power of academic paper by harvard economist rogoff and reinhart which conservatives will need wide to argue for austerity was recently refuted by a us grad students just because it had a few simple spreadsheet errors and a couple of little staggering omissions that made it slightly fundamentally wrong please welcome thomas hearns and mr arnold thinks probation. one of the most important american company talks to realize that you have upset some people in the austerity crowd who have someone starting your car for you right now it's austerity policies on the theories of reinhart and rogoff when the public exceeds ninety percent of g.d.p. it becomes an obstacle to growth however the two great economists had committed and the line in the columns of their ex bridge time as i've been talking to a lot of the media across the world are pretty heartbreaking stories about what's going on in europe and you know i've also seen the effects of it in this country as well why we have to keep cutting the government budget and laying off people until those people get jobs that's right you've got it the

have someone starting your car for you right now its austerity policies and theories of reinhart and rogoff when the public exceeds ninety percent of g.d.p. it becomes an obstacle to growth however the two great economists had committed another line in the columns. there x. bridge time as i've been talking to a lot of the media across the world they've given you some pretty heartbreaking stories about what's going on in europe and you know i've also seen the effects of it in this country as well why we have to keep cutting the government budget and laying off people until those people get jobs that's right you got it the austerity policies are based on a full blown miscalculation. you know but they see the already using it all over europe and they love it so much that they have celebrations in the street sometimes with. sometimes just wire and everything. despite seven years having elapsed since the beginning of the crisis the economic studies continue to support the danger of public debts which are too high and the need to cut public spending and the deficit. back also for. the same. be do

"the curse of that.n," look for ken rogoff rogoff -- speak of inflation. >> i think inflation will gou.s. this year. the unemployment gap is zero, or something, at the moment. it has been very slow coming, but the u.s. inflation has been creeping up. i think it will be above 2%. there could be a lot of tension between donald trump and the stock market falls for some reason. we could suddenly see tweets about jerome powell in the middle of the night. it will be a unique moment when president trump lance. how will he be greeted? [laughter] >> i really don't know. he is president of the united states. i do not know what he is going to say. i think this is a very international forum and i hope he talks about the value of the global economy and the u.s. role in it, but i just do not know. haslinda: is there a sense that this is the year when trump will exercise all of the threats that he made when he became president. and he ising nafta renegotiating the bilateral trade agreement as well. do you see that happening? >> the trump administration has been very clear from the beginning that its

thanks to kenneth rogoff and anne richards.e continue at the world economic forum in davos. ♪ retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ tom: from the 48 meeting of the world economic forum, good morning. from a picture-perfect davos, in 20nd, the worst snow years across all of switzerland and northern italy this morning. serious concerns about avalanche, but it is extraordinary, sitting atop the congress hall of the world economic forum. extraordinary morning. good morning to all of you. i had a panel earlier this morning. francine lacqua off on assignment. she has a special panel in this hour. much to talk about. yes on economics, finance, an

we'll talk to ken rogoff we'll try to get him to not start wandering and think being chess moves whichs difficult sometimes. later, mary erdoes will join us that's coming up hey, what are you guys doing here? we've been helping you prepare and invest for retirement since day one. why would we leave now? because i'm retired now. so? we're voya. we stay with you to and through retirement... ...with solutions to help provide income throughout. so, you'll still be here to help me make smart choices? well, with your finances that is. we had nothing to do with that, uh, tie. or the suit. or the shirt. voya. helping you to and through retirement. tomorrow, it's a day filled with promise and new beginnings, challenges and opportunities. at ameriprise financial, we can't predict what tomorrow will bring. but our comprehensive approach to financial planning can help make sure you're prepared for what's expected and even what's not. and that kind of financial confidence can help you sleep better at night. with the right financial advisor, life can be brilliant. what's critical thinking like? a ba

ken rogoff with us last year. and richards will join us. richards were join us.out the cases that could get regulators concerned about deleveraging. on friday, i have a good panel on monetary policy. will do a couple of hours before the president speaks and we will focus on what cheap money means for the markets and bankers mandates. let's get straight to first word news. more americans will feel the impact of that partial government shutdown today. many federal agencies will carry out work closing plans. bipartisan group of senators is looking at a plan to fund the government through february 8, including a promise to take up the bill to keep young, undocumented immigrants from being deported. the u.s. could send 1000 troops to afghanistan this spring. jim mattis has not signed off on the idea. strategyt of a larger to help afghan forces fight the taliban and. the u.s. has 14,000 troops in afghanistan. it will be new england versus philadelphia in the super bowl. tom brady threw two touchdowns to aad new england come-from-behind win over jacksonville in the afc

tom: i had dinner with ken rogoff the other night. what a joy it was.is important for the singapores of the world and the commodity nations. all of the focus, dr. lipton, is .n euro-dollar, dollar-yen what does this verbiage of the president and secretary mnuchin made for currencies -- mean for currencies that do not have the power of europe or america? what is the damage of this language to currencies we do not talk enough about? david: currencies in most of the emerging-market countries now are floating or nearly fully floating. makes that key distinction. year 2000, wehe have seen so many ups and downs in the global economy, and that has provided a cushion in bad times. tom: agreed. david: provided some support in good times. whatever comes with the normalization of monetary policy in the u.s., europe, and japan, with whatever is happening in the big currency markets, i think it provides the best way for emerging-market countries to react. haslinda: the normalization, can the emerging markets withstand the practice? david: if central bankers do what