the property bubble with chinese characteristics. this is not a sector that highly leverage this. households have very strong balance sheets. but property investment and all the associated investment in china is very, very extensive. associated with the proper development. it slows down and will lead to growth in china. that will certainly have the impact. as they mentioned, suppose trade in the eurozone really collapses whapping in a major recession. the so-called balts mining in china, it could fall by 8% more by itself because of the deterioration in the european situation which would bring it down to 7%. suppose the property bubble got more extensive and pervasive in the economy and affordable housing and other sources of demand rise up, maybe down to 6% the elements of a hard landing highly unlikely because we have very strong balance sheets. very low loan ratios. the government step ten. these are all kickbacks. the kind of financial collapse that you will see elsewhere. reserve levels are very high. the budget actually is running a significant amount of surplus, revenue pouring into china, so the budget is quite strong. all the things that the government is dealing with, the potenti

in the paper couple days ago reuters had a report that china has agreed with the nation's -- associated southeast asian nations that trading in that block will be done in chinese yuan rather than in dollars. that i read something yesterday that flew in the face of my magic trick. it seems that the legislature of louisiana. this just happened in the last couple days, legislature of louisiana passed a law that says people who sell second-hand goods cannot accept cash for those goods. they cannot. in the first place, this strikes me as probably in violation of federal law because if it is legal tender it is legal tender. secondly, it raises some really interesting questions about the direction of the dollar. if cash isn't good any more than what in the world are we going to go to? that is a long winded way of saying -- that is what roadblock. >> that is louisiana you are talking about. >> let me throw a question out to both of you to start out with and frozen specific questions about the books. we are in the middle of what everybody seems to agree is an economic crisis around world. part o

the season. reporter: about 70% of american families choose artificial trees. most of these are made in china according to the national christmas tree association.al trees, however, are grown in the united states. these were grown in shepherdstown, west virginia. you can learn some fascinating things hanging around a christmas tree lot. for example, this tree is a douglas fir. it's native to new mexico and grows in the rocky mountains south of santa fe. they harvested the seeds from this tree, brought them back to west virginia and they grow great. from bethesda, maryland, dick krantz, fox 5 news. >>> the family of a missing sanitation worker is holding a vigil. we have the very latest in the search for chuck duckett. >>> when you think about discount retailers, you might not consider pawn shops. business is booming and some say it's the best deal for holiday gifts. [ female announcer ]ú at verizonfios.com, you can choose your channel package. ♪ you can choose your own internet speeds. ♪ you can even choose to chat with a live person. ♪ now you can choose to save $35 a month for fios tv, internet and phone for just $79.99 a month, plus get a

socialist party in france, the social -- socialist party of spain are all from marx's thinking and he's only so is -- associated with the atrocity. >> charlie: if they looked at china today what would they say. >> i think they would be horrified. china is a capitalist state. >> charlie: there are those who say state capitalism has rescued them and the same capitalism that brought more people into the middle class than anything in the historyof the world. >> right. but there's a evolution isn't there and this is a stage this is an early stage perhaps the state capitalism where there is an expandingmiddle class in a consumer society and a booming economy. but there's a natural progression of that and we've seen it in our country. that the excesses of that top few begin to kind of take over and the middle class then is absorbed in the lower classes. i think this is just the beginning of capitalism of china so we can't call this a mature ste. >> charlie: do you think capitalism in america is a failure. >> i do. i'm not in any way a marxist, i just think that a society that's this unfair and this skewed toward the rich that are taking, it's taking away the social respon

china, and why now? >> i heard that the chinese government had built for the national television association, whatever itas, a series of replicas of chinese palaces. i saw them, and i thought, these are the greatest assets i have ever seen. a design the picture around those assets. there is a low wage scale in china, and producers want to do co-productions with americans. we will shoot in the city that nobody had ever heard of, a city of 13 million people. you know, having been there, how many huge cities are in china. tavis: a dozen city that have about 15 million people in each city. >> by chinese co-producer who told me about to over 13 cities all of which have populations of over 10 million. most of which people in the west haven't even heard of. tavis: there are millions every year moving from the outlying areas into these cities. we did a wonderful -- the earlier, we did a week-long special on this show about our trip to china. we had a great time. >> i love chinese food at a have a lot of it. tavis: they are honored to have roger corman come visit them. i hope they understand the blessing they hav

the demand for automobiles in china. it's all worry for the environmental impact on the planet. >> daniel yergin in his newbook. he is the chairman of ihs cambridge energy research associates and he has been on panels talking about energy use. welcome. >> thank you.you write here a ls have changed. >> first the collapse of thesose disppearance and the rise of china. china had a couple of words and it's the only country at that gets two chapters of it's own. >> one major question at thatres abouwhether and how quickly the world is running out of oil. >> right. >> you argued and you arguedhert such fears are exaggerated. >> it's a contentious andemotio. it goes through cycles when prices are high and ma ar markee tense. we are seeing production in the united states in ways that were not expanded a couple of years ago. that doesn't european ther thera big challenge for a world that china and india become big players the notion that we will run out soon is not borne out by the evidence. >> is it a certainty or you aret you see around the world. >> it's the assessment ofreserve world and you see things that no one expected north dakota to be the fourth producin producer ine uni

the demand for automobiles in china. it's all worry for the environmental impact on the planet. >> daniel yergin in his newbook. he is the chairman of ihs cambridge energy research associates and he has been on panels talking about energy use. welcome. >> thank you.you write here a ls have changed. >> first the collapse of thesose disppearance and the rise of china. china had a couple of words and it's the only country at that gets two chapters of it's own. >> one major question at thatres abouwhether and how quickly the world is running out of oil. >> right. >> you argued and you arguedhert such fears are exaggerated. >> it's a contentious andemotio. it goes through cycles when prices are high and ma ar markee tense. we are seeing production in the united states in ways that were not expanded a couple of years ago. that doesn't european ther thera big challenge for a world that china and india become big players the notion that we will run out soon is not borne out by the evidence. >> is it a certainty or you aret you see around the world. >> it's the assessment ofreserve world and you see things that no one expected north dakota to be the fourth producin producer ine uni

help the alzheimer's association protect them. act now, go to alz.org. heather: chinal might, conducting drills off the horn of off ka. africa. this is the third anniversary of china conducting missions in that part of the world. china moving to beef up its presence in the indian ocean, using as the seychelle islands. gregg: a very sophisticated network claiming to be robin hood, hacking into a u.s. security firm that handles everyone from apple, to believe it or not the air force. their stated goal, stealing from accounts and giving the loot away as christmas donations. peter brooks, former cia officer, now a senior fellow at the heritage foundation. beater g tpeter good to see you. >> good to see you. gregg: you say there are three areas we should be concerned about. cyber activism. let's talk about that first. >> that's when a group goes out and high school a political statement it wants to make or advance some sort of agenda. it can be generally harmless. it is intrusive and it messes with people's cyber capabilities and computers annette works and things like that

china. it's hard to set the and private is better off with the oil from canada being processed by china rather than the u.s. as noted the members are united associate professor with a highly trained and qualified pipeline workforces in the world. in addition what type lines are the most of i'm is a safe method for transporting petroleum products, transcanada has pledged the keystone xl the safest of all pipe lines in america. by using function resistant steel, coding python with a corrosion resistant shell, bearing a deeper under the ground and installing 24 outsmarting systems and yes, signing the agreement with the best workforce in the world. let me make one additional point in closing. there are pipelines in the u.s. that we should be concerned about. across the country are thousands of miles of 50 and 100 years old oil and gas pipelines that are well beyond their useful life. we have seen increasing numbers of these pipelines explode or burst causing senseless deaths and jeopardizing public health. one example, the kalamazoo river, an older pipeline that should've been replaced sometime ago. .. >> you have five minutes, thank you. yes, turn on

china. elizabeth prann is live in the atlanta newsroom with those details. hi, elizabeth. >> reporter: the average retail association this year. so the local businesses are telling us that consumers this year are buying local. >> madeline is doing what she loves to, making a living at the same time. >> i appreciate the support from the community. >> support, from customers who are choosing to buy directly from local artists. instead of buying imported gifts this holiday season. >> everybody is concerned about money and the economy. you think twice where you put your dollar. you want to put it in your own community. >> reporter: small businesses tell us customers are aware of spending money on hand-made items versus these is helping to revitalize the local economy. >> this creates a pattern, a cycle of growth of invigoration, of productivity for your own community. and what it maybe does is it bolsters the community. >> malini owns the beehive, atlanta store filled with work from local artists. she says the shoppers are spending money knowing it is staying in their community. >> not only are you buying from a small b

associated with the 12% property development. a slowdown and the property sector will lead to a slowdown in a growth rate in china and that will have an impact next year of going to 8%. how will it go lower? supposed trade in the eurozone really collapses? it could fall by 1% by itself because of a deterioration in the european situation and that would bring it down to 7%. if the property bubble got more expensive and pervasive in the economy and affordable housing dries up, maybe down to 6%. the elements of a hard landing are possible in the coming years but probably unlikely. the collapse scenario i would say is highly unlikely that is because you have very strong balance sheets and the fact that you have low performing loan ratios. the government stepped in with state bank city will not see the -- the government will step in. the banks are all state-backed, so you will not see the kind of financial collapse you might see elsewhere. reserve levels are very high. the budget is running a significant amount of surplus with revenues pouring into china. all this means that the government has flexibility in dealing with a potential dow

association of america, we now know what model those pushing the stop online piracy act have in mind for their efforts to create a host of crippling restrictions on internet activity. dodd positively referenced china'souldn't do business, they managed to block sites. yesterday the bill's opponents were able to convince house judiciary committee to delay vote until 2012. we know there when-r a whole host of social problems to which china has answers which don't merit our own adoption. finally, since it is the holidays, we now know which north american public official has the singest best 2011 christmas card picture. the mayor of san juan, puerto rico who posed his family, your typical family staring out while a leopard savagely sinks a teeth into the gazelle, you know, like you do. what do my guests know they didn't know when the week began? we'll find out after this. >>> want to find out who my guests know they didn't know when the week began. i'll begin with you, errol, what do you know that you didn't know when the week began? >> all the hoopla about the iowa caucuses on the republican side, the candidate that has the most offices open and apparently some of the most impressive ground forces is a

china have fallen for the second month in a row. the drop in car sales has heightened concern that the chinese economy may be slowing down. the china association for automobile manufacturers says sales of new vehicles in november were down 2.4% from a year earlier at about 1.65 million units. the group says people in china are buying fewer vehicles because the government has made it harder for them to get subsidies for fuel efficient models. they say chinese people are spending less because they're worried about the impact of the european debt crisis. china was the world's biggest market for cars last year and the year before. sales of new vehicles in china were up 32% last year at 18 million units, but the growth looks likely to slow down considerably this year. the auto industry buys products ranging from steel to electronics, so industries are electronics, so industry observers are worried that a slowdown in car sales in china could be a drag on the overall chinese economy. >>> japan may ease restrictions on u.s. beef due to concerns of mad could you disease. it was prompted by a worldwide plunge of cases, including in the united states. ja