for now, it's back to you. >> julia, thanks. >> jim o'neill chairman of goldman sachs asset management starting to think the unthinkable about the euro zone. >> am i? >> right here, you say i'm starting to think the unthinkable. the question is, what more we can expect from european policy makers toward the federation of europe? do you expect the steps we take in eurobonds, the esm launching by this summer? all of this spurred by the crisis, or will it be as our guest this morning was telling us that, no, greece, some of the peripheral countries leave the eurozone? >> well, i think the greek election and its consequences are pretty cathartic moments. i like the piece that john kay has written today about it. beyond the immediate contagion issues, once one exits, it breaks this notion of it being a true currency union and some kind of hard currency pack, some kind of tough aversion of what the european monitoring system. a big moment, and they will have to respond really very clearly and very critically -- to make it clear to everybody, nobody else is going to leave. and of course, it w

be considered as vital to the global economic out he was speaking at the lawn then the foreman jim o'neill from goldman sachs said that the growth of these emerging economies including brazil india russia and china is more important to focus on. the concept of the european crisis for example. fond of saying the china creates the economic equivalent of another greece every eleven and a half weeks so you could wipe greece. and within eleven weeks china's created another one last year the combined g.d.p. of the four brics increased by about two point one trillion dollars so the equivalent of creating another italy every fifteen months so it has been and it remains the single most important global economic story of our generation. in other news the u.s. regulators have said that issues related to facebook's initial public offering and the way it was promoted should be reviewed and this comes on the back of banks on the riding the i.p.o. saying that they caught their revenue forecast for the social network in the days before that free and without publicly disclosing this information now investo

much emphasis is being placed on the fate of greece not london's we'd seen it before him there and jim o'neill from goldman sachs said that the growth of these emerging economies and i mean brazil russia india and china is a far more important towards the health of global economies. in the concept of the european crisis for example. china creates the economic equivalent of another greece every eleven and a half weeks so you could wipe greece. and within eleven weeks china's created another one last year the combined g.d.p. of the four brics increased by about two point one trillion dollars so the equivalent of creating another italy every fifteen months or so has been and it remains the single most important global economic story of our generation. and of the new zero as far as the letters have said with how facebook's initial public offering was promoted must be a review then that's all reports the banks on the writing the i.p.o. says they call it the forecast financial forecast in the days before the offering without publicly disclose in this information now investors have already filed a la

has said that so much emphasis has been placed on the fate of speaking of it to be london form jim o'neill from goldman sachs said that growth in those markets and by those in brazil russia and china and south africa of course is far more critical for global economic health. and the concept of the european crisis for example. fond of saying the china is the economic equivalent of another greece every eleven and a half weeks so you could wipe greece off the map and within eleven weeks china's created another one last year the combined g.d.p. of the four brics increased by about two point one trillion dollars so the equivalent of creating another italy every fifteen months so it has been and it remains the single most important global economic story of our generation. erroll southers bag it is a breath of fresh air to hear that some other countries are far more important for global oil especially with everything that's happening and that he's here thanks for updating us that. shortly we examine that middle east attention for that something your mind of our top story step in this. culture is

be the main focus in the face of it because it was speaking that the longer the conference that jim o'neill said that the growth of emerging economies such as brazil india russia and china is far more important to the health of the global economy. and the concept of the european crisis for example. fond of saying the china is the economic equivalent of another greece every eleven and a half weeks so you could wipe greece off the map and with. china's growth with another one last year the combined g.d.p. of the four brics increased by about two point one trillion dollars so the equivalent of you know it's only every fifteen months or so has been and it remains the single most important global economic story of our generation. i want to come see european investors really do much to help their of confidence but there you have that date ok we'll have more for you later in the thanks for that. well the latest edition of his program here in artie's just moments away before that i'll bring the headlines things. wealthy british style. that's not on the right side of the. markets why not scandals. f

says that so much emphasis is placed on the fate of greece he was speaking of london forum and jim o'neill from goldman sachs said that those my growth and those of markets including brazil russia india and china of course is far more critical for global economic health. and the concept of the european crisis for example. fond of saying the china is the economic equivalent of another greece every eleven and a half weeks so you could wipe greece off the map and within weeks china's created another one last year the combined g.d.p. of the four brics increased by about two point one trillion dollars so the equivalent of creating another italy every fifteen months so it has been and it remains the single most important global economic story of our generation. well one of those countries are also the markets full of and here they have the figures from the ok thanks that were in there with us you again next hour. about the latest edition of it you're in a sundress program harrod artie's just moments away before that underneath the headlines stating. the. culture is that so much money in which of

economies says that too much emphasis is being placed on the fate of greece speaking at the london form jim o'neill from goldman sachs said that growth in those emerging economies including brazil india russia and china of course is far more critical for the health of global economies. and the concept of the european crisis for example. fond of saying the china creates the economic equivalent of another greece every eleven and a half weeks you could wipe greece off the map and within eleven weeks china's created another one last year the combined g.d.p. of the brics increased by about two point one trillion dollars so the equivalent of creating another italy every fifteen months. has been and it remains the single most important global economic story of our generation and there's another hurdle for russia second gas pipelines in europe this time there are reports that the south would soon project hasn't managed to get the approvals necessary to start work on the russian shore of the black sea in fact media sources say the pipeline developers have to sort out the necessary documents by the end of th

of the eurozone he said speaking about the need to be london for him jim o'neill. that the growth of emerging countries such as brazil india russia and china is more should be more in focus when it comes to the health of global economies. and the concept of the european crisis for example. fond of saying the china is the economic equivalent of another greece every eleven and a half weeks so you could wipe greece off the map and within eleven weeks china's created another one last year the combined g.d.p. of the four brics increased by about two point one trillion dollars so the equivalent of creating another italy every fifteen months. has been and remains the single most important global economic story of our generation. and there's another hurdle for russia second gas pipelines erupt this time there are reports that the sound project has a managed to get the approvals necessary to start work on their arson shore of the black sea in fact media sources claim that the pipeline developers have yet to sort out the necessary documents and i have to do this by the end o

things to much emphasis is there in place of the fate of grace now speaking at the london a forum jim o'neill from goldman sachs says growth in those markets which include brazil india and china is follow critical for global economic growth. and the concept of the european crisis for example i'm so fond of saying that china creates the economic equivalent of another greece every eleven and a half weeks so you could wipe greece off the map and within eleven off weeks china's created another one last year the combined g.d.p. of the four brics increased by about two point one trillion dollars so the equivalent of creating another italy every fifteen months so it has been an every man is the single most important global economic story of our generation. let's talk about facebook because it sets a dominates of the news was yet again today that about to embark on their fourth trading day now there's lots of blame being pointed so whose fault it is why the why the stock didn't pop so to speak now u.s. regulators they are now saying that there's issues around the way that the stock was promoted now t

even too much emphasis is being played into the fate of grace speaking at the bt base london forum jim o'neill from goldman sachs so the growth in those markets which include brazil russia india and china is far more critical for the global economic health of. the concept of the european crisis for example. fond of saying that china creates the economic equivalent of another greece every eleven and a half weeks you could watch greece. come within eleven weeks john has created another one last year the combined g.d.p. of the four brics increase by about two point one trillion dollars so the equivalent of creating a little italy every fifteen months so it has been an every american is the single most important global economic story of our generation. let's talk about facebook because this story is continuing to intrigue of the markets and it's sort of like a blame game at the moment as to why the stock didn't perform as many as hoped that it would do so now the financial regulator is there now in the firing line that's saying that issues surrounding the way the public offering was promoted shoul

after experiencing life ok now we're going to talk about the man who coined the term the brics jim o'neill now he's from goldman sachs and he's at jeddah for a movie to be for him in london and he's saying forget about all this year as i am problems we need to be concentrating on the emerging markets some talk about brazil russia india and china and he says that they're critical for the global economic how. and the concepts of the european crisis for example i'm so fond of saying the china creates the economic equivalent of another greece every eleven and a half weeks so you could wipe greece off them up and within eleven off weeks china's created another one last year the combined g.d.p. of the full brics increase by about two point one trillion dollars so the equivalent of creating another it's only every fifteen months so it has been on it remains the single most important global economic story of our generation all right now i'm going to be following the markets i'll be back in about fifteen minutes very good looking forward to that thank you for that update well shortly we discuss wha

goldman sachs the famous term that was coined back by matt taibbi now it has been reported that jim o'neill a senior executive at goldman sachs has been approached by officials and is a potential candidate to take over the top job at the bank of england when current governor sir mervyn king steps down and june two thousand and thirteen this is only fitting considering that the tentacles of the vampire squid are absolutely spread over europe and they have not at the top of the bank of england recently but they should considering that london is the seat of so much big banking craziness with three hypothecation in all of this shadow banking right of course those who are. most able bodied son to spread them out across you know munich and berlin where were the capital was were the money center was in germany. but this to me honestly it's concerning it's not remarkable it's what you would expect because we live in a politically entrepreneurial world now so goldman sachs makes its money not by its ability to provide market functions and and we're going to free market but actually capitalize on its

term to describe the emerging markets of course china india russia brazil and it was coined by jim o'neill from goldman sachs and he's saying forget about europe we need to be focusing on the emerging markets because they have a much bigger say of the health of the global economy have a listen. in the context of the european crisis for example. fond of saying that china creates the economic equivalent of another greece every eleven and a half weeks you could wire greece off from within eleven weeks john has created a little last year the combined g.d.p. of the four brics increased by about two point one trillion dollars so the equivalent of creating a little italy every fifteen months so it has been and it remains the single most important global economic story of our generation. they have it have al be back in about fifteen minutes of the not all right folks for our culture with the then ok but a few minutes much before that the u.s. congressman shows his views about washington's approach to rand's nuclear program we've got his latest thoughts it's all on our offer brought you a recap of

jim o'neill, chairman of goldman sachs asset management.see how you're feeling. two lousy weeks. we at one point portrayed you as less bullish. it was about a month or two ago and then you came on and sort of set us straight on that. i'd say you haven't changed much probably still, right? >> i shouldn't have tried to set you right. i should have let you carry on with that. >> maybe you should have. where are you today? >> i'm actually back in london after a crazy trip around your wonderful country. >> and where are you in terms of the u.s. economy, the u.s. stock market? you still think 1,500 is doable on the s&p? >> i guess it would be about five weeks back i said to you it's not entirely surprising to me we saw this almost now seemingly never ending repeat every may, but with broken -- i thought we wouldn't break the 1340 area on the s&p futures, which we did and more last week so it's got me a bit bothered. but when you look at the reasons why obviously with the remarkable saga of greece, even by its own standards even more remarkable, i

also anne lester and jim o'neill. this is a supplier to the keystone pipeline.and how much the company stands to gain. >> we'll see you tonight. if you're just joining us, here's what you missed earlier today. >> welcome to hour three of "squawk on the street." here's what's happening so far. >> so long as we are so weak, one of the things very have to do is create jobs. the surest way to create jobs is encourage capital formation and capex. >> i would say the bottom for sales for jcpenney. >> either/ orphans of big companies or company going down the drain by themselves. >> the anger over facebook, i went to the 76/celtics game seven. the anger over facebook trumped the victory of the celtics. >> i think we have encouraging signs in the market. we've come up since last month and this month was flat. last month was down. a lot ofambiguity, but we are seeing signs of hope. >> and the opening bell. >> we have may consumer confidence out. and it's a disappointment. 64.9. >> i think it's pretty tough to really have a good feel for the greek situation. i know people

and yesterday i asked jim o'neill about how important that privatization drive is. >> a lot of noise pal of mine in charge of that area in energy. really important to see how they do with that and whether it's successful. they have on to get on with it. >> so jim says it's really important. >> and then they say forget about it. >>> still to come, morgan stanley made a profit of about $100 million since the stock floated last friday. of course this despite major declines in the share prices. of how a shipping giant can befriend a forest may seem like the stuff of fairy tales. but if you take away the faces on the trees... take away the pixie dust. take away the singing animals, and the storybook narrator... [ man ] you're left with more electric trucks. more recycled shipping materials... and a growing number of lower emissions planes... which still makes for a pretty enchanted tale. ♪ la la la [ man ] whoops, forgot one... [ male announcer ] sustainable solutions. fedex. solutions that matter. sven's home security gets the most rewards of any small business credit card! how does this

jim o'neill is being considered to be the governor. would you accept the job if it was brought up now? >> i would ask the current governor, is a good friend an extraordinarily good central banker to stay in place. >> we have a few great questions submitted to us and i will try to squeeze one are two in year. movement on the risk curve are obvious as people search for yield and the potential for wealth destruction is real as buyers are not aware. does the bursting of the bond bubble at the potential to be broader than the 2008 implosion? >> it is extraordinarily difficult to get to something that was worse than the impact of the market that followed september 15, 2008. bond prices cannot move like equity prices can move. the sizes of the capital gains cannot be equivalent in that respect. that's not the same. if you are going to look for the criteria of what kind of things were looking at, look at 1979 and 1980. >> this is the shabby secret of the welfare state -- it's a scheme for the confiscation of wealth and gold stands in the way o

and kelly, this morning, i was watching your show, listening to jim o'neill who had a lot of interesting things to say about what this european summit means for the entire globe at this point. >> yeah, becky, he actually coming off some of the comments made by an analyst volatile index is saying clear policy makers have to do more if they want to reassure markets here. and as you can see from the sea of red behind me, people aren't sure that's going to happen. take a look what's happening in the stocks, we can almost count on two hands the number of stocks in the green today. pretty much everyone in the red. bank shares among the big losers, and the stock 600, which has been down throughout much of the morning trading session is down 1.64%. we're handing over to you guys on a bit of a weak note. closer look at what's happening across europe, spain, the underperformer, down 2.13%, the cac 40 in paris down 2%, xetra dax down 1.8%, and the uk down 2%. look at what's happening at bond yields, this flight to safety bid come back into the market, prices in spain and italy are lower sending tho

tip o'neill, jim wright worked with republican presidents on a lot of different issues, the degree of paralysis and dysfunction can't be overstated. >> gregg: david hawkins, thanks very much. good to see you. >>> staying on politics, mitt romney the presumed nominee and speculation on who he will be pick as his running mate. a special series, running with romney, bret baier sitting down with a key swing state senator, rob portman. >> john: he has entire series of that. >> heather: possible showdown in china and controversy over chinese activist threatening the two countries. did the obama administration mess this up? our power panel weighs? >> gregg: new violence in syria leading a cease-fire in tatters, raising questions what can be done to stop the bloodshed. david miller will weigh in. a party? [ music plays, record skips ] hi, i'm new ensure clear. clear, huh? my nutritional standards are high. i'm not juice or fancy water, i'm different. i've got nine grams of protein. twist my lid. that's three times more than me! twenty-one vitamins and minerals and zero fat! hmmm. you'll bring