on wednesday george magnus a former chief economist at u.b.s. told me an emerging market crisis has already begun we're in the process of it is what he said and as alarming as this may seem our guests over the past week have provided a hopeful message about what policymakers can do to end this and other circumstances to prevent a global crisis now first tom palli called attention right there there is called attention to the problem that being the financialization of our economy by driving out productive investment francis coppola told me however that when our economy and financial markets were in a freefall quantitative easing stabilize the global economy by putting a floor under plummeting asset prices but now she says the policy is only driving a wedge between the haves and the have nots as wages stagnate then guess larry doorbells suggested that we is that one way to end too big to fail i suppose and thomas pelleas financialization worries would be to bring in more serious regulatory reform and weaken the power of the bank overlords take a lo

thousand and ten two thousand and eleven just beginning to open up in change now jim we spoke with george magnus last week and it's kind of a non sequitur but he told us the emerging markets crisis that it has only just begun and i want to play you a clip from that interview so here it is. people are calling the volatility in these markets and emerging markets crisis is it an emerging markets crisis. well i think it is ok because i think every crisis needs. a lawyer. now jim do you agree with george that an emerging market christmas is only just beginning. well the problems in the emerging market and first for lots of emerging markets some better than others but there are some serious serious problems out there and they are going to get worse turkey indonesia india this is not over yet brazil plenty of them that have serious serious problems and it's not they're not being resolved part of the problem of course the major problem is the federal reserve in america has interest rates at such a tiny low level that people can borrow lots of money and that america is printing a lot of money so there's