now michael pettis is that china will rebalance the economy and this means growth slowing considerably over the next decade but some are even predicting a crash or a crisis of some sort so how do you see this playing out. he's right that when the you. you have capital expenditure as a percentage of g.d.p. in china it's about fifty percent i think it's just under right now and i think it's been as high as fifty five percent and so paris is saying that you've got to have a much higher consumption component going forward and he's right about that but you know even if you take an economy from fifty percent of g.d.p. were capital is fifty percent of g.d.p. capital expenditure and you take it down to thirty five percent so you run a real risk that some debt deflation could start to develop and you could get that hard landing so managing that is a very very challenging thing for the chinese they've been able to do it so far in the way i've described earlier they were effectively mobilized the elephants with this within the state assumed a lot of the municipal and state debt and that's one of

well, but it is a reminder that in history, the petty political people, they become footnotes and not a part of it anymore. >> well, that is true. michael bunchoff's work and other historians talk about the lead into world war ii and anonymity and barely sustained the draft. and barely sustain eded to great britain and by the way, armageddon and max hastings gives an inkredcredible overview of the last year of the war in europe. and the unbelievable levels of violence that took over the continent, and you are right. we barely got our act organized in world war ii to strike out against both the japanese and the germans. >> steven collinson, i asked michael beschloss, but i ask you of what goes through the heads of the german citizens angelica merkel, and those on the other side and there are the people in black, the oppressors, and they are being represented as the oppressors? >> yes, and angela merkel knew oppression firsthand having grown up that way. >> yes. >> and so i would say that angela merkel is also a victim of oppression, but you turn on the tv and you hear about the european union and this and that, and there is real doubt if

technology and modern media, what michael just brought up, if it didn't work look at the first day, it would have been called a debacle. >> i thought it was a little bit -- a little petty that comment about the way history is recorded in 140 characters nowadays. we all understand that but in the moment it didn't feel quite right. but look at president obama greeting these veterans. and the fact that the queen is here. this is probably her last overseas trip. she's 88 years old. >>. >> has been talking about is the president going to shake hands with putin and poroshenko the new president of ukraine. and the queen, this really is a european celebration. >> and prince phillip has been ailing and he made the trip. >> and it may have been the only leader that was alive and can at least actually remember has a clear remembrance of d-day. she was at windsor castle -- >> lived it in a way. >> it's still a personal anniversary in that sense. and in britain a sense of continuity because the queen there was for the war and she's been there for the last 70 years. not as the queen but has been a part of british life for 70 years so there's definitely a sense of continuity. when sh