this is not in ken rogoff's book. to bring upmple the chart here of two decades of work. g7.sed to have real gdp, larry summers talks about secular stagnation. is that what we're looking at in this chart? ken: i think the primary things going on our demographics and the aftermath of the financial crisis. if you use the word secular, i our growth isces fast is as good as -- tom: you have the same optimism as professor gordon? ken: i am much more worried that productivity will be faster than they can handle. francine: as long as we are not in a recession, even if we have slow growth, it is not too bad as long as people have jobs. is that fair, or is it too simplistic? ken: it is important, but it is not enough. we have gotten to the point where rich countries create inequalities and counterproductive policies. tom: ken rogoff, thank you so much. very generous this hour, before the imf meetings. professor rogoff from harvard. francine, thank you so much. what a wonderful week and a wonderful show. our special thanks to a

ken rogoff -- tom: this is one of the strongest essays i have seen from ken rogoff.e is with us from goldman sachs, folding commodities into trade. one of the big things here is that they have to want our exports. when you have commodities flat on our backs, brazil does not want our exports, kazakhstan does not, indonesia does not. jeff: that is a big issue in new -- that is a big issue in u.s. natural gas right now. tom: is it going to happen? jeff: you have seen one cargo, and where did it go? brazil, of all places. the demand for lng is going to be much lower. the competitiveness for u.s.-built product under a stronger environment starts to wane. tom: all the tankers off houston and singapore makes for good friday doom and gloom vision, tankers in the ocean. what is the state of tankers in the world? jeff: there is a lot of tankers in the water all over the world. if you look at the arbitrage between spot prices and forward prices on the wti curve, it is somewhere around $1.20, which is more than sufficient to arbitrage tankers standing offshore. one of the reason

tom: we are way out in front of this with professor rogoff. just get it done.ncine: it is easier said than done. this is not something the u.k. needs. we have very flexible laws in london. it is countries like france and italy. my counterargument is that we have are you done more than we have in the last 30 years. it is that we are starting from such a far point that europe needs time. spain has done quite a bit. the u.k. has been doing better in part because the market is more flexible. if you want to know the answer over the long run, your output is determined by these fundamental factors. it is talking about big fiscal stimulus. is a good idea when demand is low. if you think that will fix things in the long run, you are very mistaken. mark: harvard professor kenneth rogoff there on "liberty surveillance" with tom keene and francine lacqua. since the oilha slump began in 2014. spent $314tions has billion of their extra reserves to offset the drop in prices. as the world biggest suppliers together gathered this weekend, what is the likelihood of agreeing to a

tom: francine, we are going to do that this week with ken rogoff and adam posen. ,rancine: it is unclear hope joseph can give us some insight. the economy is depressed, fragile, and we are not seeing anything that can lift us out of this. can anything bring us to a world recession? should we be more worried about risks, shocks to the financial system? joseph: not yet. central banks are pumping money, everyone to spend more. the key would be corporations. corporations are the one that drive trade. is ok, not great, so they can continue on. you get a cyclical recovery. if china grows by 5%, 6%, that gives us enough lift to keep plodding along at the subpar rate. tom: -- francine: you mentioned little bit of the earnings season. ,ou mentioned cost-cutting synergies. do they have to cut and cut? joseph: there may be some topline growth in technology and industrials, but the forward guidance will because in. tom: 10 seconds -- do we have a bottom with oil yet? joseph: i think we are making the bottom. tom: we will extend that discussion tomorrow. we are thrilled to bring you jeffrey currie, w

brad rogoff is here with us now. inre has been a 3.4% rally u.s. investment grade bonds since the end of february. not that much has changed in the u.s. the big change has been europe. has the ecb been the whale? brad: i think it has had a huge effect. the fed has been quite dovish. that has had an impact. the fed has never come out and bought corporate bonds before. bought plenty of things, but ecb has not even bought them yet. the ecb will buy corporate bonds starting in june. we just got more details on it last week. sample setying their -- it has had a huge impact. that market is continuing to tighten as well. i'm looking at the gap in yields between u.s. corporate bonds and european corporate bonds. since march when the ecb announced that they would be buying corporate bonds, you see that gap narrowing. to me that a lot of european investors may be coming to the u.s. trying to get some corporate debt ahead of that. have you seen a lot more interest from european investors? brad: absolutely. that difference is huge. think about the numbers, you

adam pozen joins tom keene along with harvard university professor tim -- ken rogoff. ♪ emily: in theridesharing supremacy uber is , in the lead, but lyft is gaining fast. lyft is in the midst of a massive spending spree. you may have seen the billboards, that vouchers, or the half off fares. is lyft closing in? can they hold onto the lead? to break it down, our bloomberg news reporter who covers lyft uber and. --and uber. what exactly is happening? lyft it seems has gained market share in a number of sick -- cities. >> uber has always been a step ahead of lyft in terms of size. a big step ahead. right now they are focused internationally and have been , trying to turn on profits in the united states, which has had them pull back the subsidies that both are spending aggressively on. eric it has given lyft an : opportunity to grow its market share. liftboth would agree that -- lyft has grown in market share they disagree on how much. , one good marker is that in the united states uber is doing 50 million trips and lyft is doing 11 million. emily: we were speaking with an capitalist ven

>> thank you, ken, rogoff. >>> the one thing i can't stand seeing people do when i'm driving is textinge state considering legislation to test your phone for activity. i saw that guy texting in front of me! >>> time for today's aflac trivia question. in what year was the first mobile phone call made? the answer when cnbc "squawk box" continues. and major medical? major medical boyyy, yeah! berr, der berrp... i help pay the doctor, ain't that enough for you? there's things major medical doesn't do. aflac! pays cash so we don't have to fret. something families should get! like a safety net! even helps pay deductibles, so cover your back, with... a-a-a-a-a-a-a-aflac! learn about one day pay at aflac.com/rap ♪ >>> the answer to today's aflac trivia question. in what year was the first mobile phone call made? the answer, 1973. >>> coming up, apple analysts are all over the place when it comes to their price targets and outlooks. brian blair joins us with his outlook for the struggling tech giant. i'm kidding. it's not struggling. >>> look at new price targets for analysts after the big quart

we speak to ken rogoff, david lipton, and adam posen on friday. ♪ francine: i am frenzy and likewisem keene is in new york. we have plenty of news -- i am francine lacqua in london. tom keene is in new york. here is nejra cehic. this company joins four other coal companies to seek bankruptcy as the industry endures its worst downturn in decades amid for environmental policies, a flood of cheap natural gas, and a glut that sent prices to 10 year lows. trading in peabody shares in new york was suspended immediately. jpmorgan has reduced headcount 30its asia-pacific unit, positions eliminated, or 5% of the jobs. the move comes as the bank tries to refocus staff on serving clients with higher investment thresholds. the bank reports earnings late this morning. more evidence of stabilization in the world's second-biggest economy. in --exports have jumped have jumped the most in a year as imports have narrowed. stocks rallied on the news. shipment's were up 11.5% in dollar terms in march from a year earlier, compared with a 25% slump in february. that is your "bloomberg business flash." fra