jacob frenkel it's really great to have in our show today my president all right so lots to talk about after last year's davos on what you have actually cited the growing global doubt level as a concern but this year we have a china u.s. standoff that you think is also a big problem to the global economy do you think we're looking at a recession to come. to. the world is a very global entity countries in the world connected. in a way begins the nature of the integrated. world to have barriers and to create trade tensions so as an introduction i would like to say that in my judgment the chinese us standoff as far as the trade skill mischa's is the major issue but you are perfectly right that. we arrived to this year which is the tenth anniversary of the large financial crisis crisis that started from large debt levels we arrived to this year from the legacy of large debt levels and now we see the debt continuing to grow so to gether the rising debt which is fragility of the financial system and the rising trade tension which is for g.d.p. of the trading system can translate itself into

and we're back with dr jacob frenkel had j.p. morgan chase international dr frankel so that the class of people there were hit the most by this economic crisis that turned into social unrest is the middle class in the west and they're saying hey you know we want economic equality because when wild while they're being hit by a crisis their lives are getting drastically richer and richer and that's an undeniable fact so do you think what they want this equality will be beneficial from the global economy let's say we just start this massive anti-trust tax to reach. all over the west do you think it's a good thing for the global economy i think that you're bringing a very deep issue which has been in debate for ages among economists the trade off between efficiency and equity. how can you ensure that when you are helping the society to be more equitable through transfers from the rich to the poor and cetera that you also maintain efficiency in the economy so that you don't have you don't cut the trade that gives you the fruits what d

blackrockthe vice-chairman and jpmorgan, jacob frenkel. we have a lot going on.follow our blog, it is outstanding. .n go on to tliv tom: let's go to london. here is sebastian. sebastian: a second summit next month between president trump and kim jong-un is likely to take place in vietnam. the meeting will probably be held in hanoi. since the first summit, there has been little progress towards the u.s. goal of getting north korea to give up nuclear weapons. trade talks between the u.s. and china are falling short. there is little progress on decades of chinese theft of american intellectual property. that formed part of talks in beijing this month. negotiations resume at the end of january in washington. protesters battle plays. the country will change its name in exchange for greece locking up its bid. demonstrators say macedonia should only be used to refer to the northern region of that same name. there is a battle in parliament over the agreement. in sports, it will be the patriots versus the rams in super bowl 53 after overtime games. they scored from tw

jacob frenkel it's really great to have in our show today my pleasure all right so lots to talk about after last year's davos summit you have actually cited it the growing global doubt level as a concern but this year we have the china u.s. standoff that you things are big problem to the global economy do you think we're looking at a recession to come willing to recognize the world is a very global entity countries in the world interconnected. in a way again is the nature of the integrated world.

jacob frenkel it's really great to have in our show today my pleasure all right so lots to talk about after last year's davos i want you have actually cited it the growing global doubt level as a concern but this year we have a china u.s. standoff that you think is also a big problem to the global economy do you think we're looking at a recession to come. to. the world is a very global. countries in the world connected. in a way begins the nature of the integrated world to have burials and. to create trade tensions so as an introduction i would like to say that in my judgment the chinese us standoff as far as the trade skill mischa's is the major issue but you are perfectly right that. we arrived to this year which is the tenth anniversary of the large financial crisis crisis that started from large debt levels we arrived to this year from the legacy of large debt levels and now we see the debt continuing to grow so to gether the rising debt which is fragility of the financial system and the rising trade tension which is for djibouti of the trading system can translate itself into fra

it suggests the big worry is that that slow down does get out of hand. , he jacob frenkel with us circleddistinction bloomberg news sees about trade right now? there is this cover of this magazine, what is the distinction now? to go back tod the story we wrote yesterday, this idea that for all the talk havetruce and the leaders until the india of march to patch something together, what is china -- the end of march two has something together, what is -- the end of do march to patch something together, what is china going to do? at the same time, you have got this question that has not been answered. tom: simon kennedy used to cover the g7 meeting. you have seen all of the elite. the americans are not here. what does it mean? simon: this is not new. president bush did not come, president trump change the tables last year, coming himself. that was the promise of this year, the shutdown prevented that. it does mean there is no one to engage with. , no wilbur ustr ross, it takes away from it to some extent. the interesting thing emerging is you talk about the crisis 10 years ago, politicians h

. >> jacob frenkel, thank you, sir. to see you. >>> coming up, we'll talk stocks on the move ahead in the opening bell futures are indicated down just under triple digits. we'll talk about the impact of this week's big bank earnings including waiting for morgan stanley. >>> and later remembering an investing legend we'll talk about jack bogle and his impact on the markets in the lives of mliilons of investors stay tuned that's "squawk box" on cnbc. one-millionth order. millionth order. ♪ there goes our first big order. ♪ 44, 45, 46... how many of these did they order? ooh, that's hot. ♪ you know, we could sell these. nah. ♪ we don't bake. ♪ opportunity. what we deliver by delivering. >>> morgan stanley the latest financial to report quarterly results. we'll get you the numbers and break down the market's reaction. >>> the government shutdown weighing on the economy and homeland security. senator shelley moore capito talks about getting a deal done. >>> and remembering a legend, jack bogle passed away at the age of 89. w