michelle cabrera has more from edinburgh, scotland. >> reporter: scots woke up to a foggy morning as they head to the polls. 4.2 million people registered to vote in the referendum, nearly 97% of all eligible voters. record-breaking numbers are expected. there is only one question on the ballot? should scotland become an independent country? the yes vote, a passionate vote. many brought children and posed for pictures so they could experience a vote that could mean a huge change. >> we want to bring them to see if it goes through, we want our kids to remember this is part of something historic. and hopefully will change everything for the better, really. >> reporter: the no vote was about fear and potential negative economic fallout from breaking away from the united kingdom. >> i voted no because i have a 9 month-old son. and it is his future that we're playing wi here. and i kind of believe in the long-term, the uk is better. >> reporter: many were thinking about their children, including sir tom hunter, one of scotland's richest men. >> this is the biggest decision i will make in

michelle cabrera has more. >> reporter: the feelings are intense on both sides, so is the campaigning, the nearly 5 million scottish voters are worried. >> i am voting no, if you can't make up your mind you have to go with what you already got. >> i vote yes. >> why? >> because i think we're better when we can control our politicians with we can see them. >> the campaign says that scots should have more say on how their money is spent and more control on the welfare programs. the no's say they could lose membership in the european union, which could hurt trade. one of scotland's largest imports is scotch whiskey, it is a huge export for scotland, $6.5 billion last year or 95 million cases. >> this is the factory floor, and the distillery in the heart of scotland, they believe this would be good for the business. they have to abide by hygiene regulations. >> the results could be quite difficult for business. >> he fears losing the british pound and interest rates could go up. >> so many things are not clear right now. particularly in terms of currency and the markets. >> graham blackmo

for "nightly business report," michelle cabrera. >>> demands from investors for hotly anticipated shares of ecommerce alibaba, stacking up, of course they will only get a fraction of that, but the company had only said last week that it wanted to sell about $20 billion in stock, so you can see that we are already at multiples of what the company had planned to sell. that could lead it to pricey ipo above the expected range, the company had outlined a range of 60 to $66 a share. now here is why investors are so interested in the deal, number one because of its growth. profit has tripled year over year, and number two, because of its size. margins of nearly 70% make this one of the best capitalized and fastest growing names in tech market, not to mention they do more business than ebay combined. they are expected to be the largest ipo in the u.s. or globally and in the technologically sector ever. it looks set to best gm's record of selling 2$21.1 billion of stock. >>> and we learn what the big events that you heard about will mean for the markets next week. he is chief market strategist.

michelle cabrera has more. >> reporter: cheers and jubilation at the campaign headquarters as the rolls came in. they made a decision by a wider margin than expected, 55% against, 45% in favor. bagpipes played songs at the square in glasgow. soon after the results were announced? >> voted no to the question. >> reporter: the newspapers rolled hot off the presses and uk prime minister david cameron addressed the country. >> the people of scotland have spoken and it is a clear result. they have kept our country of four nations together. and like millions of other people i am delighted. as i said during the campaign it would have broken my heart to see our united kingdom come to an end. >> reporter: the financial markets breathed a sigh of relief, shares of scottish banks like the royal bank of scotland reacted sharply and the british pound reacted positively, too. the scots were mixed in their reaction. >> passed, all for it, we look to the future and hopefully everybody acts like grown-ups and we'll hopefully make these changes that the government promised they would make. >> was a yes m

our own michelle caruso-cabrera is in milan. jim

our chief international correspondent michelle caruso-cabrera is live in edinboro. she spent the day with one of the most influential people in this drama. we spoke to him earlier in the week. michelle, sir tom hunter's still not saying if he's a yes or a no, is he? >> reporter: no, he wouldn't tell us how he's going to vote today either. but what was very clear is throughout this debate, he has wanted to make sure that the business community was heard regardless of the outcome. meet sir tom hunter, one of scotland's richest men. >> this is the biggest decision i will make in my lifetime and my kids' lifetime. >> reporter: he made a quarter billion dollars in retail, and now he's used some of it for a national education campaign leading up to the referendum. >> i knew, first of all, i couldn't leave it to the politicians alone. >> reporter: so he hired some of the world's leading experts and published a website with their opinions. he normally lives in the scottish countryside, but leading up to the vote, he's staying at the balmoral hotel in eddinboro in the same ro

cnbc's michelle caruso-cabrera has more from scotland. clearly a victory for those who wanted to keep the united kingdom intact, but, still, this did reveal some deep political divisions. so ways the mood like on the ground there this morning? >> well, the mood is divided, just like the electorate was clearly divided. 55, no, 45, yes. so those people are clearly disappointed. what is new now is that, remember, to get that no vote, david cameron and the other leaders in the major parties promised scotland a lot of things that scotland was going to get a lot more power over their taxes. how their money was going to be spent. that process has to begin now. somehow, they have to deliver on that. on top of that, the prime minister of this country said that they're going to do that for all the nations within the united kingdom. he announced a huge structural change in the way this country is governed. it's very similar to the discussions we have in the united states about how much power should the federal government have and how much power shou

and michelle caruso-cabrera is alive. is if she has the sign of the wolf, she may already be turning or something. no trouble since last time? still foggy. >> reporter: no sign of werwolves. 4.2 million registered voters. should scotland be an independent country? let me show you headlines today. this is a scottish newspaper and it says don't let the sun set on our union. so this is a pro-union scottish paper. this is a london paper. very well known. d-day for the union. we went to several polling stations this morning. they're pretty busy. not long lines. they have 2600 polling stations across the country, what you want to call it. the region. and we found lots of media at the second one we went to. we found reporters from taiwan, from china, and then one voter that we talked to told us how many people she had been interviewed by. >> i've had journalists from the uk, china, taiwan, germany, and yugoslavia i think as well. >> reporter: i spoke to an intern in particular and said is this going to air on chinese television?

i'm joe kernen along with andrew ross sorkin and michelle caruso-cabre caruso-cabrera. view coming up with chicago fed president charles evans. but first michelle has top stories. >> an occupation which started in the early hours of sunday. police have moved in to contain the massive crowd. >>> pimco trying to stem outflows today in the departure of founder bill gross. the bond giant seeing $10 billion in withdrawal since the news first broke. and some say it could hit $100 billion or more. it is being felt far beyond the pimco doors with treasurying being hit. in corporate news, check out shares of dreamworks. looks to be a big winner today. softbank is offering $32 per share for the company. >>> markets coming off a roller coaster week. a correction could be coming down the trap. >> more volatile till peeking back in the market. it's something we outlined in the last hour. triple digits every day last week including thursday when b we saw that brood selloff. the dow, s&p 500, and the nasdaq. economic growth concerns of fraud. we've got the feds shifting monetary policy

. >> i'm michelle caruso-cabrera. why are stocks shrugging off a global stock more chaotic and uncertain than it has been for decades? or are we setting ourselves up for a fall? we have a special report. >>> also, we'll get reaction to these resilient markets. we have investment legend jack bogle of vanguard funds with us. is he concerned about the runup in the face of the turmoil? we'll ask him that among other things. >>> and google is taking a quantam leap into artificial intelligence. why they are at the forefront of making machine that is will one day think and feel for themselves. >> i think it is fascinating. they are not telling us where they are going with this, but i can't wait to see when they get there. >> the singularity is near, bill. >>> but none other than ending badly for the human race, we'll find out what google is up to and hear both sides of the hot a.i. debate. >> i'm surprised he's skeptical. if anybody knows something about artificial intelligence -- >> i think he's scared. that's the thing, he

. >> let's get straight to michelle caruso-cabrera. she's in milan right now. michelle?ds like we have a problem with our connection with michelle. we are seeing the headlines that are coming through. it looks like they are going to be doing things. new -- >> he's formally announcing these asset backed security purchases and a range of new measures will purchase covered bonds, and all these things that begin in october 2014. draghi saying significant difference between the major economies and they've made a decision to add to a range of recent policy measures. and the new measures are to the with the targeted ltros, which we discussed. and he's saying they're going to have a sizable impact on the balance sheet. so kind of a little bit of new rhetoric in terms of adding to the balance sheet now. >> not specifics that i see at this point in terms of the numbers. >> no -- >> i don't -- >> i don't have the number. >> but i do want to take a look. >> i was given a number before which is something like 400 -- they expect in the first by the end of this year they could increase

our chief international correspondent michelle caruso cabrera is live in edinburgh with the latest andt of us have chosen not to live in the uk. >> hi, simon. i heard your discussion with art. the markets do appear to be pricing in a no-vote when it comes to independence. the british pound going as high as 1.6788. last was 1.6386. last week it fell to as low as 1.60 when the first poll came out which showed maybe the scots would vote for independence. the pound recovered as we've seen the polls shift the other way. scots don't care what the currency markets are saying. they are voting. they are expected to come out in drove. turnout is expected to be higher than 80% of the 4.2 million registered voters. they are answering one question, should scotland become an independent country. come back out to the live shot here. i want to show you this newspaper, the "daily mirror" in london. it says, don't leave us this way. here's the union jack. the blue has been removed. the blue is for scotland. that raises the question, should the british flag change? the flag institute in london, this is a

let's get to cnbc's chief international correspondent michelle caruso-cabrera who is live in scotland. michelle, which way do you think it's going to go? >> reporter: oh, it's really hard to say at this point, mandy. you know, the markets are suggesting that it's going to be a no vote, but it's so close that they could be setting themselves up for volatility. we've got more than 4 million people registered to vote, and we saw at the polls today that there were quite a number of people. the people are intensely divided, both yes and no. and the polls close in less than three hours. by the time you wake up in the morning, we should have an answer. one of the key issues in this debate and this question about scottish independence has been oil revenues. take a look at this map where we've put the oil rigs in the north sea to the north of the united kingdom. the vast majority of those oil rigs sit in what would be the territorial waters of an independent scotland. so the leaders of the scottish independent mooumt have been arguing that the oil tax revenues that right now go to the united k

. >> i'm michelle caruso-cabrera.hy are stocks shrugging off a global stock more chaotic and uncertain than it has been for decades? or are we setting ourselves up for a fall? we have a special report. >>> also, we'll get reaction to these resilient

. >> i'm michelle caruso-cabrera in today for kelly evans.mer is over, but -- >> no, it's not. summer is not over. saying that summer is over the day after labor day, pardon me for one second, but i have a thing about this. >> i had no idea. >> this is like saying winter is over the day of new year's day. it's not. we've still got weeks of summer to go. >> it's back to school!

michelle caruso cabrera live in edinborough. it was not close in the end, but it was that decisive vote that had strong signals. they want more autonomy. there economic ramifications as well. >> for sure. absolutely. even though they voted to stay part of the united kingdom, they are unlikely to be the same ever again. david cameron said he was going to deliver on a promise he made before the election. if you vote against independence, you will get more control. i promise you that's going to happen. he threw a curveball in there. it's not just the scotts. it will be the people in wales and the people of england. there is a reason for this. they say wait a minute, we will give all this power to the scotts and they can vote on our affairs? we want the same powers. it's really going to change in the united kingdom with tax revenues. >> briefly while we wait for the president, david cameron kind of dodged it. there would have been hell to pay if he had lot of the vote. >> interestingly there is very little public celebration by the

our own michelle caruso-cabrera is in milan. jim o'godfrey in london and michelle, start with you. >> yeah, because i'm here at ground zero of concerns about europe. why mario drawing held of the european central bank acted today, because of problematic economies like the italian one. mario draghi and the ecb making two big surprises today. first, cutting three different interest rates. more than the market was looking for and then announced massive purchases of what are called asset-backed securities and could beered bonds. they're similar to mortgage-backed securities. right now european banks aren't making those kind of loans. he's hoping if they know that there is a buyer in size out there, they'll make the loans again and then sell them to him nap would help reinvigorate the european economy, calling it quantitative easing light, because unlike the u.s., they're not necessarily going to buy government debt. only buying private sector debt. the our oh wow. $1.29.27. it keeping falling. more than two cent move in one day. huge

michelle caruso-cabrera is here and steve liesman, the markets keep marching higher despite growing concerns. michelle, you first. >> highlight, saying the number of hot spots in the world. look at this map we've built showing how many issues we're facing in the world. unrest in pakistan, disputed elections in afghanistan. terrorism in somalia, yemen and nigeria and focus on three areas of the world that if anywhere have impacted the markets sometimes though not often. start with ukraine and russia. once again today appeared to be moving the markets. deep confusion whether or not russia and ukraine reached some kind of agreement that could eventually lead to a cease-fire. vladimir putin today speaking in mongolia saying that, in fact is what has happened. that there's some kind of architecture in place or an agreement where maybe they could actually end the fighting that we're seeing. at the same time, though, president obama in estonia today ratcheted up rhetoric once again against russia. >> not the government of kiev that destable igszed eastern ukraine. it's been the pro-russian separati

cnbc's chief international correspondent michelle caruso-cabrera is live now in edinburgh. >> let meof the newspapers with one day to go. this is a u.k. english newspaper. one day to save britain. they highlight one of the events that occurred last night where they say some of the nationalists, the supporters of independence got very, shall we say, touchy with some of the anti-independence folks. here we have a pro-independence newspaper. looks like it says keep the hide. i'm told that actually says keep the head and carry on come paining. right now the nos have the lead by a small percentage point. they're not acting like they've got it in the bag at this point. the campaigning on both sides is very intense here in the last 24 hours before the polls open tomorrow. from what we can tell, the vast majority of the business community, not all the business community, but most of the business community does not support independence. they're very concerned about the uncertainties that would come with a vote for independence. in particular, for example, the whiskey industry, which is the th

we will get to michelle caruso-cabrera in edinboro in one minute. sue as stocks climb. sue. >> and we're green across the board, ty, with the dow jones industrial average almost up triple digits on today's trading session. and all of the market indices are positive. bob pisani is right here on the trading floor with me. you know, there are a lot of reasons for this market to the upside, but everybody's saying it's alibaba. >> alibaba cures cancer

. >> i'm michelle caruso-cabrera in today for kelly evans. and summer is over, but -- >> no, it's not. summer is not over. saying that summer is over the day after labor day, pardon me for one second, but i have a thing about this. >> i had no idea. >> this is like saying winter is over the day of new year's day. it's not. we've still got weeks of summer to go. >> it's back to school! don't you feel like it's back to school today? >> then call it back-to-school time. >> you are back to school today. >> i am. call it back-to-school time. >> summer's over, but does that mean the rally is as well? a tepid start to stocks kicking off the month of september. the s&p's lower by two. the major industrial average down 40 and the nasdaq higher by 10 points. >> it didn't seem so long ago that the cruise industry was on the ropes with one mishap after another. remember all those pr problems they had a couple years ago? >> yeah, the smelly problem, the, mm-hmm. >> today it gets a big vote of confidence with news that norwegian cruise lines is buying ocea

our chief international correspondent michelle caruso-cabrera joins us. uk prime minister, david cameron, giving an impassioned speech. it seems like what took him so long? >> yeah, a lot of scots are asking this. but imagine this, tyler. the royal bank of scotland would no longer be headquartered in scotland if the scots vote yes for independence. the bank shares traded higher today after it announced that the yes vote would mean redomiciling in england. why? too much uncertainty which could affect the bank's credit rating, not to mention the legal ramifications that they face. as you mentioned, david cameron giving that impassioned talk yesterday. those who were there said he was close to tears. >> i would be heartbroken if this family of nations that we've put together and that we've done such amazing things together, if this family of nations was torn apart. >> you mentioned george soros. well, uk celebrities are weighing in like crazy, too. former james bond and scotsman shawn kean connery wrote that independent will allow scotland to develop and enr

let's bring in cnbc's chief international correspondent michelle caruso-cabrera.hat is your take on all of this? >> i think it's not surprising when we hear the royal bank of scotland of all things announce they're not going necessarily be in scotland and lloyd's bank also saying that if the scots vote for independence, they'll have to redomicile over to england because they want to make sure that they have a lender of last resort that they can bank on, quite literally, which would be the bank of england. and additionally, they want to know the regulatory tram woframs going to be. they're doing it for the shareholders, for depositors as well. so those are the two big announcements. this comes on top of also british petroleum and shell discouraging the scots for voting for independence, suggesting that there isn't as much oil in the north sea as they have been told by the yes campaign, which has been one of the big pushes by those who support independence. >> there's a lot of fearmongering out there. and maybe you can sort of separate fact from fiction here. for ex

chief international correspondent michelle caruso-cabrera is in milan for us. >> mario drage surprised the markets in two ways today. he announced the ecb had cut three interest rates more than the market had expected. second he also announced that beginning in october the european central bank will start buying in large quantities things like acid-backed securities what's known as abs or covered bonds which are similar to mortgage-backed securities in the united states. these are financial products that contain things like auto loans and mortgages. right now european banks aren't making those kind of loans. but mario drage hopes that if the banks know there is a buyer who's willing to buy those in size massive quantities they'll start making those loans again and hence help reinvigorate the european economy. back to you. >> michelle reporting from milan. >>> to sima live, she's look at what europe's big stimulus plans the u.s. companies are doing business in europe. welcome, sima. >> thank you, tyler. that's right. global markets may be cheering the ecb's decision to cut rates, but th

they go to the polls to decide whether to split from the united kingdom, and michelle caruso-cabrerass the pond. >> reporter: a beautiful place, andrew, yes, one day to go before the historic vote. the nos in the lead by a small percentage, but both sides campaign heavily still because they believe the result is still up for grabs. in eng lan last night, there were candle light vigils with the english begging the scots to stay, and bill clinton weighed in last night issuing a statement urging them to vote no saying unity with maximum self-determination sends a powerful message to a world torp by identity conflicts that it is possible to respect differences while living and working together. when you talk to the people on the ground here, the no vote is very much about fear and, you know, why should we risk it? the yes vote among the common people is about passion and self-determination. when you read through the paperwork and advertisements out by the yes campaign, it's clear the politicians leading the campaign want to control all the tax revenue that is generated by scotland for sc

michelle caruso cabrera has joined us. hello, michelle, how are you? >> good morning, steve.lovely to see you. >> it is absolutely gorgeous. comfortable working conditions. but it's amazing. we start off on the u.s., if i may. i want to share any consolation about toous economy. you share the stateside view on europe. we had great numbers. the construction spending, some of the home bases, the gdp revision, we got a 6.1% handle on the top headline rate and unemployment in the states. but it was that good. why isn't yellen pulling the trigger on more aggressive action? >> ken rogoff alluded to this. she has key numbers, the market is saying she has a whole dashboard of employment data she looks at and a lot of that dashboard doesn't look so good. wages are still problematic. as a result, she's not ready to necessarily do anything more aggressive than what has already clearly been laid out. >> that wages argument, that worries everyone, doesn't it? why if we've only got 6% unemployment aren't wages better? the consumer doesn't feel that confident. >> there are surveys that show

we go to michelle caruso cabrera. >> we've seen the russian ruble at an all-time low. crossed below a level they said they would use unlimited reserves to defend the currency. we are at a critical level when it comes to what the central banks will do to defend the ruble. there are reports the russian central bank says if things get worse they might consider capital controls, which would be an extraordinary move for what is supposed to be a modern economy. theoretically, they have plenty of reserves. half a trillion dollars worth. when you have runs on a currency, you can run out of it fast. run through $200 billion during the last crisis back in the late '90s. once again, russian ruble at a critical level. the russian central bank has to be active to defend this currency. it's a reflection of everything we know since the situation with ukraine erupted. back to you. >> thank you for that. jim, i've been consistent saying not only are the sanctions going to hurt russia, but you said there will be estimate cuts. >> the industrials are going to have estimate cuts. that was

michelle caruso cabrera is in scotland with the results of the big vote covering the alibaba ipo eunicen is in beijing and kayla tausche is here inside the nyse with pricing. morgan brennan is at the apple iphone store. a lot to get through. let's kick things off this morning with michelle in scotland. good morning. >> becky, the answer is no. the scotts voted

i'm michelle caruso cabrera along with andrew ross sorkin and joe kernan.y. >>> despite a big rally we saw on friday, volatility is back and that is making things a lot more interesting. the dow has closed up or down by 100 points in seven of the last ten sessions. dow basically flat. s&p is down a little more than 1%. the nasdaq is down 1.5%. and the small cap heavy russel 2000 dropped 5%. >>> futures at this hour are suggesting a negative open with concern about the situation in hong kong. dow opens lower by 62

joining me is zachary, erin, and robert and tim seymour and michelle caruso cabrera.a better and better house in a worse and worse neighborhood as they say. >> yeah. remember, september can happen. august 30th we would be worried about the worst month of the year for markets. looking at the u.s. and think with the dollar which is giving a lot of royal in the markets and what you are talking about. if you look at the central bank differentials or the diver intelligence in policy, it is making a weaker yen and a weaker euro which is what both those central banks want much easier to do and weighing on volatility. interest rates going higher. when's good here is not great for global markets in the short run. long run, very good and i think while the dollar can continue to rally, i think all of this sets up far week where we're overdone on the dollar, rates. you might get relief next week. >> yeah. we got to talk about interest rates here. zach, if you want do speak to this. david tepper says this is it. the bull market in bonds is over. that was earlier this pont. of cour

thank you very much, our michelle caruso-cabrera on the ground in scotland.ide of the pond, attorney general eric holder promising to finally go after employees of wall street firms charged with crimes. our kate kelly has the details. on important development for these individuals. >> reporter: absolutely. in a speech earlier this morning at nyu law school, holder pushed back against one of the chief criticisms of his tenure as a.g., namely that he has had very few criminal convictions of individuals for fraud committed during the financial crisis specifically, discussing the challenges of bringing such cases and highlighting the need for greater whistle whistle-blower awards, in effect, the buck stops nowhere, let alone with the leaders of the companies. despite all that, holder vowed to hold individual employees accountable for wrongs done maybe even before year's end. >> we have investigations open right now that are focused on the conduct of individuals at specific financial institutions. we are making good progress in these cases which involve conduct th

our michelle caruso-cabrera is live in he hadden borrow with the latest tally what they are expecting the vote to look like, plus hear from a british official who is so disliked in scotland that last year, he was chased out of a pub. yeah. nigel fer raj, almost a global name already in financial markets, we have got him coming up. >>> also ahead, alibaba, as we said, expected to price its initial public offering after today's close. the second we do get the size, the number, we're gonna tell you. that's all coming up hopefully here in about an hour or two. >>> plus, the pros say that ba ba could add a few billion dollars to yahoo!'s cash pile. we will find out how ceo might put that to work. >>> and up next, as customers line up for the new iphone, apple ceo tim cook is saying its new mobile operating system will shield text messages, e-mail and photos from the police. is this a good development? we will debate the pros and cons. we will be right back. wait, wait, wait, it's wait, wait, wait...whoa, does she have special powers when she has the shroud? no. guys? it's the woven one the

michelle caruso cabrera is in scotland with the results of the big vote covering the alibaba ipo eunice yoon is in beijing and kayla tausche is here inside the nyse with pricing. morgan brennan is at the apple iphone store. a lot to get through. let's kick things off this morning with michelle in scotland. good morning. >> becky, the answer is no. the scotts voted definitively against independence. 55% said no. 45% said yes. one of the morning papers here, the reunited kingdom. the no voters, jubilant last night as the results started to come in. 2 million scotts voted no versus 1.6 who had voted yes. they were absolutely ecstatic, the no vote, to see what was happening. the yes voters, as you can imagine, extremely unhappy. uk prime minister david cameron, that's not him, that's alistair darling, but the uk prime minister david cameron just a few hours ago addressed the nation. >> good morning. the people of scotland have spoken. and it is a clear result. they have kept our country of four nations together. and like millions of other people, i am delighted. as i said during the campaig

joining me now is elon moy of the walks post, rebecca patterson, michelle caruso cab bra ir -- cabrera jim najarian. >> everybody is focused on the tide going out and figuring out who is going to be naked at this point, right? so, we saw an emerging markets, right? we are going to see the dollar strengthen, if the fed is going to be relatively speaking, the tightest ship on the block. and then you're going to see all over the place. gone up every day for years now, a 2% pull back isn't to be unexpected. >> sign of a healthy market or something -- >> i don't think it's a big deal that we pulled back this much in one day. less's normal. healthy we get pull backs along the way, i think the fed, do the degree we get next year, come along side a healthy economy, saw that today, durable goods, look under transportation was good, jobless claims were good, i think this was much more technical today than anything truly fundamentally changing. >> i have to agree with rebecca. i think the extent the markets are focusing on what richard fish said this morning, this afternoon out of mississippi sai

cabrera with more. where this story is interesting, michelle, in the hows and the whys. >> exactly. $10 million is probably low. and it may -- >> million or billion? >> billion is low. a lot of people involved familiar with this market think it's actually much bigger. you may think it's a business of scoundrels and cads but not necessarily the case. what's probably ka happening here is using fake currency trades and faking voices in order to move country -- move money out of the country illegally or to secure financing because, remember, there's two key things about china right now. the way they allocate credit is not by the market. but by political dictum and financing is difficult. >> trade finance. >> offshore. and/or it's because, you know, there's a limit on how much money to bring out of china every year. $50,000 worth. and yet, there are many, many chinese people buying $50 million apartments in new york city. how does that happen? >> big estates in california. how does that happen? here may be part of the answer. >> exactly. >> another big change potential change in china would involve the head of