columnist from morgan stanley asia was interviewed at davos along a similar theme as well stephen roach explains how the fed is pulling the wool over our eyes so we have a lot of squealing zombie debtors in america and the u.k. and other debt debtor nations australia canada any time the notion that rates should be raised they shriek and it never happens well stephen roach talks to bloomberg and he talks about the fact that china is actually doing a lot better because they've introduced over a dozen marching requirement rate hikes and they've also raised rates so that real interest rates are actually in real terms positive and then he goes on to say this when he's asked whether or not this would be possible in a democracy in a democracy do those actions do there you know we truly regret paul volcker well you know but do you suppose no excellent question i mean yours told us paul but we need we need a central banker who can really deliver. the goods and we've got central bankers right now who are i think trying to pull the war as was zero interest rates in this magic called quantitative e

we'll see. >> more from stephen roach throughout the next two hours. >> going to talk china. >> thosengs we want to talk about. i was more interested in -- i said to stephen i read which government are we talking about? the government needs to decide if it wants more state capitalism or more entrepreneurialship. there is an election in november or -- >> well, will china please stand up. >> the real china, exactly. we'll come up with the answer by the end of the show. if you have comments, questions about what you see, shoot us an e-mail at squawkcnbc. up next, phil lebeau with data on car loans. and then could consumers hit a speed bump when it comes to filling up the car? the national association of convenience scores sounds off on the rise in prices. "squawk box" is coming back with that and more. >> announcer: "squawk box" entered the twittersphere. follow the show and our anchors. be sure to add andrew and becky to the list of must follows. andrew is andrewrsorkin and beckyquickcnbc. breaking news, updates and highlights all morning long. "squawk box" on cnbc. and on twitter. opti

about getting that electronic payment down there at the wal-mart to pick up some baby formula now stephen roach and jim rogers are almost alone amongst western commentators in praising the medium to long term for chinese economy and claiming that any short term housing market or economic slowdown will be a soft landing so those guys are in the pro china camp. you're there in shanghai. so it's not it we there whether it's a soft landing or a hard landing you're saying whatever the landing is doesn't make much difference the one clear trend is that they're going to take their cash pile of money. and start buying into countries like the u.s. correct yes a little you think when we talk about the chinese economy a lot of the anti china stuff that relates to housing you know the americans have for twenty years lived in a printed money transfer payment military industrial complex economy they just went through a housing bubble so they believe everybody should have a housing bubble but they all realize here is half of the homes in china have been paid with cash the other half have at least thirty perce

stephen roach. now retiring. >> i was with him on "squawk box" just as he was beginning his teaching at yale. and he was pointing out how much dog on work it is to teach one of those classes. >> it is. i can just imagine. all right, up next, tech is on a tear. the tech sector now makes up a full 20% of the s&p 500. nasdaq's up 12% year-to-date. shares of apple running wild just the past few months. >> we have seen this movie before. and you know how it ended that time. so, are we looking at a full fledged tech boom or a bubble or something in between? we'll tell you how to play it in two minutes time. ♪ ♪ [ male announcer ] offering four distinct driving modes and lexus dynamic handling, the next generation of lexus will not be contained. the all-new 2013 lexus gs. there's no going back. see your lexus dealer. weight loss programs can be there's no going back. expensive. so to save some money, i just got the popular girls from the local middle school to follow me around. ew. seriously? so gross. ew.

and coming up on "squawk box" we have stephen roach, richard fish er and timothy parker.ou stay with us. >>> good morning and welcome back to the program. let's take a look at the u.s. futures and see how we're shaping up today. it does look like the markets will will open higher, if the markets were to open now the dow would be higher by 17 is points. the nasdaq by about five and the s&p 500 up by just about two points. of course this after a down day of trade yesterday with the dow down about 27 points, some of the losses there, walmart, chevron, kraft. year to date still up 6%. taking a look ahead on wall street as well there's one economic report out of the u.s. today and that's weekly jobless claims. forecast arrives by 7,000 to 355,000. hormel, the maker of the mystery meat spam, and some numbers from kohl's, sears holdings and target. after the close we hear from gap. a quick programming note, steve liesman has an exclusive interview with dow's fed president richard fisher at 8:30 a.m. eastern time so make sure you tune in for that. still with us, our guests george