from that magazine, rana foroohar, the deputy manager, who wrote last week's cover story on the decline and fall of europe. richard haass is the president of the council on foreign relations and has worked for the state department and national security council and lots of other places. we also have the eminent british historian andrew roberts, author of "the new york times" bestseller "the storm of war." welcome. >> thank you. >> jeff, let me start with you. you talked in the "financial times" piece this week about the way in which both europe and america were fundamentally misreading the economic crisis. i was struck by it because for just somebody who i would regard as a man of the left, and you were saying that even the whole conception in america, the democratic left of the stimulus program, of another stimulus is misguided. we've just -- i took you to mean just extending unemployment benefits, et cetera, is not going to jump-start the economy because you're just trying to jump start a consumption-based economy. and what we need are much deeper, longer-term investments, correct? >>

. >>> and we are back on our world tour with jeff sachs, richard haass, rana foroohar and andrew roberts. there's a paper floating around the internet that looks at austerity programs for 100 years and points out that they always seem to have some relationship to rioting, that every time you start cutting budgets, you have rights. does that seem plausible to you? >> i think we should see the british riots in the context of a lot of unrest in a lot of countries. this has been a very, very shaky spring all over the world. of course, it's the arab spring so-called, but that's spread to israel with hundreds of thousands of people in the streets. the british riots are obviously a distinct phenomenon, but i think they're part of this and i wouldn't be surprised if it comes to the united states in one way or another. we already had tens of thousands, hundreds of thousands of people out in madison earlier this year. there's a lot of unhappiness in a lot of parts of the world right now. it can manifest itself in hooliganism as in the uk. it can manifest itself in massive political demonstrations.