that said, larry somers, a member of our international advisory board, you already mentioned him this week in an op-ed called the u.s. approach to the aiib a failure of strategy and tactics and said "this past month may be remembered as the moment the united states lost its role as the underwriter of the global economic system." number one -- >> if he was right i think the best response to that is to ratify the reform of the imf. >> you finished my sentence. usually i just steal your ideas, this time you finished my sentence. so that is really what i was getting at. number one, does the formation of aiib in some way form a new economic reality? in that context do talk even more in depth of this reform. is the u.s. undermining its role as the leading country to contribute to financial order? >> you know, i think that the asia infrastructure bank was part of a broader project by the chinese authorities

larry somers has called the asian infrastructure bank a turning point in economic power.most, it may be remembered the united states lost its role as the underwriter of the economic system. they planned to start -- including the u.k., france and germany. thest mats from memory chips and display, a 30-year slump in shares. they are counting on the debut of the galaxy six model and turkey has unblocked social media after some were accused of aiding and abeding terrorism. for the markets, particularly european markets. stocks quite a lot higher. johnathan has more than to. >> we're back on trend. the energy companies leading throughout morning. it may lend europe really that trend. peripheral bond markets. these are the moves. up 1% on the ftse may have been in italy and the big deal of the morning, we have been talking about it throughout last couple of hours and fedex buying tnt express. let's price anytime dollars at 108.53 on the euro. that was a $6 billion deal. the collapse of the euro making things a little bit cheaper for u.s. companies over here. valuation play? cer

what's been fascinating is since larry somers decided to write about it so the rest of us could start it, we're going back to understand the basic developments of what development is. so now we're having this fight about it. is it growth or productivity? tom: brian belski with us. the heart of earnings rises is growth tied to nominal g.d.p. is the ump there to keep the earnings juggernaut? is the productivity there to keep the whole game going? brian: well for now. but we think the next big phase of the bull market will be led by or actually helped along by corporate tax reform and repatriation which isn't going to happen because of the current regime of the white house. tom: what about the expansion? brian: the majority of the multiple expansion has already occurred. so you can't squeeze much more risk premium into that. so earning's stabilized from here. remember, if you look at consensus wall street estimates, fourth quarter earnings would have been positive if you stripped out energy. this quarter, if you would have stripped out energy earnings would have been up 5%. the comment t

lagarde: i think it is distinct from the secular stagnation which has been borrowed by larry somers to explain. my concept of the low the new mediocre is that we can get out of it. it's not something that is intended or that we risk seeing for a long period of time. if the measures that i have identified earlier are taken all tools used on the macro economic front, all space made available utilized. and if financial stability is strengthened and if structural reforms can be implemented each very specific based on countries characteristics, and needs, then we will not be in that new mediocre. but it's a risk that is there which is i believe accent waited -- accentuated now by the fact that potential for growth has been affected by the three factors that i've mentioned. the scars of the crisis, the aging of population, and particularly in the advanced economies but also some emerging market economies, and the fact that productivity is not where it should be. mr. kempe: so i think that's a very good differentiation where secular stagnation may be a description of a case that's unchangeabl

that's a point for example, larry somers makes all the time. i think a difference between the programs and discussions not just on greece but other countries, is this importance of having truly a medium framework rather than an expenditure limit. the second point, and i can't help wanting to support yanis, is privatization. i had the same experience. when i was in kind of your job in turkey. yes, i was in your job. you know, one demand was privatize everything immediately, at whatever price you can fetch. it's not good for public finance. i'm sorry. i refuse. we were asked to privatize turkish airlines and allow a strategic foreign investor to buy it. we refused. today, turkish airlines is the airlines that flies to the greatest number of countries in the world and is quite profitable and still a state enterprise, but open to small, private investors. so when we talk macroeconomic policy we discuss primary surplus. when we say structural reforms, there's something under there which i think we have to get into the details of to see whether they'

tom: ben bernanke and larry summers having a fight over secular stagnation. is dr. somersan: i hope not. i think you did a good service raising the issue. i am more optimistic about the potential for the economy. i would like to see us take steps to increase immigration and increased demand in the economy. in the past, secular stagnation did hold and i am hopeful it will not hold now. tom: great to see it bernanke blocking. a data check into the jobs report. i look at yen, stronger yen in the last 30 seconds. we will watch the two year yield , everything is coming back that is the macro analysis. futures pick up as well. the yen, 11972. good morning, bloomberg "surveillance." we welcome you to our coverage of the jobs report. olivia sterns and our team in new york. we will go to washington and the bureau of labor statistics and peter cook for the headline data on the jobs report. the revisions are important, looking at the yen, 1.1967 shows the uncertainty as we go to the state 30 number. -- this eight: 30 number. here's peter cook. peter: 120 6000 jobs in march, a big mes

larry sabato. he will be looking in his kristol ball. >> look who is getting puppy love on tax day. it's suzanne somerse it hurt so good ♪ ♪ sometimes love don't feel like it should ♪ ...and the wolf was huffing and puffing... kind of like you sometimes, grandpa. well, when you have copd it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said.. doctor: symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, including chronic bronchitis and emphysema. it should not be taken more than twice a day. symbicort contains formoterol. medicines like formoterol increase the risk of death from asthma problems. symbicort may increase your risk of lung infections osteoporosis, and some eye problems. you should tell your doctor if you have a heart condition or high blood pressure before taking it. grandfather: symbicort could mean a day with better breathing. watch out, piggi