ken rogoff, thank you for your time. >> rick santelli and ken rogoff, thank you very. in the meantime, it's been a long time coming but now it is official, brazil's president dilma rousseff, suspended. rousseff speaking just moments ago while our chief correspondent joins us with the latest. she's still defiant, michelle. >> absolutely. these are live pictures coming in now. there are protesters for and against rouseoff because of the dramatic political events that have happened in the last 24 hours. she has handed over power to her former ally, this whatever a marathon 20-hour debate in brazil's senate. it started at 9 p.m. last night, ended this morning at 6 a.m. only 22 senators supported her. the vote was an intense moment for the country of brazil, protests in favor and against rousseff's impeachment occurred outside of parliament throughout the night. shortly after the vote ended, dilma rousseff denounced the vote as a coup. what was critical in this vote was the scale of her defeat, which foreshadows the next vote

michael and james, this is an extraordinary chart, and something that was signaled by not only ken rogoffis has been chronic, right? michael: it has been chronic for the last year and a half or so. we have seen profit in the s&p 500 companies, and now we are seeing a broader one. business investment has been really slow. the april minutes of the fed show that. why here?is the is there no technological process? -- is there no technological progress? james: it is actually much simpler. if you look at last year's investment, category by category, it is mining, railroads. tom: james sweeney, you're saying that michael mckee's chart, going to the light -- going to the right corner, is because of hydrocarbons. james: pretty much. this is mostly the global ,ectoral shock passing through hitting a few sectors in the u.s. james, where do you -- they are ready to height. what is the one thing that will make them not hike this year? is something that you see as ugly out there? james: there is more than one. there is china risk, there is u.s. datad i think are not necessarily on a smooth have the une

tom: and ken rogoff says it is a good thing. mandarin hotel accord in the central city of hong kong. form ofn need of some coordinated agreement to pull back dollar strength? have a: you have to degree of monetary coordination, but you put your finger on the biggest single variable. it is not a single thing happening out of washington, d.c., it is what is happening out of china. is, how muchte worse are the chinese doing then they say they are doing, and what is likely going to happen over the next few months. that could drive dollar strength simply because in the world of great uncertainty, it can push up the dollar. tom: five steps away from the mandarin hotel across the trolley tracks is hsbc in hong kong. do you pick the depreciation or devaluation of the renminbi? daragh: very different things. we predicted depreciation. it would be a helpful thing for china. they want to recalibrate the basket, i suspect. i think what they would want is a weaker dollar, because in a way that helps you weaken the renminbi by cover of darkne