of the bubble, just like the stock market bubble before, is sort of hardwired into the global political economy. into the kind of finance driven capitalism of our age of chaos. the wealth effect of rising u.s. asset prices, 1990 stocks, 2000 houses, raising the aggregate demand in the u.s. economy. which has become the consumer market of last resort. for the global economy. for all global manufacturing producers. that debt is sustained by the global capital inflows into the u.s. financial system, because the dollar has become, it is, still is the world's leading reserve currency, if there is a crisis, everybody wants hands-on dollars. and the federal reserve, which controlled the money supply essentially for the world, is holding interest rates low to provide those credit conditions that greenspan referred to in 1998. ok, so now i will shift gears and scales a little bit. the housing market was bound to cool off. to some degree. and it did in 2007. you can see the little blip. and now we have a different question, which is -- why, by the fall of 2008, and did the cooling-off of the housing i am

it is to understand how the political economy of race works in the present and past. whiteness is not a monolithic identity, culture and worldview that people possess by future of theirs -- by virtue of their skin color, but rather it is a set of beliefs about skin color upheld by distinct classes of people in conflict. ideas which, though naturalized, are divided, inconsistent, and defeasible and transformable. i don't know if i want to have liam neeson looking at me while i give this talk. i am just going to leave him there because i don't have any slides for a while. if you can bear this patriarchal nationalist overlooking this conversation. alien whiteness is what i described in the archives. emerged at a particular time in the 19th-century. subjects outside the borders of europe, the very people who are per trade as saudis, as well as european born convicts tranced -- transferred to plantations. actors who possessed few rights in the new world. in ironic contrast to that cartoon, white slaves of the 19th century were not white female versions, but muslim men and

policy area in which global britain should still aspire to lead. 0wen barder advises on the political economydevelopment policies and aid and joins me now. thank you forjoining us. what sort ofaid thank you forjoining us. what sort of aid target should britain have? i'm pretty sympathetic to the argument against having any sort of is ending target. it encourages people to focus too much on how much we spend and too little on what we achieved by that. it makes some people believe that at the end of the year as we come up to the target that we turn on the tap with wasteful expenditure to hit the target. there is a case against having a target because it encourages the development community to think they can get away without the scrutiny that public expenditure deserves. there is a case at least having any sort of target. but against that, foreign aid to demonstrably has a huge impact on people's lives, on saving lives and improving people's well—being. it is the right thing to do. our aid programme is widely admired and respected around the world, it is pa rt respected around the world, it is p

then, when we begin to think of them from a political economy point of view, there are reasons why we should worry about the military-industrial complex. from political economy perspective, you want to worry about the political clout of producers of those goods, consumers and average taxpayers. you could argue taxpayers are the most. [inaudible] interest group. the reason we see programs like the f35 and f22 continue despite cost overruns and quality control. producers know this. the b-1 bomber, rockwell international, the parts on this plane spanned 48 states and over 400 congressional districts. at rockwell international headquarters, there was a picture of the plane and a map of the united states. there was a string that connected each part of the plane with the congressional district in the state without part was manufactured. if the part could come from a place that both the senate armed services chair and the house armed services chair resided, that was known as a bubble hitter. common pool problem, this is what economists and political scientists call the law of one over and. t

>> guest: doubled up my book is based on history, law, politics, economy. now and then i add my own personahad my ownpersonal expera and europe but all of this is based on the qualitative and quantitative evidence and data. >> host: we are talking with mugambi jouet with the book exceptional america. >> caller: thank you for letting me call. i wanted to let the professor know that i'm enjoying what he's saying today. i also wanted to ask after you researched the affect of other countries histories of rules of the king othat the king or the t of having a king ruling in most oof that historyof the history . which never really had a single king -- [inaudible] >> caller: accepting the rule and social values such as the healthcare system and welfare health care system and welfare and that sort of thing. >> host: thank you, elizabeth. >> guest: [inaudible] came to america in 1830 and america hasn't had the same history of monarchy as the western european nations but it explains why americans have had more equality in their early years and why democracy spreads di

political economy, or a good old technical short squeeze where too much momentum has been built up and has seen record shorts. since the data goes back against the pound, so clearly there are technicals that might have driven the rally. mark: another big question, is the consumer, he and she have been the big driving force for the post economic -- post-brexit economic bound. does that not have legs? sid: consumption has outpaced income. be, whation would would it be before? we have strong job data. the real question is income opportunity, you have seen real income growth. you have seen households do not really have much of a buffer should inflation rise. that is going to be a big question mark about the durability of the u.k. economic cycle. mark: sid verma and michael mckee, thank you. tomorrow, mike will be having breakfast with robert kaplan from the fed. let's check in with emma chandra. : in london, the house of commons has made it official. lawmakers have voted in favor of theresa may's push for an early election. she wants to increase the conservative party's options. the conser

. >> political economy editor at "forbes" on his book "who needs the fed's" >> with us today courtesy and barbara paul. he is senior fellow at reason foundation. a senior economic advisor to research and trading, and an editor of real clear market

. >> political economy editor at "forbes" on his book "who needs the fed's" >> with us today courtesy of paul and barbara paul. he is senior fellow at reason foundation. a senior economic advisor to research and trading, and an editor of real clear market rtm. he writes about the security's market along with tax, trade and monetary policy issues tat impact those markets for a variety of publications including "the wall street journal," investigators business daily, financial times, national review, and london's daily telegraph. please give a warm savannah welcome. >> linda, thank you very much for the gracious introduction and thank you to all of you for being here today. it is a passionate book people like you that make it possible for me to get to do what i love. i can't express my gratitude enough. also want i want to thank the savannah book festival for including me as i look out to the authors and books featured this weekend i cannot believe i am in such good company. these are authors i have read for years. i am clicking my heels up here that i get to be part of this. i want to

there was a grain of truth in john mitchell's assertion that ireland was killed by political economy. it was devotion to these economic orthodoxy's that prevented the imposition of a foodstuffs, arish in 1782hat was followed and 1783 when ireland's domestic legislature was faced with severe shortages and potential famine. you can see on this chart that in 1846 in 1847, despite the crisis, there were still some exports of grain leaving ireland. of imported amount grain coming in, and also 1848. another area where something could have been done was to ban the distilling of grain-based products. no ban was applied. have these steps taken, perhaps the total mortality could have been mitigated. in late 1846 and 1847, the press and media reported extensively on the rising number of deaths from starvation, fever disease and homelessness. accounts, an these liberal leaning northern paper proclaimed, death is found in every paragraph, desolation in every district. whole families down in fever. the london times carried many graphic accounts. which sent their reporter, who to verify the severity

polarization politically, people are more at the extreme polarization economically. there's growing inequality, even as the economy overall has not done so poorly. his incredible social segregation. we should think about only in six terms, but now we see -- as ethnic terms, but now we see it in political terms. i live in brooklyn, nobody voted for trump. it is diverse in some ways but on diverse and others. we have begun to see that more and more. it's not a new trend, but one that has grown over time in united states is people can live in communities where their sources of information become completely narrow. this is all part of this larger coalescing of trends that have really created a wide variety of problems in western society. clifford: this brings me to the next question. we have always had, in my adult life, we have had a certain degree of tribalism. on ideological grounds, the distinction between republicans and democrats, there is some ideology that does not put much of a factor. we have a red media. we had a red and a blue media. so how do you feel that this environment is different than in the recent

who has been harmed, who's been confined to a sub human category by the law, you then have a political economy that his or her ancestors were the fuel for a century before. in some ways the real legacy of the 13th amendment is it creates the possibility of enslaving more than just black people with that except clause. and then they can't participate. i guess there's a couple states that allow you to vote. imagine if you can't vote and want to get out it's difficult to get your rights restored. can you find a job. people are running around saying were going to get block grants to the state in that way we can perhaps get around some of the equitable distribution of resources from the federal government and maybe in the state they can imply a work requirement where you have to have a clean record requirement and we can give some of this money to poor whites and keep these black and brown people out of it. all of that nefarious stuff is made possible by the except clause in the 13th amendment. >> let's take a really quick audience survey. who has been on an american road before? >> ouwho has slept

senior fellow in the latin american initiative at brookings and a professor of international political economy in the school of global policy and strategy of the university of california in san diego. previously, dr. feinberg served as special assistant to president clinton for national security affairs and senior director of the national security council office of inter-american affairs back during again in the clinton administration. he is the author of numerous books and works, too many to mention here, but there is one daughter want to mention. it's really his most recent book, open for business, building the new cuban economy. here it is. it's available both of course at amazon as well as the brookings institution website bookstore website. and it's getting some really wonderful reviews. and hope you get a chance to read it. also richard has got this a sort of the plug for a new magazine, new magazine, cuba trade. richard has a piece, a piece based on this exact study. where he lays out the basic guidelines of the study so cuban trade, that's the name of the magazine for trade and investm

when the economy collapses, even with a good political agreement, if the economy is not sustained with the number of minimal measures and one of them by the way, i'm calling up on all the colleagues, is the social welfare fund. we have been advocating that in the meantime, the social welfare fund assists 1.2 million households in yemen, the poorest of the poor. so we need to work on that. i have to tell you there's already interest from some gulf countries. kuwait, for instance has suppre expressed interest. we welcome the world bank and also they are ready to support that, but i am saying it's not enough. the social welfare fund needs today $400 million. these are the poorest of the poor. when you take $400 million you think wow, this is a lot. but these families receive .8 dollars a month. but the reason of 400 is because it has not been paid since october 2014, so it's a longer payment back. so we need in the meantime that we provide humanitarian assistance and provide minimal cash assistance to the poorest of the poor. i'm sorry, i don't know if i will be here for your intervention

the economy collapse and take us even with the political good, political agreement, if the economy is not sustained with the number of minimal measures and one of them, by the way, you are giving me the opportunity to say it and calling up on the colleagues that can influence the decision making is social welfare fund. we have been advocating that in the meantime, the social welfare fund assist 1.2 million household in yemen. the poorest of the poor. colleague of usaid knows this. colleague of imf. we need to work on. i have to tell you there's already interest of some world countries. kuwait expressed interest. world bank just now provided and we welcome the world bank and also that they're ready to support that. it's not enough. the social welfare fund needs today $400 million to be able -- these are the poorest of the poor. when you take $400 million, wow, this is a lot. this family receive $28 a month. it is like really the minimal. but the reason 400 because it's not paid since october 2014. so it's a longer, you know, payment back. so we need in the meantime that we provide huma

saying is if the political dangers can be put to one side, some of the economic fundamentals in europe and eurozone are looking more cheerful so allows people to make judgments on the economyks and that is one reason why the markets are going up. the euro zone economy has been doing 0k. the daily mail briefly, gps failing thousands of cancer patients, christopher? mail briefly, gps failing thousands of cancer patients, christopher7m is alarming. gps pick up these issues before they have to take them on to consultants in hospital. there are saying some on to consultants in hospital. there are saying some are on to consultants in hospital. there are saying some are not being caught. this is what gps are for. u nfortu nately, caught. this is what gps are for. unfortunately, it really affects survival rates because if you pick up survival rates because if you pick up cancer survival rates because if you pick up cancer earlier, there are avenues of treatment. i would say no election. on the front page of the daily mail. they are the biggest selling middle market paper and they think the election is not selling. interesting. the daily telegraph thinks it does sell. we know what

been harmed, who has been confined to a subhuman category by the law, you then have it feed a political economy that his or her ancestors were the kind of fuel for, a generation or century before. so in some ways the real legacy of the 13th amendment is, it creates the possibility of enslaving more than just black people. with that except clause. those bodies then that cannot participate, there are a couple of states who allow prisoners to vote. imagine what it means not only to not be able to vote because they've taken your rights while you're serving time or in the system, but once you get out, it's difficult to get your rights restored. can you find a job? people like paul ryan are people like paul ryan are running around saying we're going to give block grants to the states and that way we can perhaps get around some of the equitable distribution of resources from the federal government and maybe in the state they can imply a work requirement or you have to have a clean record requirement. and we can give some of this money to poor whites and cut these black and brown people out of it. all

international investors go cold on south africa, as one of the continent's biggest economies moves from political to economic turmoil. live from london, that's our top story on 12th april. as south africa's battered economy tries to recover from a double downgrade, protesters are heading out on to the streets. we're live in johannesburg for this developing story. also in the programme, the bbc understands that the head of security at barclays is now facing an internal disciplinary probe over his part in a whistle—blowing inquiry. we will get all the news from the markets. and we'll be getting the inside track on one start—up that is taking used batteries and giving them a second life. as the boss of united airlines, we wa nt to as the boss of united airlines, we want to know when have you wished you'd apologised sooner? just use the hashtag bbcbizlive. welcome to the programme. as south africa's president jacob zuma celebrates his 75th birthday, the festivities may be rather more low key than usual. in less than a week, the country's members of parliament are scheduled to hold a vote of no confid

all these needs were being systematically neglected by modern politics and economy. and so there intent was to combine politics with spirituality in a way that those needs are met and at the same time !, in a very distinct very clearly defined political agenda is also advanced at the same time and i think when i think of solutions, maybe this is to anti-intellectual of me, this is what i imagine, this is what i think. >> that we have to re-conceive in a way solidarity and a sense of community, otherwise it's the demagogues were going to offer stability and solidarity to the aggrieved and disaffected. and triumph. and how they've been offered solidarity by saying let's exclude a lot of people and demonize a lot of people and that can become the status of solidarity. >> so in a way, i think they have very intuited that a lot of people are suffering today are actually in dire need of these communities , what we call people or what is dismissed as people in an chambers or you know, faith communities but this is a kind of political expression of longing for community. and

political leaders against inward looking policies. threatsistinct set of comes from the growth in advanced economies of political movements skeptical ofconomic integration. a broad withdrawal from multilateralism could lead to such self-inflicted wounds as widespread protectionism. concerns, the imf including restrictive trade and immigration policies and all caps economic programs. of the moste divisive issues in the upcoming presidential election in france. >> cost controls and a stronger contribution from its core brand pushed up earnings at volkswagen. the german carmaker reported first-quarter results this tuesday, operating earnings coming in at 4.4 billion euros, up from a year earlier, despite the candle over scar -- cars rigged to cheat emissions, car sales have continued to rise. a french cosmetics giant, l'oreal, has posted stronger than expected first-quarter sales. reporting an increase year on year, boosted by stronger demand for its luxury products in asia. the company's chief executive is confident sales and profits will continue to grow in 2017. street food ins bangkok is under threat. city authorities are planning a

senior fellow in the latin american initiative at brookings and a professor of international political economy in the school of global policy and strategy of the university of california in san diego. : as well as the broken institution website bookstore website and it is getting some wonderful reviews. a new magazine. and lays out basic guidelines of the study. cuban trade is the name of the magazine for trade investment in cuba. the author of this important study, the international growth center in uganda in south sudan. a joint venture of oxford university cool of economics, it provides it provides independent research based analysis at the request of selected countries in asia. a senior fellow nonresident in switzerland, and distinguished research researcher at the north-south institute, and the world bank, and development and international trade, very fortunate to have these two scholars to present their work that span a number of months that is pretty detailed, and important contribution to the challenges to expand tourism, and some of the opportunities. they present their work. >> thank

been harmed, who has been consigned to a sub human category by the law, you then have it feed a political economy that his or her ancestors were the kind of fuel for a generation -- century before. so in some ways, the real legacy of the 13th amendment is, it creates the possibility of en slaving more than just black people with that except clause. and those bodies then that cannot participate -- there are a couple states. imagine what it means not only to not be able to vote because they have taken your rights whites while serving time. but once you get out, it's difficult to get your rights restored, can you find a job, people like paul ryan are running around saying we're going to get block grants to the states, and that way we can perhaps get around some of the equitable distribution of resources from the federal government and maybe in the state, they can imply a work requirement, or you have to have a clean record requirement, and we can give some of this money to poor whites and cut these black and brown people out of it. all of that nefarious stuff is made possible by that except clause i

we will talk about you strength, the economy, and pitfalls due to the political situation of certain countries. first, you have the data. shrugging off the geopolitical concerns. the stoxx 600 rising to the highest level since december 2015, a 16 month high. the euro is -- rising today. it is significant, because it is gaining for the first time in a while against the japanese currency. after a record losing streak -- the yen has benefited from the haven demand because of geopolitical concerns you have mentioned, like syria, north korea, and upcoming french elections. the u.s. 10 year is up a pick -- pip. little changed, the 10 year yield, since falling to the lowest in november. since the fed raise rates, the red -- the rate has fallen. today, gaining for the seventh day. best run this year, on optimism saudi arabia will support an extension to the opec-lit output cut, just as u.s. stockpiles show signs of shrinking. francine? francine: let's get straight to the bloomberg first word news. here is sebastian salek. formerl has jumped after iranian leader mahmoud ahmadinejad registered

political fallout in the timeline? >> fallout will be 2018. if people don't see jobs and economy get better, a lot of people in swing states are going to give up on donald t his agenda. they want to make sure politically they don't do that. he needs a legislative win this year. simple tax cut to be the best way to go. lauren: what about tying reform into quite a lot of democrats over? >> that is the code. that would be the best version of the bill. that is helping to offset a lot of the cost. republicans would do well not to make this a revenue neutral bill because the deficits going to go out. there's not going to be a way to pay for this week in agreement. we talked about porter talked about border adjustable tax, vat tax, carbon tax. the method you republicans together on a straight drop the idea of having the as revenue nature bill and focus on the tax cuts in infrastructure spending to get democrats to the table. lauren: thank you so much for joining us. nicole: secretary of state racks tillerson saying during a news conference yesterday and also the same in the u.s. nuclear

g7 plan by saying: one of the questions they'll have to tackle is how they grow their economies amidst a politicalprotectionism. the latest imf forecasts show reasonable growth this year for the us, germany and the uk with others struggling. other topics on the agenda include climate change, immigration and energy security, in fact g7 energy ministers are currently holding a seperate meeting in rome. atha nasios vamvakidis, global head of gio fx strategy at bank america merrill lynch. athanasios, atha nasios, thanks for athanasios, thanks for coming on at this for all our. this will be a very interesting meeting because already rex tillerson is seen as hampering this yea r‘s already rex tillerson is seen as hampering this year's gathering because he hasn't hired the people the secretary of state needs to get the secretary of state needs to get the draft documents in place, where the draft documents in place, where the us stands, the whole meeting smells like there's a lack of trust. indeed, this is an important meeting although it's in preparation for the summit of the leaders, to a large extent b

venezuela, an oil-rich country, seems to be locked in a political stalemate, while its economy collapses in a piano has been declared as treasure — by a shrewsbury coroner. the british museum say it's the largest gold sovereign hoard ever found, consisting of 913 gold sovereigns and half sovereigns dating from 18117 to 1915. sima kotecha takes up the story. the treasure was found inside this john broadwood & sons pianojust before christmas. the piano had been given in for some repairs and retuning, and the tuner was looking underneath the keys when he discovered several bags containing more than 900 coins. the oldest coin is from the mid—19th century. in terms of how much this treasure is worth, we should know more later this afternoon, but experts say it could be up to £250,000. any reward will be shared between the tuner and the college where this piano is having those repairs. a major incident has been declared following a fire on an industrial estate near worcester. residents near the blackpole trading estate have been advised to keep windows closed as police and fire services attend

about how are talking political events can influence the course of the economy. s something the fed has to take on board. i've been concerned -- i see a lot of uncertainties politically that could spill into the course of the economy, both here at home and overseas. -- youu are so close really have to be cautious about raising rates because any kind of downside risks you face limited tools to deal with. you want to keep the economy as healthy as you can to avoid the downside risks. -- geopolitical risks show the fed has to be taking that uncertainty on board. minneapolis fed president speaking to us. has made themp decision not to brandt beijing -- not to brandt beijing as a currency manipulator. what have we learned from the treasury departments foreign currency report? newsnald trump stole the thunder of his own treasury department's report when he tweeted and told the wall street andrnal he would not br china a currency manipulator. the united states did not name manipulator, but there are many that remain on the list. it is not just asian nations. in the case

microcosm for the social changes for politics and should be mentioned the politics of western europe the past 34 years of vance's economies have been shifting away from manufacturing to words knowledge information. new york city was already becoming the u.s. capitol by the '60s as they would centralize in move headquarters to downtown. fifty-nine% of the new york city labor force was in white-collar occupation gave new york a competitive advantage over other saving industrial cities. those the white-collar and predominantly men with the dick van dyke and also what it didn't want to mention today but the more creative types with the larger urban working-class brownstone in brooklyn they were gentrifying though word that only becomes popular decades later brooklyn heights these were lovely 19th century brownstones that had fallen into disrepair. in with the white caller jobs and uh administrators and professors to open up the new educated so the sugar refinery may be gone and the social media consultants. is the shift from the new knowledge economy so it is gentrification in the sink old brownstone. i mentioned there was th

venezuela, an oil—rich country, seems to be locked in a political stalemate while its economy collapseso rocha, bbc news. serena williams's agent has confirmed social media reports that the tennis star is pregnant. serena has posted a selfie on snapchat showing a small bump, and the words ‘20 weeks'. now that's quite a big deal news—wise, in itself, but it also suggests she was in the early stages of pregnancy when she won the australian open injanuary. live to our sport presenter mark edwards. she must have been eight weeks pregnant when she did that. what an athlete. incredible. as if she hasn't done everything already, although her agent did confirm it was the end of the season, but she is looking forward to a return in 2018. as you mentioned she teased us earlier in the day when she posted that each on snapchat, appearing to show the bump, and the caption 20 weeks. in december she already announced her engagement. she hasn't played since the aussie open, citing any injury, and it now seems she was pregnant. eight weeks pregnant. she wouldn't be the first top women's player to return

circumstance,er the economy is pretty immune from what happens in politics, even in france.ichael, you have to decide where you invest in the markets. let me bring a chart up which basically shows the digital momentum for a lot of these candidates in france. it really shows that marine le pen has an advantage. who do you trust? what pulse do you look at to decide how you invest on friday? personally, i find it extremely difficult to try to predict who is going to be standing next week, and there are so many imponderables that have been introduced, i think, by the rise in melenchon. he is an enticing speaker. he has the videogame, "fiscal combat." if you does not meet the second round, what he will do with all his political power and goodwill -- if we believe it he could take 20% of the vote, there is a vacuum opening up, where traditional socialist voters are going to melenchon. some going to macron, the anointed socialist candidate. others dispersed around the right. we have a debate on thursday. i think one of the things we need to watch for there is whether the other cand

venezuela, an oil—rich country, seems to be locked in a political stalemate while its economy collapsesng towards earth and creating lots of excitement among scientists, it's also as big as the rock of gibraltar, the british overseas territory, on the southern tip of spain. it's an asteroid snappily—named 2014—j025. this is it, the largest object to come this close to us since 200a. so, how worried should we be? well nasa is describing it as a "very close approach." but the rock has now passed us at a distance of 1.8 million kilometres. i asked dr paul chodas, from nasa's centre for near—earth object studies, why, given that margin, we're even talking about it. astronomically speaking, really close, 0k. objects of this peak don't come that close very often and when i say this big it is a kilometre in size, so that is before asteroids that approach the earth. so, how difficult is it at this point to spot these asteroids because we were talking earlier and you said that an asteroid hit earth in 2008. yes, a very little one that was just a in 2008. yes, a very little one that wasjust a a i

venezuela, an oil—rich country, seems to be locked in a political stalemate while its economy collapsesa, bbc news. here in the uk, mps have voted overwhelmingly to hold a snap election in june. overwhelmingly to hold a snap election injune. in the end, it was little more than a formality. 522 votes to 13 backing the prime minister's plans to send britain to the polls three years early. theresa may says it is necessary to guarantee stability and a strong hand for the uk in brexit negotiations. campaigning has already kicked off. here is what the party leaders said during their first rallies. that's what this election is about. it's about providing the strong and stable leadership this country needs to take britain through brexit and beyond. it's about strengthening our hand in the negotiations that lie ahead and it's about sticking to our plan for a stronger britain that will enable us to secure that more stable and secure future for this country and take the right long—term decisions for the future. it's about strong and stable leadership in the national interest. this election is abou

venezuela, an oil—rich country, seems to be locked in a political stalemate while its economy collapseswith us on bbc news, still to come: unlocking the mysteries of magma. how satellites could predict volcanic eruptions from space. we will tell you more. the stars and stripes at half—mast outside columbine high. the school sealed off, the bodies of the dead still inside. i never thought they would actually go through with it. some places have already had nearly as much rain as they'd normally expect in an entire year. for millions of americans, the death of richard nixon in a new york hospital has meant conflicting emotions. a national day of mourning next wednesday sitting somehow uneasily with the abiding memories of the shame of watergate. and lift—off of the space shuttle discovery with the hubble space telescope, our window on the universe. this is bbc world news. i'm chris rogers. the latest headlines: candidates for the french presidency have staged some of their last major rallies before the election. sunday's first round vote looks too close to call. two people have been kille

not go well, there will be a lot of top headlines now, but i think the impact on the chinese economy, politicalne, chinese companies is going to be very minimal, so i am still quite optimistic about investment opportunities in china. vonnie: what would president xi consider a win? i think he would consider it a win if the optics of the meetings are quite positive and that it appears back home that he is being treated as an equal on the global stage with the president of the united states. vonnie: just on china itself, from your assessment, how are things going? ballooning to hear of banks, the shadow banking system, the government's growth slowdown, and so forth. what is your assessment? andy: i think right now, the state of the domestic economy in china is quite healthy. if we look at consumer spending, income growth, they are doing really well. decade, last inflation-adjusted income for chinese households went up by 130% compared to 11% in the united states. that is what is driving chinese growth, what drives our investment strategy, so that part is quite healthy. when we look at the banking

venezuela, an oil—rich country, seems to be locked in a political stalemate while its economy colla pses leonardo rocha, bbc news. we can bring you now one of the big stories of the week and that is britain's prince harry's admission that he struggled to cope in the yea rs that he struggled to cope in the years following the death of his mother princess diana. his words have provoked a huge response, so much so that the prince has said he is simply amazed at what is happening. peter hunt has the story. his report contains flashing images from the start. this year this race has a special focus on a princely passion, mental health. prince harry has attracted widespread praise this week for his honesty when he spoke of the anguish and anxiety he suffered four years after his mother's death. it was only right to share my experiences to hope to encourage others to come forward and reduce or smashed that stigma, to make it easierfor them to talk about their own experiences —— smash. i wasjust doing my bit. was it liberating or scary? look, once you've heard so many stories from so many other p

economy? let's bring in javier from our business desk. javier: it means a lot because we know that political turmoil is detrimental to the economy, but then again, so is a talker see. analysts are trying to assess whether the outcome will have positive or negative effect on the economy. the currency has picked up after the result spending erdogan's powers, but concerns about the future of the turkish economy are far from over. reporter: following president erdogan's referendum win, the markets reacted positively but cautiously. the turkish lira climbed up more than 2% against the dollar. the stock exchange also showed a slight uptick. but analysts say it is unclear houses stand these gains will be. >> in prior elections and prior referendum, there was euphoria in the market. there was a substantial increase . today, so far, only a marginal increase, which essentially means the financial markets have some questions in their mind. reporter: the financial markets are right to have questions. the narrow vote points to deep political divide, and as such, the potential for social unrest. which in

is what has made us successful and what has given us an incredibly stable society, stable economy, stable politicaluation in a world that is under certain -- ideologically, do you feel you have any natural allies? p.m. trudeau: i think a lot of people are trying to solve the same challenge i am, which is how to make the middle class successful. ultimately, an economy can only be strong in the 21st century if everyone feels like they have opportunities in it. if you see a rise in nationalism or populism, it is a response to the fears people are feeling. my economic approach is very much to a lay those fears -- fears. allay those es which is tolbox use might very little bit. john: do you have any idea what populism of that sort has not really taken off in canada? we look at some of the narratives coming out of the leadership campaigns of the other two major parties, and you can see that there is a strong drive toward populism, even -- or at least to use some of the populist tools. even in our election in 2015, we made -- i made a conscious choice to try to draw people together to work on el-erian --

economy. change the political culture. do something for me and my family.s does seem to be an interesting pivot away from that. the recent spate of foreign involvement. some see it as political distraction. how do you see it? >> i think president trump is trying to keep promises. he is looking at the economy back home whether meeting with business leaders or union leaders. he also told us he would build up the military and bomb the nono snot, he used a different term, isis. you look at what is happening. president trump is keeping promises. this is a strategy of putting america first. whether you have isis and threat to america or north korea and nuclear weapons and intercontinental ballistic missiles. all of those are risks to our country. his engagement is keeping america more safe than sitting back and say we will take what the world will bring us and then no, we will engage and i will keep america safe. >> 88 days in. you have to be fair in the short period of the relative presidency. the outcomes of keeping the promises is what he social security measu

minister said his focus is now on industrializing the economy but the getting south africa out of the low growth trap will be an uphill battle. >> the political upheaval is dylan a further blow to south africa's economy. standard and poor cut the credit +.ting to b >> what president zuma said last week was not confidence but was destroyed confidence. the cabinet reshuffle last week will not end up with a higher yield. >> he is seen as the vanguard of economies and south africa has been struggling to deal with sluggish growth and skyhigh unemployment and widespread poverty. the country had been bracing for a downgrade but it cannot have come at a worse time. the new finance minister has promised to focus on supporting the private sector and insisted the country is not done until all three credit agencies reach the same fate. average southhe african will not be much effect in the short term but the downgrade could lead to higher interest rates making a harder for people to borrow and pay back loans that is hurting consumer spending. claire: how are the stop work is reacting? banks were hit. on the stock market in trading earlier, the stock exch

both of the political events have consequences for markets and economies that were not foreseen at the in terms of u.k. referendum, exactly the opposite. you have to be careful about allowing your political views to dominate your good sense, in terms of markets and economics. nejra: what opportunities might there be in equity markets off the back of this election? this is all based on whether you think le pen will win and how you are pricing that. nejra: -- stephen: we should not underestimate a marine le pen questionsclose -- all within the about the integrity of eurozone and you could see a rerun of 2011 and 2012. the french debt over german debt . if you look at italian debt over the last week or so, that is expanded. by about 20 basis points. warrior the political are influencing death worry is influencing-- it, youoes not make will see money sitting on the sidelines coming back in and that will coincide with these -- first-quarter earnings which it looked pretty good for europe. the second quarter could be a spicy quarter. tom: a great -- nejra: a great story on the bloomberg, if

volatility is light ofap, and in this battle between the quiddity and hard data and geopolitics or economy versus politicsliquidity so far has been supportive and the markets have gone through those worries. one way you can hedge or portfolio is to buy follow 2-d, which is very cheap, in case the market turns, and the turn in the market would be quite natural. those air pockets are absolutely to be expected and quite natural, so yes, i think you are correct. haidi: thank you so much for that. the markets looking for a knowledge -- nudge. coming up, chinese airlines have been cut to underweight by morgan stanley. we will take a look at why this is happening. this is bloomberg. ♪ haidi: this is "bloomberg markets: asia." i am haidi lun in sydney. rishaad: i am rishaad salamat. there counting you down to start of the trading day in hong kong and greater china. na. marke chinese airlines in focus, there we go. on the way down, helping to track things down are these three major chinese carriers. downgradetanley coming through. likewise, china eastern as well. no real news about the rationale for doing this, pr

political plant. emmanuel macron, former economy minister, has been put in the centre.esident francois hollande, that is where they wanted to be. they said you cannot campaign within the socialist party and win, you have to form your own. you save plucked. i am have to form your own. you save plucked. lam not have to form your own. you save plucked. i am not aware of any strategic plans that might have been imagined last year. i don't think so. imagined last year. i don't think so. i think maybe macron was smart enough to understand that there was political space to fill. the more radical left was very upset and frustrated about the government because of francois fillon was not that popular. with all the scandals that popular. with all the scandals that emerged, it was wide open. that popular. with all the scandals that emerged, it was wide openm ita that emerged, it was wide openm it a conspiracy theory that macron had been put there by the socialists? i don't think so. he erupted like a dog in a crooked game and disturbed everyone's game. they tried to make defeat loo

it's not an accident that barack obama's golf was a bigger political issue when the economy was reallyuggling in his first term. you continued to hear about it from people like donald trump in his second term. but you didn't hear about it broadly as a political concern. donald trump is down right now. he's not a popular man. broadly speaking. >> but he wants to use what popularity he has for the great state of kansas. let's talk about that. see? see how i did that? why is president trump tweeting about a special election race in kansas today? a seat vacated by his cia director. >> this is a race not on anyone's radar ten days ago. >> no. i just started getting some te s texts saying keep an eye on kansas. >> this is a seat mike pompeo won by 30 see thes in november. republicans thought i work wut done her done here. at the end of the day, they think the republican will prevail. that's why trump is out there saying make sure you get out there. >> make the argument you're not worried, make the argument that it speaks to something larger. >> i'm not worried because pompeo won by 32 points