this is joseph stiglitz. scott stiglitz books.red and killed in our wars in iraq and afghanistan will book that even conservatives have to read. there is the stiglitz thick or book. the euro is one of those and we congratulate joe stiglitz for dropping by today. even germany as a failure, why is germany a failure? joseph: we are talking about its growth rate. if you judged its growth in the period since 2008 since the global financial crisis it has been dismal. if you look even more detailed, what's happened to the ordinary citizen? the bottom 30%. it's even worse. even less of a model for others to follow is the fact that it's model cannot be followed. unit limited growth, its growth was based on surpluses not all countries in the world can have surpluses. the basic law of economics is some of the surpluses have to the sum of the deficits. if some country has have surpluses, some of the countries have to have deficits. tom: you're very outspoken and respectful of economists you disagree with. it take a shot at can rogoff. you don

joseph stiglitz from columbia university thinks so.er today, he outlined his case to tom keene and francine lacqua. a look at what has happened as a result of the euro, the rigidity it has put in, it took away the interest adjusting,ism for nothing in its place. europe has been well below even the u.s. we were the country from once the crisis began. we have done a better job in recovering. stagnant,asically growth for the last couple of quarters, .3%, .4%. that is not a good performance. what you have to contrast is outcome,g that dismal ,epressions in spain, greece and an alternative. of coarse a divorce will not be easy. but it can be done in a way that is better than the current system. it would still be better if they put in place institutions that work. the question is will they do that? francine: if the euro brits apart, let's say there is something happened to the euro, germany and france want out. how many years of pain? six years of recession before we get into this utopian world you are talking about? ineph: the crisis began

we spoke to joseph stiglitz. we will be talking about the new normal. be talking about that you beat in politics. this is bloomberg. ♪ hohey s w'oiit ghong, estcak ?hoestcak .th lais p hceotas hke hyso wn' aret't ey llkeg lica hotkes? cwistomin biness rnan fid , p cth bou e.ju ddstus azetomimet't ey ag ylwiourofias sgeh anu'd ' yy dheesev .or upde . 'itrestn i, w c u'e e dry.ynebuss. oding uc pwiwiro fi hthatpsyori francine: a divided fed minutes show officials on the time aummd rallies as data shows resale sales unexpectedly jumping after the vote. we speak to nobel prize-winning economist joseph it's -- joseph stiglitz. tom keene is in new york. for the third time since the brexit, the yen is below 100, it briefly flirted below

thank you, professor joseph stiglitz. and the new book "the euro" is out today.wilf. >>> still to come, "squawk" market master muhammad el-erian, we'll get his latest market action. as we head to break, a quick check on the markets. higher by ten points off the half a percent decline yesterday. where we explore. protecting biodiversity. everywhere we work. defeating malaria. improving energy efficiency. developing more clean burning natural gas. my job? my job at exxonmobil? turning algae into biofuels. reducing energy poverty in the developing world. making cars go further with less. fueling the global economy. and you thought we just made the gas. ♪ energy lives here. >>> the fed in focus. the central bank hinting about a september to remember. squawk market master muhammad el-erian will weigh in. >>> details of trouble at two industry heavyweights. >>> plus casino mobile steve wynn not mincing words. >> i'm waiting for that person to show up. >> we will tell you what the mogul said about trump and clinton as the final hour of "squawk box" begins right now. ♪ >

nobel prize-winning economist joseph stiglitz explores the shortcomings of the european union and its shared currency in the euro. in capital offenses, duke university law professor samuel buell investigates the difficulties in prosecuting white-collar crime. talk radio host mark davis argues against liberal thinking in upside down . also being released this week, the rest i will kill in which historian brian mcginty recalls william tillman's fight in 1861 to free his ship from confederate privateers. jane hampton cook looks at the lead up and aftermath of the war of 1812 in the burning of the white house. and in born right, see nicole mason, executive director of the senator for research and policy and public interest recalls how she overcame poverty during her childhood to become a successful writer and scholar. look for these titles in bookstores this coming week and watch for the authors in the near future on book tv. >>. [inaudible conversation] >> host: welcome to book cart. we are so excited to welcome

nobel prize winner joseph stiglitz argues that in his new book. he joins us now. the euro, how a common currency threatens the future of europe. we're happy to have the columbia professor on with us. professor stiglitz, thank you very much for joining us. a lot to get through. let's talk about the book first though, what is the primary one or two reasons you believe the euro currency ultimately will not survive? >> well, it could survive, the problem is when they constructed the euro, they took away two of the most important mechanisms of ingestment when a country hits a shock or when there's a disparity between the growth and productivity. they took away the exchange rate mechanism, they took away the interest rate, and then instead of putting something in the place they tied the hands of europe further by restricting the ability to use fiscal policy. and then they told the central bank only focus on or focus mainly on inflation. the combination of this structure to the eurozone doomed the euro, i think, to failure. so if they change those structure, if they put i

emily: tomorrow, a conversation on the future of the euro with a nobel prize-winning economist, joseph stiglitzeekend, this saturday catch our conversation with one of europe's most well-known economists. this is bloomberg. ♪ emily: women may make up half the population, but they hold just 12% of engineering roles in the united states. one company is aiming to change that for future generations by creating toys intended to get girls into coding. the recently launched a mobile app. i sat down with the ceo and founder and asked her about the mission. >> were exposing girls and boys to these basic skills. the simple machines that make up the world around us, wheels and axles and pulleys and joints. these are the parts that make up the whole world. and were teaching basic usual commands and how to sequence and debug. kids start tinkering and playing with it and were making it fun. it's like we are sneaking the broccoli into the mac & cheese. we've noticed that kids start to see their world in a different way. there saying mom, don't throw away that tape dispenser, i can use it as a part for my late

francine: we spoke to joseph stiglitz on friday, and he said anything is better than europe at the momentif that is the realization, would brussels not try to break up, or at least let the eu breakup if that is the wish of the people? >> one of the frustrations that i have -- they are separate concepts. at its core formation around cooperation is amortization has delivered lots of economic benefits. the eurozone is an unmitigated disaster and without the political will to push through integration, so unfinished eurozone is anything better. but navigating that challenge between the fragmentation in the eurozone problems is what they have to deal with. francine: and on the banking, of course. century gdp is so less according to our next guest. what would you replace it with? we will discuss that next. this is bloomberg. ♪ isancine: the gross domestic used as a gauge that is struggling to keep up with changes and technology. joining us from frankfurt is european economics reporter, who wrote a brilliant piece this morning. good morning. what is wrong with gdp as a yardstick of the economy? >

nobel prize-winning economist joseph stiglitz explores the shortcomings of the european union and its shared currency in : the euro. and capital offenses, duke university law professor investigates the difficulties in prosecuting white-collar crime. talk radio host market davis argues against liberal thinking in upside down. also being released this week, the rest i will kill, in which historian brian mcatee recalls william tillman's fight in 1861, to free his ship from confederate privateer speared jane hampton cook looks at the lead up and aftermath of the war of 1812, in the burning of the white house. and inborn bright, see-- nicole mason executive director for the center for research and policy and public interest recalls how she overcame poverty during her childhood to become a successful writer and scholar. look for these titles and bookstores this coming week and watch for the authors in the near future on book tv. [inaudible conversations] [inaudible conversations] [inaudible conversations] >> good afternoon. my name is kendra leitner and a member of the archives staff at the

a bloomberg talk with joseph stiglitz, here is what he had to say. f the euro, it took away the interest rate and exchange rate mechanism for adjusting, did not put anything in its place. europeput, the gdp of has been well below even below the united states. we were the country from whence crisis began, we had done a better job in recovering. they are basically stagnant. wrote the last couple of quarters, .3%, that is not a good performance. ist you have to contrast continuing that outcome, depressions in spain and greece, and an alternative. a divorce is not going to be easy -- >> how difficult -- joseph: but it could be done in a way that is better than the current system. it would still be better if they put in place -- the question is, will they do that? >> if the euro breaks apart, into the set up with austerity, they vote in a party that once out of the euro and france does the same, how many years do -- how many years of pain do we see before we get into this world you are talking about? joseph: the crisis began in 2008 and 2010. the market wi

nobel prize winner joseph stiglitz says pushing through the trade agreement is wrong.ichard quest. >> advocates of trade said it's going to benefit everybody. the evidence is it's benefited a few and left the latter behind. it could have been different. we could have managed trade in the way it would have had shared benefits. but that's not the trade agreements that we had. people are realizing that rhetoric that everybody was going to be better off is a lie. >> stiglitz is a clinton supporter. he was part of the clinton administration that passed nafta. this week a survey of more than 400 economists found a different opinion. it showed just 6% think the u.s. should reject the current tpp deal. >>> breakingover night, turkish forces are launching a military operation along the border of syria to clear out isis-operatives. a us-led operation is meeting. and joe biden is expecting to address the crackdown on the failed military coup last month. biden is also telling allies in the nato states not to take donald trump seriously. >>> and let's take a look at what the coming

erik: up next, more highlights with our sin done with joseph stiglitz, the nobel winning prize economist donald trump to give up. this is bloomberg. ♪ erik: you are watching "bloomberg markets." i'm erik shatzker. scarlet: i'm scarlet fu. joe stiglitz, the columbia university economics professor, discussed lessons he learned from past economic policy, and gave some advice to donald trump . he spoke this morning on "surveillance." that prevailedas in the 1990's on both sides of the atlantic prove not to work, that you could deregulate the banking system, that you would have self-regulation. 2008 crisis show that is not true. then we had the idea that if you just liberalize trade, close your eyes, a rising tide will lift all boats. that is also wrong. what we are seeing in this thation is a recognition americans, a large fraction of americans, have not benefited from all those changes that they were promised. in fact, if you look at the numbers, the bottom 90% of americans over the last quarter-century have had basically stagnant income. gdp has gone up but it has all gone to the top 10%,

spending ourselves into penury in terms of deficits and the $3 trillion over the next 30 years that joseph stiglitz, a nobel prize laureate, said the iraq war is going to cost us? not just the immediate war and all that, but all the follow-ups of the veterans and so on. bill gates sr. and the famous trial lawyer in texas, joe jamail, could easily fund reopening our courts so ordinary people can use them, so ordinary people who are wrongfullyly injured can have their day in court and not be blocked by what is maliciously called tort reform by taking people's age-old rights of having a trial by jury away from them. they could open up the courts to poor people. because bill gates sr. has made that one of his missions in life. he's a corporate lawyer, but he made opening up access to justice one of his missions in life. warren buffett, he's worth now $52 billion. for $1.25 billion, i can show warren buffett in 3 years mmaximum hhow to complpletely transform the taxax system so it is an efficient, fair source of revenue without inequities that exist today and the perverse incentives that distort investm

joseph stiglitz was critical of ecb policy.ay we focus on inflation and then the intermediate variable they thought about was the interest rate. now they have negative interest rates. and they have not worked. these negative interest rates have not -- if not done carefully, actually weaken the balance sheet of the banks. mark: deutsche bank is shooting down a media report it considered merging with rival bank. the chief said they are actually looking to get smaller and they have been restructuring in the last year. they sold risky assets and cut thousands of jobs. investment bankers are watching their bonuses shrink. financial stocks plunged this year. $2.5 billion of deferred shares come among the biggest losers bankers at credit squeeze -- credit suisse. increased in the past five months. that is according to nationwide building society. we game -- the market in housing in the u.k. was weaker, but the shortage cap prices rising. ♪ ♪ matt: labor day weekend marks the unofficial end of summer at anyone on the east coast looking

you're saying -- >> with us now, we've got nobel prize winning columnist, best-selling author, joseph stiglitzook, "the euro: how a common currency threatens the future of europe." also at the table, cnbc's brian sullivan. great to have you back with us again. thank you so much. what went wrong? what went wrong with the euro? >> it was flawed a to t eed at . >> in what way? >> trying to bring the countries of europe together with a single currency. and they're very, very different. >> right. and so it created a single institution. took away the ability to adjust the interest rates, the exchange rates. and didn't put anything in its someplace. and so, you created a whole set of jirigidties. and they added to that a set of rules. >> i was going to say, it was flawed at birth, but then you believe, that they -- the regulations that they put in place were exactly the opposite of what they needed to do. >> exactly. so, some of the things that they put in place were things like the central bank, monetary policy, only focuses on inflation, doesn't care about jobs or growth or financial stability. the

the top democrat adam shift and republican strategy mike murphy and nobel winning economist joseph but stiglitz. >> joe, we're going to break. >> i was reading "sports illustrated" in my econ 101 class. >>> forced the evacuation of 82,000 people overnight. bill, my gosh. from louisiana to california. fire and rain. what's going on? >> the fire in southern california, this one is about 60 miles to the east of l.a. just to the northwest of san bernardino and it was formed yesterday about 10:30 in the morning and quickly started spreading and these were new pictures we just got in. this is what we were afraid of. structures being burned in the area. 2,000 people evacuated out of this. the main interstate between las vegas and no chance of opening that this morning. you can imagine what that will do during rush hour. that is someone's home burning to the ground. heree are on the map. 27 active fires right now in areas of the west and we're watching red flag warnings where that blue cut fire is. 700 personnel and growing. using nighttime helicopters on and the forecast on that fire about 96. flood w

. >>> coming up, we'll talk about the biggest movers, and tomorrow, joseph stiglitz at 7:00 a.m. spontaneously turns romantic, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card. >>> the first off-shore wind farm in the united states has spread it out up off bloc