it supervised and supported by the oecd. it was important that join oecd. it worked rather slowly so it was important thatjoin this meeting we we re was important thatjoin this meeting we were able to say until august 2017 we need to have the necessary information on the table so that in november a substantial report can be tabled which would offer effective solutions to this issue of steel capacity and i hope this format will then be used also in order to address those contentious issues on the table. in the second session, we addressed the issue of securing stability and resilience. that means we need a resilient financial system. finance ministers did exemplary work in preparing this and also throughout this conference, the hamburg action plan reflects that and it is very important that we work systematically. the global financial situation has been improved. mark carney pointed out that we absolutely need to be vigilant as regard to establishing a level playing field. for the international financial market structure. tha

the deputy secretary-general of the oecd, the deputy managing director of the imf, the economics professor at george mason university, and the head of chinese equities at blackrock. >> i think the respondents hit a really, really good topic, which is the geopolitical or geoeconomic tension. i absolutely agree that things like productivity and debt burdens are a threat, but these are not things that were built up overnight. they were built up over a number of years, and to some extent we may even see -- let's say artificial intelligence, technology offset over the medium-term. i do believe that is the biggest issue to consider, the geoeconomic issues. that really brings us back to the unpredictable nature of some of these driving forces. for example, what's happening in north korea, what's happening in the middle east. a lot of unexpected things have arisen, and even with that aside, we still have all of trump's agenda in terms of protectionism and trade wars globally, which fortunately, so far, haven't really panned out to the extent he has talked about during the election. stephen: your v

this is looking at purchasing power parity, oecd metrics. the g10 currencies are undervalued or overvalued relative to the u.s. dollar. actually, the euro almost 14% undervalued relative to the u.s. dollar. good calla pretty from navarro. maybe traders will listen to him when he says that kind of stuff from now on. he does that pretty well. julia: still going, as well. joe: here's a chart i so from a bloomberg news reporter. nasdaq 100 etf that tracks the big tech stocks just had its worst weekly outflows since november of 2007. it's really important. this is a very noisy -- outflows don't tell you necessarily anything about what has happened or what is going to happen. it is one potential indicator to watch. scarlet: that is a big drop. big move.a it is interesting we see this persistent weakness going to the close. despite all the tech euphoria, they seem to be a little skittish. julia: and rounding out the scarlet: big tech names tomorrow. scarlet:apple shares off -- julia: and rounding out the big tech names tomorrow. heading to thet clo

we said we are ready to -- all of the member states are ready to put the oecd, the world trade forward and to allow them to supervise what we are doing and we also see that the benefits of international trade, of global trade, have not reached each and every one. what we call in clouseau growth needs to also trickle down to what is happening in member states. the chances that plays a crucial role in making this possible, and complement tree to that, bilateral trade agreements can be subdued but have to be in line with wto rules, and we .herefore wish every success agreed on setting up a global .irm it works rather slowly, so it was very important that during to haveting, we need the necessary information on the table so that in november, a substantial report can be tabled, which will also than offer effective solutions to this issue of excess capacity, and i hope this format will be used in order to address those contentious issues on the table. in a second session, we addressed the issue of security civilians, which means we need a resilient financial system. finance ministers did exe

i think the average rate of the oecd countries is about 27%. i think president obama was willing to go to a 28%. i think that by itself is something we can work together on. >> how low would you go? >> i might be willing to go to 25%. i would have to look at with a loss of revenue would be versus the potential gains in economic activity. that is the trade-off. then you get into the personal situation. if you're talking about doubling the standard induction, which basically for most people makes the home mortgage deduction irrelevant. all of a sudden you have every nonprofit group in the country lobbying the congress against that. then you of the homebuilders and realtors, everybody in the real estate industry on your case. i think the pressure against those types of changes. would be a norma's. at an ohio tax reform done this environment. everybody remains committed to a tax system that is simpler, that is more fair, that allows middle-class people to keep more income and working families. it may be as a little bit more. they really add to the

research by the oecd shows that protectionist practices have grown since the financial crisis of 2008are thought to be operating some 300 nontariff barriers to trade. by 2015 this have mushroomed to over 1200. this matters because the selfsame top of the global trading environment has implications beyond mere economics. social stability underpins political stability which in turn contributes to our collective security. prosperity, stability and security form a continuum of one element cannot be interrupted without disrupting the whole. geopolitical stability is especially important countries like usa and the uk with open economies to hold large amounts of investment overseas. we understand that instability in any pa rt understand that instability in any part of the global economy will ricochet across our interdependence globalised world, so what is to be done? first, we must lead by example and work to encourage our trading partners across the world to support and adhere to the rules —based global trading system, but such a system global trading system, but such a syste m m ust global

i think the average rate of the oecd countries is about 27%. i think president obama was willing to go to a 28%. i think that by itself is something we can work together on. >> how low would you go? rep. yarmuth: i might be willing to go to 25%. i would have to look at with a loss of revenue would be versus the potential gains in economic activity. that is the trade-off. then you get into the personal situation. if you're talking about doubling the standard induction, which basically for most people makes the home mortgage deduction irrelevant. it makes the charitable deduction irrelevant. all of a sudden you have every nonprofit group in the country lobbying the congress against that. then you of the homebuilders and realtors, everybody in the real estate industry on your case. i think the pressure against those types of changes. would be a norma's. -- enormous. everybody remains committed to a tax system that is simpler, that is more fair, that allows middle-class people to keep more income and working families. it may be as a little bit more

our forecast is where the oecd, and so i am if, we will review it again.ge growth that comes from investment and a consistent improvement and profit performance. ♪ ♪ this is "bloomberg best." i am david westin. the third quarter it's a way under this week, and we ask analysts what they predict for markets for the second half of the year. >> liquidity has been critical. we enter the year hoping that policies and global reflation would take is higher on risk assets. policies have generally disappointed due to what is happening on the political side. the global reflation is not a strong is hoped for. it is there, but not strong. it is again about liquidity, and liquidity does not mean investors have done great, but ,iversified investment in bonds but the quiddity continues to be the main driver of markets around the world here . >> the critical stability handoff has remained elusive. only what you mean by that. >> liquidity and take you higher for a while, but you need t continuous influx of liquidity. that is hard to maintain. what investors need to make gai

and profit shifting or project that the organization for economic cooperation and development or oecd was intended to address concerns associated with perceived erosion of country's tax basis and profit shifting. it was intended that countries who signed on to the final reports and moved forward together on these fronts. however, not long after the reports were finalized certain countries decided to go their own way and enact measures that went further than those measures described in the reports. for example, one of the reports dealt with tax documentation that would be prepared on a country by country basis and privately shared with certain other governments. however, there is a strong movement currently in some jurisdictions to make that information public. if countries collective agreed to do one thing but then go off and do another, what do you see is the benefit to the united states of participating in these tax discussions at oecd besides of course attempting to achieve particular consensus outcomes if you think the united states should maintain a presence in these tax discussi

as to whether or not he was to get the nod as the ambassador to oecd, we don't know. >> eric: thank you. let's meet today's specialist. she's a lawyer, legal correspondent and syndicated columnist and the author of 12 "new york times" bestsellers. she specializes in all things legal and political. ann coulter is here. he's had a 22 year career in the united states army in several combat zone, former republican congressman from florida, fox news contributor and he obviously specializes in all things military and politics. lieutenant colonel allen west is here. i want to start with you. we had a conversation piece for -- before the press briefing. chain of command or this interview scaramucci gave to ryan lizza, which one of these things. >> it is the chain of command. one of the things to understand, when the announcement was made to have general kelly as chief of staff, you have to understand what that title means. it means that's the person that everyone on the staff goes through in order to get to the commander. it was evident donald trump, in giving this position to general kelly, ge

then he was expecting to take a , whichparis as the oecd is on the third ring away from the white house he seemed pretty happy about it. he emailed me to come visit. apartmentng to get an for free as part of that in paris. in the interim while he was waiting to be approved he was bank whichthe xm donald trump was slated to close but kept it open. sometime last thursday, probably with the help of jerod and a vodka, he got the nod -- jared ivanka, he got the job. i don't think he expected to get this job and now he is making the most of it. david: thank you. repeal the failure of a and replace of affordable care act mean for tax reform? this is bloomberg. ♪ >> welcome back to bloomberg markets, the trump economy. i'm david gura. republicans have not been shy and pursuing comprehensive tax reform so what are the odds of that happening? joining us from washington dc, terry, how did things change this morning when we had this boat. do you think we will address this again? >> you never say never with health care. i wrote this morning that the aca reform was apparently dead and sure enough i w

this is from the oecd. we are more leisure time than ever, we're working less.his. i can't believe i'm taxed to pay you at city college to teach your students this. this is just wrong. >> it's not wrong. we have plenty of evidence, the economic policy institute has dozens of papers on how americans are more productive and working more than ever before. and wages have not kept up with that. john: wages. we have a chart of becames. the average household -- of wages. the average household income has grown by 40% for the middle 49% for the bottom fifth over the past 30 years, wages plus benefits. >> real wages. john: this is adjusted for inflation. >> real wages have not gone up. john: but they have -- [laughter] >> you don't have, you don't have the purchasing power that you had 30 years ago. john: we have more purchasing power and things are cheaper. this used to cost $1,000. >> absolutely. but, you know what? more people are in debt. john: and china's doing better. >> on some things. john: so we could learn from china? a government-controlled economy? that does b

oecd will tell you, if you actually started separating out social economic issues in the places that, like massachusetts, that have worked on this for several years without having the reform of the moment and actually really focuses on equity, they are at the top of the pack. >> next question. >> hi. thanks for doing the panel. leslie brody. "wall street journal." not to take on lindsey, but i am curious what your thoughts would be on that interchange last week where the secretary was asked to say when she thought it was appropriate for the federal government to step in if a school taking vouchers discriminated against a child with -- for sexual orientation, religion or racial background. and i thought that interchange was a little murky because she did say, well, the office of civil rights still applies. what specifically would you say about the federal's role in, you know, preventing discrimination with a voucher school? >> we have federal civil rights laws in place. beyond that, i think this is the great thing about school choice. we value pluralism. schools can be clear up front a

it's still about 15% higher than the oecd average.t doesn't make any sense with heavy regulation, high taxes and paying people not to work. ashley: here is the number for you. 73% of gop cover sauces, talking about health care, can be attributed to the mandate. based on leaked budget office numbers. if you voluntarily get rid of coverage because nobody is buying me to do that, nobody is taking anything away. it's a very deceiving number. what do you say? >> i don't think it's deceiving at all. depending on the bill they lose their health care coverage and be two kinds of people. those men that don't have a job and don't want to look for a job and spend their time watching espn, that's a real problem. i don't know if we should give it a real health care, medicaid and those young people who would choose an overly expensive system. if it is true over 70% of the losses are from basically young people who would choose not to sign up, keith hall has some accounting to do, but not publishing that number. i've always been very suspicious the

the data i have among oecd nations shows america is at 31st out of 34 nations. you start with a nominally the highest tax rate when you actually look at collections, we're 31 out of 34. what i worry -- this goes to where senator isakson was at. all of the nations that a lot of my friends in business like to refer to that have business or corporate taxes in the low te s teens, they all still raise dramatically more revenue than we do. we're at about 24.5% of gdp. i think it's unique -- i hear a lot of people refer to germany and their great apprenticeship programs. do you think realistically with so many biases that we have on our tax expenditures, every business is for tax reform until it comes to their tax expenditures, that we can ever get to a rate that would keep us competitive? let's say for argument sake that's low 20s on the corporate side. by actually broadening the base and lowering the rate. or will we not have to? look at what senator isakson said. look at a carbon tax. look at some other broad-basedr us to bring down rates to a competitive level and

friend across the aisle are listening to this, we have the most progressive income tax code of all oecd nations. we can't get much more progressive than we are, and yet they want to raise taxes. look, the only way to get economic growth are the best two ways to get in fact, the best way to get is productivity increased or we can do with thea growing population as well.prod how do you go productivity? by making transportation and infrastructure investments thatu have an economic return.rn. but adding more does not growow the economy and that's why this amendment is misguided and is a limited amount of federal spending over $4 trillion now is a drag on economic growth. therefore i urge a no vote on this particular amendment in yield back. >> madam chair become indigent of moving things along, i yield back as well. >> the gentleman yield back. the sponsor of the minute mr. jeffries is recognized for onegg minute. excuse me, mr. higgins. i apologize, mr. higgins. >> that's okay. i appreciate the thoughts of my colleagues, but when you look at infrastructure investment, every city, town and

we've got more than two-thirds of the oecd economies now growing faster than the united states and we'vead less than 50%. so i think this story has broadened out to main street america with middle class median income s rising and to the glob which makes this look more stable >> to the degree people are worried you talk about improving global economy now we see global central banks moving away from being very accommodative, and now talking about tightening or being less accommodative. >> right >> you saw interest rates, the long end of the curve rise pretty sharply >> right >> they've calmed down since then how much does that worry you should you fear the fed in this market >> well, i think that the fed's just gone through this massive unprecedented easing we've now raised the funds rate four times and the real funds rate is still negative 60 basis points, negative 65 basis points hardly anything close to anything that's shut down a recovery in the past we're going to restrict or contract their balance sheet michelle but right now the m-2 money supply in this country is 71% of nominal gdp

i think what came out of the g20 was potentially a solution, this oecd forum on over capacity and getting countries to the table and actually dealing with the underlying source of the concern here. >> comment, bill? >> good question, joanne. my only comment would be that the politics of this have changed, although the economics have changed, i'm not sure the politics have caught up with it. one of the interesting thing in the last 20 years has been through the internationalization of these rep remedies. for a long time it was the u.s. and a few countries. now the indians file dozens of these, so do the chinese. everyone has their own law. the japanese who were targets forever, mostly by americans, they have their own law. these countries have learned how to use those laws to prosecute in the same way we have. so you have everybody out there playing this game, where you used to have, you know, a group of people who felt like victims and a group of people who felt like they were aggrieved plaintiffs. now you have everybody as both. in the world of global supply chains, you have a much more

. >> with the oecd. i have a question for each of you. and, zephyr, i'm glad you explained a little more about your view of the toolbox because i think toolboxes or tools in the toolbox with perfection work or can work in terms of trying to deal with this issue over the long term. my question is the situation with one of you mentioned something about electricity and instead of it going to the people it ends up being basically ripped off for the elite or abroad, whatever, my concern and i think a concern is more when the people get just enough, sort on the electricity there's still a ripoff, so i guess my question is which goes back to the question that i think might have been raised earlier is what do you see as the enforcement mechanisms? i mean, what do you see in the toolbox that potentially either needs to be improved or can work? and i'm putting aside our own issues here in this moment with this particular government. so that's one for you. >> we're almost autoof time, so we're only going to give you one question because it's 5:20. >

friends across the aisle are listening to this -- we have the most progressive income tax code of all oecd nations. we can't get much more progressive than we are, and yet they want to raise taxes. , look, the only way to get economic growth or the best two ways to get it -- in fact, the best way to get it is productivity increase. we can do it with a growing population as well. how do you grow productivity? by making transportation and infrastructure investments that have an economic return. but having more government stimulus spending, hiring people to dig ditches in shovel-ready jobs and fill them back up again does not grow the economy, and , that's why this amendment is misguided and this unlimited amount of federal spending over $4 trillion now, is a drag on economic growth. therefore, i urge a no vote and yield back. >> madam chairman, in the interest of moving things along, i yield back as well. >> the gentleman yields back. the sponsor of the amendment, mr. jeffries is recognized for , one minute. if he's become mr. higgins. i apologize, mr. higgins. >> that's all right. i appreci

over the last three nearly 30have reduced cost.n f -- of over that same time, italy has been the only oecdry with the exception of greece that is not increased spending. our cost structure, if we call the machine of public services, what is called in the statistics of the european community, the final consumption of government, which means the cost of running schools and health care and so forth, we are now at an extremely competitive cost level as a percentage of gdp. we are below the u k and below -- the u.k. and below germany. deficits are under control. with a little growth, next year we will start reducing debt to gdp ratio in a meaningful way. francine: you're right it is about growth at this point. is the current growth rate sufficient, will it be sufficient or the government to meet its public finance targets? debt toart reducing our starting doingre 3% nominal% to growth, which is what we will definitely achieve next year. francine: what is the biggest unknown apart from the politics? what do investors look to you for answers about? >> i'm sorry, could you repeat that? francine: i

oecd inventories are coming down.what opec wants but the market will be disappointed in the next week relative to potentially if they were to bring nigeria as well as libya into the fold. just looking at this chart on your screen now btv 7046, turquoise as total opec production, purple line is russian output, the yellow is brent crude prices. it has done pretty much nothing since that supply cut curbs were put into place. the fact that u.s. is now the swing producer, can you say on the supply side that market participants are only looking at u.s. output and how that undermines what opec does? >> to be honest, the market has picked up on some key bits of information and continue to play that card, and that is u.s. oil inventories have been slower to contracted than expected. u.s. oil inventories have not theyup since february, so have been fairly stagnant and are starting to come down. in charge of the data ,or oil production in the u.s. they continue to increase their production forecast for the u.s. until last month,

i look at the indicators in the oecd but also from the pmi and i see robust revenue growth. i don't share if you that the u.s. economy is in trouble. mark: james barty, what is priced into equities when it comes to tax reform? >> i would say not a lot right now. year, wend of last start to get excited about it. you saw stocks starting to move. we've unwound that a lot. when i talked to investors, basically the expectation is that if there are tax cuts, they are going to be small, delayed, and the big issue for markets about ball trump and russia, how much does it impact capital? how much does it stop them getting legislation through? that is what markets care about. mark: coming back to our fed discussion, the fed can continue on its gradual path without having to worry about infrastructure measures or other measures. >> for me, the language is more about normalization rather than tightening. i don't think the fed's actions will be anything risking a shift back to recession. i don't worry about equity markets myself. mark: james barty, james bevan, kathleen hunter, thank you

non-oecd.in oecd and in terms of developing countries, china and india have been developing well, andinder of 2017 and 2018. the u.s., the world's largest , isand oil products market picking up. we are seeing help your numbers and many have -- healtheier numbers than many have anticipated. there have been unexpected developments, which i will talk about in a minute. if we look at the 24 countries that are obligated to comply with the agreement, over the last six months conformity levels, not self-reported but sourcesdary representing the press as well as industry experts have reported overall aggregate conformity of 98%. that is as close to 100% as anyone would expect. that is aggregate over six months. some countries have done more than others. since two days ago here in st. petersburg and+++ fading as the engine for the global economy. they left their forecast for growth unchanged, saying the world will expand 3.5% this year. there are mixed signals from the white house on russian sanctions. the new press secretary, sarah huckabee sanders says the trump administration supports a bil

now, we are the number one and the oecd with the highest tax rate. i think, in fact, i believe that at 39.08% we have the highest corporate tax rate of any developed nation. at the same time, our effective tax rate is, hovers around 20%, and we are 21st in terms of taxing revenue as a share of g, the p. business -- gdp. businesses make decisions to avoid suffering under the full burden of our tax system, and in my opinion, i think that what we have to look at is what impact this has had on our economy. in other words, if we can lower the corporate tax rate just alone, we can change the equation for how american businesses benefit the american economy. and what i mean by that is we need to look at how they shelter their income. are they paying 35% up here, but the effective rate is 21 down here, what's happening to that 14%? are they putting their money overseas in order to take advantage of shelter? are they looking at choice of form to be able to determine where they locate their business? are they looking at what type of entity are they going to ha

according to the oecd, americans today, where we have the most advanced technological breakthroughs imaginable-- americans today do more hours of paid lab t than any y other working class in any country on the planet.. where was all the leisure supposed to come from? all the work that was saved? less work for mom from all those appliances in the store-- that you c could buy. meanwhile, mom has to go out and work because the family can't survive unless she does. she's not doing less work. she now has two jobs--the one in the house and the one in the labor force. it's absurd. and, by the way, that's not the fault of the technology, which really was liberating, but itit's the fault of a system that has to keep making money whetheher the technolo''s advanced or nonot and drives people, because that's how it makekes money. last thing about this system before i talk about a solution-- not only does it produce crises and the terrible waste anandamage, nonot only d does it polarize unless people react, and not only does it deny us the fruits of technical change, the fruits of all kinds of breaktkthrou

almost as interesting as will fred's burgeoning career i can assure you the ieo represent the oecd whichow is basically everyone who consumes oil in the world and they've got this huge report out and i'm sure you'll be reading it later, 191 pages long which says and very interestingly, total energy investment around the globe fell 12% in 2016. why do we care about that? because the more the energy investment falls, the more pressure it puts on supplies in the longer term. because, as a short-term, we're absolutely awash with product. and so people have seen low prices and low investment. in fact, electricity investment is now more than o&g oil and gas investment, for the first time in history. in first time full stop and that is very interesting. where seeing all the investment? china, 21% india and the middle east as well seeing a lot of investment across the board but very interesting numbers when you look at the oil and gas spectrum as well because the last two years we saw a 38% decline, as indeed our viewers know, in oil and gas investment a 44% decline in upstream but that is turni

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in the united states, must first come to terms with the largest combined corporate tax rate among oecd member countries, which is currently at 39.1%. now, some of my friends on the other side of the aisle like to counter these inconvenient facts by acknowledging the difference between effective tax rates, which are rates after accounting for deductions and credits, and statutory tax rates. of course, even when taking more differences into account and focusing solely on effective rates, the united states only falls from the highest of the fourth highest corporate rate among countries in the g-20. that is according to 201 data that doesn't -- that is according to 2012 data that doesn't yet capture data from the u.k. and elsewhere. whether we're talking about effective rates or corporate rates, we're talking about some of the highest tax rates in the world. as the working group cochaired by senators portman and schumer clear, this left american companies at a disadvantage. it doesn't take a ph.d. in economics to recognize that this has had a major negative impact on our economy. the abili