the imf christine lagarde said over the weekend that the u.s. tax cut was creating a race to the bottom by choosing tax policies that might cause governments to reduce, to cause a reduction in government spending. the best way to reduce the dependence on government is to allow the private sector to grow and you can't do that through taxes or evaluation. trade renegotiations that work for americans are also critical in a international approach. nafta, of course, the korean free-trade agreement, need to be renegotiated in a way that benefits american workers and that creates a win-win situation so that we can grow our own economy as well as growth abroad. i want to also mention dependable money in one of our topics today, the imf see communicate that was issued in october and then the asia-pacific economic cooperation finance minister statement that was issued in november both included statements noting the importance of exchange rate stability as a goal of sound policy, and as a contributor to strong and sustainable growth and investment. i will

it has been supported by the imf.ditions imposed by the imf on the loans have resulted in austerity which has resulted in widespread drug which has resulted in widespread d rug test which has resulted in widespread drug test and violence. the western —— widespread protests. the western response is different in egypt. i don't think obama was effective in his strategy at trump is perhaps making it worse. abandoning us policy towards promoting human rights. the egyptian leader has used the war on terrorfor as rights. the egyptian leader has used the war on terror for as excuse for his crackdown. and you have western leaders either saying nothing in the face of this, or present trump calling him a fantastic guy. what about other countries like lebanon and iraq, which are democracies and arguably have a stronger democracy? we have to make crucial elections, one in iraq and one in lebanon. the backbone of this thing is sectarianism. these societies are divided. civil society is actually deteriorating. a positive note about

the triple digit gains as imf director christine lagarde said the wild markets are not worrying her >it's in our view, a welcome kregz. and we have observed suddenly that despite volatility, the market channels and mechanisms have worked well >>> heineken's four-year earnings, but the dutch brewer forecasts a lower marketing ahead impacting the environment. >>> what we're striving for is around 25 business points extension due to residual due to the fact of major integration in brazil at midyear. >>> and the shares on the rise in one of the largest pension funds are teaming up in a potential 10 billion euro lid for a specialty chemicals unit >>> and president donald trump prepares to unveil his $200 billion infrastructure plan relying on local government to rely on the heavy lifting. >>> good morning, everyone and happy monday, we'll probably have to pull you away from the winter olympics to see how the markets are doing, i had to do that myself. the picture is one of green. as you can see, everything is looking a lot more positive compared to the moves overnight. overnight trading cl

the nature of the expansion, the recovery as the imf has just indicated, it's stronger. it's getting up to around 4%. it's broader. it's 90% of economies growing faster than potential so slack is being used up, and it's also healthier. i'll give you one example. in terms of the acceleration of g7 growth in the last year, 80%, 80% plus of that has been investment picking up and net trade pick up, so this is not a consumer boom-led poll recovery or acceleration and all of those have consequences for normalization as you can anticipate. the first slack being used up is the phillips curve coming back. that's the question in the face of bigger secular pressures, globalization technology as just mentioned and all of us have been discussion over the course of this -- of this woke and at other times. i think crucial point is as you get towards full employment as the output gap shifts, they call it a phillips curve for a reason, and you start to see the convex element of the slope show the pickup should be there or should begin, maybe not quite to historic degrees, so we have to

it has been supported by the imf.by the imf on the loans have resulted in austerity, which has resulted in widespread protests and violence. soi so i think that western response in tunisia should be reassessed. then you look at the western response is different in egypt. i don't think obama was effective in his strategy but trump is perhaps making it worse, abandoning us policy towards promoting human rights. sisi has used the war on terror as an excuse for his crackdown. and you have western leaders either remaining mum in the face of his moves, or president trump calling him a fantastic guy. what about other countries like lebanon and iraq, which are democracies and arguably have a stronger democracy? we have two crucial elections in may, one in iraq and one in lebanon. the backbone of this thing is sectarianism. these societies are divided. and civil society is actually deteriorating. for example, a positive note about tunisia, as i am the only man at this panel, i would like to say that the women in tunisia actual

see it >> la guard says authorities need to shift to regulating activities instead of entities the imf is forecasting global growth at 3.9% this year which la guard is saying a good backdrop for the reforms she's suggesting >> it's interesting that we need a healthy correction every once in a while because it has been so long since the market has seen a pullback whatsoever so at least we think it's not such a bad thing >> and also about regulating activities how that might trickle down is for the future to see if you're regulating those activities, rather than entities, it will make a big difference in the impact >> absolutely. and the market effects, perhaps are the turmoil, hasn't been limited to just the stock market although they've been dampened in other place we want to take you to the commodities. that's one of those battlegrounds. you take a look at oil inflation concerns may have been dampened over the past week. wti crude, $60.39, the last trade there that's up by 2%. wti crude moving high. ice brent crude, the benchmark in crude prices, $63.89. almost a 2% rise as well maybe

there were not small sums of money put in by the imf and world bank. moneyinue to believe that alone, unless you get the fundamentals right, will not solve the problem. much hoped there would be structural reforms, but as bill said here, we worked then they sent another, and we walked away, so there was never really a good plan we felt we could invest in. it last point, i will switch to today. china. this is a question for all you russian specialists in the room. i still don't quite grasp why vladimir putin seems more worried about nato and poland and the politics and the u.s. then he is about china and the area to his south. we can talk about the history of russia and so on, but at some point, somebody has to recognize, do you really think poland and germany and the u.s. are a threat to russia, or do you think that maybe some other regions might cause greater anxiety? [indiscernible] [laughter] >> all right. let's thank the panel for their hard work. [applause] announcer: you are watching american history tv, all weekend, every weekend, on c-span3. to

the nature of the expansion, the recovery as the imf has just indicated, it's stronger. it's getting up to around 4%. it's broader. it's 90% of economies growing faster than potential so slack is being used up, and it's also healthier. i'll give you one example. in terms of the acceleration of g7 growth in the last year, 80%, 80% plus of that has been investment picking up and net trade pick up, so this is not a consumer boom-led poll recovery or acceleration and all of those have consequences for normalization as you can anticipate. the first slack being used up is the phillips curve coming back. that's the question in the face of bigger secular pressures, globalization technology as just mentioned and all of us have been discussion over the course of this -- of this woke and at other times. i think crucial point is as you get towards full employment as the output gap shifts, they call it a phillips curve for a reason, and you start to see the convex element of the slope show the pickup should be there or should begin, maybe not quite to historic degrees, so we have to

imf upgraded significantly their expectations for global economic growth. the head of the imf who is no huge fan of trump said the tax bill is part of the reason to be upbeat about the global economy. we have china growing strongly and stable. we have things picking up. europe 2.5% growth last year. best since the 2008 financial crisis. united states looks robust. >> dana: it shows that the market works, right? if it's getting too hot, people sell off and everything just sort of settles in. >> i'm not a market watcher. lot of people do that professionally. i don't know many people that are super concerned that we are seeing a recession because of yesterday. >> dana: i wanted to ask you about the olympics. before the games begin, there's support but there's also geo politics. vice president pence is headed there. he had this to say about north korea. >> we're traveling to the olympics to make sure north korea doesn't use the powerful symbolism and the back drop of the winter olympics to paper over the truth about their regime. with regard to any interaction

he had signed one disarmament treaty, imf, and moved toward another start. he had announced a drastic cut in conventional forces in europe. he had begun to withdraw from afghanistan although i realize he's not entirely out until the spring of 1989. he had recognized universal human rights and yet, and what i understand to be the sort of summary of the four-part strategy for copes with the soviet union in early 1989, i understand it to be first and appear confident about our purposes and agenda, this is the bush strategy. second, to signal that relations with our allies were our first priority. third, to place higher priority on relations with eastern europe than with russia and fourth, to promote regional stability in central america, and in my paper i wrote, notably absent from this list was helping gorbachev to transform this country and close out the cold war. now, i look forward to hearing, bob, your version of this, and i understand there were reasons for choosing to do it this way, but it seems to me in 1989, unlike '90 and '91 gorbachev was riding hig

at the world economic forum, where the imf released its report, others were talking about the sweet spot moment when it came to the global economy, and many of them were saying that they don't feel it will be around for a long, long time, it could be one year, maybe two, and then things will change, because it isa then things will change, because it is a cyclical recovery, a ten year recovery. you are —— your thinking on that? if you look, there is roughly 18 years rise, a pullback, and then an uptick again —— came here. europe had a rough date yesterday. nothing like what was seen yesterday. nothing like what was seenin yesterday. nothing like what was seen in the us and asia. yesterday. nothing like what was seen in the us and asiali yesterday. nothing like what was seen in the us and asia. i think we will see a reflection of asian markets. a little pullback. i think we have probably got a couple of days of this. probably by thursday we will start to see some buying coming back into the market.” we will start to see some buying coming back into the market. i can hear people making thei

you know, they were not small sums of money put in by the imf and the world bank. i continue to believe that money alone, unless you get the fundamentals right won't solve the problem. and again, i very much hoped there would be restructure of forms but as phil said here, we worked with others and primakov, and they kind of walked away. and there was never a good plan to invest in the process. the one last point, coming back to that point, i'll switch it to today which is china. this is a question for all of you russian specialists in the room. i still don't quite grasp why putin seems more worried about nato and poland and the baltics and the united states than about russia himself? at some point, somebody has to recognize do you really think that poland and germany and the united states are a threat to russia? or do you think that maybe some other regions might cause greater anxiety. >> all right. let's thank the panel for their heart work. [ applause ] >>> c-span where history unfolds daily. in 1979, c-span was created as a public service by america's cable tele

middle of 2017 to $70 recently that must have some dampening effect on demand and that's the case the imf put out a very, very confident outlook for global gdp recently that's a factor we're taking into account we did strengthen oil demand slightly in the latest report. it's part of this supply/demand balance that we're keeping a close eye on to see if there is support from demand growth >> where do we stand in terms of oil stock right now? how close are we to achieving balance in excess stock? >> in 2017 stocks in the ocd countries fell sharply we highlight ocd stocks because that's the metric by which the opec producers measure the success of their output cuts against, our stocks falling. it's true they've fallen sharply in '17 and we think at the end of the year they're about 55 million barrels or so above the five-year average. indeed product stocks are slightly below the five-year average. having said that, we think in the early part of 2018 partly due to the very rapid rise in non-opec production led by the u.s., that stocks may actually rise in the early part of the year so the day

they were not small sums of money put in by the imf and world bank. i continue to believe that money alone, unless you get the fundamentals right, won't solve the problem. and at least, and again, i very much had hoped there would be structural reforms, but as bill said here, we worked with others and then they kind of walked away. there was never really a good plan that we felt that we could invest in in the process. and then the one last point, though, coming back. i'll switch it to today, which is china. so this is a question for all you russian specialists in the room. i still don't quite grasp why putin seems more worried about nato and poland and the baltics and the united states than he is about china and the area to his south. and so we can talk about the history of russia and so on, but at some point, somebody has to recognize, do you really think that poland and germany and the united states are a threat to russia? or do you think that maybe some other regions might cause greater anxiety? >> we did talk about that. >> what did you say? >> ju

even after he signs the imf treaty in 1987, he says let's go for the gold. i want to start agreements before the end of 1988. i will just close by name, i -- therere is a very is a way of looking at these individuals, reagan gorbachev, , bush, yeltsin, through a lens of a heroic factor. that is not to say, to knowledge -- to acknowledge best chance of tubular one at tubular moment, -- this is not to say that we should not acknowledge the strength of particular ones at particular moments denigrates the contributions of others at other moments. i will close with something that has fascinated me and that is the last interaction with reagan and his counterpart in 1988 where reagan's is, look, i know is that, tear down this wall. i understand that it had been perhaps unrealistic to have suggested that the berlin wall between down in its entirety. he understood that the division of germany and of berlin was a product of world war ii and the feeling on the part of the soviet union and many others, that germany should never again be allowed to be the strongest and m

the imf recently downgraded its forecast to 5.7 percent expansion, saying business and consumer confidence has been dented by the political uncertainty. rochelle: things are starting to come down on the stock markets after last week's excitement. stephen: wall street finished the day up on monday as investors moved on from the volatility of last week. a mixed picture in europe. some gains in london. falls in paris and frank for it. there could be trouble ahead on wall street. the dow jones is called to open down more than 100 points when trading gets underway this afternoon. rochelle: here in france, the government is planning new measures to cut down on waste. stephen: appliances will carry a label with their estimated lifespan to help consumers with purchases. ratings will try to encourage manufacturers to avoid programming their programs -- there products to stop working after a number of years. reporter: there is already a system to tell consusumers how much energy their new printer consumes. now, the french government wants shoppers to be told how long that microwave or washing machin

then from the world economic forum, imf director christine legarde on the global economic outlook.fter that, u.s. mayors hear from deputy homeland security secretary elaine duke on disaster preparedness. and later, the u.s. mayors on how their cities are responding to climate change.

even after he signs the imf treaty in 1987, he says let's go for the gold. i want to start agreements before the end of 1988. i will disclose by saying i think there is a very -- there is a way of looking at these , reagan, gorbachev, bush, yeltsin, through a lens of her look factor. -- tos not to say knowledge the strength of particular ones at particular moments denigrates the contributions of others at other moments. i will close with something that has fascinated me and that is the last interaction with reagan and chevron aska where reagan says, look, i know i said teardown the wall from the berlin wall. i understand it had been perhaps unrealistic to have suggested that the berlin wall between down in its entirety. he understood that the division of germany and a berlin was a product of world war ii and the feeling on the part of the soviet union and many others that german should never again be allowed to be the strong us and most dominant power in europe. and if you said to reagan after that into half years, we will have reunified germany in nato, i t

prior to working for the imf, he worked for belgian and european central banks. so with that, i will leave it to the people with much more impressive resumes than me and we can start the conversation. >> thank you so much. that was, indeed, an impressive setting of the scene for this panel. we're going to talk about trade, but also about investment, about financial regulation. that's the distinctive attribute of this panel. going beyond the core trade stuff of exchanging goods. there is a lot of jargon in that area. there are lots of acronyms, lots of specialized knowledge. inevitably so. so i encourage our panelists to go into the weeds but to explain. if you use an acronym, explain it and those kinds of things, but i think we shouldn't shy away from going into at least some of the technical stuff because otherwise it's difficult to be relevant. so without further noise from me, let's go first to our panelists. i'll ask each of them to make relatively brief introductory statements and then i'll take it from there. bob? >> thank you, nicholas. i wanted to begin b

country emerged from recession in the second half of last year but growth prospects remain weak the imf predicting just point nine percent expansion twenty eighteen. is also grappling with a major drought regardless of how declared a national disaster and which is threatening to leave cape town without water supplies as well as and she agricultural industry. robertson masks has more. in a gleaming tom looks in johannesburg it's easy to see how south africa is seen as the most sophisticated economy on the confidence. that in the shadow of the towers there is real fragility. south african bones were downgraded to junk status by standard and poor in november twenty seventeen. and the country is suffering unemployment rates of over twenty six percent. in a corruption perception index south africa's dropped from fifty first in the world in two thousand six to sixty fourth in twenty sixteen. critics point the finger president jacob zuma for enriching a small political elites at the expense of ordinary south africans. many years after the end of apartheid much of the economic wealth is still l

it is extraordinary, an imf official talking a few weeks ago that by the end of this year we could bever the course of the last six years or thereabouts, and inflation could be heating a level of 13,000%. which is why a crypto currency, many people say it isa crypto currency, many people say it is a great idea in such an economy? it is one of the appeals but i don't think it. the problems. it is linked to the natural resources and oil so that is a problem? it is one of the potential appeals but at the same time, how would you feel about your prospects of cashing in your bowels of venezuelan oil if it really came to it if you needed to? not an easy thing to do, lots of international companies have founded a hard place to work. andrew, thank you very much indeed. airbnb is moving to target wealthy travellers these days as it goes after the luxury end of the market. the accommodation site says it will offer a dedicated section for boutique hotels, bed and breakfasts, and unusual locations like tree houses and boats. do you think the philosophy of the company has changed from budget trave

and groups like the imf, asian development bank and others are bullish about asian economic fundamentalstnam 6.8%. the philippines is at 6.7%. we are likely to see this momentum continuing into 2018, which will support corporate profits. indeed. however high interest rates are still a big concern for corporate profits in the us because, of course, the theory is that if interest rates continue to rise at a steady interest rates continue to rise at a stea dy pa ce interest rates continue to rise at a steady pace than what we expected and we have more interest rate rises in the us, that could prove corporate profit because it would make it harder for companies to build new factories, the cost of borrowing goes up and that would have a potential consequence on their earnings. all those kind of concern is feeding into how traders are viewing the markets in the us but, certainly, over the last few days it has been an extremely volatile ride. a volatile session but so far so good right now so the asian markets. australia and japan are in positive territory. thank you for updating us on the mark

the imf has lifted its global growth forecast after the trump administration cut the u.s. company tax rate to 21%. we cannot deny that the need to be competitive increases the urgency with which we are pursuing similar tax cuts in australia. in australia, we are presenting legislation to reduce tax for all businesses to 25%. we have already received -- achieve reform. $50 not a huge business, million year. but those businesses employ half of the private sector workforce in australia. but we need to go further as you have done. the flow of investment and technology is just not one way. add $200 billion defense capability bill is driving a new generation of australian defense technology enterprises to integrate into the supply chains of u.s. primes like boeing, raytheon, lockheed martin, and northrop grumman. we want to strengthen our supply chains. i'm encouraged to see that australian companies have been awarded over a billion dollars in contracts to supply components for the worldwide strike fighter program, delivering 2400 jobs. those figures should double within five ye

the imf has lifted its global growth forecasts after the trum administration cut the u.s. company tax rate to 21%. and we cannot deny the need to be competitive increases the urgency with which we aretr pursuing similar tax cuts in australia.sl in australia we are presentingg legislation to reduce taxes for all businesses to 25%. we've already achieved a reform, bringing tax down overtimeio to 25% for businesses with turnovers up to $50 million a year. that's not a huge business i might add at $50 million a year but those businesses employ half of the private sector workforce in australia. but we need to go further as you have done. now the flow of investment and technology is not just one way, far from it as you know. our $200 billion defense capability bill is driving a new generation of australian defense technology enterprises to integrate into the supply chain of us primes like boeing, raytheon, lockheed martin and northrop grumman. we want the integration of our defense industry supply chains to match the interoperability of our armed forces. so i'm encouraged to see

disputes with india with the energy deficits address and realistically embrace us and to come in with the imf and fix all that and to look at this paper on this talk but it is impossible. before they could even digest it, there was 2011 and osama bin laden and that whole relationship collapses. it isn't as if they have been grappled with but they are always fraught with isolated discussions. >> congratulations on the book , you acknowledge you are writing about a war that is still ongoing and you reference between president karzai had you go about researching a book like this in which documents are you waiting for with the declassification date in the future? >> i have to figure out how to write 100,000 word books instead of 220,000 word books that combination those documents that i could obtain from those original sources to provide ballast for contemporaneous authenticity of what was said and what was done and those other documents to obtain through declassification that were subjects and in fact were pretty helpful and having access to my own original written sources from own original sour

but is the number one risk or number one concern that has been identified by the ratings agencies, imfers about the chinese economy? public andxtent of private debt which is accumulating within the chinese economy. china as acting on that and it is yet to be seen how successful that will be. decision isng significant. on the other hand, if you happen to be party to a deal in a investment with a third country or otherwise a shareholder of enterprise, then i presume you are scratching your head as to what is going to happen. there is an element of country risk involved, so will be interesting to see what happens to the anbang share price. david: let's go back to north korea, we had an announcement from steven mnuchin about new sanctions on north korea and we had ivanka trump going to korea and were told today she was -- read on the sections on the sanctions. right now i think the two pronk approach by the administration is the right direction. i would bef -- what doing now, and given that evidence of sanctions and right forit is secretary mnuchin to ratchet up pressure by bringing in the

i would just like to quote an imf representative in his book, he said in the view of what was at stake, it is also unconscionable how little the rest of the world was able to provide in support of the countries post soviet union transition. to west, in retrospect, seem amass a nuclear armed country with a disintegrating political and social structure, looks reckless. i think he is right. marti not talking about a plan, but more economic aid. the economic eight that was committed by the united states, i think it was only $2.5 billion. dynamic.ted this wrong the consultants were paid to go to russia and help, where the russians felt they could have used this money better for other reasons. it is a question if they could or not. that created this image of the arrogant americans coming in and telling people what to do. , when youi think that look at the materials coming out , some u.s. archives russian archives are also available. debatesthese internal in the states about russia and such sources are memoirs, you will see the priorities proclaimed were very right priorities. was veryimself

much more than what was foreseen by all observers, imf and ecb.e in an episode that is encouraging and we will see. the collegial wisdom will play its role. correctlyhink quite in the past two taking into account where we stand. i hope it will be confirmed that they can continue to be wise. stop --permits to mark: persuade me that inflation is or could move towards the ecb goal of just under 2%. >> we have undoubtedly signs that inflation -- underlying inflation is there in a number of countries. germany,look at recent you see to which extent the unit labor costs may advance and it will have an influence on inflation. i hope we will not observe too much inflation in italy or france, because they have to catch it with the competitiveness they had lost before. it is complex, europe. 2% -- less whole is than 2% but close to 2% in the medium-term. for countries that are very competitive, they may be more than 2% and countries not competitive are less in employment. be careful on the cost and continue to moderate your cost. europe is complex. we should

tracy: ok, let's talk about the broad economy, because the imf upgraded its global outlook in januarydo you share that optimism? angel: i think the numbers show that we are better off. our own numbers since last november showed that we were going in that direction, so yes, there is a better economic performance, but it is paradoxical. we are showing 2016, 3 .1. perhaps 3.6, 3.7, 3.8. then it tapers off in 2019, so it does not just continue unabated for the future. so the question of investment. is investment recovery at the -- recovering at the speed that we need? trade is still about half the growth that we would require. and the confidence level. the legacies of the prices are -- crisis are low growth, high unemployment, growing inequalities, and the destruction of trust. and the question of trust we still have not fixed. and this is giving, among other things, the results that we see in the number of elections, or even worse when people move away from elections, they do not even go and vote. this is why we lost brexit. tracy: right. how do, forgive the term, but how do global elite

another meme, imf. wonder why that didn't work out. petered out in 2014.sian hackers put a sign in a sign in front of the white house that said happy birthday boss ekt directed at a russian 'ol i gashing back home. the russians ran into trouble two months before the election. according to an e-mail, we had a crisis at work, the fbi busted our activity, not a joke. media taking this very seriously, p. quoting experts like melissa ryan described as a democratic social media marketing expert who reportedly keeps track of right wing activity, the idea was not to help one political party over another, but to sew as much discord as possible. this was america that was attacked. david gersof richard told the a.p. this the new norm, it's not going away. but was this really a sophisticate aid tack or something a little whacky? let's get a reality from cyber security expert morgan wright. i hear the groups and the memes sounds like the co-stone cops. >> keystone cops crow it aing special counsel investigation, congressional investigations, have turned facebook, twitt

he was also a regular delegate to the imf and the asian development bank and a.p.e.c. meetings. in other words, he's been around and he's in a great position to talk to us today about trade in the asia pacific and how the australians are. ambassador? [ applause ] thank you very much, sean. >> and to you, ken, thank you so much for hosting even though it is in our embassy and it is a great pleasure to be here and i'm happy to talk about cricket, but i think most of the crowd here wouldn't understand what we're talking about so i'll leave it to another day. australia is unapologetically supportive of free trade. we are huge supporters of free and open trade and with ten free trade agreements already in place, we are actively pursuing the high quality free trade agreements, including, of course, the recently concluded tpp 11. and we have a wide network of ftas in force around the indo-pacific including with the united states, china, korea, japan, singapore, thailand, asean, new zealand and many more and we are currently negotiating further additional agreements. australia is often

live to jakarta where the imf managing director is speaking at the moment.e taking lazy jakarta. -- place in jakarta. you can actually walk that if you are in front of your bloomberg live go at the moment if you want to hear from the international monetary fund manager. another policymaker or another institutional voice to come out and talk about the implications of capital flows as a result of some market volatility that we had seen. rapid development is pushing japan's plans to a service west plans to consider shaking up the rules. shaking up the rules is not something you would typically associate with the banking sector in japan. because our ready made quite significant steps to change the way it regulates the financial industry, the most recent of which was steps to introduce regulation for cryptocurrency exchanges. trying to do a piecemeal solution to the problem at hand. step back and setback -- set up a study group to find out how it should be set up going forward. at the moment it is an entity-based system. if you are an insurance company you are co

similarly support of arms control including new start and returning the russians to compliance with the imf treaty. and finally, a reiteratation that the u.s. will not seek nuclear testing although this administration says it will not pursue ratification of that treaty.testing although this administration says it will not pursue ratification of that treaty. then focused on sustaining and modernizing the triads. real priority on investing in survivable nuclear and command control which is critically important for nuclear stability. and this is very much in madeline's area of expertise, continue to invest in the nuclear infrastructure that ncaa and department of energy is responsible for. all those areas continuity and i think that's fundamentally important. the place where we see the changes in the two weapon systems that david was mentioning, a sea launch cruise missile. which i hope will be deployed solely on submarines not on surface ships because of greater survivability. i prefer to come back to those issues. third point i want to make is this -- there's important difference and there's

i just would like to quote imf representative to russia, martin gilman, in his book. he says, in the view of what was at stake, it is almost unconscionable how little the rest of the world was ready to provide in support of the country heavy post soviet transition. for the west, in retrospect, such a stance, visa vie looks reckless. and i think he is right. so we are not talking about marshall plan. but we are talking more of an economic aide commitment. now the economic aide which was provided by the united states, i think bilateral aide was only $2.5 billion went mainly to the u.s. consultants which created this wrong dynamic. u.s. consultants were paid to go to russia and help where the russians felt that they could have used this money better for other reasons. it's a question whether they could or not. but that created this image of the arrogant americans coming in and telling people what to do. secondly, i think that when you look at the materials coming out of the u.s. archives, but also some russian archives are also available, and we see these internal debate

that missed the estimates given the growth that the imf and the world and the ceos talked about.ut slighting sales growth for 2018. estimate.eat on the would you have there is a green to measure -- manage -- merger their oil and gas unit. this is what the market is going to focus on most closely. a dividend of 3.1. what is he going to do with the oil and gas division? does it make it selling a little bit easier? the ceo will join us a little bit later. .his is important i want to show you a chart that is s&p volatility. triple the volatility in 2018 than what we had at this time in 2017. we had a daily range averaging 36 points in the past week. was the 90 point movement that we saw on february 9. how does is all tied together? reaped $100s million on only four days of the year last year. since 2004.lowest about tying volatility back to the earnings of the market. slight sales, adjusted growth in 2018. let's get to juliette saly. she has your first word news. unionte: the european will tomorrow challenge theresa may when it publishes a draft of the treaty that ignores some of the

import financial instability but it could also export financial instability potentially so how does the imf look at that? >> it's a good question and personally i have to be more active in other regions. i haven't given it that much thought but i think the very fundamental question is really how, what is the specific nature of the chinese financialsystem ? and how does that fit with its regional partners? and it would be fair to say that the state and public policy plays or continues to play a significant role in the chinese financial sector. and that will not necessarily in and of itself facilitate closed border integration. i think. a state economic structure surrounded by countries that are relatively free market, they say opposites attract and that may be true that the human level but when it comes to the financial sector -- there's no reason it couldn't work in theory but in practice -- >> we may come back to that but it's time to open it up to the floor and i encourage you to raise yourhand . introduce yourself briefly, ask your question and we will take it from there. >> i think we h

just briefly, christine legarde, the head of the imf, talked to cnbc over the weekend.ome correction and the fundamentals still remain good. back to you guys. >> geoff, one more for you. the price to pay to visit the magic kingdom is set to climb higher. what's behind that and is it going to really impact people that like to take their kids to disney world? >> yeah. this is amazing, isn't it? i've been to the magic kingdom. it's a rite of passage for so many children growing up in the u.s. and, of course, in the united kingdom. but prices are going up here. it's going to cost you $526 now to take a family of four to the magic kingdom. they're putting $100 on top of the most expensive pass price. the company says this is about flexible pricing and it will encourage people to go perhaps at some of the less busy times. for most people, though, this will just look like a price rise at a time when disney is snapping up high cost assets around the world. so this one will hurt, i think, and maybe that will just cut down the amount of sodas and hot dogs you buy while you're in