the double recession where paul volcker killed inflation. this is an elegant cyclical move with regression. and there is something new going on now. i would suggest some of this is a shift forom a manufacturing america to a service sector america. but most people do not feel the optimism in this chart. brendan: i think this is also long-term we have these other trends that are beyond this cycle. and even beyond the current recession that have to do with people leaving the workforce permanent link. the changing gender balance. i do not think any of us are very good at teasing those out. tom: i agree. a lot of the social media we get is "i don't feel as good as this chart." the economist love to trot this out. let's continue our discussion. is it perhaps a second leg of yen devaluation? the japanese are using their currency as a tool to buttress toyota exports at the expense of asian neighbors like korea's hy undia. our guest lives this with oppenheimer funds. a weaker yen changes the international investment oculus. why is it all of a sudden

how did you get paul volcker so glowingly embrace this book? >> it was really unexpected. he has an office actually across the street are two blocks away from where i worked. i sent them a letter and just because i had done some history and research and i had questions about his time at the fed so he invited me into his office. it was a tough meeting. he had a lot of questions about the history i had worked on and i said i just want you to read it and i was so surprised three months later i thought nothing it happened with an endorsement. he appreciated i think the very scope of it. it's not just the traditional history but he's also interested in the future of money and what that holds. and there's a chapter on the future. >> some people say they will, point because of the on line services that you won't need coinage and cash. do you foresee that being possible? >> that could be. 85% of transactions in the world are still -- which is surprising to hear. in india it's tough to find a credit card reader to swipe a credit card. it's true in the developed world as well. look

chris: it was interesting you had paul volcker coming out and say we should give more power to the fedcking against what the fdic wanted in the dodd-frank debate, which is much more power. tom: i never thought of it as criminal with big banks -- yet, who goes to jail? how do you send a bank to jail? brendan: coming up, if you are graduating this month, i am sorry about what we did to the world while you were growing up your it but good news, it gets even worse. we will talk about how bad wages are for recent graduates. this is "bloomberg surveillance" on bloomberg television streaming on your tablet, your phone, and bloomberg.com. good morning. ♪ tom: good morning, everyone. "bloomberg surveillance." we have a kindle -- we have a killer single best chart. here is brendan greeley. brendan: good luck, class of 2015. im sorry about global warming and your paycheck. that is the subject of today's single best chart. this is an amazing chart. you see the divergence very clearly. the low -- the yellow line is wage growth. the white line is wage growth of college grads 21 to 23. you can see a

paul volcker, who is the former chairman of the federal reserve an interesting comment about this. he said in one week through currency manipulation, you can undo years of trade negotiations on reducing barriers to trade by reducing tariff and nontariff barriers. i think there is some truth to that. it can happen relatively quickly. i have walked on a shop floor in my home state of ohio. the company that makes steel pins -- and these are very important steel pins because they hold up speakers at big concert halls. they have to be strong and they have to be precisely drilled and made and they brought some back from china. god bless them. i walked onto the shop floor and i'm talking about how they have these new machines, they are doing the new training, they are doing everything to be more efficient and productive. they tell me rob you know, unfortunately we'll lose some of this business now because of currency manipulation. we just can't compete. so despite everything they were doing right and the concessions some of their workers were making in order to be more competitive, they c

how did you get paul volcker so glowingly embrace this book? >> it was really unexpected. he has an office actually across the street are two blocks away from where i worked. i sent them a letter and just because i had done some history and research and i had questions about his time at the fed so he invited me into his office. it was a tough meeting. he had a lot of questions about the history i had worked on and i said i just want you to read it and i was so surprised three months later i thought nothing it happened with an endorsement. he appreciated i think the very scope of it. it's not just the traditional history but he's also interested in the future of money and what that holds. and there's a chapter on the future. >> some people say they will, point because of the on line services that you won't need coinage and cash. do you foresee that being possible? >> that could be. 85% of transactions in the world are still -- which is surprising to hear. in india it's tough to find a credit card reader to swipe a credit card. it's true in the developed world as well. look

there is a quote by a former chairman of the federal reserve paul volcker, that i think is telling. as a former chairman of the federal reserve he says "through currency manipulation, in one week you can undo the benefits of trade policy, reducing tariffs and nontariff barriers that took years -- years -- to achieve." as a former u.s. trade representative, i agree with that. currency manipulation takes away so much of the value of what we're trying to do on this floor. those who support trade should be in favor of prohibitions on currency. this is a distortion. if you're a market-oriented fiscal conservative, someone who believes that you ought to let markets work, you should be against currency manipulation because it does distort the market. if you're someone who believes that we should be expanding exports but it should be fair, you should be for this prohibition on currency manipulation and making it enforceable. and we should have the courage of our convictions. if we really do believe that, we should be sure that there is some ability to make this enforceable. the countries of