of g.d.p. has seen a steady decline since the eighty's the biggest economy in the world is now china overtaking america and india is the third largest jeffrey tucker the executive editor at laissez faire books thinks that the g seven is actually losing its relevance. especially not one that's just the g seven which excludes china and russia as as trump himself put it out there doesn't constitute if you believe these figures not even half of the world's g.d.p. it's no longer a relevant body even in the sense that they believe there's a more fundamental problem here the world economy is increasingly decentralized and integrated in a way that it alludes controlled by anybody any g where the g seven g eight g twenty g two hundred the big topic of discussion is trumps crazy trade war stuff and his demand for national production and punishing other countries and starting in destructive trade routes and raising prices this is all very dangerous behavior and to the extent that something like the g. seven c

towards nato while we pay four percent of a much larger g.d.p. hasanybody believe that makes sense we protect europe great financial loss and then get unfairly clobbered on trade changes coming thomas a new tweet but the same message from trump about european allies doing more does he have a point here. well it's not a new message as you yourself say in fact the u.s. ambassador to germany richard grenell say in one of his very first interviews that that would be his number one issue here in germany to convince the german government to speed up support for for nato that's a priority also for donald trump and in fact i'm going to michael yesterday during that interview said that in a way trump was right when he talks about these differences in nato spending germany has already committed itself to increasing its own expenditure regarding nato but again there's a difference in the way they want to do it the u.s. would like germany to do it in a much faster way than germany is actually prepared to do d w political correspondent thomas ferro thank you very

jump in are because you're you did say though that the government as has come down on corruption which in turn have. decreased the g.d.p. growth which has them. inspired the government to go to the private sector and invite privatization and ears saying of course then you're just privatizing the corruption i get that so why would do then make the next step and say that they have a political and philosophical ideological problem here because they have not experienced a wholesale collapse not sense the nineteen thirties maybe has there been a huge collapse in china you know and so how do they get if the people are in revolt and they have a history of revolting i mean how they going to calm folks is the trick question maxed the slower the judy.

while g.d.p. has been realized what we are predicting, but the share of g.d.p. going into earnings and taxable earnings and we have less tax income coming in and that is a negative. the other factor on that is that as many have noted and i think we have a slide show that what we call labor productivity and hour of work has not been growing at the rate that has been the case and we have been expecting and as has been done a few times in past years, the trustees decided we will accept a small portion of that shortfall and lowers the ultimate level of gross domestic product and slower growth rate. both of those contributed contributed negatively. and as a result, that caused a reserve depletion date for the program and to change from the very beginning of 2035 to very end of 2023. the third thing we want and last year's report just on the basis of moving up one year, one year later, we were estimating that number would change to 2.88% of payroll. it has not gone up that much. all other things, assumptions, methods acknowledge realized data have looked better than l

g.d.p. growth which has them. inspired the government to do sco to the private sector and invite privatization and we're saying of course then you're just privatizing the corruption i get that so but why would you then make they've next step and say that they have a political philosophical ideological problem here because they have not experienced a wholesale collapse not sense the nineteen thirty s maybe has there been a huge collapse in china you know and so how do they get if the people are in revolt and they have a history of revolting i mean how they're going to calm folks is the trick question next the slower the g.d.p. growth the faster the economy grows because the g.d.p. is a fake measure the g.d.p. doesn't measure growth it measures how in all the growth in america of g.d.p. since two thousand and eight has been the banking sector the fire sector finance insurance and real estate it's fictitious growth in the west china has avoided fictitious wrote and it's pursued the kind of growth that doesn't show up

it is 17% of g.d.p. it has been increasing its percentage, not going down.ot of people think we have a problem and we have to bend that cost curve. are they right and what could be done? alex: let's start with how important healthcare is. almost 17% of the u.s. economy and by the way it is very personal as well. it will touch all of us at some point in our lives, or our parents, children, loved ones. so, it will impact everyone. that makes it very important. as i think about health care now, there are a few dynamics in particular that are challenging. one is aging population. here in the united states, about 15% of the population is 65 or older and that could go as high as 25% over the next 20 to 30 years. and it is something we are not only seeing in the united states , but we are actually seeing it around the world. what happens as you age, you consume more healthcare. it is actually more than five times the amount before you are 65. on top of that we have an increasing middle class around the world in china, other developing markets. after they provide fo

g.d.p. deficit italy has done so and they've abided by that and thus destroyed their economy in a time when you know in the recession when they should have been actually helping the economy and facilitating liquidity in transaction and credit unlike what happened for germany and stuff so let's however look at the technocrats the european commission this was a tweet from a journalist from deutsche of al who interviewed a european commissioner who is a german who is a european commissioner for budget and human resources and so here is the tweet from bernard thomas riegert of deutsche of l. the markets and a darkened outlook will teach italy's voters not to vote for populist parties in the next elections told me the commissioner oettinger in exclusive interview for a dose of health news and strasburg i can only hope that. will play a role in the election campaign so looks like there will be another election in italy probably in july or august. and this guy oettinger who is good herman oettinger a german politician and now a european commissioner he's saying that because the markets have reacte

first ever summit was held that was back in one nine hundred seventy five the g seven show the g.d.p. that has steadily declined since the one nine hundred eighty s. in fact it's plummeted from fifty percent to just above thirty some of the world's fastest emerging economies and took in the likes of china india russia where are they are not represented in executive editor at last a for books geoffrey took i think the g seven is losing its importance. especially not one that's just the g seven which excludes china and russia as as trump himself put it out there doesn't constitute if you believe these figures not even half of the world g.d.p. it's no longer relevant body even in the sense that they believe there's a more fundamental problem here the world economy is increasingly decentralized and integrated in a way that it alludes controlled by anybody any g where the g seven g eight g twenty g two hundred the big topic of discussion is trumps crazy trade war stuff and his demand for national production and punish in other countries is starting and destructive trade routes and raising prices th

g.d.p. deficit italy has done so and they've abided by that and thus destroyed their economy in a time when you know in the recession when they should have been actually helping the economy and the scylla tating liquidity and transaction and credit unlike what happened for germany and stuff so let's however look at the technocrats the european commission this was a tweet from a journalist from deutsche of who interviewed a european commissioner who is a german who is a european commissioner for budget and human resources and so here is the tweet from bernard thomas riegert of deutsche of l. the markets and a darkened outlook will teach italy's voters not to vote for populist parties in the next elections told me the e.u. commissioner oettinger in exclusive interview for deutsch of all news and strasburg i can only hope that this will play a role in the election campaign so it looks like it will be another election in italy probably in july or august. and this guy oettinger who is good or hermann oettinger a german politician and now a european commissioner he's saying that because the marke

g.d.p. deficit italy has done so and they've abided by that and thus destroyed their economy in a time when you know in the recession when they should have been actually helping the economy and facilitating liquidity in transaction and credit unlike what happened for germany and stuff so let's however look at the technocrats the european commission this was a tweet from a journalist from deutsche of al who interviewed a european commissioner who is a german who is a european commissioner for budget and human resources and so here is the tweet from bernard thomas riegert of deutsche of l. the markets and a darkened outlook will teach italy's voters not to vote for populist parties in the next elections told me the commissioner oettinger in exclusive interview for a dose of health news and strasburg i can only hope that. will play a role in the election campaign so it looks like there will be another election in italy probably in july or august. and this guy oettinger who is good herman oettinger a german politician and now a european commissioner he's saying that because the markets have rea

g.d.p. since two thousand and eight has been the banking sector the fire sector finance insurance and real estate it's fictitious broke in the west china has avoided fishes wrote and it's pursued the kind of growth that doesn't show up in g.d.p. namely low cost services provided by government investment that isn't counted in in the g.d. so a china does not follow a statistical measure of growth like the west in china statistics that are talking about real growth their growth is continuing is not taking the form of a construction life as it was or is not taking the american form of increasing banking is not them taking the form of increasing debt service life in america but i can assure you that the economy is continuing to grow just as it was before but this doesn't show up in the g.d.p. statistics because they don't follow the g.d.p. statistics that are designed by the financial sector to celebrate itself ok let's look at the other side of the equation or let's look at america even courser road super imperialism many say that the us empire is honest last legs we've got a study out the top ten pe

g.d.p. since two thousand and eight has been the banking sector the fire sector finance insurance and real estate it's fictitious growth in the west china has avoided fictitious wrote and it's pursued the kind of growth that doesn't show up in g.d.p. namely low cost services provided by government investment that isn't counted in in the g.d.p. so china does not follow a statistical measure of growth like the west in china statistics that are talking about real growth their growth is continuing is not taking the form of construction life as it was or is not taking the american form of increasing banking is not them taking the form of increasing debt service life in america but i can assure you that the economy is continuing to grow just as it was before but this doesn't show up in the g.d.p. statistics because they don't follow the digital piece that just picks they're designed by the financial sector to celebrate itself ok let's look at the other side of the equation or let's look at america eve of course. super a period lism many say that the us empire is honest last legs we've got a study out t

some might argue the united states are simply at the end of an economic cycle that has brought low unemployment stronger g.d.p. growth i mean even the bad is optimistic they started raising rates so they can foreshadow the end off an economic cycle in the long term so investors people looking to peterhead right now are taking profits before they might reconsider and even leave the market i mean the world bank said an escalation of tariffs could translate into a global trade flow decline of nine percent similar to the drop that we saw during the financial crisis and then again there are signs that won't even be able to realize these tariffs we just heard that senator bob corker and bill showing these terrorists won't be as easily imposed as a thought may be another reason why markets react to really calm today so if we know the trump is to reduce the trade deficit is the strategy working. right it is indeed a seven month low at the moment so it seems to be working on the first side but some and then the say these numbers can be misleading and that becomes obvious when you dig a little deeper is so you could se

g.d.p. well since twenty ten greece has received loans from the e.c.b. the e.u. and the i.m.f. worth two hundred fifty six billion euros will it ever be paid back in full and should it i'm now joined by a man who in the minds of many rightly or wrongly is the face of that huge pile of debt for others he's a hero standing up against the establishment yanis varoufakis is the greek finance minister was the greek finance minister for six very turbulent months in twenty fifteen and joins us now from munich thank you very much mr fox's welcome to our program my first question will greece ever pay back their quarter of a trillion euros and should it. when you go bankrupt there's no way you can escape your bankruptcy and repay your loans on the basis of more loans that come with strings attached trink your capacity to do to make an income so it's not a question of morality it's not a question a question whether you should know you shouldn't let us not forget that the only reason why capitalism grew wings and flew up and soared into the skies of the nineteenth century was because reintr

g.d.p. are absolutely i mean we live in a global environment bard and even though you may not think you're conducting business or that a european union firm has your information most likely it does and so because g.d.p. are became effective on the twenty fifth of may right now we're seeing an influx of e-mails being received by a u.s. citizen so again read it over and you have any questions part of the. p.r. is it's incredibly democratic it now lousy individuals to have control over their data not only does it allow you to petition that firm to find out what data they have on you but it also allows you to control the way that they use that data and it's incredibly liberating in fact i have never seen a privacy regulation that is so broad and is so consumer centric as g.d.p. are it's sort of amazing i wish they would do what i know you do when your life as an attorney and i used to do on capitol hill is give you a nice red line of what it was before and what is it now because they are so long and complicated but your advice mile is miles as good about reading it do if you have problems can you and can u.s. citizens take advantage of this also

the caribbean island nation of barbados is drowning in debt it has the world full of highs that to g.d.p. ratio behind japan greece and sudan now the i.m.f. stepping in to get barbados back on track the new prime minister be a monthly recently announced the country had undisclosed liabilities raising its overall debt from one hundred thirty seven percent of g.d.p. to over one hundred seventy five mostly have no choice but to contact the i m f well the fund is acknowledged would assist the ailing economy with an emergency debt restructuring plan abate us then suspended payments to external creditors to regroup the island owes two thirds of its debt to local investors a bank some tough debt restructuring measures is required without endangering its domestic financial system motley says her government wants to protect its most vulnerable citizens as well as business sector is crucial to growth officials used to consider barbados one of the better fiscally run countries of the caribbean a mine is a journalist from the region i asked him how did it got so high to be fair you know prime minist