me tell you, they hate for can rogoff it -- for ken rogoff is off the charts. controversy. we will touch upon the idea of doing away with cash for the crooks in society. right now, kenneth rogoff of harvard university, on our markets, and the strange markets we are in right now. if i look at yen and abenomics as one example -- i remember being on an airplane, reading monograph, on imf 14 times rate currencies. the market is saying to kuroda and abe you are not going to get a week yen, you are going to get a strong yen. what does that signal to you? confidenceave lost about their programs going forward. they have the markets going with them at one point, and now they do not. i think they must be worried about it. the arch goes to question. bring up the chart here. we have shown this so many times. the green rectangle is where they want to the yen to go. it did not happen. kent policymakers -- can policymakers tell the markets what to do? ken: certainly not? they can tell themselves what to do, what their policy is going to be. if you ease, it depreciate your exch

ken rogoff and again the book is called "the curse of cash." joining us. >> thank you. >> i love money. >> anyway, thank you, ken. >>> coming up, the deal of the morning. volkswagen's truck division taking a stake in navistar. the ceos will join us first on cnbc. and later, cnbc contributor larry kudlow is out with a new book. he'll join us after the break. across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to utica, creative business incentives, infrastructure investment, university partnerships, and the lowest taxes in decades are creating a stronger economy and the right environment in new york state for business to thrive. let us help grow your company's tomorrow- today at business.ny.gov >>> let's make a deal. a tuesday of takeovers and tieups including bayer sweetening bid for monsanto to $65 billion. and spectra for $28 billion. >>> your money, your vote. donald trump rips what he calls a false economy and calls for a change in interest rates. >>> plus shots dropping. video going viral as

we use these charts when ken rogoff's onset. by the mexican ofernment, the leadership professor parsons and others. when you see fragility like this from what is it signal to ken rogoff to see the pace of near 20? kenneth: i think there is concern about risk and emerging-market with china slowing and the global economy, and emerging markets always respond much more volatilely. question ime asked vice chairman fisher, same as 1994 or particularly 1998? kenneth: oh, i don't think it is a 1994 or 1998 situation necessarily. that said, i wonder if there is in a go races after countries have their emerging crisis. so far we have not seen that, maybe because exchange rates are more flexible now and that provides a cushion. joe: as for the fed, the fact that the fomc is now you to raise rates is not lost on harvard university economics professor marty feldstein. martin: i think the f one for excuses not to raise rates. they did that at every meeting all year. stan fisher at jackson hole had the same message, the time has come to start

between olivia blonde chart and julian robertson and on the other side, people like adam pozen and ken rogofft a question, stephen gallo, of not negative rates but not having the courage and will to do negative rates the correct way? i don't know what the answer is to that question in terms of what is the correct way to do negative rates. i think there are different levers of monetary policy. on the regulatory, monetary and fiscal side that all may to work in conjunction. but one of the issues that we are faced with is that a lot of the decisions are not taken in coordination. they are not taken in coordination domestically from a domestic policy perspective and on a global basis. globalot taken in a fashion. particularly when global trade is weak, there is a tendency of national authorities to revert to turning inwards rather than outwards. and so this is the situation we are in. banks, idea that central despite the fact that there may be more central stimulus in the pipeline down the road, the idea that central banks will then step away from the accelerator in my opinion is not correct. eve