. >> reporter: this professor says michael pettis china faces a debt crisis after borrowing tens of trillions of dollars for iffy investments, real estate and shipping. >> beijing has never gotten its arms around the problem of debt. until it does, things will continue to get worse. >> reporter: now china is trying leading to massive layoffs and government owned industries. bought mid the backdrop of labor protest thousands. state media has run a slew of glowing, good news stories. and the president visited top state media outlets in february urging the press to pledge loyalty to the communist party. it is an effort to control the story and project stability. >> the fear is. it is possible for beijing to mismanage the process and for it to be much more disruptive than expected. >> reporter: china's government fried to convince the world that the economy is not in peril. it is still'clear if that is just wishful thinking. seth doan, cbs news, beijing. >>> a trail blazer for women has died. elizabeth strofus earned two congressional gold medals for her work as world war ii she was 96. and will

scarlet: michael pettis is joining us from london will stick with us. we have some breaking news.olkswagen, it's group of america unit says it's ceo will be leaving by mutual agreement. they have named an interim ceo. we will be back with more after this. ♪ joe: "what'd you miss?" pettis,ack with michael senior associate with carnegie endowment for international peace. -- i asked onion twitter what people wanted to ask you a question that came up his i can't china just monetize all its debt? why can't the people's bank of china print a bunch of money and deal with the debt load? michael: effectively, that is what they did 15 years ago when they did solve the last debt crisis. printing money doesn't create wealth, but it transfers wealth to the central bank. the question is where to the wealth transfer come from? the answer is straightforward. basically monetizing the debt means transferring that from household as savior -- as savers to the government in the form of debt repayment. if you want consumption to drive growth, you can't take wealth away from household sector. that is ex

. >> reporter: peking university finance professor michael pettis says china faces a debt crisis after borrowing tens of trillions if iffy investments in areas like real estate and shipping. >> beijing has never gotten its arms around the problem of debt. until it does, things will continue to get worse. >> reporter: now china is trying to rebalance its economy, leading to massive layoffs in government-owned industries. but amid the back drop of labor protests... >> reporter: state media has run a slew of glowing, good-news stories. president xi jingping visited top state media outlets in february, urging the press to pledge loyalty to the communist party. it's an effort to control the story and project stability. >> the fear is that it's still possible for beijing to mismanage the process and for it to be much more disruptive than expected. >> reporter: china's government has tried to convince the world that its economy is not in peril, but it's still not clear if that's just wishful thinking. seth doane, cbs news, beijing. >> pelley: a trailblazer for women has died. elizabeth strohf

michael tyree last august. he suffered from mental illness and had just been arrested for petty theft.y, photos of tyree's badly beaten body caused relatives to cry out. an autopsy reports he died of internal injuries. >> his liver was lacerated. so all the blood that should be going to his liver just bled into the cavity of his body. those minutes, those last minutes of his life were absolutely horrible. >> reporter: it'll be up to the judge to decide if there is enough evidence to send this case to trial. >>> campaign 2016. the presidential hopefuls gearing up for super tuesday tomorrow, the biggest day of the primary season. it is a coast to coast battle for delegates. a total of 13 states will be voting or caucusing. and while the candidates want as many wins as possible, there are a few standout states we need to watch. kpix5 political analyst is here. >> thank you. >> hillary clinton is popular with african american voters. bernie sanders needs to do well elsewhere, starting with vermont. he before do well in vermont! >> he is projected to win vermont by a dramatic margin. >> whe