. >> susie: mohamed el-erian joins us now with more analysis. he's c.e.o. of pimco, the world's largest bond fund. nirs to you have on today to analyze all of this for us. >> thank you. >> susie: well so, what do you think of the deal? you've been talking about europe an you've been very concerned about their strategies. what dow make of this decision? >> the first sigh of relief that they agreed to something. unfortunately, what they agreed to is neither a quick fix nor is it comprehensive enough. it doesn't cover enough of the issues that need resolution and then as you said in the lead-in, there's a new angle now which is we're starting to see division within the european union, and in particular within the members of the eurozone, the 17 and the other 10 lead by britain. so it just tells you complicated this issue was. and we haven't solved it fully as yet. >> so what's missing out of this so-called comprehensive plan that you want and is it still possible to get there? >> well, time is running out so what's missing. first you have to combine debt conta

countries who are asking for this and calling for this saying this needs to happen we just saw mohamed el erian c.e.o. of pimco in an editorial today say that a new economic order is taking shape before our eyes and it is one that includes accelerated convergence between the old western powers and the emerging world's major new players so the big question is if this is going to happen or if we're going to see emerging economies bind together forge ties amongst each other to develop their national interest so i want to bring author and professor and lee back into the conversation to ask her just that so professor lee the question is what i just posed in my introduction which is as we've seen this trend with with emerging nations growing and building up reserves and the west becoming just more and more indebted are we going to see emerging nations take a greater seat at the table places like the i.m.f. or are we going to see them forge their ties amongst each other to forge ahead with their national interests. well that remains to be seen i was at a brick conference hosted by columbia university

. >> mohamed el-erian co-ceo of pimco.n terms of where they should be putting their moment el-erian says the u.s. should be part of that and we should avoid taking major risks, sound advice, charles. >> and very sound indeed. i'm sure he won't be the only one to be saying that. certainly me who are less inspired but could have told us that. in monday imf officials are sitting down to discuss what progress greece has made in improving its financial situation. the bank has to decide whether athens has done enough to deserve its next loan payout. that was put in jeopardy by former prime minister george p papandreou. he's been telling fareed zakaria the wider situation is uncertain. >> i think we're at a crossroads. it is the mrilg will that is necessary to decide on whether we will move forward to a deeper union and therefore not only protect the euro-zone but i would say everything we have accomplished in europe which is peace and greater prosperity, very different cultures and languages and people living together in coopera

mohamed el erian have a wonderful weekend to both of you. diane, stick around because i want to talk about a big drop in the jobless rate and what it means. could it finally be sometime for optimism in the jobs market? there goes dwayne's car. oh, man. there goes dwayne's house. whoa! whoa! and there goes dwayne. man, that thing does not like dwayne. [ male announcer ] state farm's got you covered. nice landing. it was. [ male announcer ] get to a better state. >>> hiring is up and unemployment is down. this is what the government said about the job situation in november. 120,000 jobs created over all and more jobs created in october and september than originally thought. the private sector accounting for all of this and then some. 140,000 jobs created in the private sector while the government shed some 20,000 jobs. here is the headline if you will from the jobs report. the unemployment rate dropped from 9% to 8.6%. a much bigger drop when you look at the unemployment rate than that 120,000 gain in jobs would suggest. let's ask diane why th