reportbut -- an oecd takes up european estimates.s bob diamond, former cantor, ceo, and larry who was formerly the chief you china must -- the chief economist and head of research at barclays. explain to us where atlas merchant is going, and how larry fits into that plan. >> atlas merchant capital is investing in financials. our flagship fund is focused on europe and the u.s. we have investments now. we had our investment day yesterday with all of our investors. have banks or broker-dealers in milan, paris, athens, london, bermuda, and two or three here in the u.s.. larry was the man i brought into barclays in 2003 from the fed, and then jp morgan as chief u.s. economist. he built the research and economics business at barclays. post-limen, lehmanition -- post- acquisition, barclays was number one in fixed income and equity research by institutional investors. getting this guy back to work with our operating companies and help them on the macroenvironment and some of the research issues is just terrific. a great resume. that is reall

let's look at some of the figures from the oecd.ears in the uk, the availability of opioid painkillers, prescription and over—the—counter, and for research, legally available, was up 68%, the third biggest of any of the countries surveyed. and then deaths caused by opioid abuse, it looks at figures for england and wales — they weren't available for the rest of the uk — up 43% over a five year period, up there with other economies such as canada, the us and sweden. according to the oecd, countries need to wake up to this and do something about it. the supervision of all offenders on probation in england and wales, is being brought back under public control after a major government u—turn. the probation service was part privatised in 2013, by then justice secretary chris grayling. but following a series of failures, and a warning from the chief inspector of probation that the system was "irredeemably flawed", the move will be reversed from next year. here's our home editor, mark easton. like the supposedly reformed prisoner who ends u

here is stephanie flanders and her team's .6&. .6% is the oecd number -- and here is the oecd number.c 4% growth, which 15% decline. these are blooming numbers. do you -- gloomy numbers. do you have to hedge your investment off a tendency the number that stephanie flanders has come up with? ben: i think it's all about increasing the risks on when pricing equities at the end of the day. we have seen markets that have been extremely strong this year. we have seen valuations recover largely the level that they lost in the fourth quarter. we are seeing increasing levels of uncertainty. those things don't seem to be able to continue indefinitely. i think the moment we have seen in markets over the last couple of weeks is a testament to that. you want to be looking for the kind of companies that can be relatively resilient in a challenging economic environment. tom: thanks to stephanie flanders and the team. it's a must-read for global wall street. is with aberdeen standard investment and ms. flanders has a shingle up on the bloomberg. lawrence boone on a subpart global gdp. terrific news f

oecd publishes the gini indexer several nations. this chart here all the bluelines or blue bars are the oecd publication of submitted to it by the participating country. of the gini coefficient for distribution in those countries. and sure enough as has been often cited in the press, united states is somewhat higher than others. not radically higher. it just happens to be at the top of the seven shown there. these are the major advanced countries. we are not dealing with small countries are countries not yet developed. but just like we're missing about $1.5 trillion in the census data, the same $1.5 trillion or at least most of it is also missing from this data. when census submitted they idn't include. if you added in you wind up in the red bar. where is the red bar? right in the middle between japan and canada. the united states is essentially the same level of inequality as other countries. this trend chart over the last 40 years shows essentially the same thing. the heavy blue light at the top is the oecd publication, the heavy

oecd, non-oecd if you backout china. walk us through the chart.evin: there is a lot of activity but we start breaking down individual regions and countries. china, we have seen half of the build over the past year, 66 million barrels coming from china. we've seen a continued pattern at the end of the third quarter of last year, strong build coming into the fourth quarter and we don't see any change in that. u.s. has been steady production out of the permian. opec has flattened out based on moves but part of your other story is what is happening in iran. in the last 30 days, we saw a 10 million barrel decline in iran. 8.9 million overall with opec, but iran was leaving the drawdown in the last 30 days. alix: do we have any read on how that is combined with your global inventory data? floating storage? kevin: not yet but it is a factor people are trying to focus on, like people talk about dark ships and other shipments of uranium product. there are sources we are trying to pull that picture together but it is important to realize when looking at wha

not so much but oecd is now calling on governments to reignite multilateral trade discussions.ky but they are concerned about these global tensions getting worse and dragging down the global economy even further. shery: thank you so much. a reminder -- we will have an interview with the st. louis fed president james bullard in the next hour. this is bloomberg. ♪ shery: let's return to the trade war which is causing increasing criticism. nike and adidas among almost 200 companies calling on president trump to abandon his catastrophic tariffs. let's see where things go with marian lovely. my first question will be can there be a real trade deal without the president lifting those existing tariffs on china? >> no, there cannot be a real trade deal without the president lifting the existing tariffs on china. there was talk about him keeping a subset of the tariffs on as sort of security deposit, an insurance that china would adhere to whatever agreement they meet. but now, we don't see an agreement on the table. both c -- sides see very far apart. the president rather than looking

alix: so the chart shows the .ndividual regions like oecd non-oecd if you backout china.k us through what this chart tells you. kevin: there is a lot of activity going on here, but we start breaking down individual regions and countries. china, for example. we have seen half of the build over the past year, 66 million barrels coming from china. we have seen that continued pattern. it really started around the end of the third quarter last year, a very strong build going into the fourth quarter, and we really don't see any change in that. u.s. has been steady production out of the permian. going over to opec, we have seen that it has flattened out based on some of the moves, but what gets interesting and part of your other story is what is happening in iran. in the last 30 days, we saw a 10 million barrel decline in iran. about 8.9 million overall went to opec, but iran was leading the drawdown in the last 30 days alone. alix: do we have any read on how that is combined with your global inventory data? kevin: not yet but it is a factor people are trying to focus on, like p

oecd, non-oecd if you backout china. walk us through what this chart tells you.evin: there is a lot of activity going on here, but we start breaking down individual regions and countries. china, for example. we have seen half of the build over the past year, 66 million barrels coming from china. we have seen that continued pattern -- it really started around the end of the third quarter last year, a very strong build going into the fourth quarter, and we really don't see any change in that. u.s. has been steady production out of the permian. going over to opec, we have seen that it has flattened out based on some of the moves, but what gets interesting and part of your other story is what is happening in iran. in the last 30 days, we saw a 10 million barrel decline in iran. about 8.9 million overall went to opec, but iran was leading the drawdown in the last 30 days alone. alix: do we have any read on how that is combined with your global inventory data? kevin: not yet but it is a factor people are trying to focus on, like people talk about dark ships and other s

the oecd cutting its forecast again, calling for trade negotiations to resume.n a fewnd coming up moments, we will have an exclusive interview with st. louis fed president james bullard. for now, let's get a quick check of how markets close the session here in the u.s. most were up on the s&p 500, semi conductors rebounding for the first time in sessions after the 4% selloff on those tensions around huawei. we did have some stocks in the negative though. we got some ugly first-quarter department store earnings, and that really hit stocks like jcpenney's and cole's. we also had some disappointing existing home sale numbers, and that did not bode well for some, and the u.s. futures at the moment holding steady. let's see how we are shaping up for the asian markets. the door is, shery, still open for u.s.-china trade talks. start ahead of japanese trade data that is expected to show a fifth straight month of a drop in exports with potential auto tariffs among the threats. let's get a check on ozzie bonds, which are giving back some of tuesday's rally -- on s, which

coming up on bloomberg, we speak to the chief economist of the oecd.iss that interview, 11:30 a.m. london time. this is bloomberg. manus: just on 10:17 in downtown dubai. 41 minutes until the start of your trading day. nejra: let's get a check on the markets. a bit of a mixed picture in asian equities. the msci asia pacific index ever so slightly in the red. futures pointing to a positive open for europe. a bounce back from the loss of more than 1% we saw in the stoxx 600 led by tech stocks in particular. u.s. futures again on the front foot. it was those tech stocks heavily hit on the concerns about the huawei ban. blow for is a killer the aussie. the table is being set for a rate cut. what does that mean for the rest of g10? it is the worst performing currency this morning. i wish it would get to seven and we could get it all done with and see what the pboc will do. will the markets challenge the pboc? 10 year yield, is that your haven of choice? that is the question for you. or do you want to put your 10 hat? debra mao joins us with your business fl

the oecd said it could affect 0.7% of global gdp by 2021, this is definitely a fair warning. affect 0.7%glj this is definitely a fair warning.” saw a this is definitely a fair warning.” sawa similar this is definitely a fair warning.” saw a similar statement out of the imf, she was one of our speakers in la, but she said these tariffs are not overall a good thing when you look at the macro — the overall impact on economies, but the impact on individuals, it's kind of ironic. some people say now what china is accusing the us of doing is what china has long done. is china getting a taste of its own medicine now by trump and his actions? —— trump. in just now by trump and his actions? —— trump. injust a now by trump and his actions? —— trump. in just a few hours' time, we will be finding out which party will ta ke will be finding out which party will take over india's parliament. the votes are being electronically counted after a five—week collection. in india, problems of an economic slowdown and high unemployment rates. monica, what are some of these key economic challenges? well, the wor

oecd secretary general has blamed trade tensions between the u.s.ic slowdown our colleague jomana versace joins us >> reporter: that's right. good morning, guys right here at the eocd forum it's a gray day, perhaps a reflection of the outlook. the formal output will be tomorrow i want to take it back to one year ago because i was right in this exact spot 12 months ago having a similar conversation with mr. gorea back then he said the world was looking okay back then they had projections of 3.9% global growth. he warned much of it was on the back of what he called policy crutches remember, we had the u.s. fiscal stimulus i started off the discussion by asking him whether or not he thinks the world environment and the global growth output could still be contingent on the policy crutches and mr. gorrea said the big difference is today we've got a trade war. interest's a massive amount of trade tension going on in the world and that has subtracted a lot from growth to the tune of about 1% i put it to him, if it hadn't been for the trade tensions would w

we are just slightly below the israge of the oecd, which composed of rich nations. we need to bring that up, because it is going to affect our future. the: as we talk about opportunity gap, the achievement gap, i wonder your thoughts of the possibility of including an adversity score in current tests. "the washington post" writing about it recently. when students sit for the s.a.t., the admissions office might also get a number that rates the level of adversity the applicant faced, based on crime and poverty data and other demographic information about the neighborhood and high school. guest: i don't see any reason for doing that, frankly. colleges today get lots of information on students, and they know who has had adverse background. this is providing new information to most -- no information to most colleges, that are trying to open their colleges up to bright kids from all different backgrounds. so i don't think that that is going to do anything, other than maybe heighten the political debates. host: 10 minutes left with eric hanushek of the hoover institute, a

the oecd puts out a bearish forecast on global growth and leaves no doubt where they put the blame. >trade has derailed the global recovery that was going on in taylor: this is bloomberg. 2017. ♪ ♪ taylor: this is "bloomberg best," i'm taylor riggs. let's continue our mobile tour -- our global tour of the top business stories. in australia, where the incumbent prime minister held onto his office after an unexpected electoral victory. paul: the australian broadcasting corporation saying scott morrison was able to secure a majority government after that unexpected win on saturday, despite trailing in most polls during the campaign. the liberal national coalition defeated labour in what scott morrison called "a miracle." >> it was a huge surprise on the night, and it has transformed has onlyrison, who been at the helm since august, into a conservative hero, a front-page newspaper come if you see that. it says "messiah from the shire." he did an incredible job during the campaign in tearing down probably the most progressive policy agenda that the opposition party put up in decades, and c

these are questions the oecd focuses on in the ever-changinig landscape of thehe world workforce. take for example the increasing presence of technology and automation. b paris-based organization is fofound in the future, 14%4% ofs 32%dd be fully automated and of them will undergo major changes. the also found more and more people have a typical jobs. once without long-term fixed contracts. in g20 countries, one in six workers is self-employed. countries,of those they do not receive unemployment. the work dries up. a precarious situation the organization wants to combat. they launched an i initiative called "i am the future of work" to give voice to independent workers. hot this servicece for lunches for workers. they hope to promote policies that allow workers, employers, and the government to better adapt to the world's shifting social, economic challenges. genie: finally, bad news for bacon lovers as an epidemic among chinese pigs is threatening memeat pricess rldwdwide. fever outbreak has resulted in massive losses to the pork in this tree with up to called ton hogs to be stop

genie: you have more on the most recent economic outlook now from the oecd. >> u uncertaininty idrdragging n global growth. a fafairly unvararnished title r the analysis of the economic development. glglobal gdp growth is predicted to fall to 3.2% growth thihis yr before bouncing back up to 3.4% in 2020. trade tensions between the u.s. and china weighing heavily on manufacturing, with higher tariffs threatening to further damage already weak growth. the buildup of risky private debt also troubling analysts. the oe pd plus secretary-general says there are positive signs as well. is possible to see the glass half full. unememployment and inflation are lolow, but our messasage is strg and is simple. complacency a at all costs. genie: whatt are we e seeing one markets today? dark european indexes coming g n news of the temporary -- >> european indexes climbing on around2/3 of aup percent. overrankfurt dax up just 1% midday. genie: there is no shortage of reports of a whole new generation of robots that are coming to take all of our jobs, but developers at a major conferencece are saying th mai

we are now the oecd country with the best income equality.some things right and now we are again in government not least because of the issue of social infrastructure but other issues as well such as gender equality and climate et cetera. i think we have achieved a lot of success with our being in government. you ended up in government despite the fact you lost support compared to the previous election. it dropped from 21% in 2009 to 16% this time. and since then you have also seen further erosion of your support. what do you think explains that? i have been in politics for quite some time so i have seen elections where we have had 8% in 2003, 21% in 2009 just after the crisis and now around 16, i7% last time, the second best result from the beginning for the left—greens. so i think politics is notjust about the numbers in polls. maybe least of all about numbers in polls. it is about the achievements you make and i think the left—greens have not only achieved great success in government but also in opposition because we have actually mainstre

one of the best performing mobile markets in the world and the oecd. delivering hise extraordinary.nue to do that and we hope to do more. quickerto invest in 5g and in a bigger way that will deliver more value to our consumers. it looks as though that will take a little longer but given how extraordinary this decision is and how it is pinned on the hope of -- the company has said it will not build a mobile network we will go and build it. we think that is a strong case in the federal court. when would you expect the merger to take place? >> it is now up to the federal court. we will apply for an expedited hearing. we think there is a very good case for that given the importance of this merger and the uncertainty that it creates for us to be able to invest and compete. we would expect it would take nine to 12 months to finalize. win, they do not have a terribly good record in the federal court. what do you see as being the benefits for the australian public? >> you're right. the record in the federal courts is not good. what it will mean for consumers is that we can invest harder and

oecd puts out a bear forecast on global growth and leaves no doubt where they put the blame. going on in sync in 2017. bloomberg. ♪ >> this is "bloomberg best." i'm taylor riggs. let's continue our global tour top businessd's stories. in australia, where the incumbent prime minister held on office after an unexpected electoral victory. >> the australian broadcasting cooperation saying scott secure awas able to majority government after that unexpected win on saturday. trailing in despite most polls during the campaign. it's what scott morrison called a miracle. on theas a huge surprise night. and it's transformed scott morrison, who has only been at the helm since august, into a conservative hero. front page newspaper this mortgage, if you can see -- that, itif you can see says messiah. he did an incredible job in tearing down probably the most progressive policy agenda that upopposition party had put in decades. and clearly that negative campaign strategy worked for him. reached antocks have all-time high as prime minister narendra modi looks to win a majority.ty as results

the oecd this morning cut the global for cost as trade tensions to crisis level.at lawrence boone had to say earlier. >> growth has weakened. it's now quite weak. there has been trade tensions and we think that trade has derailed the global recovery that has been going on since 2017. taylor: for more, let's go to san francisco where the head of international affairs of the u.s. chamber of commerce is with us. great to have you. before we get into the broader story about the trade, i want to touch on a little bit of the news in the last few days about the huawei ban. from your side of the room over there at the chamber of commerce, what is your take on the huawei ban? is that the right approach? myron: good to be on the show. i'm in california because i am talking to the technology companies out here about the china tension with the u.s. and huawei factors into that. a lot of u.s. companies sell into huawei. it is an important company. it operates in over 100 countries. over 180,000 employees. it raises legitimate concerns about security issues. we need to keep iss

the second-highest in the oecd, is 40%o fyi, the u.s. but it only kicks in after $20 million. million. way korean conglomerates operate is not through a corporate entity that oversees all these companies, but through a very complicated web of cross-shareholdings. as you said, the shares could be diluted, stakes could be diluted. and the soft power, his decades of experience at the helm of the conglomerate. joe: so it is not that they are one company that would then have to be split up, because it is so complicated, all different kinds of shares would have to be sold. what is public opinion right now towards these conglomerates? shery: not great. the chaebols were part of the economic miracle in korea, but this administration got elected pushing to end these conglomerates. you can see how big samsung is for the korean economy, around 14%, the data from 2017, their revenue is 14% of korean gdp. romaine: wow. caroline: very important, but not quite in vogue with the public. great analysis, thank you. don't miss shery on daybreak australia and daybreak asia starting 6:00 p.m. east

the oecd publishing its latest economic outlook saying any escalation in the u.s./china trade dispute would knock as much as 0.7% off of global ghchlt sdchlt p over the next two years. it is currently seeing output expanding just 3.2%, well below the pace in 2017 and 2018. and keep in mind they also estimate business investment to grow at just 1.75% this year half the rate we saw in 2017 back to you. >>> now sue herera has a news update >> good morning. here is what is happening at this hour. former white house counsel don mcgahn did not show up at a hearing of the house judiciary committee defying a subpoena president tru president trump directing him to nor the subpoena but jerry nadler threatening to go to court to force mcgahn to testify. >> our subpoenas are not mcgahn has a legal obligation to be here for this scheduled appearance if he does not immediately correct his mistake, this committee will have no choice but to enforce the subpoena against him. >> powerful storms ripping through the southern plain states leaving a wide path of destruction. some homes

. >> business tax cut to 21%, keep in mind oecd average is 22, 22%, we brought ours in the range of that, the obama administration also wanted to cut tax to 28%, in my opinion, 21% probably is too low, i think something like 23, 24%, but if the one major thing did was push out direction the democrats also wanted to move in, you can blame businesses, even trump's advisers, 21% is too low and trump is just stubborn and wanted it to be very low. i'm not sure business, trump feeling stubbornly that it has to be very, very low. >> you mentioned disapproving the payments in 170, -- 1970. the argument you make which i agree with, is that profits were like happiness, if you aim for that and that only you will miss. have we reached a point where the companies must be reformed? >> it depend what you mean what i favor is competition, a lot of different models. capitalism and having other values in your mission, but i don't think there's any single right answer for all companies. if you're producing from selling into wal-mart, probably your real is profit maximization, if you're doing something that

the oecd forecast shows global -- it estimates global growth will slow to 3.2% this year, down from 3 growth in 2018, so why. economists note that rising tariffs have affected confidence. that's key. with uncertainty high and confidence low, investment has suffered and the manufacturing sector has taken a hit. the trade war with china isn't the only risk to global growth. the potential of new trade barriers and brexit related uncertainties are also an issue. >>> more legal trouble for's be $300,000 from his former client storm imp stormy daniels and using that cash to pay employees at his law firm and a coffee business he owned. avenatti has not repaid daniels about half the cash he owes. he's facing charges in two other cases in new york and l.a. >>> the first u.s. born detainee in the war on terrorism walks out of prison a free man today. john walker lindh known as the american taliban was captured in afghanistan after the 9/11 attacks. he served 17 years of a 20 year sentence. his case is raising questions now about radicals reentering society. a small but growing number of america

today, the oecd releases its economic outlook. ongoing trade war has had on the forecast. later this afternoon at 3:00 p.m., we get euro area consumer confidence numbers. keep an eye on any weakness amid a slew of mixed data. turning now to the united states and the federal reserve. the atlanta fed president says he sees no need to adjust the u.s. monetary policy. he spoke to bloomberg in florida , saying that a hike in interest rates is just as likely as a cut. >> the economy is operating the way that it is operating. it is really operating in a sustained way. the growth is robust. it is something that looks like can go on for quite some time. i think about the cycle, if you want to talk about it, in the context of risk taking. are we starting to see signs that businesses and consumers are taking more risk that they might have otherwise? when you start to see those kinds of risks, that to me is the equivalent of this late cycle. i am really not seeing that. businesses are being pretty prudent. debt consumers are taking on is happ

the oecd says we are in a low growth track for the world and copper, keep an eye, you have a la me coppertensions are the most anxious issue. new headlines, five chinese companies may face a tough time getting access to u.s. technology. that is a new level in the trade war asked. with get your business flash. debra mao is with the team in hong kong. job of bmw's chief executive is reportedly hanging in the balance. this has the luxury carmaker steers toward a future of electric and autonomous vehicles. we have learned some on the supervisory board are questioning whether he is the right choice to lead the company. 12 employees in its equities division in new york. the dismissals were across the firm's research unit and the electronic trading divisions. the lender is speaking -- seeking to reverse a plunge in equities trading revenue in the first quarter. street haveoss wall faced similar pressure in recent months. settling a tax evasion case with italy for 100 million euros. the agreement may come in the next few weeks. the swiss bank says it faces claims from tax authorities regarding it

we've seen leading indicators like the purchasing manager's index or leading indicators from the oecdwnward, but central banks are acknowledging this and now in fact, there's some expectation that the fed may be cutting rates later this year. that's a good sign that central bankers, probably the most effective policy makers are aware of the problem. >> obviously futures are down. the market's weak. we're still higher on the year it's been a weak may what's the red light what's the reason to get out of certain stocks in the united states, the reason to sell, jeff >> you know, one of them is yesterday's consumer confidence number it was good. the university of michigan number was very strong it's not the only one. there's one from the conference board, a few others. they're all really high right now, and that sound like a good thing. strong consumer means good growth for the economy and for profits, but usually these high levels of confidence precede periods of trouble we last saw these numbers in '07, the last time we saw the yield curve inverted as well, and back in 2000 these periods

let's take a look at some of those figures published by the international think tank, the oecd.y 68%. deaths caused by opioid abuse in england and wales is up 43% over a five—year period. data for scotland and northern ireland wasn't published. opioid painkiller addiction is known to be dangerous and, if it leads to overdose, can be fatal. joining me now to discuss this is professor jamie coleman, chair of the government's opioid expert working group. they're tasked with reviewing the use of opioids in the uk. thank you very much forjoining us. how have we got to this point?|j think the use of opioids has increased. some of the increase that we saw in this most recent report is actually probably appropriate and actually probably appropriate and actually one of the things that's missing from the reports, what is appropriate and what is inappropriate increase in use. we come via the regulatory agency, have been aware of this and so even over the last four or five months, have started this working group to try and look and make sure that we encourage patients and health care profes

an economic gauge from the oecd, the composite leading indicator. you are familiar, i am sure.e 2009, so growth momentum easing. at goldman sachs, do you expect this momentum to the downside to continue, and to impact institutional investors still wanting to stay away from equities, as you are talking about? christian: we have had some early signs that global growth will stabilize. china growth is starting to stabilize, still not managing to get the escape velocity to really alleviate all concerns. you have had a major alleviation of financial conditions since the beginning of the year, and that should feed into growth. a a lot of of stimulus in places like china, of course. we think growth will stabilize, but the problem is of course you have a lot of external things now. the trade conflict was mentioned, and that has the potential to weigh on growth and sentiment. one thing we found recently in our research, sentiment has become much more important in driving markets. the trade conflict was mentioned,the actual macro volae narrative hasn't changed much in recent months. you a

but all of the oecd countries cut in missions simultaneously. rep. graves: there is no regrets for us carrying out right now, no matter what we do with our emissions profile, there is no progress in helping improve the resiliency of a coastal communities and communities all over the united states, is that accurate? dr. diffenbaugh: yes. there are two key points, one is resilience can be a win-win, as we have heard throughout the morning. that there are opportunities posed to manage climate risks, both by managing our greenhouse trajectory and by catching up with a climate change already happened and becoming more aware to the climate change that is going to happen in the future. rep. graves: if you look back between 2005 and 2017, the united states has reduced emissions by somewhat just under gigato, but in a similar period of time, i think china increased thei emissions by i want to say, maybe four ?r five times they are expected to increase another four or five gigatons. efforts to is making cut emissions while other countries are increasing images

difference between the way china thinks an economy should be run and the way the and and most of our oecdink an economy should be run. there is this fundamental structural problem that underpins this whole process that i think is at the root of the problem. lisa: although i think one thing buoying the stock markets globally is this faith in themselves, this idea that they are the ultimate check on the federal reserve and president trump. president trump tweeting about 401(k)s and how well they have done since he took office, and the federal reserve capitulating to the market by pulling back and putting any further rate hikes on hold. how much power do markets have to keep some of these tensions and a potential rate hike in check? mark: my comment earlier about the markets having 3% to 5% potential downdraft is a temporary thing. it is transitory. the underlying orthodoxy, as you say, is that not only is this administration closely attuned to the equity market and is going to act in support of it, and the central banks globally are open to it, market sentiment is likely to rebound. this go

, italy isunderstand in the region of 10% higher as a percentage of gdp higher than the average of oecdeds other sharp reform in order to boost competitivedeo -- video -- francine: this is something bondholders do not like. do you think that government policy will be dictated by the markets and by btp's, which are telling you it is almost looking like an increase, or will it be dictated by what you think and what mr. matteo sal vini thinks is right? claudio: this is a pretty hot debate regarding the reasons market towardsd a high interest rate. in any other situation, it should be not a matter of discussion because in the rest of the world, there is no point in betting against sovereign debt, for example in japan, or in the u.s. it is not something anyone could do. leadschitecture of europe to these kind of unpleasant situations. in danger of speculation, today there is the new tariffs and these impact the bond market. it is not something that should happen. we are planning to set up a bigger conference in order to situations solved. it is not exactly reasonable. think thedo you coaliti

if you look at the economic lead indicators from people like the oecd, they are starting to get lessative. you had the big industrial production from china. you are beginning to see green shoots that suggest some kind of pickup. that's the economic backdrop. extra stimulus from china in the face of higher tariffs could add to that positive story. the short-term sentiment -- vix volatility, private investor --timent, company directors some of those things are looking better now than they were a week ago in terms of a contrarian opportunity. but company directors if anything have been selling shares recently rather than buying. that correction could run a little further before we get to the point where it's an obvious buying opportunity. >> what do you like and european equities? is it country specific, sector specific? >> it is not really sector specific. one we are talking about is countries or sectors exposed to global trade -- cyclicals primarily, these are all areas that could do well. an environment where stockmarkets are recovering from a bit of bloodletting. >> thanks very much

where we are in the business cycle, according to the oecd leading indicators, the economy is growingelow trend and contracting. , we could beonment into a recession depending on a response from the policymaker. and that type of environment, some of the most defensive characteristics within quantum factors, it is quality, minimum volatility, they will continue to do quite well. but if we get a fallout, we could see a short-term correction. it would come and hit the hardest of amongst some of conductors, automobile wheels -- automobiles, basically every industry that has a deep, long global supply chain. i think the car industry is a very good example of that it has really been under pressure for more than a year. also with tariffs, but again the slowdown in demand in key markets. francine: what does that mean for emerging markets? would you make a difference between ones with structural reform and the ones that have not? there are some big differences in growth drivers. the likes of brazil, south africa remain more abundant and there is little and insight to the honest there are other

weinberg, whose storied career at lederman -- lehman, and far with the development of international oecdperience. the litmus paper of the global system is the dollar. the dollar is grinding higher. the dollar, the best index i have got, grinding higher. is that the vector we are in, strong dollar? carl: there seem to be bigger flaws in other economies besides the u.s. if you look at europe, there are clear issues with economic growth, financial system stability with the banking system. in japan, there are demographic challenges. some countries have investment challenges. as anllar is looking investment vehicle, the better place to be. tom: me and jon ferro are flipping beyond meet burgers. they are ok, what can i say? cyprus and greece to call a new election. greece gotm crew, better, didn't it? carl: i think greece has delayed the inevitable and that point of view is better because the inevitable is not coming up in three or six months, but more in 24 months. we have a reprieve in terms of greece and cyprus. the new current problem in europe is certainly going to be governmente populist

we know at that time the oecd estimates u.s. pensions lost 26% of the money in 2008. where's the where's the hair on fire moment to make sure middle-class families are able to have what they were promised lex 401(k)s alone and ira's alone during that time lost $2.4 trillion. thank heaven social security was not privatized and put into the wall street system at that time. or who knows what would be happening to people? i know none of you have caused this but but i want to take ths moment to say that has to be a different sense of urgency here. when you look at the fact that although multiemployer pension plans have been historically successful and i believe continue to be, we know there are serious problems. in 2012 close to 500 plans covering almost 5 million people were under 40% funded. 80% is considered adequately funded. we know what we're being told that many of these are going to run out of money. real people, people building the roads and building buildings and about all kinds of important work across our country that will lose their pension because it we don't

>> for longevity yes among the oecd countries the united states is below -- >> we are the only industrialized country where actually our maternal mortality has gone up instead of down. is that not true? >> it is true. >> correct. >> we need a bold plan here. and i am on every bill to improve health care. i was -- i have been for medicare for all since many of you have been born. but i'm also the cosponsor of medicare for america. i helped write the affordable care act. i'm for improving it. i'm for all the plans. because what we have now is not working. my colleagues talk about wait lists. but your report, mr. hadley, showed that 29 million americans don't have -- are uninsured right now. they are not even in line. so there are people who never are going to get the kind of care that they need right now if they can't pay out of pocket. isn't that true? >> that's correct. although they do seek care through other sources, charity care, and -- so there can be some uncompensated care. more generally, there are also people who have insurance that forego medical care because they can't afford the ou

are being played for chumps, just chumps, paying four times the cost for the same drug in another oecd country. we're chumps, and it's got to stop. and i realize the congress -- i don't mean to be overly critical. i'm a member of this body, so i'm criticizing myself. some people say we were born tired and raised lazy because we never accomplish anything, and we haven't on this issue. 2 1/2 years, just yadda, yadda, yadda. but sooner or later, the american people are going to demand it. and if you don't make some concrete suggestions that are helpful so we can both prosper -- the american consumer and your clients -- then we're going to end up with price controls. i mean that's just a fact. that's all i got, mr. chairman. >> thank you. it's been very good hearing. mr. baker, thanks for coming up from south carolina. you did our state proud. to all of you, it's a very, very helpful hearing, and we'll try to do something about all the information you gave us and act sooner rather than later. the record will remain open for one week. the hearing is adjourned. >>> c-span's washington journa

now, many of those examples from echlt oecd country haves that reached universal access that implemented that public investment with private sector investment, whether going to the bond market, ppp models or crowding this private sector investment in one way or another is often complemented investment into the secretarier to reach the universal access. but it's often if not always been driven by public investment. so the wash fin project is looking for solutions for closing the financing gap by mobilizing both -- and encouraging public investment but also looking for opportunities to blend in and expand the ulgts sayings of private finance for sector infrastructure. so we have a portfolio of seven country activities our typical technical assistance program crews a small team of technical advisers in each of the countries. we have programs in senegal, south africa within kania, mozambique, nepal, cambodia and the philippines. today i'd like to highlight two examples. i will start with the sanitation example from senegal and then i have a water example from the philippines before i wrap up

now, many of those examples from oecd countries that have reached universal access have complemented that public investment with private sector investment, whether it's going to the bond market, bpp models or crowding in private sector investment in one way or another has often complemented the sector but it has always been driven by the public sector. so the washington project is working on looking for solutions for closing the financing gap by mobilizing and encouraging public investment but also looking for opportunities to blend in and expand the utilization of private finance for sector infrastructure. so we have a portfolio of seven country activities. our typical technical assistance program includes a small team of technical advisers in each of our countries. we have programs in senegal, south africa, kenya, mozambique, nepal, cambodia and the philippines, and today i'd like to highlight just two examples. i'll start out with the sanitation example from senegal and then i've got a water example from the philippines before i wrap up my remarks. so our program -- or one of our

we are just slightly below the israge of the oecd, which composed of rich nations.o bring that up, because it is going to affect our future. the: as we talk about opportunity gap, the achievement gap, i wonder your thoughts of the possibility of including an adversity score in current tests. "the washington post" writing about it recently. when students sit for the s.a.t., the admissions office might also get a number that rates the level of adversity the applicant faced, based on crime and poverty data and other demographic information about the neighborhood and high school. guest: i don't see any reason for doing that, frankly. colleges today get lots of information on students, and they know who has had adverse background. this is providing new information to most -- no information to most colleges, that are trying to open their colleges up to bright kids from all different backgrounds. so i don't think that that is going to do anything, other than maybe heighten the political debates. host: 10 minutes left with eric hanushek of the hoover institute, a senior fel

we spend about 18% of our gdp on health care and that's roughly twice the average from the oecd. you have a range. if you take a lower cost system like the uk we could finance that whole system from what we spend now on the public sector. that's how much we are out of line with everyone else. the point that i think is striking on the one hand we have huge admin traytive costs but the other point i was trying to emphasize in my comments and written testimony we pay twice as much for all the inputs. twice as much for the drugs, the medical equipment, for our doctors, on down the list. and again, that's not true of our cars. that's not true of our auto workers. you're sort of hard pressed to say why do we have to pay twice as much for drugs as everyone else, we don't pay twice as much for our cups much for our cups and cars. but we do. i think that speaks to the enormous potential savings. i understand, none of that is easy. you're the ones that have to fight with these people because that's income for people. if we just make the comparison, what does it look like u.s. compared to e