this is joseph stiglitz. scott stiglitz books.red and killed in our wars in iraq and afghanistan will book that even conservatives have to read. there is the stiglitz thick or book. the euro is one of those and we congratulate joe stiglitz for dropping by today. even germany as a failure, why is germany a failure? joseph: we are talking about its growth rate. if you judged its growth in the period since 2008 since the global financial crisis it has been dismal. if you look even more detailed, what's happened to the ordinary citizen? the bottom 30%. it's even worse. even less of a model for others to follow is the fact that it's model cannot be followed. unit limited growth, its growth was based on surpluses not all countries in the world can have surpluses. the basic law of economics is some of the surpluses have to the sum of the deficits. if some country has have surpluses, some of the countries have to have deficits. tom: you're very outspoken and respectful of economists you disagree with. it take a shot at can rogoff. you don

and here to join us on that and many other topics, professor joe stiglitz.wn each other for awhile and here we are. we got here maybe in different routes but here we are on the same side of this whole -- >> not often. >> exactly. >> never. >> i know. we're so simpatico on this whole idea. >> it took you awhile though. you were right first. >> the idea a single currency would work with these -- it's like if we go down and have a single currency, pick your latin-american country and pick your currency. how's that going to work? it's not going to work. it's not going to work over there. >> it was done with the best of intentions. they wanted to create a united europe like we had the united states. they looked across the atlantic. they said a single currency works. a lot of diversity among the 50 states. but they didn't look close enough. we have a lot of institutions. for instance, take just one example. we have a common banking system. when washington mutual collapsed, it wasn't the state of washington that bailed it out. if that had happened, washington would

joseph stiglitz from columbia university thinks so.er today, he outlined his case to tom keene and francine lacqua. a look at what has happened as a result of the euro, the rigidity it has put in, it took away the interest adjusting,ism for nothing in its place. europe has been well below even the u.s. we were the country from once the crisis began. we have done a better job in recovering. stagnant,asically growth for the last couple of quarters, .3%, .4%. that is not a good performance. what you have to contrast is outcome,g that dismal ,epressions in spain, greece and an alternative. of coarse a divorce will not be easy. but it can be done in a way that is better than the current system. it would still be better if they put in place institutions that work. the question is will they do that? francine: if the euro brits apart, let's say there is something happened to the euro, germany and france want out. how many years of pain? six years of recession before we get into this utopian world you are talking about? ineph: the crisis began

we spoke to joseph stiglitz. we will be talking about the new normal. be talking about that you beat in politics. this is bloomberg. ♪ hohey s w'oiit ghong, estcak ?hoestcak .th lais p hceotas hke hyso wn' aret't ey llkeg lica hotkes? cwistomin biness rnan fid , p cth bou e.ju ddstus azetomimet't ey ag ylwiourofias sgeh anu'd ' yy dheesev .or upde . 'itrestn i, w c u'e e dry.ynebuss. oding uc pwiwiro fi hthatpsyori francine: a divided fed minutes show officials on the time aummd rallies as data shows resale sales unexpectedly jumping after the vote. we speak to nobel prize-winning economist joseph it's -- joseph stiglitz. tom keene is in new york. for the third time since the brexit, the yen is below 100, it briefly flirted below

there he agrees with stiglitz.hem or not, they are economic reality and cannot be ignored or refuted. scarlet: so he is saying there is a new normal, this belief that so many americans have that your children's generation will have a better future than we did , we cannot take that for granted anymore. although he does not go into it specifically, he helps to give voice to this idea that you cannot just direct trade barriers and hope to return the theomy to where it was in 1980's, 1950's -- i don't really know where those people want to return the u.s. economy to, but there are other forces that cannot be ignored. ist is unavoidable as well that it may lead to the rise of populism. he draws a connection between brexit and what is happening here in the u.s. election. not a straight line, but the rise of trump and sanders are fueled by the same populism. recent trends in income, wealth, and trade, are causing andatisfaction in the u.s. i expect them to have impacts on politics for years to come. he goes on to say -- s

joiningseph stiglitz bloomberg television. him. what did he mean by divorce. -- by divorce? >> he is saying that the euro should be fixed, because the european project is worthwhile. you can make the policy changes for the predicate for the euro, the things it was told on like fiscal authority that is missing. he also suggested you reform the groupings,ifferent maybe have a northern euro and southern euro or as he suggests, perhaps you have a flexible euro where it is one currency, but with different exchange rates, maybe a greek euro is worth less than a german euro. there are practical problems, but these are some of the ideas. david: people from the beginning when the euro was founded said that fiscal should be together with monetary and they could not get there. is there any prospect of these individual companies -- countries would give up their fiscal authority? michael: the best that the europeans seem to be up to come up with is the idea of muddling along and they are proud of that because they say they are able to crea

stiglitz. we really appreciate it. we've been watching their failure to come together on so many issues for a long time. good luck with the book. thank you for seeing you again here on cnbc. >> thank you. >> dr. joseph stiglitz. tesla making big news within the next 90 minutes. what to watch for when "power lunch" returns. try to break your will. but however loud the loudness gets. however many cheese puffs may fly. you're the driver. the one in control. stand firm. just wait. [click] and move only when you hear the click that says they're buckled in for the drive. never give up till they buckle up. >>> hi everybody. welcome back to "power lunch." i'm sue herera. and here's your cnbc news update at this hour. vice president biden after meeting with three baltic heads of state in latvia reaffirmed america's commitment to nato nations saying one attack on one ally is an attack on them all. also in the news today -- >> make absolutely clear to all the people in the baltic states, we have pledged our sacred honor. we mean

but negative interest rates are working elsewhere, not on the table in the u.s., stiglitz saying theye not work. our interest rates working for europe? isentin: the bigger picture positive and negative rates about policy, and the positive side it is certainly encouraging catch holders to spend that cash. should be seen as a stimulus. environment of very low yield, and is having an impact on bank performers. and you could certainly link the introduction of negative rates to the persistence and underperforming bank stocks. so, the jury is still out. i guess, for the markets, really what the policymakers, the people in charge of potentially cutting those rates even further deeper into negative territory think about that. for the time being, stanley fischer, but also the ecb overwhelmingly still in favor of the policy. they are saying the policy is working. really quite interesting, i think the jackson hole indicator, that in the absence of structural reforms in the eurozone and the absence of concerted fiscal stimulus, they have to dig even deeper. i guess that is the potential for them

nobel prize winner joseph stiglitz says pushing through the trade agreement is wrong.ichard quest. >> advocates of trade said it's going to benefit everybody. the evidence is it's benefited a few and left the latter behind. it could have been different. we could have managed trade in the way it would have had shared benefits. but that's not the trade agreements that we had. people are realizing that rhetoric that everybody was going to be better off is a lie. >> stiglitz is a clinton supporter. he was part of the clinton administration that passed nafta. this week a survey of more than 400 economists found a different opinion. it showed just 6% think the u.s. should reject the current tpp deal. >>> breakingover night, turkish forces are launching a military operation along the border of syria to clear out isis-operatives. a us-led operation is meeting. and joe biden is expecting to address the crackdown on the failed military coup last month. biden is also telling allies in the nato states not to take donald trump seriously. >>> and let's take a look at what the coming

i've got an exclusive photo of a follow-up conversation that these two guys had, professor stiglitz,on. i'll be tweeting that shortly. >> by the way, that's one thing you can always count on "morning joe" to talk about european asbestos regulation. >> and re-regulation. what have you learned? >> i just learned from professor stiglitz, this crazy thing in nafta, where companies get reimbursed and get compensated. that's crazy stuff. and that's in tpp, too. >> it should. >> what have you learned? >> that's what i learned. >> it's way too early, it's "morning joe." let's go to stephanie right now. she picks up the coverage. >> thanks a lot, joe. those guys always have a good time. i'm stephanie rue. hope you're having a good morning. we have some breaking news. campaign shake up. donald trump upends his campaign yet again. paul manafort, effectively demoted. two new trump confidants now in charge. the campaign is bragging that one is the most dangerous political operative in america. here's the question, can he turn the campaign ou

nobel prize-winning economist joseph stiglitz explores the shortcomings of the european union and its shared currency in the euro. in capital offenses, duke university law professor samuel buell investigates the difficulties in prosecuting white-collar crime. talk radio host mark davis argues against liberal thinking in upside down . also being released this week, the rest i will kill in which historian brian mcginty recalls william tillman's fight in 1861 to free his ship from confederate privateers. jane hampton cook looks at the lead up and aftermath of the war of 1812 in the burning of the white house. and in born right, see nicole mason, executive director of the senator for research and policy and public interest recalls how she overcame poverty during her childhood to become a successful writer and scholar. look for these titles in bookstores this coming week and watch for the authors in the near future on book tv. >>. [inaudible conversation] >> host: welcome to book cart. we are so excited to welcome

tomorrow, joe stiglitz -- all republicans, watch. ♪ avtk"0 jon: great expectations. the first times and brexit. david: the u.k. labor market shows signs of continued strength. sterling continues to rally. skin ins. voters with the game are loosing confidence the republican nominee is best for their portfolios. jon: warm welcome to "bloomberg ." we've been playing the fed rate hike game for nine months now. it has gotten more noise in the last 24 hours. david: the game is not over yet. we will get the minutes. alix: before those minutes come it feels like all quiet. you have the dollar reclaiming a bit of ground, sittiig

tomorrow, a conversation on the future of the euro with a nobel prize-winning economist, joseph stiglitzeekend, this saturday catch our conversation with one of europe's most well-known economists. this is bloomberg. ♪ emily: women may make up half the population, but they hold just 12% of engineering roles in the united states. one company is aiming to change that for future generations by creating toys intended to get girls into coding. the recently launched a mobile app. i sat down with the ceo and founder and asked her about the mission. >> were exposing girls and boys to these basic skills. the simple machines that make up the world around us, wheels and axles and pulleys and joints. these are the parts that make up the whole world. and were teaching basic usual commands and how to sequence and debug. kids start tinkering and playing with it and were making it fun. it's like we are sneaking the broccoli into the mac & cheese. we've noticed that kids start to see their world in a different way. there saying mom, don't throw away that tape dispenser, i can use it as a part for my late

francine: we spoke to joseph stiglitz on friday, and he said anything is better than europe at the momentif that is the realization, would brussels not try to break up, or at least let the eu breakup if that is the wish of the people? >> one of the frustrations that i have -- they are separate concepts. at its core formation around cooperation is amortization has delivered lots of economic benefits. the eurozone is an unmitigated disaster and without the political will to push through integration, so unfinished eurozone is anything better. but navigating that challenge between the fragmentation in the eurozone problems is what they have to deal with. francine: and on the banking, of course. century gdp is so less according to our next guest. what would you replace it with? we will discuss that next. this is bloomberg. ♪ isancine: the gross domestic used as a gauge that is struggling to keep up with changes and technology. joining us from frankfurt is european economics reporter, who wrote a brilliant piece this morning. good morning. what is wrong with gdp as a yardstick of the economy? >

. >> stiglitz was a clinton support and he's not against trade deals but he says politics and corporaten put ahead of american workers. this week it showed 6% think the u.s. should reject that current tpp deal. overall with other economists they say it's very strong. >> it's been a hot topic in this election season. not something that trade deals would typically guide voters. >>> vice president joe biden with a critical stop in turkey today. the country fighting in the quake of that failed military coup, can biden help restore some calm? that's next. it plumps skin cells with intense hydration and locks it in. for supple, hydrated skin. hydro boost. from neutrogena >>> we're following breaking news this morning. a major earthquake overnight in central italy. cnn partner rai news reporting the death toll at allow at least 21. mayor of the town of amitrice says the town is no more. he said access roads to the town are cut off where people are buried under rubble and there is no electricity. additional worries right now, aftershocks and landslides. we'll have more throughout the morning. >

nobel prize-winning economist joseph stiglitz explores the shortcomings of the european union and its shared currency in : the euro. and capital offenses, duke university law professor investigates the difficulties in prosecuting white-collar crime. talk radio host market davis argues against liberal thinking in upside down. also being released this week, the rest i will kill, in which historian brian mcatee recalls william tillman's fight in 1861, to free his ship from confederate privateer speared jane hampton cook looks at the lead up and aftermath of the war of 1812, in the burning of the white house. and inborn bright, see-- nicole mason executive director for the center for research and policy and public interest recalls how she overcame poverty during her childhood to become a successful writer and scholar. look for these titles and bookstores this coming week and watch for the authors in the near future on book tv. [inaudible conversations] [inaudible conversations] [inaudible conversations] >> good afternoon. my name is kendra leitner and a member of the archives staff at the

top democrat adam shift and republican strategy mike murphy and nobel winning economist joseph but stiglitz. >> joe, we're going to break. >> i was reading "sports illustrated" in my econ 101 class. >>> forced the evacuation of 82,000 people overnight. bill, my gosh. from louisiana to california. fire and rain. what's going on? >> the fire in southern california, this one is about 60 miles to the east of l.a. just to the northwest of san bernardino and it was formed yesterday about 10:30 in the morning and quickly started spreading and these were new pictures we just got in. this is what we were afraid of. structures being burned in the area. 2,000 people evacuated out of this. the main interstate between las vegas and no chance of opening that this morning. you can imagine what that will do during rush hour. that is someone's home burning to the ground. heree are on the map. 27 active fires right now in areas of the west and we're watching red flag warnings where that blue cut fire is. 700 personnel and growing. using nighttime helicopters on and the forecast on that fire about 96. flood w

dr.e not as great as stiglitz, but we have seven simple policies that we think could make change andhe one that we lead with is a change in tax policy. everyone should pay their fair share and invest in our nation. that is what we're on the road to say, that we're in this together. let's make this work. amy: you are a group of nuns. talk about the significance of this. >> we as catholic sisters are used to being in community. and i believe one of the problems of our time is that hyper individualism, so what happens on the bus is, well, we are nine on the bus right now and the nine of us get off and we are already communities so everyone is welcomed and. everyone is welcome whether you agree with our politics or not. if you commit to do your part to mend the gaps, you get to sign our buzz. our hope is like creating community, we will see the needs of others and be willing to engage in the hard work of change. amy: what do you think of what has happened to the democratic convention so far? it is been somewhat hopeful and somewhat discouraging. i was touched by the mothers of the moveme

>> i just learned from professor stiglitz, this crazy thing in nafta, where companies get reimbursed and get compensated. that's crazy stuff. and that's in tpp, too. >> it should. >> what have you learned? >> that's what i learned. >> it's way too early, it's "morning joe." let's go to stephanie right now. she picks up the coverage. >> thanks a lot, joe. those guys always have a good time. i'm stephanie rue. hope you're having a good morning. we have some breaking news. campaign shake up. donald trump upends his campaign yet again. paul manafort, effectively demoted. two new trump confidants now in charge. the campaign is bragging that one is the most dangerous political operative in america. here's the question, can he turn the campaign around? >>> also breaking, out of control. a massive wildfire sending more than 80,000 residents fleeing mandatory evacuations for a total of eight communities. >> i guess it's really moving fast. we just got told, like, you have to get out, now. >> houses destroyed with no end in sight. we are live with the latest. plus, complete devastation. more t

ourselves into penury in terms of deficits and the $3 trillion over the next 30 years that joseph stiglitz, a nobel prize laureate, said the iraq war is going to cost us? not just the immediate war and all that, but all the follow-ups of the veterans and so on. bill gates sr. and the famous trial lawyer in texas, joe jamail, could easily fund reopening our courts so ordinary people can use them, so ordinary people who are wrongfullyly injured can have their day in court and not be blocked by what is maliciously called tort reform by taking people's age-old rights of having a trial by jury away from them. they could open up the courts to poor people. because bill gates sr. has made that one of his missions in life. he's a corporate lawyer, but he made opening up access to justice one of his missions in life. warren buffett, he's worth now $52 billion. for $1.25 billion, i can show warren buffett in 3 years mmaximum hhow to complpletely transform the taxax system so it is an efficient, fair source of revenue without inequities that exist today and the perverse incentives that distort investm

joseph stiglitz was critical of ecb policy.ay we focus on inflation and then the intermediate variable they thought about was the interest rate. now they have negative interest rates. and they have not worked. these negative interest rates have not -- if not done carefully, actually weaken the balance sheet of the banks. mark: deutsche bank is shooting down a media report it considered merging with rival bank. the chief said they are actually looking to get smaller and they have been restructuring in the last year. they sold risky assets and cut thousands of jobs. investment bankers are watching their bonuses shrink. financial stocks plunged this year. $2.5 billion of deferred shares come among the biggest losers bankers at credit squeeze -- credit suisse. increased in the past five months. that is according to nationwide building society. we game -- the market in housing in the u.k. was weaker, but the shortage cap prices rising. ♪ ♪ matt: labor day weekend marks the unofficial end of summer at anyone on the east coast looking

. >>> coming up, we'll talk about the biggest movers, and tomorrow, joseph stiglitz at 7:00 a.m. spontaneously turns romantic, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card. >>> the first off-shore wind farm in the united states has spread it out up off bloc