quincy crosby joining us as well. good morning. do you care about europe or can i look at the u.s. as a bunde? quincy: we can look at the u.s. but that would be a mistake. we saw money go into europe. and i suspect that when mario draghi comes back, he will try to talk down the year appeared even more to get the euro -- tom: you nailed it. right where i wanted to go. can a central bank or talk down the currency? the game theory of europe. hans: mario draghi has been successful to this point. what else does he have? increase the size of asset purchases? tom: as that a currency war between europe and china but if we have a weaker euro? olivia, can you talk or is the rib killing you? olivia: we look at eurozone growth of .3%. did q.e. work? hans: no. the more depressing thing is this quarter is going to be worse. all of the great uncertainty that greece brought. it's going to be much worse in q 3. history does not disclose its alternatives. what would have been had mario draghi not pull the trigger? tom: what does lagarde -- draghi need to do? i think this is a currency war. quincy: he

joining us with her view of the world, quincy crosby from prudential financial.g oil. >> absolutely. >> as a proxy for what? >> the market believes it's a proxy are for growth, we have to see it as a proxy for growth. supply is up dramatically. that's something the market doesn't seem to grasp. maybe it's not so much a proxy. it's not dr. copper all over again. >> except it is. copper is at six-year lose. >> the thing is supply has gone up exponentially. if the market sees it that way, we've got to look at it that way, too. >> do you agree with the call from citi they would buy energy stocks right now? >> given that citi was one of the very first -- people thought he was crazy to say oil's coming down, i have to watch that. it carries a lot of weight. dividends are nice in the big integrateds. the one you don't have to worry about in terms of cutting the dividend. that's the fear. they have been spot on. >> if it's a supply story, do you like the cyclical names, consumer discretionary names? are we setting up for a boon in this country? >> we are growing. regardl

quincy crosby joining us, as well. our special guest is one hans nichols joining us from berlin.to him at length for our entire two hours. i was taken back by the netherlands stagnation, versus what we saw in france. a most interesting mix in europe this morning. manus: thank you very much. tom keene in new york. coming up in 25 minutes. let's turn back to oil. the longest run of declines with no sign of an end. the lowest level of prices in six years. it will last through until next year and opec production -- last month it was the highest in more than three years. the phrase we have used, a crescendo of noise on the downside. >> the oil industry is talking lower for longer. the lower is getting even lower and the longer -- when you start talking to the analysts, the recovery was supposed to happen in 2015. now we are talking about 2016. it is getting even longer. francine: what does it mean for the bears? is it a done deal? we spoke to andrea williams. since there is such a crescendo, we know you had some great stats, but there are so many people talking. >> that is what we are