, you'll get run over by china and that's what's happened for 20 years. >> liu: joining me is nouriel roubini. he's the chairman of roubini global economics and from washington, d.c. is richard mcgregor, he's the washington bureau chief for the "financial times." he was also formerly beijing bureau chief and i am pleased to have them both here with me, welcome, gentlemen. nouriel, let me start with you. who is right in this debate: mitt romney or jon huntsman? >> well, i would say the reason why we have a trade imbalance with china are long and complex. ey have to do with mistakes and policies of the united states, policies that have led us to spend more than our income deficits. on the other side, china is not consuming enough and has had a model of growth has been based on a weaker currency but there are microfactors that affect currency so it's not very black and white in term who was is at fault. i think both sides have had mistakes in policies that have led to these growing trade imbalance and now it's becoming a source of political and policy friction. >> liu: richard, let me throw that

who just want to fair shake in the economic game and caroline speaking of socialism economist nouriel roubini is that as i think united states becomes like europe and we've already extended unemployment benefits three or four times over otherwise you have a much bigger social welfare state and safety net or you have people rioting in the streets we have to do something either way either way we'll have a fiscal problem or a social problem now socialism once looked down upon do you think it's starting to make a comeback and the way things are going is the u.s. heading in that direction. well i don't think so i mean we do pride ourselves on having what's called a free market economy even though we've never had an economy that doesn't have some form of government intervention and if you look at the folks on wall the occupy wall street folks are really protesting to get more government intervention and for government to stop with a crony capitalism they're really protesting a broken political system where you know we have the best government that corporate money can buy we have for every one dolla

years in manuel wallerstein as well from the point of view of this stablish meant more or less of nouriel roubini has being seen in direct li if you see what's going on in the us nowadays the cries the economic crisis in the us the atlanticist economy crisis which involves europe as well and the fact that capitalism is basically being saved by china at the moment it's the failure of a model casino capitalism suitable capitalism this implies the famous one percent i guess ninety nine percent and that's why occupy wall street is such an important movement because they challenge they want they absolutely nailed it in terms of what's the key concept or question the fact that we have a very good style system where one percent basically controls the best the of the other ninety nine and this implies what. this that belies in the concept of liquid more bernese. one i'm not very big fan of darwin myself but last week in italy i was discussing this with with some of my italian colleagues and we came to the conclusion that liquid will definitely applies to maybe one percent or two percent it will populatio