the ceos of nasdaq and ray dalio. we have satya nadella here. we have marc benioff. we have jamie dimon. david solomon. david who was with you in washington yesterday making his way over here. we will get a lot of perspective on all of it. >> andrew, there's a huge number of people who were leaving last night or this morning on their way from here straight to davos. i think you're right to point out that the perspective from outside the united states may be sharply different from here in washington, d.c., particularly, the mood and atmosphere that has been here for last several days. we had albert bourla yesterday. he pointed out radical change. the idea of radical change is one lots of people are trying to adjust to. his perspective was there was most potential upside than downside. everyone you talked to is trying to figure out what that change is going to mean and trying to figure out how to adjust to that because that is the one thing that is certain as there is going to be massive change that comes. that's the stated intent of donald trump. he wants to change th

now you have research affiliates, ray dalio, saying this was a bubble. it is 2000 all over again and welcome to the new reality. jon: a few stories already this morning, and not just this one. also the trade story. euro-dollar last week had its biggest weekly game going all the way back to 2023. the euro strength and dollar weakness, reversing some today. the euro down. the trade is back on the agenda in a big way. annmarie: i don't think it went anywhere. yesterday, the market became aware that this potential threat of tariffs is real. donald trump was in miami talking about items he would want to put tariffs on like aluminum, copper, and steel/ when asked on air force one what he thought about a report in the financial times about the newly elected confirmed treasury secretary saying maybe we would do 2.5%, this is what the report said scott bessent would like when it comes to tariffs, trump said we would go bigger. that threat is keeping the market on the edge. lisa: it goes back to the initial week after donald trump was confirmed and inaugurated. th

ray dalio was writing about that. they are not stimulating the consumer. they continue to do the supply side thing and it's not working. >> no one ever talks about what could happen if they have food shortages and you would have revolution. >> right. >> no one is talking about that. it reminds me, by the way, remember lives of others in east germany and 10% suicide? there are no totalitarian governmenting s that are immunem what could happen. they should be thinking about that, not whether they should cut rates to one. they need to be thinking about how to stop the revolution if things get out of control there. >> i think they do think about that. it's the censor. >> the best way to stop that is give pla all the money and do something outrageous. >> they are letting their currency fall. below 7.3 on the yuan. that is a big deal. they were defending that for a long time. the thinking is it will be worse under trump. >> i know. i think -- look, if i were running china, if i'm not, i would do the opposite. i would figure out a way so deals could be made. we h

. >> i mean, just this week, ray dalio, who is another big hedge fund luminary who's gone head to head, quote, deeply concerned that the us might go broke unless it acts pretty quickly. >> i mean, there are people in the markets talking about sort of debt death spirals. now, at the moment, there's plenty of sign that foreign, foreign investors around the world keep gobbling up us treasuries. so do domestic investors, because they still believe that america is strong. however, the irony that hangs over any discussion about, say, the imf or the bretton woods institutions is that the us was seen as a bastion of economic strength, the model that other countries around the world wanted to follow. that was what the post-world war ii global order was built on, and it was assumed that the core of the system, i.e. the us, was more stable financially than anywhere else. if we are moving into a world where investors are getting worried about the outlook for bonds, then it's going to be questionable whether we're still in that pattern. and you just have to look at what's happening with mortgage ra

i mean, just this week, ray dalio, who is another big hedge fund luminary who's gone head to head withed publishing his own analysis of the history of debt crises and looking at the us situation and saying that he is, quote, deeply concerned that the us might go broke unless it acts pretty quickly. i mean, there are people in the markets talking about sort of debt death spirals. now, at the moment, there's plenty of sign that foreigners, foreign investors around the world keep gobbling up us treasuries. so do domestic investors, because they still believe that america is strong. however, the irony that hangs over any discussion about, say, the imf or the bretton woods institutions is that the us was seen as a bastion of economic strength, the model that other countries around the world wanted to follow. that was what the post-world war ii global order was built on, and it was assumed that the core of the system, i.e. the us, was more stable financially than anywhere else. if we are moving into a world where investors are getting worried about the outlook for bonds, then it's going to b