the same imf that relies on our funding and money for bailout, and gary b says this is more proof whye shouldn't do it. >> well, it is idiotic, and every time i read about this n minimum wage issue whether it is from the imf or the obama administration, it bugs me. first of all, raising the minimum wage doesn't cure poverty. why? because most people are earning the minimum wage are young part-time teenagers working a part-time job and the average ip come is $53,000 well above poverty. so when you get the people saying they want to raise the minimum wages, it is the greedy corporations and the guy with the 200 mcdonald's franchise and if it is true, where does it go? it goes to the workers and then the owner has less moneyt a tend of the year for profits in which to build other businesses and hire other people, and it is not a winning situation. it is absolutely idiotic, but thank you, imf to tell us how the run the country. >> well, people on the other side, gary, are just as hot about this as you are. we have seen lots and lots of protests, and jonas, the imf says that we have the lo

the imf cuts its production for the u.s. economy and we will talk with the imf managing director christine lagarde. almost everything is on the table, the u.s. may cooperate with iran as it looks for ways to stop militant rebels throwing iraqi into chaos. we will speak with the former defense secretary, bill cohen. welcome to a new week on "market makers." stephanie ruhle is on assignment today. let's begin with the biggest business story of the day, possibly the week. medtronic is buying smaller for almost 30n billion is in stock. the issue is taxes. it will move its headquarters to ireland and it could free up almost $14 billion of cash now trapped overseas by u.s. tax policy and overseas profits. with us this morning is bill george, the former ceo of medtronic who is now a professor of management at the harvard business school. also, bloomberg tax policy zach is here. he will ask play in the anderence between this deal what sounds similar but i know is different, what we heard weeks ago from pfizer and astrazeneca. >> a l

the imf cutting the forecast for fromrowth to two percent 2.8%. individual stocks, looking at shares of level three. buying pw to get direct connection to business customers. contente largest delivery companies. continuing with the telecom theme, black hairy due to report fiscal first-quarter earnings this thursday. analysts estimating a loss of $.26. the big question is, do the quarterly results matter that much? john butler joins me now from princeton on more to watch for there's day. much you say overall, how do investors care about the quarterly results versus the bigger on the long-term picture from blackberry? >> not a lot. this is a turnaround story with a great new ceo named john chen. the focus on the quarter will be, where is he taking the company? what is the cash burn rate like him and what can we expect in coming quarters? he has made some promises he needs to keep. atwhen you are looking declining market share that is coming out from smartphone shipments, trying to emphasize outside of the area. what exactly are they doing? in and lo

cheryl cheryl and the imf lowering its forecast today. claman went right to the source and asked the managing director in a first on fox business interview at the imf headquarters. liz? liz: and that's because we're looking in the rearview mirror. that's the good news. the reason they have to downgrade gdp? well, just stay tuned. you will find out the exact reason coming up live right here from the international monetary fund here in d.c. my one-on-one with christine lagarde, coming up. ♪ ♪ [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's e

>> the imf euphemisms. on economic growth i have not seen any breakdown of to what extent the growth has been due to the large amount of spending both from donors and military. clearly that has been an extremely important factor in the growth of the afghanistan, albeit from a low basis. i think that one should look at not just that fact but the fact that the progress that has been made does provide some scope for ensuring that that growth continues, even if donor support is not as large as it was growth has continued i am turning to the financial system and progress i think that there has been some progress. think what has been important is the new banking laws have been prepared. as not gone past parliament. think that the supervision part of the central bank is been restructured and staffing is been increased. more work is needed, but that should improve the ability of the central bank to monitor and supervise banks and therefore reduce the risk of a crisis. however, despite those improvements the banking

the imf would not have worked as well as it did without the efforts of the united states. now the imf's policies were and continue to be controversial but my judgment is that on the whole they were beneficiaries not perfect. the imf was less important in the great financial crisis in the united states of 2008 and has been less important in the euro crisis because it's not enough. he doesn't have enough money. the responsibility for coping with those crazies failed in the first case on the american government itself and in the second case on the european governments. so i think although the imf is useful and could put out small fires when it comes to big raging forest fires the financial crises of the kind we saw and united states in 2008 and we saw in europe in 2011 and continue to the present, the imf does not have and is not going to have enough firepower to be effective on its own. >> was that we will wrap it up. thank you so much. >> thank you. [applause] there are copies of the book for sale. [inaudible conversations] >> booktv asks what are you reading this summer? >

next year, 2015, is when imf says we will see 3%.e experiencing a meaningful rebound she says with no domestic crises, but this report says the scars of the recession are still very much visible and to he rest in the us must do a couple things, number one raise the minimum wage. she did not give a level, but raise the minimum wage. invest in people and if the structure and after you need to alter the tax code. in fact, specifically she said for the individual tax rate she said it needs to be limited or eventually eliminate individual tax deductions. that is sure to put a lot of lobbyists in washington into orbit with fury. the report was composed before the violence in iraq started last week, started by a islamic militants. quit something like that or what is happening between russia and the ukraine and the natural gas issue, could that derail what she has said is a pretty decent recovery? we begin with that. liz: how closely are you watching the situation in both iraq and russia and the ukraine as it pertains to the us economy and h

the imf policies were and continue to be controversial. my judgment is on the whole they were beneficial. not perfect, but beneficial. the imf was less important in the great financial crisis in the united states of 2008 and has been less important in the euro crisis because it not big enough. it doesn't have enough money. the responsibility for coping with those crises of the first taste of the american government at south hated the second second case the european governments. i think although the imf is useful in could put out small fires, when it comes to beat raging forest fires, big financial crises of the kind we saw in the united states in 2008, we saw in europe in 2011 and continuing to the present the imf does not have and it's not going to have enough firepower to the effect that none of. >> thank you so much. >> thank you. [applause] >> there are copies of the book for sale. bring them back here and get them signed. >> thank you. [inaudible conversations] >> in this next program, charlotte bonelli talks about subfloor hatch and

imf making waves with the report on the u.s. and warning of marketed risks from low fed fund raider rates and too much certainty over fed policy. lagarde was just asked whether the recent rate hike by england means the united states has to follow suit. the market assessment is generally that once tapering will have been completed to the point where they will no longer be purchases, then tightening might, in short order, take place. we are not that certain about the short order. >> so suggesting that maybe rates can remain at zero beyond mid-2015. lagarde giving more details about the imf's call for raising the minimum wage in the u.s. talking about significant numbers, you know, when you have 50 million people living below poverty level, many who are working people, not people just not doing anything, that's why we are recommending it it. now, as to give you a number, is it 10.10? this is something that needs to decided by legislator tos, clearly. >> in the report, the so-called article iv consultation with the united states, wh

this is the day, the imf looks at the u.s. will speak to her about the political economics of the u.s. they will be critical let's get to new york city, here is scarlet fu. >> we will check in with you later. this is bloomberg "surveillance," here with jonathan ferro and brendan greeley. adam johnson is off. company news, the battle for alstom is heating up. expecting siemens to make an official bid for alstom's energy unit in the next couple hours. this might increase pressure on ge to improve its existing $17 billion offer. life from munich with the latest. the backstory is that the french government has been pushing germany's siemens to make a bed. will this be one made under duress? i think that ultimately the debate is something siemens wants to make, the conditions of the bid are the thing that are under duress. how it is manifesting itself. the fact that they are doing as a joint bid with mitsubishi shows the elements of the business that siemans wants, the gas turbines. ge has bid for the entire company excluding the t

imf scenario the in the united states.ng a second quarter that is weather-related but i think that strength will carry into the third quarter and we may have a three percent growth. >> this is a huge deal. listening to christine lagarde yesterday, what stunned me -- is the imf just lowering its forecast based on the first corner and then we get acceleration? >> the imf does some wonderful things but they have a pretty bad record in predicting the next 1-2 years of economic growth. they were optimistic in 2007 and very pessimistic in 2009 when we were emerging slowly. i think they are looking in the rearview mirror. >> christine lagarde emphasized that this was not a call on the first quarter. it's their forward-looking view. have a don't exactly track record. they have made some egregious calls in the past. to the extent the imf is influential, what kind of mindset does that put policymakers in as they debate what to do next? >> i don't think it changes anything. the bernanke-yellin administration will put their foot on th

still, the imf said the fed could keep the zero interest rate policy in place beyond 2015. full employment in the u.s., not until 2017 says the imf. >>> starbucks may be better known for its high energy drinks than higher education. they're teaming up with arizona state university to build a better educated workforce at its stores. >> reporter: there are jokes about barista's with bachelor's degrees. people who went to college only to work at starbucks. most of its employees don't have bachelor's degrees. and now the company plans to help them get one many. >> this is one of the most, if not the most important announcement we've made in our history about. >> the chairman and ceo announced a partnership with arizona state's online program, which offers 40 different bachelor's degrees. starbucks employees who work at least 20 hours a week, can get full tuition reimbursement for junior and senior year studying online. tammy lopez wants a business degree. >> i always saw myself finishing school, but i just didn't know when, it's financially difficult. >> how much is this costin

they are dragging fifa out of the shadows, much like the global protesters did 15 years ago with the imf and world bank. the people of brazil have performed a public service, because fifa can live in the shadows no longer. >> dave, thank you so much. >>> everything you need to know about who's who and what's what in this year's world cup. that's ahead. replace your laptop? start with the best writing experience. make it incredibly thin. add an adjustable kickstand, a keyboard, a usb port, and the freedom of touch. and, of course, make it run microsoft office, with the power and speed to do real work.

does the imf know what they are talking about?ot according to a lot of people who look at their track record. the bank in sweden looked at the forecasting records and felt that they were not good. the imf looked at its own record. while they are not ms. cearley biased, they consistently do not perform better or worse -- while they are not necessarily biased, they consistently do not perform better or worse. they have been overly optimistic and times of recession. is not going to listen to the imf, what will influence them, if anything, during this meeting? >> what might have an influence is the latest cpi numbers we got today. it suggested inflation might be building from the bottom up. take out the big rise in energy and food and you had a rise in services. people look to that, what is the biggest expense at service industry companies? compensation. you have to pay workers more. if that is what is happening, you will start to see the inflation they have been looking for. they will not do anything this week. maybe towards the end

and a representative from the imf. by the brookings institution, this is an hour and 45 minutes. >> all right, we will start. thank you so much for being here despite the rain which kind of threatened for a little while but has almost stopped. it is really wonderful to have all of you here. i think we will have a very lively and interesting discussion. thanks to a truly fantastic panel. i am so grateful for the panelists joining us. the timing is pretty good, you know, a little more than a week after the european parliamentary elections and in the middle of this debate that has erupted from the presidency of the commission. we have isabellele kumar who has a flagship program, global conversation for euro news. she came all the way from london yesterday -- from paris, i'm sorry. isabelle, for those of you who watched her, but maybe not everybody has had a chance to, moderated the first european presidential debate. as i said that, i know some are wondering what i am saying, presidential debate? and i watched it and was

you're undoing the imf euphemisms. i'lldom that. on economic growth. i haven't seen any breakdown of to what extent the growth has been due to the large amount of spending both from donors and from military. i think that clearly that large amount of support -- and you saw the chart on donor support, that is clearly an extremely important factor in the growth that afghanistan has recorded, albeit from low bases. i think, though that -- i think one should look at not just that factor but the fact that the progress that's been made in building economic institutions does provide some scope for ensuring growth that growth continues even if donor support is not as large as it was. say it's come down from 70% to 40% of gdp over the last couple of years. growth has still continued. it's got lower but it has continued. turning to the financial system and strengthening it over the past three years, i think there has been some progress. i think what's been very important is the new banking law has been prepared. it hasn't passed parliament. that's an important st

liz claman interviewed imf director in a first on fox business interview.what she had to say. >> in the short term there may be some jobs lost but when you look at the significant increase of income, we believe in the long run it will be net positive for the economy and for unemployment as well. jo ling: i want to go first to rob morgan. tell me, what do you think of that, do you agree? >> i don't agree. i do agree that jobs are going to be lost if we have a higher minimum wage, but unlike her, think it is a long-term phenomenon. i think higher minimum wage is a job killer. if you are managing a payroll in aggregate and the ceo of a company is saying we ought to keep costs down, you'll find ways efficiencies getting rid of people. i disagree with that. jo ling: david, what is your take on this? >> i would also disagree. a little business experience would support raising the minimum wage as a way to increase the workforce. i think it is consistent with ben bernanke dropping money from helicopters. the idea is to get my directly into the economy as quickly as

director of the imf europe department.a few words of the economy out in particular, how do you link this populist, you know, yet it's not a majority by 3% is a large vote. how much of it is economic distress, unemployment? and also, you know, deflation, the european inflation target is 2% or just below. it's now running at less than half. all hell would break loose if inflation was 3.5%, right? i mean, think about it. the buddy would be -- it's below 1%, almost getting close to zero, and nothing seems to be happening. >> thanks, kemal, for the very kind introduction. before i, too the story, let me just indoors what you implicitly and jacques explicitly mentioned, that turnaround incentives, market sentiments in particular over the last two years is really remarkable. and i would add one other dimension again to add perspective. if you look at the european project as an economic integration and economic performance project over the last 50 years, there is considerable success. i think it's a major success story, particular

>> the imf has already done that.% or 5% >> inflation picking up. >> above 2%. >> ge said to the refining its alstom bid to assure france. presenting akaeser joint bid with mitsubishi. coming down to the wire. they could make a new offer by friday. perhaps some new concessions? >> that's right. probably not going to be an increase in the prize, $17 billion for the energy assets. could be more guarantees offered by ge on the bid. according to people familiar with the matter, ge will increase the number of job creation. they have promised to create 1000 french jobs over the next two years. they want to make sure the french retain access to nuclear technology. response to siemens lobbying yesterday in paris. ceo,-- joe kaeser, the was in front of lawmakers arguing for his date with mitsubishi, he said it would safeguard french jobs. >> we do not make an offer to harm another company or harm somebody. we want an offer that will be useful to everyone -- to alstom, mitsubishi, siemens, and all some employees, -- to the alst

listen, the imf has gotten it wrong.y got the greek bailout wrong -- melissa: that's true. >> so the question is would a minimum wage hike at the federal level help? see half the states raising -- melissa: jack, you agree with her, right? >> i do. we're not raising it from a fair level, we're playing catch-up after 40 years of people losing 30% of their person power who earn minimum wage in this country. we have to get back to where we should have been, and the people spend everything they make. melissa: but why are we talking about raising -- >> you know, instead of talking about the minimum wage, why not talk about growing the economy -- melissa: or moving people out of that wage range and is into the middle. the middle is disappearing. that was all the talk over the weekend. the increasing barbell economy. we're focused on increasing the pay of these jobs at the very bottom, jobs in the middle are disappearing. >> if you're not in the 1%, you're not doing as well as you should be. everyone's hurting in this economy be

christine lagarde delivered the imf conference for the u.s. the conference is 30 minutes. >>> well, thank you, and good morning to all of you. welcome to this press conference on the concluding statement of the article 4 on the u.s. i'm assuming that you have received a copy of the concluding statement beforehand. and what i will try to do is focus on the key messages that we have. just for the -- by way of background, it's been a while since we have not done a concluding statement when there is no domestic crisis, when there is no recession, and that has given us a chance to actually focus on long-term growth trends as well as the structural reforms that we see as ways to support both growth and jobs. turning to growth and numbers, you will have noted that we have revised downward our growth forecast for 2014 down to 2%, and that is largely attributable to the poor result of q-1, which are largely, not entirely, but largely weather related. it's not the main message that we want to give on growth. we believe that this slowdown is temporary an

the imf out with its annual resue of the economy and policy, taking a firm stance on the u.s.imum wage of a hot political button. joining us notice, from warble is nigel chock. thank you for joining us. >> thank you, steve. >> what's behind in idea of supporting raising the minimum wage in the united states? are you concerned about wading into u.s. politics in this regard? >> we always have to be concerned about wading into politics, but the again any is coming from the fact we still see poverty rates at very high levels, and they're not coming down even though the economic recovery is going. 1 in of in the population, and we think this is a macroeconomically relevant issue. so we propose a package of policies to help address some of these poverty-related issues. in particular, a combination of a package of an increase in the earned income tax credit, a negative tax credit that the u.s. offers, as well as increase in minimum wage. and the relative trade we'll see will be much smaller than a minimum wage of our own. >> you don't mention that in the report which i read, that the

the imf has been doing this for quite some time. take a look at the whole past year. central banks they have given advice to, they told the ecb they should continue. >> michael, if the fed is not going to listen to the imf, what is going to influence them? >> they're going to be influenced by the data. we know they are going to continue their tapering, but it is a question of when they will start raising interest rates, and that depends on what the data tell them, because they have new forecast coming out tomorrow. they will let us know what they think is going to happen to gdp, unemployment, and inflation, and they had lowered their gdp forecast the last time they met, but raised their inflation forecast a little bit. we will see if that trend continues. if they do see unemployment falling faster and inflation rising more quickly, then people might read into those charts that the fed is going to start raising rates sooner, and that will have a profound impact on the markets. we had the cpi come out today hotter than expected, particularly in some of the underlying co

the imf cuts its production for the u.s.will talk with the imf managing director christine lagarde. almost everything is on the table, the u.s. may cooperate with iran as it looks for ways to stop militant rebels throwing iraqi into chaos. we will speak with the former defense secretary, bill cohen. welcome to a new week

the imf has brought out its big bazooka. where does that leave european equity? >> european equities have clearly done very well. they have calmed the monetary situation. d the moves toward negative rate. the promise of quantitative easing down the track. they doing quantitative easing now? i think the weakness of the european banking system. i would argue that european banks remain undercapitalized, which is a difficult situation. >> will the balance sheet assessment proved to be a success this time around more than the last two banking reviews? doubt it will prove as stringent as it needs to be, but my guess is it will be an one ofment on the past. the things i will be looking at in europe to see growth accelerate, one of the things i will be looking at is stats to recapitalize the banks and make them len. >> the key issue in emerging emergingnot all markets are created equal. one of the takeaways is continue to expect a rough ride in emerging markets. >> think in the near term that is correct. this report was by a firm called create research we have sponsored

it doesn't stop with the imf. with the imf program in place, the world bank, european bank, european union, so ukraine has potentially access to 25 to $35 billion over the next couple of years. primarily in the form of low-interest loans. that should help ukraine get through this period if they do the right things. >> would you like to take on the trust question, the first part of the question? >> i'll be very brief. i don't think it is fair to compare russia's behavior on ukraine and especially crimea with person behavior going that's a very popular thing for russians to claim, that we are at fault because as russians say, we, the west, we egressed the former yugoslavia. we did what we did in libya and of course in iraq, et cetera. i believe that it is important to note that, for example, in the case of libya, we, the west, certainly the united states, went to the security council of the united nations and obtained with russian abstention at the time a resolution endorsing activities directed at libya. the same i

remarks from imf managing director herself, christine woodard.it is jobs, jobs, jobs at the close of the week. on the june jobs report thursday, a day early thanks to the independence day holiday. economists expect 212,000 jobs were added this month. markey are right, it would the fifth straight month of more than 200,000 payroll gains. the unemployment rate shouldst 6.2%ould stay. steady at it culminates in one big birthday. rt on friday when bond and equity markets close. america turns 238 this year. we will have more right here on bloomberg television. yang yang giving us a head start on the week ahead in the u.s. lotsroddy is turning 100 -- turning 100. angus bennett reports the next four years might prove to be the most challenging yet. ago, a family of italian brothers set out to build cars that were both beautiful and fast, cars designed for motor racing as well as the road. 100 years later, maserati's plans are even more ambitious. they are aiming to lift sales nearly fivefold by 2018, a tough task, but they are on track to do so. erati d

starting with the imf. with assistance going for word.ut we should emphasize this will not work if not a a clear indication of reform we have been down this path before with the international community but the assistance did not produce lasting or meeting full results. we have a strong feeling this is an exceptionally critical moment but also of opportunity because of the commitment to and tracy the force that that represents that is changed to put pressure on ukraine to lew deliver and if that happens. it is good to see you. with regard to cooperation with germany in particular it has ben exceptional. one things that people don't see on a day-to-day basis is the court nation, cooperation between obama and his counterparts. he has been on the phone for hours on end particular of a with chancellor merkle and the prime minister ante leadership of constant communication throughout the departments and agencies to produce exemplary cooperation. none of this is easy. there are competing interest among european countries and obviously the desire

fromdnesday, we will hear janet yellen speaking at the imf followed by remarks from imf's managing directorjobs, jobs, jobs the close of the week. we get the june jobs report on thursday. economists surveyed by bloomberg expects 210,000 jobs added this month. the unemployed rate should hold steady at 6.3%. bond inequity markets will be closed for america's birthday. the u.s. is turning 238 this year. >> happy birthday, america. stay with us. another check on the market movers on the other side of the break. "bottom line " returns in just a moment. ♪ >> get the latest headlines at the top of the hour on bloomberg radio and streaming on your tablet and on bloomberg.com. that is it for this edition of "bottom line." have a great weekend. mark will be back on monday. on the markets is up next. we're coming up on 56 past the hour. bloomberg television is on the markets. but look at where stocks are trading an hour before the end of the session and the end of the week. we are seeing a mix right now. not much change in either direction here today. material stocks falling because of dupont. let's t

and representatives from the media and the imf. right, we will start.thank you so much for being here despite the rain which kind of threatened for a little while but has almost stopped. it is really wonderful to have all of you here. i think we will have a very lively and interesting discussion. thanks to a truly fantastic panel. i am so grateful for the panelists joining us. the timing is pretty good, you know, a little more than a week after the european parliamentary elections and in the middle of this debate that has erupted from the presidency of the commission. kumar who has a flagship program, global conversation for euro new spirit she came all the way from london yesterday. -- from paris, i'm sorry. isabel, for those of you who watched her, but maybe not everybody has had a chance to, , it was the first european presidential debate. as i said that, i know some are wondering what i am saying, presidential debate? and i watched it and was really impressed by the moderation. so we invited her and she was gracious to accept. is the department dire

imf and the fed downgrade gdp this week. >> absolutely. liz: nervousness in iraq.ell, the fed and the imf are finally catching up to our estimates. we've been bears on u.s. economic growth all year, and essentially what inflation does to the economy which is slow growth, so things like bonds, utilities, rates, anything with long duration we've liked all year, and we definitely see more upside to go from here. liz: okay. steve, you have a slightly different perspective, even though you're bullish, you believe like darius there may very well be a correction, but it might be serious in the second half. >> well, i have 10% of the portfolio in gold. so i celebrated yesterday. but even more today because that looked like it was maybe a lot of short covering. but the fact that it held etc. own today, i -- held its own today, i thought, was quite positive. in early trading it was down overseas but then came right back here. no, i think there's a real building fear of inflation. we've got 20% of our portfolio in what we'd call inflation resurgence type of holdings. liz: tha

. >> is this imf fueling complacency here? we have a narrow window of opportunity and by pushing the ecb for further action, you're giving incentive to do less? >> heck no, we don't want complacency. there is an opportunity. the financing is very benign. you have to take advantage of that to focus and target investment employment to make sure that growth is consolidated. growth has picked up, but it is fragile and it needs to be comforted. >> on the idea of sovereign bond purchases, the imf is barking up a completely different tree. they're talking about some kind of securityized asset purchase program at some point down the line. even if it's a huge on whether we see qe of the source of the asset bond buying pure chases. later on we'll talk about the geopolitical risk and what's going on in russia and kiev, too. on that note, i'm going to hand it back to you and tell you i have seen "lord of the rings" and i love the analogy. >> you are a kindred spirit. talking about retiring, i'll still be here when i'm 85. julia, thank you

obviously what the imf did was beefed it up. if you make it 3.25, each quarter for the rest of the year, you snug up close to 2%. that's what they're focusing in on. it's like a lot of those companies when a stock's at 200 and they give you this earth-shattering claim, they've upgraded the stock to a goal of $2, $210, whatever it is, you get what i'm saying. this isn't really significant. this is just history and a little math. now, where it does get interesting, though, is when you consider that mr. carney and the bank of england are normalizing, the u.s. are normalizing rates. but normalizing rates doesn't mean that they're going to normalize to the extent they used to be before the crisis any time soon. or as the joke around this trading floor is, you don't need 200,000 to garner it. ben bernanke, some of these famous dinners that he's hosting for big bucks talking about how he doesn't believe interest rates are ever going to get to levels like 4% again when it comes to fed funds. many would agree with him, but there's always

i am sure that no imf official wants to be living in beijing with the smog and pollution compared toton. it was stupid of lagard to say that. it is based on capital committed and shareholders rights. china is not in a position to lead a world body like that. it has shown itself not to be a responsible stakeholder globally . i am not sure what he was trying to achieve. >> joining us there from singapore. we have got to take a break here in russians about qatar. why corporate partners are increasingly >> they are saying that 13 people are dead and others are injured at an attack at karachi airport. it is unknown who launched the attack. the army says that all of the gunmen have been killed and it is now in control of the terminal. another vietnamese ship around and oil rig. they say that surveillance videos were made on sunday afternoon. it is unclear how badly damaged it was. each side is accusing the other of dangerous tactics in the a chinese ship. was seen sinking a vietnamese fishing boat. a landslide election victory. delhi withinister in economic ties at the top of their agenda.

and it momentum stop with the i many, f -- doesn't stop with the imf. and so ukraine has potentially access to $25-$35 billion over the next couple of years, primarily in the form of low interest loans. and that should help ukraine get through this period if they do the right things. >> who would like to take on the trust question, the first part of the question? >> yeah. i'll be very brief. i mean, i don't think it is fair to compare russian behavior on ukraine and especially crimea with western behavior going -- that's, that's a very popular thing for russians to claim, that we are at fault. because as russians say, we -- the west -- we adepressed the former yugoslavia, we did what we did in libya and, of course, in iraq and etc. i believe that it is important to note that, for example, in the case of libya we, the west, certainly the united states, went to the security council of the united nations and obtained, actually, with russian abstention at the time a resolution endorsing activities directed at libya. the same is true in a number of other act

the imf came out and lowered global growth forecasts, but nothing too surprising. i don't think it's going to impact the fed. as far as what's happening in iraq, we're much more energy-independent now than when the drama there was heating up a few years ago. the economy's doing okay, not great, but enough to not concern myself if there's some short-term volatility that creates a speed bump, if you will. and so, we don't see anything looking overly exciting, either, where you would need to reshift your portfolio as well. so, it's kind of boring, right? a little volatility but nothing that would derail the expected return for equities between now and the end of the year, end of the first quarter, and nothing overly exciting to want you to change on the positive side, either. so, i'm kind of a boring guest today for you, scott. >> but no, but you echo the markets there, rob. in fact, we've had 40 sessions in a row now where the s&p has failed a post of plus or minus 1% gain. i think that's via goldman, and that's the longest stretch since 1995. so, actually, what you'

there will be austerity easures ricard for imf -- measures required for imf loans. when you tell somebody your gas bill will go up by 100% or more, that is hard to hear. this is the time, the third chance for ukraine for this government to say to folks, you have fought and died in maidan, you want a different kind of government, this is what it will take. afterward you this, the aid will, and we will build a non-corrupt country with a sensible jobs programs and your future will look brighter. ukraine has an offer in the next two years from the imf and other institutions and $35$25 billion billion. the other bit of good news, my understanding is when the imf team with ukraine in march to talk about the program, a set for the first time in dealing with ukrainians in 20 years from ukraine said here's the problem, here is our to do list. they know technically what they have to do. they understand their ability to access that 25 billion dollars will be tied to implementation of reforms. the big question is can they sustain the support for the austerity measures. raised t

david: the imf has some goofy answers to the world's problems but then head of the imf said the way tole jobs is by raising the minimum wage. >> so if you raised minimum-wage to something that is so onerous that will hurt jobs? >> there could be some jobs lost relative to a significant increase of income that for the paid people will have it will be net positive for it the economy. >> it is not an exact science but there are very few that argument will create jobs and most wonder how many will be lost. >> exactly. i think that science is settled the fallacy is driven by consumer spending to show by a artificial increase but you cannot blame the mcdonald's to experiment with technology to give us our cheeseburger faster that is progress. like atms they are good for us have more productivity and innovation it is economic progress. i think it is great. david: the taxi drivers just had the strike. to plug in where you are in and what happened with us a taxi strike? then they use uber. the opposite consequence. >> the ride sharing app they are destructive markets coming in to fill a void it

reza moghadam, he's the department director for europe at the imf. he was, before that, the director for the strategy and policy department. i don't think i exaggerate in any way in saying that he is one of the top economists in the world, top people at the imf and there are few people, i think, who have as deep the knowledge about the european economy and the challenges ahead for europe than reza. i had the pleasure and sometimes the tough time to negotiate with him when he was chief of mission for the imf and i was on the turk irk side, but that was quite some time ago. there's my co-editor, jacques mistral. we have our book out there for those of you who want to get it later on. it's out in front of the door. jacques is a french economist, a nonresident senior fellow at brookings. he's very modest, so i kept arguing with him with what i could put in terms of description on the handouts. he was senior adviser to the reformist french prime minister, he was chief economist at the axist group, both public sector and private sector experience, and one

he's also evaluated the imf's financial needs, liquidity, and risk management. and before joining the fund, he was with sg wallburg and company in london. he's a british subject and attended the university college, university of london, and columbia university. so i'm going to request paul to speak briefly, give us his view of the economy of afghanistan. particularly since the imf has recently completed its article four consultations, which for those that don't follow the imf jargon, is the sort of annual physical of the economy where they go in and examine the books and talk about the issues that are looming and ways in which the fund and the member country can then ameliorate the situation, if there are any problems that need resolution. so i'm going to request paul to speak. please remember that this session is on the record and also remember if you have any cell phones that you haven't switched off, that those are switched off so we don't have any interruption. i also want to welcome the audience at home courtesy of c-span. and let me say also that, you know

number two, there will be austerity measures required to qualify for imf loans, substantial, huge, imf loans. other countries like event aren't prepared to do this. there is a huge political cost to this when you tell somebody your gas bill is going to go up by 100% or more, etc., that is hard o'hare. but this is the third chance for ukraine to people to say to folks, hey, you want a different kind of government, this is what it'll take. after we do this for a short from the, the aid will come, and we will build a noncorrupt country with with, you know, a sensible jobs program, and your future will look brighter. >> there's a -- right now ukraine has an offer in the next two years from the imf, other financial institutions and western donors between $25-$35 billion. so there's a good sum of money out there. the other bit of good news is my understanding is that when the imf team went to ukraine in march to talk about the program, they said for the first time in dealing with ukraine in 20 years the ukrainians said here's the problem, here's our to-do list. every year at the time they ha