at the beginning of twenty ten amid the global economic crisis harvard economists carmen reinhart and ken rogoff published a short paper with a bleak message. they argued there was a specific debt limit and almost magical number which when surpassed kills economic growth. his number being ninety percent of a country's g.d.p. . so they're finding with that added threshold of ninety percent there's a rapid deterioration of growth all the sudden when debt crosses that now. ninety percent barrier growth collapses. using data analyzing national debt levels around the world rogosin reinhart's paper was a bombshell it was scientific proof for american and european conservatives who believed that addressing country's deficits was more important than fighting recession. there was an audience ready to hear a message that austerity was the solution ready to hear the public debt was the number one problem instead of the terrible global recession that we were facing in those years. this paper may have had a stronger impact on public debate than any previous study in the history of economic science

which i did, so they hired me, and i became consultant reinhart.zie needham of the homicide division, catching killers. looks like i need a new name. don't they call you professor psychopath? ♪

my name is dylan reinhart. not too long ago, i was an operative in the cia known as agent reinhart.r reinhart. i wrote a book about abnormal behavior in criminals, which was so successful, a serial killer used it as clues for his murders. that's when the new york police department reached out to me to help catch him, which i did. so they hired me, and i became consultant reinhart. so now i'm working with this woman, detective lizzie needham of the homicide division, catching killers. looks like i need a new name. don't they call you professor psychopath? woman: hey, it's me. woman 2 (over phone): hey. i-i need a favor, and you're not gonna like it. uh-oh, what now? tell dad i can't meet. tell him i have a test and, uh, i need to study. why? what's going on? don't worry. i promise i'll...

reinhart has this in his kitchen at home.ies and it really correlates with the great bull market. if reinhart gets his final real rate up here do you just as soon and a bull market? >> we are still a ways away from that point. tom: i'll say. >> we have negative real rates. it is still very much in accommodative environment for the economy and earnings growth and equities. ultimately we think we will settle at a lower point and we used to be in the past and we still think there's plenty of room in terms of the equity bull market. tom: i'm going to do this in red. you mentioned earlier paul volcker. skyhigh real rates. how much of a real rate do we want? do we want a real rate like china, like a banana republic? >> in that chart what matters isn't a horizontal line. it's the equilibrium real rate. the financial crisis was an enormous hit to wealth. monetary policy has been accommodative because they have kept the real rate below that equilibrium. now they are closing the gap. as long as the gap is still there that's good for eq

which i did, so they hired me, and i became consultant reinhart.working with this woman, detective lizzie needham of the homicide division, catching killers. looks like i need a new name. don't they call you professor psychopath? ♪ (indistinct police radio communication) officer, our murder suspect is theodore burton. last seen leaving the residence of his mortgage broker,

i was an operative in the cia known as agent reinhart.s, which was so successful a serial killer used it as clues for his murders. that's when the new york police department reached out to me to help catch him. which i did, so they hired me, and i became consultant reinhart. so now i'm working with this woman, detective lizzie needham of the homicide division, catching killers. looks like i need a new name. don't they call you professor psychopath? don't overdo it today, gary. pace yourself. surprise! whoa.

rob reinhart and kr ar-- carri horton, thank you for your work. i love seeing affordable housing, i love seeing renovated units, and i also love seeing new units, and i can't wait for the next grand opening. >> now, this is the most important part. we need to hear from the residents themselves. you going to come up? oh, anthony. i remember, we met two years ago in that little community room that we just tripled the size of. and i want to acknowledge wynn palmer, too, the president. standup a little bit. come on. look grand. yeah. give him a big hand. he said he wanted to sit back there with all his women over there. okay. >> okay. [ speaking native language ] >> my name is anthony wong. i've been living in this building for over 20 years. i like this building because of its location. it has easy access to public transportation. [ speaking native language ] >> in the past, every household in this housing unit, in the past, they had miroaches, and they were very difficult to get rid of. the fire alarm sound would often go off with no reason. firefig

predators are also to nothing up in their western conference series with the colorado avalanche reinhart and scored with one minute and nine seconds left on the clock the predators winning five four. ok four throughout the day but that is it for now dan andy thank you very much indeed now it's a centuries old art form that was once one of hong kong's most popular forms of entertainment but cantonese opera is struggling to engage the next generation the tradition is considered a unique part of hong kong's identity and industry diehards are determined to keep it alive sarah clarke reports. after sixty years designing and creating traditional head dresses chan caulk yarn is considered a grand master in cantonese opera these days he spends less time creating and more time teaching to educate the next generation to appreciate this traditional art. the audience is mostly in their fifty's or sixty's i hope that we have more younger audiences over time that's the crucial point it's a concern shared by some in the industry who say younger people are now more engaged with other types of digital an

the same month that britain and france declared war, reinhart hinrich issued instructioners in s.s. to gather jews in ghettos. one month late, the nazis would seal the ghettos so no one, mean nothing jewish person, could escape. on march 22, 1941, the german army high command gave the reich main security office approval to initiate s.s. murder squads throughout the eastern front. these squads, known as the -- news were responsible for murdering the inteligentsia and cultural elite in poland. these mainly killed civilians. upon nnting the impact of the murder squads on s.s. agents decided the tactics were too costly, demoralizing and didn't kill victims quickly enough that led to the use of gas to murder innocent jewish people which caused the death toll to increase exponentially. by the end of 1941, america was drawn into the war by the surprise murderous attack on pearl harbor by the japanese who at this point were part of the axis powers which included germany and italy. on december 11, after germany declared war on the united states, president franklin roosevelt declared war agai

tom: we talked to the husband of carmen reinhart and here was the debate that we had.%. the deal with real yield is inflation. if we get british like inflation or we just move on from the low inflation 12 months or 14 months stagflation world where rates go up and nominal goes up and wages go up, but there comes inflation right there to crush people's returns? ellen: i think inflation is moving higher. we don't see the elements right now that would tell us we are just a gradual rise higher in inflation, but that is the risk. going to printre 2% year-over-year on core pce. that is coming up on monday. even if markets apparently could be prepared for that, i think we will see some reaction. but i've talked to several fed policymakers that believe they have been doing a good job of getting out there ahead of this and saying at or even going through goal is perfectly desirable and we are not going to push harder against that. given such a persistent shortfall we have had, you do need to let it run above goal for a time. tom: you have best in class productivity analysis. is

new fed heads the group is thought to be less likely to intervene overall and from companies vince reinharthe powell fed is more likely to prefer interventions in the markets than than firms, that group worries about hazard if the new regime of more exam and stricter regulation fails, it could mean markets price companies risk in a way that relies less on the idea the fed might bail them out. it may mean more in the meantime, what's interesting is that all these guys i talked to yesterday, i asked them, what does the book now say on how the fed should act the book is act early and act often. so the lesson is not the lesson the feds shouldn't intervene, it's how the feding intervene where the debate is. the idea is to stay away from individual companies, but intervene in markets >> this is almost two steps away, too, i mean, we started this conversation saying, are they going to be raising rates too quickly to then get into how are they going to act to save companies or to save markets >> it is. >> the first thing would be like stop raising rates, right? >> that would be the first thing they