i mentioned the imf. let's go now from chile and barbados the emerging economies of a larger group, and let's talk about the so-called bricks are brazil, russia, china, south africa. the large emerging economies. the so-called bricks now account for 21% of global output. and yet at the international monetary fund and the world bank, two of the world's most robust economic and financial institutions are setting the international policy agenda that, together with the united states treasury, played a major role in the 1970s, '80s, and '90s in teaching, again, former third world countries, what he needed to do to turn around their economies and they come emerging market. at these institution, the brics only have 11.5% of the voting shares despite their 21% contribution to the global economy. in contrast, the countries of the ozone areas account for about 25% of global gdp and have 32% of the votes. why is that a trust issue? well, in order for emerging economies to continue to grow, they continued to be the e

the imf says japan's debt will balloon by 2 1/2 times its domestic gross product by 2018. >>> the u.s. housing market is recovering. the latest figures for new home building is back to the levels of the collapse of lehman brothers in 2008. housing starts in march exceeded 1 million for the first time in about five years, up 7% from the previous month. it was sharply above market expectations. construction of condominiums and other multi-family buildings rose 27%. single housing fell 25%. a fall in home mortgage rates has supported home buyers. the declining rates are due to u.s. monetary easing measures. however, some say this trend is leading to price increases in residential land and construction materials. >>> the markets in the u.s. rebounded tuesday following positive data, earnings and rebound in the price of gold. the dow jones industrial average ended at 14,756, up more than 1%. the tech heavy nasdaq was up 1.5% at 3 thinks3,264. now to ramin at the new york stock exchange. it got a sharp downgrade and how's the u.s. trading? >> we did get a bit of a boost and the u.s. economi

i mentioned the imf. let's go to emerging economies as a larger group and less talk about the so-called gross, brazil, russia, china, south africa, the large emerging economies. the bricks, the so-called brakes now account for 21%. and yet of the international monetary fund and the world bank to of the world's most robust economic and financial institutions were setting the international policy agenda that together the united states treasury plays a major role in the 70's and 80's, and 90's and teaching, again, what they needed to do to turn around the economy's and become emerging markets. at these institutions the brakes only have 11 and and a half percent of the voting shares despite the 21% population approval in the economy. the contrast, the countries of the eurozone area account for about 25 percent of what was gdp that is 32 percent of the votes. why is it a trust issue? well, in order for emerging economies to continue to grow, to continue to be our economic indulgence will they do so? will they

a tale about the creation of imf and world bank. a particular moment in time. it's a tale about economic policy the importance and a tale about john may it was a great deal of information that was i had not been aware of before. let me wind this up by saying ben got review "the new york times" that most authorities would trade their soul for. maybe ben did. i don't know. [laughter] just occurred to me at this moment. there are bargains worth making. the only tale in the long run. in any event it's a tear -- terrific book. i strongly recommend it. benn. l [applause] >> thank you, bob. just to clarify "the new york times" review not yet out. i'm not sure what i'm willing to trade for it. thank you for the kind words, bob. anything you can do to keep up the press buzz about currency wars is great. we appreciate it. [laughter] indeed, currency wars is a 1930 were a great obsession of fdr's treasury. one of the driving motivation of the conference was to eliminate currency wars specific type of currency wars. those directed against the united states and the u.s. in

what could the world bank and imf do? >> i think the question is brilliant. not have good governors, does not have democracy. there is insecurity and even war. you had by some estimates about 6 million congolese killed. the war has not ended. >> there's a lot of other countries that the world bank is focusing on. it's easy to say but would not work. the crc is next ring case -- an extreme case. how would it work? >> my strong view is that if you put democracy on the back burner, the best you can do is short-term, quick growth. growth is very different from development. if you don't have democracy, you're likely to have conflict. i think the good strategy we need his democratic, where the government listen to their own people. admittedly, economic growth under democracy will be a little bit slower. it is most sustainable. my view of the world bank and other institutions, forget democracy or put it on the back burner, they're not going to be able to have sustainable economic growth, sustainable eradication of poverty. >> independent africa policy .nalyst joinin

the imf will provide 1 billion. leaving cyprus to raise 13 billion itself. that means cyprus rating the accounts of rich depositors. for the german opposition, the deal is the right one. >> we stand in solidarity with cyprus, but we have no sympathy for a business model that involves proclaiming yourself a haven for money launderers and tax evaders. none at all. >> if the rest of the eurozone follow suit in backing the bailout, cyprus could receive the cash injection within weeks. >> the german economy is slowly awakening from its winter sleep. the country's leading economic research institutes have presented their spring forecast, saying they expect moderate growth of about 0.8% this year, but the think tanks are a bit more upbeat about 2014, where the forecast growth to reach about 2%, provided the current eurozone debt crisis does not spiral out of control. >> the economic outlook is bright. it is been booming bavaria. the state boasts near full employment. businesses like this are wide. it is an engineering firm. residential -- residents are up, order bo

from the spring meetings of the imf and world bang. -- imf and world bank. part of the conversation this week. >> it has vastly different social security systems, health care systems, pension systems. if europe wants to move to common funding of the systems, a fiscal union, then they need to harmonize the systems way before they can move to a fiscal union. if you are talking about a common fiscal policy orifice cal u -- or fiscal union, they are way off. >> what is your opinion of how the banks look, will they sell assets, and deposit, from the capital banks? >> the issue going forward. if you are well capitalized can you resolve a bank if it runs into problems. there i have seen recent debates among regulators. and the mood seems to have swung from having very sophisticated systems of separating these two simply say, since it will be very difficult, let's just embark on the general road that we will ask a lot more capital. so a big part of the new banking regulation will actually be quite substantially higher capital than even what was agreed upon. >> the s

officials at the imf, headed by christine legarde, say greece is on track to meet its economic targets, which clears the way for the next payment of bailout money. however, a deal to help egypt has floundered, and pressure will likely be exerted upon pakistan to cut its budget deficit and replay 80% of an $11-billion imf loan still outstanding from 2008. the faa orders inspections of more than 1,000 boeing 737 jets. the wall street journal reports that the concern is with "attach pins" that may have been improperly manufactured. if the pins fail, it can cause pilots to lose control of an aircraft. the directive was not a result of any accidents caused by faulty pins. the inspections are not expected to affect flight schedules, but could spell added trouble for boeing, which is still trying to get its dreamliners back in the air. two big-name retailers are denying compensation to victims of a factory fire where workers were making garments to be sold by the retailer. the controversy involves wal-mart and sears. a fire erupted at a bangledesh clothing factory in november, killing 112 wor

imf.lling larger numbers than we are from regional military. i wondered if chip and john you would comment on that. are we leaving states open to assistance that might not have, you know, the value based approach that the u.s. has? >> that question gets to one of the core data i did limb ma on the other stations but the other fourteen programs we have to aid other people's military. better to engage or not engage? and evidence and pardon the ante-dote they substitute data, ronald reagan once said. in indonesia in the early 2000s and the days of the full leahy restrictions on training. we were allowed to travel to indonesia to do training on non-lethal weapons, and we used that to go there frequently. one of the mandatory things we had to go on a training was to start with a class on military in a democratic society and a military justice system. and of course, the pentagon, god bless the pentagon, created the class for us. and it was twenty eight mind numbing slides to be given with a ligh

he is leer forth imf world bank spring meetings this week. he is also promoting foreign investment in india. i'm pleased to have him back at this table. welcome bands back. >> thank you. >> rose: give me your assessment. this is a broad, big question, of the global economy and put it into the context, emerging nations, and it's hard to think of india and china that way but they are often put in that place. asia, europe, latin america, and the united states. where is the global economy today? >> there are no clear signs that the recovery has begun. over all countries. for example, the global economy actually slowed from 2011 to 2012. and although there are estimates that growth will increase by a few percent, a few decimal points in 2013 that's not very clear to me. advanced industrial economies have slowed even further. advanced industrial economies average growth is one half the average for the world. now look at bricks. its emerging large economies. this year-- . >> rose: brazil, india, russia, china. >> brazil is likely to grow at 1.5%. >>

this is actually coming, not from -- from the imf. i would describe that document as the pope inaugurating a buddhist temple. it is not a buddhist temple. this is coming from the people who are supposed to -- and they're really doing some remarkable things. basically what it would mean is the end of the capacity for banks to create money. on only governments would be able to do that. and that would change completely the game. the biggest change. and this is currently being seriously talked about. the media won't say a word about it. there are problems that are not become addressed by the whole thing and that is the -- just on aging, if you don't take anything else into account, france will get -- and by the way, the u.s. is in the same situation. so, the aging of the population is enough to make it over. so, that's it. >> here we are this evening faced with extraordinary problems, like how are we going take care of our aimed. how do we educate our children? how do we clean up after the terrible hurricane sandy, for example? when you s

because we're talking about monetary policy, the imf. what's going on with the fed.ut what i thought was really interesting was what you said about how they -- the imf was always going to be led by a european. and why that was. >> and that was decided at bretton woods. >> that was decided after breton woods. the americans always intended that the imf would be run by an american, january 1946, president truman is going to nominate hear dexter white to be the first managing director. why doesn't he do it? he gets a long memo bum from fbi director jay edgar hoover saying don't think about it, i can prove this is a soviet spy. >> we live with these issues today, right, the issue of gold, whether or not it should be the currency that backs -- or should be the thing that backs our currency instead of having a fee at currency. >> that's right. it had been harry dexter white's determination the u.s. dollar would be backed by gold. he said it was inconceivable there would be a time it wouldn't. but the actual breton system didn't last long. it wasn't until 1961 the first nine

then, big banks are more dangerous than ever, so says christine lagarde, head of the imf. i go one on one with her after this break, back in a moment. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it gets to work. cisco. tomorrow starts here. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get

the eu and imf almost wanted to be punitive to cyprus because they had so much offshore money comingrom russians. and they made -- the imf made it clear they don't like it. >> well, i think you're right, michelle, as usual. but dealing with these difficult economic and financial situations in cyprus in greece and many other countries has taught me a fundamental lesson, that you cannot manage these things as if they were a morality play. you have to find pragmatic solutions to stabilize the economic outlook and restore investor confidence. that should be the issue, not whether there was russian money or other money laundering here. of course that should not be tolerated and should not be condoned and should not be reenforced. but there are ways to clean up those problems independent of forcing the economy into a downward spiral which, i'm afraid is about to happen and raising questions on you about the broader stability of the euro zone. >> yeah, i've seen estimates where they think that the economy will fall 10% a year for the next three years. that would be a decline of 30%, worse t

. >> does the imf want countries sellheir gold?be the impression that people would have got often the events of the last couple of weeks. >> no, we don't have a view on that subject at all. >> even though cyprus, in the memorandum of understanding that's been leaked, it looks like cyprus has been asked to do that. >> i think cyprus may choose what cyprus may choose. look, countries may privatize a range of assets if they need to privatize assets and those can be companies. there's nothing wrong with a country selling its gold, if it wishes to, but it's not an imf policy to suggest that. >> mr. lipton, thank you for joining us. >> my pleasure. good to be with you. >> david lipton of the imf joining us from washington today. >> is it a formula for success or ruin? >> in grave danger, you are. >> disney will reportedly release one new "star wars" movie a year starting in 2015. bill, this is a great idea! >> michelle already has her tickets. that news sparking fierce debate, though, among some "star wars" fans everywhere as to whether

imf reached an agreement to contribute 1 billion euros to the country's bailout or bail in depending on your point of view. they expect an agreement to have approval by the board in early may. all of this according to dow jones news wires. here's a look at what's on the agenda today in the u.s. the march adp employment report out at 8:15 a.m. eastern. it's looking for an increase of 194,000 private sector jobs. roughly in line with what we saw in february which did proceed a strong employment report and has had hopes raised for a strong one again on friday. at 10:00, it's the marsh ism services index. economists looking for a reading of 55.8 which is a slight downtick from february and at 3:30 san francisco fed president john williams speaks about monetary policy. look for results from conagra and an interview with dan tarullo. that will be on "squawk box" at 8:30 a.m. eastern. for more on how markets are shaping up today, joining us now is chief economist and cio. it's great to see you. it was your note earlier this week that really helped to focus attention on what was happening in

this is actually coming not from them either but from the imf. i would describe that document as the pope inaugurating the buddhist temple. what is striking is not the buddhist temple. this is coming from the people who -- for the system. and they are really doing some remarkable things. basically what it would mean is the end of the capacity for banks to create money. only the government would be able to do so, and that would change completely the game. it would be the biggest change in 300 years and this is currently being seriously talked about. in the media or you won't hear a word about it. there are problems that are not being addressed by this whole thing and that is for example thinking back to the days of france. just on aging if you don't think anything else into account by 2050 france will be at 100% and by the way the u.s. is in the same situation. so just aging of the population is enough. so, jacqui. >> so here we are this evening faced with extraordinary problems like how are we going to to take care for aged? how do we educate our

imagine the imf. a less talk about this. the china and south africa. the brakes, the so-called bricks now call for 21%. and yet the national monetary fund, two of the world's most robust economic and intellectual institutions, the center for international policy. together they have with the treasury playing a major role in this of these 80's and 90's and teaching almost what we need to do to a turnaround economy. but these institutions, the bricks only half a lemon & despite what they're overcome. in the country's of the asian air account for about 25 percent of global change. 32 percent. well, emerging economies to continue to be the engine of growth for us in the united states to molest your command japan, we need the brakes to continue down that disciplined path that allowed them to turn themselves around. will they do so? we will continue to do so? will the political leaders and the need to make the tough decisions. there is no reciprocation of the world's majors. another example, at the onset of the financial crisis the events in particular ma

it is not just the imf but also e.u. has a negative bias on gold. cyprus is looking to sell gold and probably next to follow would be greece. and even the countries that are traditional buyers of gold, they put sort of a halt on buying further gold. in india, for example, india is suffering from massive current account deficit problem. what they have done is, they have removed the incentives to loan money to buy gold because that wouldean selling the currency while importing more gold. melissa: okay. let me,appening onon, let me stop you there. steven, we're supposed to be talking about oil and we're not. that is very telling because gold is at the forefront of everyone's mind in this breakdown really seems to be something significant to a lot of people and a lot of investor we saw the first segment we did as well. they wanted to talk about gold. if gold breaks down, steven, what happens from there? what does that mean to you? what doe it mean for oil? what does it mean for stocks, the rest of the economy? >> at this point from an economic standpoin

. >> why is there such reluctance from the eurozone and from the imf to help cypress -- cyprus out of this. to the greeke it bailout, it was to a 40 billion euro. >> a good point. i made this in a speech recently. i dealt that the bailout of such a press -- of cyprus was a rounding error. 23 billion euros is not small change. it is small when you look at the size of the new budget. it is really small change. germanecause it is a election year. the last thing merkel wants to do is bailing out the irresponsible, the russian oligarchs with their prospects money, which is how it is being portrayed in germany. the other thing i would give is, cypress is too small for anyone to be bothered about. it is unlikely, so the thinking goes, to cause much of a problem in the eurozone. way germany would tell spain that all of your bank -- then deposits would have to be larger. cyprus is thought of as irrelevant. >> thank you for joining us from london. ahead here on the program, a u.n. refugee camp was had 3000 people. a report by doctors without borders. and from the netherlands, how -- a leadingak

. >>> in an interview with maria bartiromo, the imf chief legarde suggested central banks around the world must do more to boost growth since governments have limited fiscal impact. >> we are in a low interest environment and more needs to be done. at the moment, government with their fiscal policies have limited space. and yet growth has to pick up. who bears the burden? central bankers with monetary , whether it's quantiteasie, ful this n the japanese authorities. doing what they can to encourage growth, toth when thee for a long time like in japan and to make sure that credit flows into the real economy so that investment can start again. >> there's so much debate about this subject. and today we're hearing all different commentary about when the federal reserve should ease back on its stimulus. do you think there are damages to this plan longer term? i know you said in your speech inflation is okay now, but what are the downside risks? continuing this until 2015 versus stopping this summer? >> first of all, the fed has indicated that they would do so with two compasses, if you wi

lew was in berlin for talks ahead of the imf meeting in washington. >> 5 the u.n. peacekeepers were killed. >> the rebels backed by sudan are believed to be responsible. south saddam broke away after decades of civil war. -- south sudan broke away. >> uhuura cannot has been sworn in. he praised kenyan of voters for rejecting what he called "the tents -- "attempts to influence the election." is accused of crimes erupting after the 2007 election. >> meeting with benjamin netanyahu to revive middle east peace talks, secretary of state john kerry says he will be working with israeli and palestinian leaders to improve relations. he warned against seeking a rushed resolution saying it's important to first seek trust. >> the german justice minister in china for annual talks on the rule of law, part of the meeting. >> has been barred for leaving the city because it allegations of tax evasion that he has never faced formal charges. >> we have more on a man stuck in a legal limbo. it has been one year since they raided his beijing office and arrested the german shipping agen

that's going on in washington all week with the imf annual meet >> joe, just on the numbers here. difference between 2.2% which is what the amherst people, the umass people are saying and minus 0.9. one is a small recovery. the other is a recession, and after all, want it them using this formula, negative growth if it gets to 90%, they are the ones particularly advising europe with all the european austerity, with the tax hikes, for example, that have thrown europe into a double dip recession. >> yes, larry. the austerity certainly has been an issue and a lot of prominent policy-makers cited the results as evidence to pursue these types of policies. the difference between two-2-.2 and minus a point is quite -- minus .1 is a rather big number, especially cumulatively over time with compound from interest and things of that sort. this is a big faux pas, if you will, certainly not any levels necessarily that will cause the economy to weaken, as david was saying. this is an issue locker term about government spending and what not, but this is a real mistake. >> all right. >> dave malp

then we have the g-20 ministry of meeting coming up in washington, d.c. >> rose: right. >> and then imf bank annual meetings. >> rose: and what is the biggest issue there? >> the global economy, of course, how we are going to be reaching levels of growth, not just for the u.s. but for europe as well, how to tackle issues in japan and the euro zone, and the fact that there is now so much problems in the developing countries and the exports of the developing countries that are going down and developed countries are affected, the developing countries are more and more being affected from the lack of growth and unemployment -- >> rose:. >> these are all issues on our agenda. >> what has happened to the turkish economy? >> turkey has been doing quite well. >> rose: yes. >> first because of the fact that we have made our reforms before the crisis hits, we strengthened our banking system, we strengthened our budget, we were able to bring down our public debt, so the two important problem areas, public finances and big banking system in europe, and u.s., and those two areas were our source of s

the greatest is to meet the terms set out by the eu and imf. only then will it receive the 10 billion euros it needs. >> how many cypriot officials might be swept up in this new criminal investigation? for more, we are joined now live on the line by correspondent nathan morley in nicosia. how far could this investigation go? there have been rumors implicating not only the finance minister but the president as well. >> indeed. difficult question to answer how many people will be swept up, but sarris is a key figure in these bailout talks. as we reported last week, he was the chairman of the failed bank, so he also has questions to answer. the president as well, i'm afraid. the investigation committee looking into a relative of his who spirited away 10 billion euros just before the bailout. we are looking at proposals coming from the state tonight about reductions in civil interested in who is to blame and who is involved. i know the minister. he is smart and keen, but he is stepping into the shoes, which are pretty big, so it remains to be seen

we would obviously welcome a contribution by the imf. >> the syrian rebel leader surprising his followers by resigning, expressing frustration with the international community and the opposition movement overall. his announcement coming in a facebook posting, leaving some questions about his future plans. meanwhile, secretary of state john kerry turning up the pressure on iraq's government in a surprise visit to baghdad over the weekend, secretary kerry urging iraqi leaders to stop iran from using its airspace to shuttle weapons and soldiers to bashar al-assad's syrian government. >> we had a very spirited discussion on the subject of the overflights. and i made it very clear that anything that supports president assad is problematic. >> the newly ordained pope francis holding his first palm sunday mass. palm sunday is the final sunday of lent and marks the start of holy week for christians around the world, leading up to the holiest day on the christian calendar, easter. for "teen kids news," i'm jamie colby, "fox news channel in the classroom." >> could you describe the flag that flies

down the situation, but the finance ministers also made clear that the share which the eurozone and imf is playing is like the red line, and for the rest, the cypriots are responsible to come up with the money. that might be bailing out banks. that might be privatization for also hire taxis, but there was also other good news for ireland -- privatization or higher taxes. it is a reward for ireland and portugal, a reward for their hard austerity measures. >> some worries about cyprus' bailout weighed on the markets on friday. we have this report from frankfurt. >> the rescue package for cyprus led to irritations, also here on the frankfurt floor, especially the discussions about the fact that maybe the money will not be enough to avoid bankruptcy of cyprus. it dragged down the mood on the frankfurt floor. the dax started nosediving, but the negative trend has been backed by new economic data from the u.s. consumer confidence and retail sales went down significantly, and this has been a bad surprise. maybe it is because of the fact that unemployment data in march has been weak. >> now for

the imf has now confirmed it will contribute around 1 billion euros to the bailout of cyprus. >> that is about 1/10 of the overall package for the cash- strapped island nation. the largest aid payment is to come from the eu. earlier, the cypriot finance minister was sworn in at the presidential palace. he promised to fully implement the terms of the bailout. it does, however, still need to be ratified by the national parliaments of the other eurozone member states. inflation in the eurozone continues to be a concern, although the rate of increase has fallen to its lowest level in almost three years according to newly released numbers. >> consumer prices rose by 1.7% compared to the year before. it is the third month in a row that inflation has slowed. analysts say prices are affected by the recession and high unemployment. that inflation data has traders speculating about what the ecb might do at its policy meeting this week. our correspondent has more from the frankfurt stock exchange. >> the relatively low consumer price inflation in the eurozone -- this caused a lot of speculation

major hurdle towards getting its next installment of bailout funding from the eu, the ecb, and the imf. the greek foreign minister said that athens has agreed to the next age of economic reforms. the greek economy is in its sixth year of recession. unemployment has soared to a record 27%. economists are saying it could start growing again next year. >> back to cyprus now, where the president of the island is busy promoting some creative damage control after the eu approved a bailout that could mean up to 60% of bank balances are taken from deposits exceeding 100,000 euros. nicos anastasiades says he wants to get passports to foreign account holders who use -- lose 3 million euros or more as a result of the bailout. the prospect of free movement within the european union is especially appealing to russians, who hold billions in cypriot bank accounts. >> it looks like banks in the united states are climbing out of the global financial crisis. citigroup rake in the profits in the first quarter, making a 17% leap over a year ago. consumer banking revenues remain unchanged. citigroup took a

also with us, exclusively, imf head, christine lagarde. she's watching what's happening in our stock market and with our fed very closely. she's also issuing a huge warning about the banking sector, that you'll want to hear later in today's program. also, get this, the kpmg partner who leaked that inside information has put out a statement and now his lawyer is going to be talking to us first. you'll want to hear this, coming up, on today's edition of "closing bell." as i said on twitter, who's not on "closing bell" today. here's what the market lacks like. here we go again. the dow was up 152 at the high of the day. now a gain of 139 points is at 14,812. the nasdaq has been the strongest of the major averages since this rally began on friday morning after that jobs report came out. the nasdaq up 4% since that low on friday. it's up 1.76% right now, with a gain of 56 points. the s&p, no small shakes either. a gain of 1.2% or 18 points at 1,586. so what is happening with this market and why? even as the fed hints at tapering down its stimul

the imf says there's no silver bullet. fund urging developed economies to take prudent steps to boost demand. you can go online for more. >>> still to come on the show, economists are expecting an imminent rate hike in brazil. will the central bank make the much anticipated move today? we'll discuss that when we come back. we'll leave you with pictures of the coffin of former u.k. prime minister margaret thatcher. her funeral due to begin in just about 40 minutes time. usiness. we've reduced taxes and lowered costs to save businesses more than two billion dollars to grow jobs, cut middle class income taxes to the lowest rate in sixty years, and we're creating tax free zones for business startups. the new new york is working creating tens of thousands of new businesses, and we're just getting started. to grow or start your business visit thenewny.com >>> welcome back to the program. we'll take a look at u.s. futures which are pointed lower this morning despite a rebound yesterday it looks like markets are under pressure. do

you look at what the imf does. a lot of the programs that they do with some of these countries are really designed to coax them towards free markets, to let them trade with us more. so i'm not so sure we're not doing a lot of what you're already talking about. i think we're already doing it. >> i hear what you say. john wakefield, come in on this. i want your thoughts on this. again and again i have to say, how is throwing more money at the issue effective? we've got these people who really are attacking us and we're not seeing the reforms that we expected in those countries. maybe say hey, wait a second. you got to fix your own problems and quit blaming the united states. that's your own government's problem. go ahead, john. >> yeah. and what gary b said is -- we don't have deep pockets anymore. we have $16 trillion in debt. this isn't like okay, we're going to let kids starve in africa because the dictator hates us. we've got kids starving here in our country. we have a lot of problems in this country. it really

officials were talking to the imf and telling them not to push so hard on the details on the bailout because the last thing they wanted was to have a flare up in the debt crisis. yes, i'm sure they're very frustrated, but ultimately, do they have the ability to make germany do anything different? no, they don't. >> kelly, let's bring you in from paris where we know the french economy is struggling a little bit. what happened yesterday with the moscovici? do we know? >> no, ross. how extraordinary. if you take a step back and consider that here is jack lew making his second trip to europe, people were talking about the fact that he had made a point of going to china first and then europe, and then among the places he's going, he started yesterday in brussels, met with european leaders. then it was to frankfurt to meet with draghi last night. he was supposed to wrap things up with moscovici. that trip canceled, then we heard they were trying to find a better time because there was a scheduling conflict. sotd point being, it's a embarrassment for france, frankly. they've turned around,

the imf tells reporters public pension plans won't be able to fund nearly a third of future obligations, and pension funds and insurance firms are turning to risky investments and betting on large returns to cover funding shortfalls. the situation, however, is not dire - both groups have cash on hand. the postmaster general made a return trip to capitol hill. this time, u.s. postmaster general patrick donahoe told a house committee, the postal service is operating with a broken business model and losing $25 million daily. unless congress changes laws, donahoe predicts the situation will become worse. he suggests cutting saturday delivery and tighter controls on healthcare and pensions. more americans are warming up to the idea of renting. allstate insurance reports the demographics for renters are changing: the median age of renters is 40 years old. roughly 60% of renters are over the age of 35. "we're seeing people move in to the renters market by choice. they like the flexibility that comes with renting, and they have some concerns about investing their money in a depreciating asset -

i spoke to the managing director of the imf, the global economy and recovery. it is part of this week's conversation. >> one group of countries emerging market and economies that are growing quite well and the second group, the second speed recovery if you will. countries that are on the mend. i would include in that group the united states of america. then you have the third group, the third speed recovery where countries still have a lot to do. in that category you find the eurozone n particular, and japan. >> today, we're hearing all different commentary about when the federal reserve should ease back on its stimulus. do you think there are damages to this plan longer term. >> first of all, i would observe that the fed has indicated they would do so with come passes if you will, one inflation and that keeping a very attentive eye to inflation and second unemployment. what we see at the moment is inflation under control. as long as that is the case, and given that the fiscal tool is not available at the moment, then the monetary policy should continue, as it

the imf revised its forecast for the year, the world's two largest economies, u.s. and china, expecting to see slower growth than before and europe in recession largely because many say across the board austerity. does the rest of the world slowdown mean a stall in the u.s. is inevitable and i know how you feel about. this you have just told us you think you're not bullish the next couple of quarters so i will ask you, are you concerned by what you see? 27% unemployment in spain, we're celebrating 7.6% here. how much drag is that on us? >> christine, the way i look at t we're the life raft for the economy right now. we're one of the few economies actually growing albeit not as rapidly as we want. when europe slows down, when china slows down, there is no question about it. that has a negative impact on american economic growth and the question is as europe is virtually in recession rights now makes it very difficult for the u.s. economy to grow. that's why i am with robert reisch. this is very rare by the way that i think the next couple quarters could be stuff sled

and also the foreign he minister of affairs and has been in the united states and here to attend the imf world bank spring meetings and pleased to have him back at this table, welcome. >> thank you. >> rose: so what do you hope to accomplish? here? >> well, this week, we have actually a series of meetings between u.s. chamber of commerce and the turkish counterpart for three-day, three city investment week. >> rose: right. >> and we are bringing together american and turkish business people about how we can do more trade, more investments between our two countries, and then we have the g-20 minisy of meeting coming uin whingto d.c. >> rose: right. >> and then imf bank annual meetings. >> rose: and what is the biggest issue there? >> the global economy, of course, how we are going to be reaching levels of growth, not just for the u.s. but for europe as well, how to tackle issues in japan and the euro zone, and the fact that there is now so much problems in the developing countries and the exports of the developing countries that are going down and developed countries are affected, the dev