tonight the institute of international finance says the global debt now rests at three hundred twenty seven percent of the world's annual economic output we look at who may be at fault here also italy have borne the brunt of the refugee crisis it's now fred to slam the brakes on accepting more in the midst of its own economic crisis my guests and i talk about guaranteed government jobs versus federal basic and conversely the current welfare system we delve into the ideas thrown around and whether any real change is likely to take place standby starts right now. goldman sachs is making big changes to the front page of its website it's now included an explanation of block chain to potential customers the firm describes block chain a series of recorded digital transactions as a technology of trust saying that it will combine the openness of the internet with security of cryptography there's been good reason though for a lot of caution for crypto currencies they're still comparatively untested and volatile on top of this they're currently decentralized entities making them susceptible to

the institute of international finance reported that there estimate of total global debt is $217 trillion or more than 300% of global gdp. do you agree with that directionally? >> i haven't heard that number. it could be i don't have that number. >> of that, $60 trillion is estimated to be sovereign debt. background, the four large central banks also have their largest historic balance sheets. japan, china, eu and u.s. have collectively approached $20 trillion of balance sheet size. as you talk about reducing the size of the fed's balance sheet, are you correlating with these other central banks? particularly the $300 billion that's due at the end of 18 relative to the sides of your balance sheet in the united states? >> i wouldn't say coordinate. we certainly consult with one another and try to make sure we meet regularly and discuss our apology -- policy approaches and make sure other banks understand how we are looking at our economies and policy options. i think the major central banks understand the approach that others are taking. trying to ask in an aggregate sense how much a dead

the institute of international finance recently reported that their estimate of total global debt is $217 trillion or 210% of global gdp. do you agree with that? >> i don't have that number. >> of that $60 trillion is believed to be sovereign dealt. with that as background, the four large central banks also have their largest historic balance sheets as you said before, japan, china, eu and u.s. have collectively close to, approaching $20 trillion of balance sheet size. as you talk about reducing the size of the fed's balance sheet, are you coordinating with these other central banks and looking at emerging market debt, particularly the $300 billion that's coming due at the end of 2018, relative to the size of your balance sheet here in the united states? >> i wouldn't say coordinate, we certainly meet regularly and make sure that other central banks understand how we're looking at our economies and policy options. so i think the major central banks understand the approach that others are taking. but trying to ask in anning ing greg gat stance. where we all encounter weaknesses that w

institute of international finance recently reported their estimate of total over that is $217 trillion or 300% of global gdp. is that do you agree directionally? >> that number could be i don't have that number. >> of that $60 trillion is estimated to be sovereign debt, we have $20 trillion of the $60 trillion. with that as background four large central banks also have their largest historic balance sheets as you said before, japan, china, eu and the us have collectively close to $20 trillion of balance sheet size. as you talk about reducing the size of the defense balance sheet are you coordinating with these other central banks and looking at emerging market debt particularly $300 billion coming do by the end of 18 relative to the size of your balance sheet in the united states. >> i wouldn't say coordinate. we certainly consult with one another and try to make sure we meet regularly and discuss the public approaches, making sure the central banks understand how we are looking at our economies and policy options so i think the major central banks understand the approach others are ta

the institute of international finance recently reported that the estimate of total debt is $217 trillion or more than 300% of the gdp. do you agree with that directionally? .. >> particularly the 300 billion do by the end of 18. relative to the size of your balance sheet in the united states. >> i would not say coordinate. we certainly consult with one another and try to make sure we meet regularly and discuss our policy approaches. make sure other central banks understand how we are looking at our economies so the major central banks understand the approach that others are taking so trying to ask in the aggregate sense how much debt is outstanding is something were not doing. our economies are in rather different situations, while we all encountered weaknesses that were sufficiently severe, i think japan, the ecb, the bank of england, the united states, we all resorted to purchases of longer-term assets to support growth. i would say the united states is further along in the process of normalizing monetary policy. at least in the bank of japan. >> are you concerned about the emerging ma

the institute of international finance recently reported that their estimate of total global debt is $217 trillion or more than 300% of global gdp. do you agree with that? >> so i haven't heard that number. that could be. i don't have that number. >> of that, $60 trillion is estimated to be sovereign debt. we have about 20 trillion of the 60 trillion. with that as background, the four large central banks also have their largest historic balance sheets, japan, china, eu and u.s. have collectively close to approaching $20 trillion now of balance sheet size. as you talk about reducing the size of the fed's balance sheet, are you coordinating with these other central banks and looking at emerging market debt, particularly the 300 billion that's coming due by the end of 2018 relative to the size of your balance sheet here in the united states. >> i wouldn't say coordinate. we try to make sure we meet regularly and discuss our policy approaches, make sure that central banks understand how we are looking at our economies and policy options. i think the major central banks understand the app

the institute of international finance recently reported that their estimate of total global debt islion or more than 300% of global gdp. do you agree with that, directionally? >> so i haven't heard that number, that could be, i don't have that number >> well, of that $60 trillion is estimated to be sovereign debt we have about $20 trillion of the $60 trillion with a that as background, the four large central banks also have their largest historic balance sheets, as you've said before japan, china, eu, and u.s. have collectively, close to approaching $20 trillion now, of balance sheet size as you talk about reducing the size of the fed's balance sheet, you coordinating with these other central banks and looking at emerging market debt, particularly the $300 billion that's coming due by the end of '18, relative to the size of your balance sheet here in the united states? >> well, i wouldn't say coordinate we certainly consult with one another and try to make sure we meet regularly and discuss our policy approaches, make sure that other central banks understand how we are looking at ou

we have timothy adams with us with the institute of international finance. ls fargo. tim adams working with a secretary snow and secretary o'neill with a george bush the younger in the trenches of doing policy and doing it with grace. he joins us this morning. let's do business first, audienceg to our level what the -- is. timothy: we are members of an organization, the full gamut of mediation. we do research. for the are the voice big banks and you are now holding a dodd-frank into our budget battle. we will get to last night's rest of it is in a moment. why is a lessening of dodd-frank by the president not going to help the budget process? there is a gimmick being employed to raise revenues here it that is how they treat the liquidation authority. and because the way assumptions are made in budgeting, the budget assumptions says you will have a bank failure in your nine, there will be in a flow of financing for liquidity, but you don't get the returns until your 11, 12, and 13. it looks like an outflow, but it is actually a net neutral. tom: there was a dee

of the finance and the report's international finance. so many coming from u.s. or japanese or chinese public finance institution supporting coal-fired power plants around the world. we have also looked at oil and it isnance and found nearly half of all public finance for energy provided by g20 governments. it works all others. especially into things like liquefied natural gas. we are seeing an increase in this public finance. with20 government, even trump in their -- the g20 leaders, even in the climate inergy action plan with trump, agreed they called natural gas a clean fuel, which is circling is not. that is something we want to point out. these fossil fuels and public investment of also feels aren't at all consistent with the aims outlined in the pairs agreement, which all of these g20 leaders -- about what to ask happened after the g20 summit when secretary of state rex tillerson flew to istanbul, turkey, to receive the world petroleum commerce lifetime achievement award in recognition of his outstanding contribution to the oil and gas industry. meanwhile, tillerson could soon be called to testify about a

and it set the stage for the most dramatic global finance reform in decades of course the summit still includes major international financial institutions like the international monetary fund the world bank the world trade organization and a lot of other players lindsey as you mentioned all of these players have a separate stake huge amount of power here what are they actually focusing on at this meeting we see so many sort of side stories what's the aim and and what do they need to actually be talking about at these places as you heard i mean the primary purpose of this of course was to focus on global economic issues certainly that was a huge issue when all the heads of state came together after the financial crash they were trying to strengthen the global resilience but the issues have brought into now we have the hosting country germany so we have chancellor angela merkel who wants to focus on climate change free trade and migration which are three issues that very much put her at odds with united states president donald trump she's not the only one though there was a. moment between trump and mexican president in the greek opinion