martin wolfe on why he says china's great economic shift needs to begin.na very much a part of this story. check out the futures. dow futures headed south again. down 341. s&p down 38. nasdaq down 86. you're watching worldwide exchange on cnbc. first in business worldwide. olay regenerist renews from within, plumping surface cells for a dramatic transformation without the need for fillers your concert tee might show your age... your skin never will. olay regenerist. olay. ageless. >>> welcome back to worldwide exchange. let's have a look at markets. we have been focused on the equity story today seeing red across the screen and we have buying of the u.s. bond market compressing yields down and we are below 2% on the ten year. >> that is significant. that 2% level is important. that's a lot of gloom and doom on the screen. in terms of currencies, action there as well. selling the dollar, buying the japanese yen. that's the one to focus on today. the yen is at a one year high. that means there's a flight to safety going into the safe haven yen and some of th

martin wolf writing in "the financial times" is typically a little bit gloomy, but he is optimistic todaydisagrees. tom: stephen was all upset. vonnie: he quotes three reasons why -- roach, before i go into the other details in the op-ed, explain why you disagree with this idea. i have great respect for the deep thinking erudite martin wolf, but the idea that disasters do not happen a lot is pretty much a no-brainer, which is really all martin is saying. but that type of complacency would have led many -- and martin did miss, like most journalists, in celebrating the brilliance of central banking -- the crisis of 2008 and 2009. vonnie: sure, but the point he's making that -- this includes the financial crisis interest. stephen: it does, but it leaves that in manynts cases are man-made. i believe the crisis of 2008 and 2009 is a reflection of serious policy blunders. if we take this complacent view of the world for granted like martin is saying, that it will keep growing forever, that encourages us to experiment with reckless and dangerous policy. i am not a big fan of this piece at all. f

on the other end, martin. wolf pack back up by 4. next possession, mcclellan, 28-27 game. other end, martin, he had 13 off the bench for n.c. state. they led by 5 at the half. that was an 8-point game with about 4 to go. devon reed, ding dong. back to a five-point game. n.c. state made their free throws and layups. wolf pack wins. >>> orlando soccer released their preseason culled today. lions open the exhibition the became closed to the public. six days later the crowds invited to jacksonville to see orlando city take on the armada. lions will also see two teams from the mls in closed door matches before finishing the preseason at the citrus bowl. it's on to the season opener march 6th against salt lake. if you can't make it to the citrus bowl watch it on strl >>> welcome back. racing fans crawled out of hibernation this week and were greeted with a bigger, better daytona in the annual rolex 24. they've been rolling around daytona about 8 hours already. so hopefully they're all getting overtime now. early in the race, the delta wing running well. acing gary loved that car.

a special report by martin wolf of the financial times questioning whether it's working.s done overall i pulled out a couple of the points of whether it's working or not. you must read the detail saying on inflation, modest progress, on output disappointing on the labor market it's performing well. overall though he says that it is a supply issue. supply then he says is japan's problem. it's not japan's problem because of the shrinkage of the labor force. the real problem is the private demand. it's the enormous financial surpluses and the private savings over private investment and that's been the failure thus far. they can't change the culture of saving and the demand isn't picking up and it hasn't really worked. he does point to the demographic issue and highlighting that that's had massive head wind as well. >> there was so much enthusiasm and excitement around prime minister abe and this whole policy. it seems like the monetary policy arrow. did we even get the third arrow. >> people are saying we're at 2.5 years. >> it's the monetary shot that helped a lot. >> i mea

plus martin wolf about the aggressive move and what it means for the global markets and the global economyplus we're asking you on twitter this morning, which bottoms first? oil or stocks. vote now, keep the votes coming. a lot of you are saying oil. oil leading stocks lower. will it be the first to bottom? tweet us. you're watching cnbc first in business worldwide. ♪ opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. you can fly across welcome town in minutes16, or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪ while you're watching this, i'm hacking your company. grabbing your data. stealing your customers' secrets. there's an army of us. relent

david: i want to come back to martin wolf peace. it is a dissatisfaction and anger.growth is not a policy, that is a result. as you look at the candidates, who is coming forward with a policy to say this is how we can get the country growing? stephanie: a long-term foreign policy doesn't work for campaign. david: but ronald reagan did. tom: but we await that. recenthinking but the primaries and moving to carolina, but beyond the convention. we become focused in the second week of october is maybe where we begin -- jeff: right now we're still in the primary phrase so people are catering to their fringes. say after super tuesday live a better idea of the candidates are likely to be, especially on the candidate side. i think you'll see a rush for the middle -- at least i hope you will see a rush of the middle. people continue to cater to their bases. the bases are generally disinfected in every election cycle and even more so here. and do not elite speak for the vast majority of americans. that allows for -- stephanie: where does this matter? jeff: that allows folks i d

martin wolf is always interesting. davos, and he kills it today. a spectacular essay on the fears of the elites. economic losers are in revolt. tom: that is only one part of this essay. derek, how does this full didn't to christine lagarde's new mediocre? the quickest way to get away from this polarity in society is to get some economic growth. when will it happen? >> that's a good question. if you look at the actual fundamentals for the u.s., the domestic situation does point to a big improvement. what i would highlight in particular from a domestic buildingve is the evidence that wages in the united states are finally beginning to pick up. we've had a catastrophic recession, the great financial crisis which pushed unemployment to 10%. we are only just getting to the point of reaching full employment again. timing,line with that there is building evidence that wages are picking up. the latest was the national association of business economists, which was released yesterday. its component on wages was the highest since the year 2000. everything we

martin, yes,sir, wolf pack up by 4. next possession mcclellan back to one. he had 13 off the bench. they lead by 5 at the half. devin reed says hey, can i take back to a five point gain. they had all of their free throws and also made lay ups. 69. yesterday. lions will open the exhibition season against eastern florida state college. six days later you're all invited to jacksonville. lions will also see two teams from closed door matches before finishes the preseason at the citrus bowl. >>> under racing fans crawled out of hibernation. they were greeted by the row lex 24. they have been rolling around far while now. hopefully they are all getting overtime. the delta wing was running well and lead a couple of laps. just gone down. someone forgot to put their lights on. unable to move in the middle of the track. slams directly into the back end. the racing team has been in and out of the lead throughout this one. ricky tailor also spent time out front. have a great sunday everybody. >> all right. thanks. >>> here is a live look from the tower camera overlooking a very cloudy downtown

martin luther king jr. tom wolf and jim kenney are taking part in the annual day of service. 140,000 volunteers are expected to serve across the region. the main service site is at girard college in north philadelphia where one woman tells us that dr. king's legacy still translates today. >> we have a responsibility that dr. martin luther king left us. and the bible also states that we should teach the younger generation. so we should therefore carry on his legacy in teaching our new generation coming forth. >> today there will be work shops, activities, a job fair and health expo. guests can also see the philadelphia orchestra's annual king tribute concert. >>> and today's a holiday for a lot of people, of course, let's get a check on the roads with first alert traffic reporter jessica boyington. because of the holidays, lighter traffic out there? >> lighter traffic for sure. we haven't had any drive times spike up at all. we continue to see that. right around center city, 16th street, no problems west or eastbound

martin lieutenant your king junior. this event started by the late delores tucker years ago. that symbolic ringing of the liberty beal by a relative of delores tucker. special remarks by many including governor tom wolf, mayor jim kenney and senator bob casey. >>> our natasha brown hosted a martin luther king lunch today in center city. the 31st annual benefit for philadelphia martin luther king junior association for non-violence. day included a variety of esteemed speakers and performances reflecting on the non-violent legacy of doctor martin luther king junior. >>> across the river in cherry hill many gathered to celebrate doctor king's peaceful impact. "eyewitness news" at national stop the violence alliance, celebrating the king holiday. special guests reverend robin scott king, niece of the martin lieutenant are king junior, spoke about her uncle's vision and the the day just keeps getting better. >> it keeps getting bigger because it keeps getting better because people are realizing that we must continue to go forward to make a change to truly get the meaning of doctor king's speech i have a dream. >> former police commissioner charles ramsey received the coveted national peace medal the at to

the wolf pack comes out at pittsburgh and plays an incredible first half. cody martin the steal. the alley-oop. now, martin playing an active roll, getting the start tonight. he will have a nice start for the finish. they come ready to target there they are. 14 points for rolin. now, 44-19 at the half. half. cross it. back up, knock it down. 7 rebounds. abu this is how you follow a missed foul shot. throw it in big fella. now, 7 double doubles in the last 9 games. that say grown man and 15 effort. look at the top 6 in the acc led by north carolina, virginia tech is 2nd, and then louie willville, clemson loses so they fall 5-2 -- louisville, clemson loses so hay fall 5-2. >>> what a season it was for joe gibbs racing. combining to win 59 races last season including the driving championship. man seon the nascar circuit with a -- manny is on the nascar circuit. risk heading into the 2015 nascar season. changing personnel and adding carl edwards to his already talented roster. >> you bring in carl and you have 3 other guys that are very, very competitive and top of their game how is

martin o'malley. they won't be on the stage at the same time, but walk us through the format for the town hall. >> wolf, they will be appearing back to back to back here here on the campus of drake university. martin o'malley will be going between his two rivals, senator sanders will start the evening off and will talk for about 30 minutes or so, taking questions from iowa voters and undecided voters followed by martin o'malley, and hillary clinton will wrap up the evening here. it will be an experience for iowa voters to ask any remaining questions that they have. as we've been following them throughout the weekend and into this morning, it is a tight race. they are both making their urgent arguments for why they believe, you know, support should be on their side. hillary clinton pressing the experience argument, but bernie sanders is asking some democratic voters to sort of believe in their ideals and their perfect scenario, if you will. those are sort of the how it looks going into this town hall tonight. let's tloichb her delivery in north liberty, iowa, yesterday. >> i know some of you are still s

wolf pack at halftime. can the pack keep it up though? yes, in fact, state is even better in the second half. caleb martin hits for 2 of his 13 points. the game. he has 19. the pack upsets miami 85 to 69. >> it feels good after that losing streak, we came out, we didn't get down, we came out in the beginning of the game like i said last time we came out with more fire in the first half. and we carried it through the whole game. >> great win for the pack. they have a quick turn around traveling to florida state on monday. >>> in chapel hill, the tar heel state perfect in conference play beating boston college 89-62. they travel to louisville to face the cardinals. >> now your wncn weather forecast. >> i'm meteorologist bill ray. the sun's going down. but it's 51 degrees outside. radars are clear. skies are clear. it's not as chilly as it was this morning. but it's going to be cool over night. let's look at the temperatures. we're seeing mid 40s around south hill virginia. 54 in goldsboro. smithfield 50. 52 in durham. the temperature trend over night, you see the blues take over. we'll get into the 30s over night. so i'm not going to f

wolf. >> and tune in monday night, as bernie sanders and martin o'malley, and hillary clinton will go head head in the democratic presidential town hall live from des moines. chris cuomo will moderate. it is a unique opportunity for the iowans to ask questions of the three democrats. that is monday 9:00 p.m. eastern live only here on c nshgs nshnn >>> it is the beginning of what is happening right now, states all along the east coast in the united states are starting to feel the effects of a massive winter storm. the state officials say they are ready for the worst. we will take a look at the preparation, and what we can all expect when we come back. you wanna see something intense? new pantene expert gives you the most beautiful hair ever, with our strongest pro-v formula ever. strong is beautiful. ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine, i talked to my doctor and found a missing piece in my asthma treatment. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term ast

wolf? >> certainly is. thanks very much. martin savidge in mexico.re following a terror threat and a terror leader considered one of the most dangerous bomb makers in the world. tonight a chilling new warning from the united states. jim sciutto is working the story for us. this is the man behind very frightening earlier plots. >> no question. terrorism is a competition and in recent headlines, it's isis grabbing not just the headlines but the attention with successful operations in san bernardino, in paris, bringing down a russian passenger jet, typically the strength of al qaeda in the arabia peninsula and you have a reminder they are still targeting the u.s. with isis dominating the headlines today al qaeda's master bomb maker made it clear his terror group is still targeting the u.s. speaking directly to americans vowed, we will not leave you alone as long as we have a pulsing vein in us. the senior leader of al qaeda in the peninsula and created the most creative and most dangerous bomb maker in the world designed the notorious underwear bomb int

. >> wolf, with one week remaining before the iowa caucuses, hillary clinton, bernie sanders and martintrying to win over one of the most precious commodities in iowa, the undecide voter. >> we need more respect, more tolerance, more love, more kindness. >> that may all have to wait. the democratic race between hillary clinton and bernie sanders is deadlocked. clinton presented herself as a realist taking aims at sanders' proposals starting with free college tuition. >> i don't think it's right to give me and my husband free college for our child. i think that if you can afford to pay, you should pay. >> sanders is asking voters to join him in what he's calling a revolution. a political movement to bring real change. >> nothing that i have described to you today is utopian. it is not pie in the sky. in fact, much of what i've talked to you about today exists today in other countries on earth. >> the candidates have been making their case for months. clinton's voice showing the strain today. >> we do talk a lot in this campaign. >> reporter: one week from tonight, voters will finally sta

we know that martin o'malley, the presidential candidate, he is on woord, -- he is on board, and did you speak >>. i did not, wolf that many people within the organization who are close to both of those candidates, secretary clinton and senator sanders, did talk to them. i'm disappointed they haven't signed yet, but i put the emphasis on the yet. we have two big trucks that are going around new hampshire from now until primary day. they have a simple message that's painted on them. ask your presidential candidate whether they have signed the problem solver promise and if they haven't, ask them why not. we're not giving up. >> while i have you, you're a a former u.s. ambassador to china. you know a lot about what c china's influence in north korea could be. north korea had had this nuclear test last week. now they say they have arrested an american citizen on espionage charges. how much influence does china. have over the kim jong-un regime? >> well, they have less than we might think here. there's a a generational realignment that has occurred on both sides. you have the fifth generation in china leading under th

wolf pack to in full force in raleigh and early on the home team catches fire from the outside, cody martin buries the triple from way downtown. they lead 43-46 at halftime. the second half, brandon ingram with an old fashioned four point play and a foul, he scores 25. then gray son allan, the nice finger roll, high 28 points as duke snaps the losing streak, beating north carolina state, 88-78. >>> we started off really well and we have not done that all year. there's been times we have come out flat in the second half and today we wanted to come out firing. >> we had a hard time guarding off the dribble in the second half. the dribble penetration and the three point shooting, i thought, were quite a difference. >>luke: the next game for the duke blue devils is monday night at miami. >>> meanwhile the unc tar heels made their case to be not only the best team on tobacco road this season but also the best team in the acc. carolina a perfect road of 6-0 in conference. next game for the heels is later this afternoon at 3 o'clock at virginiatech. unc is having the best start to the season in co

it hard at times for former maryland governor martin >> secretary clinton, i cut you off and i'll give you 30 seconds to respond on the issue of lone wolf. >> can i get 30 seconds too? >> reporter: under pressure from the clinton camp, sanders released details of his health care plan about two hours before the debate. it includes a 2% tax on most americans, which he says will still be cheaper than the private insurance they pay for now. >> nancy, thank you. >>> republicans are also feeling the pressure ahead of the upcoming iowa caucuses. the feud between iowa front runners donald trump and ted cruz is escalating. they traded new jabs over the weekend after last week's gop debate. major garrett is in washington with a growing rivalry is now getting personal. >> reporter: good morning. it's politics as usual for donald trump and ted cruz. i guess we can forget all of their different kinds of things. they can throw mud and hurl insults just like -- well, just like every one of the mill i. he was very pro choice and he explanation for all of that, he said i'm a new yorker. >> reporter: ted cruz again went new york values. >> those are what

wolf is expected to deliver his next budget proposal on february 9th. >>> meanwhile in our lehigh valley bureau, the fight over the future of the martin tower in bethlehemook a new turn tonight. ten property owners have filed a lawsuit. last month city council voted for a zoning change to allow the building to be demolished. the lawsuit seeks to reverse that decision. the 21-story tower used to house the bethlehem steel corporation headquarters. >>> back in philadelphia, new mayor jim kenney went back to school. he joined a councilman as they visited students at penn rose elementary school in south philly. the mayor also met with families and faculty and discussed the school's commitment to quality pre-k education, literacy programs, and providing students with health and nutrition education. >>> we're going to meet with principals on a regular basis, they are the linchpin of producing what we need in our schools because they know every kid, every teacher, they know the needs and we'll try to fill the needs. >> when the mayor arrived, the kids were hard at work making get well cards for officer jesse hartnett, who was shot in the line of duty last week.

martin o'malley making their pitches before the iowa caucuses. we will break each one down and how they made their case. and donald trump lashing out at the competition in an interview with wolfples down on the birther challenge and the issue of michael bloomberg. we have that and the breaking news so far. we will bring it all to you. christine, des moines says hello. i want to make sure you understand that. too many people asked me to do it. >> you got tired of hearing them say tell hi to christine. >> never get tired of hearing good things about you. >> you did a great job last night. you really did. i hope you got an hour's sleep at least. thank you. >>> touring europe and striking a surprising meeting. we will tell you with who next. ♪ th, i hear calling... ♪ ♪ but i can't come home right now... ♪ ♪ me and the boys are playing.♪. and we just can't find the sound... ♪ just a few more hours... ♪ and i'll be right home to you.♪. ♪ i think i hear them calling... ♪ ♪ oh, beth, what can i do... ♪ ♪ beth, what can i do... ♪ text beth, what can i do... [siri:] message. pick up milk. oh, right. milk. introducing the newly redesigned passat. from volkswagen. ♪ beth, what can i do..

as hillary clinton, bernie sanders, and martin o'mally square off in the democratic presidential debate in south carolina. thanks very much for watching. i'm wolf>>> breaking news, a hotel under attack by al qaeda militants. gunmen firing, taking hostages. we're learning it has turned deadly. dead bodies. the situation ongoing at this moment. the latest on this breaking story this hour. and the fight getting uglier in the race for the white house. ted cruz issuing a so-called apology for his attacks on donald trump but isn't an apology at all. >>> sean penn speaking out for the first time since the capture of drug lord el chapo. has the controversial interview put penn's life at risk? let's go "outfront." >>> i'm erin burnett. "outfront" tonight we begin with breaking news. al qaeda gunmen storming a hotel after a firef

martin o'malley, to get a word in. >> secretary clinton, i kitcut you off and will give you 30 seconds to respond on lone wolf. >> can i get 30 seconds, too? >> under pressure from the clinton camp, sanders released details on his health care plan two hours before last night's debate. it includes a 2% tax on most americans, which he insists will still be cheaper than the >> nancy, thank you. >>> republicans are also feeling the pressure ahead of the iowa caucuses. the feud between donald trump and ted cruz is escalating. major garrett is in washington with a growing rivalry now getting personal. major, good morning. >> reporter: good morning. it's politics as usual for donald trump and ted cruz. i guess we can forget all their posing as fundamentally different kinds of candidates. turns out they can throw mud, dredge up opposition research and hurl insults just like, well, just like every other run of the mill politician. >> he was very pro-choice and supported partial birth abortion. he was open to gay marriage and hissics pla nation ixsics explanation for all that, i'm a new yorker. those are what new york values a