the economy? it's shrinking. gdp contracting last year for the first time in four years and consumer confidence tanking as that payroll tax hike cuts into workers' paychecks. add it all up, is it time to strike calls for more tax hikes? down. i'm brenda buttner, this is "bulls & bears." we've got gary smith, tobin smith, jonas max ferris, and john layfield and susan fox. the white house and democratic leaders still pushing tax hikes. should they be? >> absolutely not, brenda. what i don't understand is how you can propose tax hikes without looking at what the scholars say, the studies say. look, if there was studies out there says raising taxes, great for the economy, i'd get behind it. but you know what, brenda? every single scholarly study for the past 15 years has said one thing: higher taxes, negatively impact growth. it's funny, forget all that, though. if you just look anecdotally, when the left wants to inhibit behavior, whether it's energy consumption or cigarette smoking or any one of the other things the

the rfc was a milestone, a major government involvement in the economy. e industries and financial institutions could turn to the rfc for capital. this bold step didn't work. why not? it was unsuccessful because, well, i'd say if you were involved in an avalanche and it had tremendous momentum and you put up a barrier that was impossibly moderate or modest compared with that onward force, it couldn't stop it very well. the depression had become so deep, the slide so precipitous, and the decline in business so great that pouring money into the businesses to start new projects wasn't working. the problem was that the demand for goods and services wasn't there. but by 1932, millions of americans were broke, hungry, and homeless. millions more watched their lifesavings disappear as banks toppled like dominoes. in 1929, americans had saved almost $4 billion. in 1932, savings dried up, which meant no money for investment. as the reconstruction finance corporation showed, businessmen couldn't afford to invest money to produce commodities no one could buy. it took

that means anything so is the same thing for every economy in europe or economy in the world because there are six hundred trillion in derivatives the total total global g.d.p. is sixty trillion there's ten times more debt just the little basis if you add in the flow derivatives there's twenty times more debt than there is actual g.d.p. there is no economy there there's no collateral there it's just flow it's just flow it's frozen flow got during the fraud it's from float to bluff after the f. to the q it's f q it's f u q it's fraud low fee that's all there is to it that's what they generate to generate their salary bonuses that's all or is well this finance minister after saying that they're a credible country they're a solvent country they're a recovering country it's all fine he then went on to say what he meant was that the state's financial situation was worrying in two thousand and seven it's more worrying now because we've accumulated six hundred billion euros more in debt well the government has no intention of paying any of that debt that people who are workers who are not s

the economy cause a bond bubble which bursting the economy is sinking and savers are being penalized now there's an interesting study of course they said if they just let interest rates remain at five percent and let banks take the head like iceland did you know iceland are made of men they're not made of parliamentary blisses you've got a policy that's ended up bankrupting the company and the country and there's absolutely no policy going forward to rectify the situation of policy of pain relief it's like giving a terminally ill patient morphine and same with i'm not complaining about the pain anymore so i must be getting better they have actually put anything right that was wrong five years ago now they do blame the so-called neuters there's a big conversation happening in the u.k. about all the moochers living on the dole but isn't much of the city actively really form a living off. it's an interesting concept i hadn't thought about not just rather more expensive moochers i think it is not true there there are moochers they're living on the dole they're being given money they want

with whether the economy is bankrupt or not bankrupt it's not about having an accounting of the economy with inputs and outputs and a g.d.p. that's are tied to manufacturing or labor it's an economy based on transactional ism it's an economy based on financial fraud as long as the fraud keeps going then you know the economy will exist in this existential. nightmare called global financial ization a little but to suddenly say that the economy is broke as if that means anything so is the same thing for every economy in europe their economy in the world because there are six hundred trillion in derivatives the total total global g.d.p. is sixty trillion there's ten times more debt just the little basis if you add in the flow derivatives there's twenty times more debt than there is actual g.d.p. there is no economy there there's no collateral there it's just flow it's just flow it's frozen flow got to ring the fraud it's fraud flows to bluff after the f. to the q it's f q it's f u q it's fraud low fee that's all there is to it that's what they generate to generate their salary bonuses that'

it would set back congress on the economy. he cited an estimate that a sequester would cost 200,000 jobs in the state of virginia alone. that was for the full year. that should be the model going forward and that is the model we have applied to the sequestered. just to be clear, since there has been a lot of attention focused on the job lost because of defense cuts, the cuts in the non-defense, on a dollar to a dollar basis, does that result in the same amount of jobs lost? >> the effects of cuts in defense spending and non-defense spending is quite similar dollar to dollar. in some circumstances it could be small differences. basically you are right that the government is paying people to build battleships or paying people to build other sorts of equipment or structures, those will have comparable tax dollar for dollar on the economy output and jobs. >> i never understood the logic as to how cuts to defense somehow cost jobs but cuts to other government spending somehow do not cost jobs. obviously when you invest money to buil

find out what's really happening to the global economy with max comes or no holds barred look at the global financial headlines tune in to conjure reports on our. welcome to the kaiser report i'm max keiser tucker frog called the horror frog will break its bones to make claws out of them and use them as defensive weapons a type of banker called the horror banker similarly breaks the markets in order to defend itself from the risk of actually competing in the markets there's also a central banker called the fear horror banker who rips the arms off its currency in order to defend itself from deflation. creature is this then horror for. a max this central banking fee out or a frog ben bernanke and a real horror a banker had been captured in the wild by the bonsai institute and here this is the lloyd horror frog blankfein and this is horror frog ben bernanke. yes i saw that fact on twitter or fax that this horror frog exists and i thought it was a good analogy for the global financial markets and central banking monetary policy is there literally ripping their limbs off an order to defen

but his focus tonight will be the economy. : betty in pittsburg, kansas, on our republican line. caller: good morning. i would like to say, before an address such as the state of the union, we always have war and more war and threats of more war and threats of bombs and killing, and all these things happening. it is almost like we stir it up before a state of the union address. or when there is a holiday, you know that the gasoline will go up. what is the point? we need to get out of a privatized war where we cannot control companies -- corporate companies, taking more money, putting more money into the cayman islands for private use. and our soldiers are made up of the poor. they're not made up of congress' sons as they were in world war ii. host: do you plan to listen this evening? caller: yes. but you need to listen to what is not said as well as what is. host: how is what is not said significant? guest: it will be interesting, she was talking about war, i don't think we will hear a lot about foreign policy tonight. we will

he does on the economy each and every day. thank you, rich. dagen: if history is any guide, if you are in the bond market, you better wake up. we will tell you why. connell: the nasdaq ceo has been very busy lately. charlie desperado coming up on the future of the nasdaq. charlie is straight ahead. do not miss it. ♪ ♪ lori: i am lori rothman with your fox business brief. drivers are feeling the pain at the pump. the average price for a gallon of regular is now $3.59. nike shares running higher. jpmorgan raises the rating. nike promising target pipelines. this network goes before a jury today. espn is offering its competitors better licensing returns for sports programming. violating a clause in their agreement. the dow is down 20 points right now. that is the latest from the fox business network. giving you the power to prosper. ♪ connell: it is a story for you if you are a fan of makers mark bourbon. they are planning to cut that out to the alcohol. demand is exceeding the ability to produce it. the taste will remain the same

the economy? say? >> i don't think the president is correct on that. strong growth of a seven, 8% growth rate and we are not going to get anything like that, this is not ronald reagan, believe me when i tell you that. this is not jack kennedy. bill clinton did a great job as well. this isn't even bill clinton. the policies they have put into place are antigrowth. stuart: are we headed into a recession? >> i don't know. the fourth quarter 2012, all we need is one more quarter down and that would be the official definition of a recession, so we are close. i think it is pretty rocky, to be honest with you, for the next year. i don't agree with the president, although i would love him to be right and we get very good growth, but i think this next year will be a very tough year. stuart: art laffer joining us from the retirement capital of america, tennessee. is that true? >>> no, we're all hard working people. that is all, stuart. stuart: thank you, art. the dow down 100 points, off 101. that is what h

that means anything so is the same thing for every economy in europe or economy in the world because there are six hundred trillion in derivatives the total total global g.d.p. is sixty trillion there's ten times more debt just a notable basis if you add in the flow derivatives there's twenty times more debt than there is actual g.d.p. there is no economy there there's no collateral there is just flow it's just flow it's frozen flow got to ring the fraud it's fraud flows to bluff after the f a q f q q q. it's fraud low fi that's all there is to it that's what they generate to generate their salary bonuses that's all or is well this finance minister after saying that they're a credible country they're a solvent country they're a recovering country it's all fine he then went on to say what he meant was that the state's financial situation was worrying in two thousand and seven it's more worrying now because we've accumulated six hundred billion euros more in debt well the government has no intention of paying any of that debt that people who are workers who are not satisfied with their

seed corn in its wine bottles the national post says the grief state of the french economy was further highlighted after the eastern city of was forced to read its wine cellar to try and plug the gap in its budget so max they auctioned off three thousand five hundred bottles of wine to pay for social services those wine bottles went to the city of london where the central bankers and bankers of barclays and r.b.s. and lloyd's are drunk dead drunk on the street you're naming on themselves laughing because they got these stupid french people to sell the assets to pay for their fraud of course so the debt ok they're not going to admit that there is such a thing as debt but they'll take all of your wages and all of your land and all of your assets there are too tall so what are the people going to do all that's right they're going to sniff basketballs and watch porn all day finally e.-s. are no on images poverty and squalor that's the google translation of the greek headline that apparently the national broadcasting council has banned the broadcasting of images of poverty or squalor in gre

look across the economy, we see momentum building. i think that is consistent with experience in other countries after some period of time in which growth resumes. on top of that is the effect of fiscal tightening for 2013, which this year we think offsets most of that gathering strength in the economy. but by the time the economy has adjusted to the tightening this year, projections for current the law, next year and beyond we will see economic growth. there are important risks on the upside and downside, but we think it is a reasonable middle given what we have seen today. >> one and a half questions, if i could. you talk about the fiscal drag from this year. can you give us separate estimates for each of those elements, or at least specifically the sequester, and how much of a drag that would be? and there was an increase in ag spending. i wonder what the situation was there? >> on fiscal tightening, we said we saw a total of 1.5% of gdp effected by fiscal tightening. it is in our baseline projection. gdp growth would be 1.5% faster

we think the economy would be growing. but as i have said on many occasions, a path that had less government debt would by the end of the decade would lead to a stronger economy. >> even by its own admission said the debt beyond the 10-year level is going to reach unsustainable levels and the economy would suffer. what would the economic impact be if we raise taxes by $85 billion by the end of this fiscal year, having an $85 billion cut due to the sequester that also starts on march 1? >> that would depend on the nature of the tax increase. >> let's assume it is done by tax rate increases. >> it is dependent on whose tax rates were cut. but in general -- >> on the top 1% again that includes small business owners. >> if the sequester were replaced by an avifflet equivalent dollar amount, that would be an improvement for the economy because we think the pro pencity to spend would be smaller dollar for dollar than the spending -- >> the lady on the corner that owns the dry cleaning store who has her taxes increased dramaticall

to lower inflation, we plunged the economy into a recession. traded off some of our employment to bring inflation down. these diagrams present an oversimplified picture of what was going on at the time. generally, we can say that by the early 1970s, prices had a ndency to rise bere fulemployment was reached. inflationary pressures were being felt even when there was substantial unemployment in the economy. no wonder economists turned from keynesian tother remedies. sad to say, our problems were just beginning. the late sixties boom had its positive aspects-- lots of jobs and a growing economy-- but the continuing demand lled up prices. the spiral of inflation began, and there was no quick fix. once staed, it perpetuated itself. as weewere learning to cope with inflation, it was becoming more complex. by the 1970s, inflation was continuing to grow, but demand fell off and the economy stagnated. stagflation, a problem we'll consider in a future edition of economics usa. this is david schoumacher. captioning made possible by the annenberg/cpb proj

so what is the current state of the economy? erika miller talked to two experts with different views. >> reporter: it may seem strange to many investors that the stock market can be hovering at five- year highs, when the economy is so weak. but what's fueling the rally is not the current situation, it's hope. >> we've taken out some of the downside tail risks. so, we're feeling like although it's not going to be a boom-y year, at least it will be a year where we can reasonably expect that the economy will continue to, you know, make progress. >> reporter: he expects there will be a continued slow, but steady, fall in the unemployment rate. in addition, the housing market recovery is spreading. >> we've seen a pick-up in household formation. so, more people are moving out of homes, starting new families and so forth. and so that creates underlying demand for housing units. and the second thing is, we've seen those inventories of excess unsold homes has been gradually whittled away. so now we're at a more normal inventory situation

what is the source of the real income of the economy? the goods that the economy produces. ets' studies illuminated the structure of the economy, but also they did more. imagine trying to plan a major war effort without knowing the size of the real gnp that your economy is producing. as the nation prepared for world war ii, this was no academic question. the militarists of berlin and tokyo started this war, but the massed, angered forces of common humanity will finish it. january 6, 1942. president franklin roosevelt is giving the country its marching orders. the success of those orders in winning world war ii depended on the american economy. for months, the issue of how to prepare for war without actually fighting swung back and forth from congress to the white house. economists were trying to answer the critical question, how much could the economy produce and how fast? german armies moved through europe in 1940, pushing allied forces into the sea at dunkirk. fdr took only tentative steps because of pressures to keep america out of war. in 1940, congress agreed to only to

we think the economy would be growing. but as i have said on many occasions, a path that had less government debt would by the end of the decade would lead to a stronger economy. >> even by its own admission said the debt beyond the 10- year level is going to reach unsustainable levels and the economy would suffer. what would the economic impact be if we raise taxes by $85 billion by the end of this fiscal year, having an $85 billion cut due to the sequester that also starts on march 1? nature of the tax increase. bylet's assume it is done tax rate increases. >> it is dependent on whose tax rates were cut. but in general -- >> on the top 1% again that includes small business owners. replaced by an avifflet equivalent dollar amount, that would be an improvement for the economy because we think the pro pencity to spend would be smaller dollar for dollar than the spending -- >> the lady on the corner that owns the dry cleaning store who has her taxes increased dramatically is going to invest as much in the economy and continue

now the economy is still hurting. it is growing slowly but it is clearly a heck of a lot healthier than it was four years ago. and yet none of the discussion is about the short-term macro picture. it's entirely about the medium-term fiscal picture. and, unfortunately, i don't see us making any significant progress on that. frankly, anytime in the next two years but i think they are out of scale and i think it's sort of going to be ugly arguments that little progress will be coming. >> let me jump in for a second. you said you wanted us to debate. [laughter] i don't think the focus is all change to the medium-term deficit in fact the reason i think it's sort front and center is precisely because it has to be part of the discussion on jobs i do think the president cares deeply about the fact that we still have an unemployment rate just slightly below 80%, that is an unbelievable tragedy. i think realistically if you're going to do more infrastructure spending or you're going to make the kind of investments we need to mak

with whether the economy is bankrupt or not bankrupt it's not about having an accounting of that economy with inputs and outputs and a g.d.p. that's retired to manufacturing or labor it's an economy based on transactional ism it's an economy based on financial fraud as long as the fraud keeps going then you know the economy will exist in this existential. nightmare called global financial ization a little but to suddenly say that the economy is broke as if that means anything so is the same thing for every economy in europe their economy in the world because there are six hundred trillion derivatives the total total global g.d.p. is sixty trillion there's ten times more debt just the little basis if you add in the flow derivatives there's twenty times more debt than there is actual g.d.p. there is no economy there there's no collateral there it's just flow it's just flow it's frozen flow got during the fraud it's from float to bluff after the f a q f q if you q it's fraud low fi that's all there is to it that's what they generate to generate their salary bonuses that's all or is well thi

really happening to the global economy with max comes or no holds barred look at the global financial headlines tune in to conjure reports on our. welcome to the kaiser report i'm max keiser tucker frog called the horror frog will break its bones to make laws out of them and use them as defensive weapons a type of banker called the horror banker similarly breaks the markets in order to defend itself from the risk of actually competing in the markets there's also a central banker called the horror banker who ripped the arms off its currency in order to defend itself from deflation. creature is this ben horror for burning a max this essential banking fee or a frog ben bernanke and a real horror a banker had been captured in the wild by the bonsai institute and here this is the lloyd horror frog blankfein and this is horror frog ben bernanke. yes i saw that fact on twitter fax that this horror frog exists and i thought it was a good analogy for the global financial markets and central banking monetary policy is they're literally ripping their limbs off an order to defend themselves even

how much longer should the federal reserve continue to stimulate the economy? that question was intensely debated at the central bank's policy meeting in january according to the minutes released today. stocks sold off on that news, as investors worry the fed might taper off its stimulus program, sooner than expected, and before its goal of seeing a big pick up in the job market. the fed has been buying $85 billion of mortgage backed securities and treasuries every month to pump up the economy. here's what those fed minutes revealed: "many" policymakers voiced concerns about "potential costs and risks" from more bond buying. others said that the easy-money policies might encourage "excessive risk-taking" and that could have "adverse consequences for financial stability" policymakers also noted positive developments in the economy, as more businesses are optimistic about the economic outlook. nervousness about the fed's next moves pulled down stocks: the dow lost 108 points, closing below the 14,000 level. the nasdaq was down about 50, the s&p lost 19 points. >>

how did it help the economy? a lot, because he got the government out of the way of the economy. >> we trace the life of the 30th president of the united states in "coolidge," sunday night at 8:00. >> during the presidency of her husband james madison, british troops invaded the capital in 1812, she saved a portrait of george washington. meet dolly madison, one of the women who served as first lady. "first ladies, influence and image, their public and private lives and their influence on the president". season one begins presidents' day on february 18. >> the house progressive caucus today unveiled a plan to cancel the automatic spending cuts scheduled to take effect march 1 and replaced those in $900 billion in new tax revenue. congressman keith ellison and representative grijalva are co-chairman of the progressive caucus. >> my name is keith ellison i'm co-chair along with representative gri halla. and members of the group are looking at this fiscal situation that our country is facing and we have a vision of ho

he needs to continue talking about the economy. rs for this week, it's very disturbing just in anticipation of the defense cuts in the sequester we saw a shrinkage in defense spending. it's going to have a considerable dent to consumer demand if this sequester goes through. that is going to be tough for the president to deal with. at the same time because of what michael says the public on these issues, there's a magic moment for immigration reform right now and maybe gun control. those are issues you have to push very hard on and can't lose focus on. those senate democrats up for re-election in red states who he's asking for help on those two issues are going to say come april if those numbers deteriorate you have to know what to do on jobs. you have to talk to americans about the economy. >> before we take a break here, tell me quickly, what is there to be done about the economy that involves congress at this point? >> a lot to be done by the executive branch. basically the unemployment rate of 7.9% is deceptively low. we have ove

liz: peter, job growth, and the economy. what are we expecting the president will say in his state of union. >> i think a lot of the same proposals he has made in the past and repeated that particularly on budget hements the quote, balance -- want the quote balances approach, that includes new tax revenues closing loophes, and limiting deductions for taxpayers, we hear him propose potentially, i don't know if he will get into this but say he has said he is willing to look at changes in medicare, we might see specific on means testing which republicans agree with by the way, but i'm not sure we'll hear him say he will change formulas and calculates social security benefits, white house said that is a separate discussion. liz: maybe news -- a reform tucker that is a news flash, president talks about means testing. >> and also he talked about tort reform during the lead up to obamacare, it was not in the final bill, the things he talks about are not necessarily the things he pushes for. liz: private equity? >>, among others, a m

bases and the global economy. gfi group is an american company headquartered in new york city with shares trade on the new stock exchange. gfi employs close to 2000 people and over a dozen offices and most of the world's major financial centers. as you meet us when gfi employs are hard at work around the globe and here in new york and executing billions of dollars in transactions across a range of foreign exchange, interest rates, treasury, credit, equity, commodity and energy. gfi group is a wholesale broker come sometimes called an interdealer broker. the rest of the industry go back over a century in the world's major financial centers. gfi has institutional clients in transacting exchange listed products and also operates exchanges for things that don't trade on traditional exchanges, instruments that are instead traded over-the-counter such as swaps and other derivative instruments. 15 months ago congress passed the dodd-frank act including title vii that requires when possible that stock transactions be clear

they are crossing the iranian economy. we have not seen whether it as changed the mind of a regime so it is ready to give up the pursuit of nuclear weapons. the president has made clear it is unacceptable for iran to have nuclear weapons. i firmly believe these economic sanctions are preferable to war but we must pursue them. >> with weapons --with reference union state of the address, the president mentioned the growth of the economy. what do you see yourself as the role of the treasurer in being part of creating a growing economy? talks the secretary of treasury is the senior member of the president's economic team. i worked on the team from various perspectives. the treasury secretary should ask what we can do to help the economy moving and creates the possibility that every family is willing to work hard as a chance to get a decent life. there are many things we can do. i am an optimist by nature but i also believe you have to keep working at it. the president proposed and then to the american jobs axed a number of prop

is it, to the economy? >> well, first of all, it's substantial to the people affected, no question about that. in terms of its impact on the economy, we recently did a study that suggested if the sequester goes into full effect march 1, want impact will be to knock .6% off of growth this year. that is if we thought the economy was going to grow at about 2.6% without the sequester, that will be reduced to 2% with the sequester. >> tom: for this year, we're talking $85 billion potentially taken out of the growth of government spending between march 1 and the end of september and a $4 trillion budget. proportionally for median household income that's the equivalent of $1,000 out of a $50,000 income being taken out. how can that impact economy so much? >> well, it's-- it amounts to something like an 8% cut in the level of government services, other kinds of government expenditures, and at the margin, that's enough to have a noticeable impact on economic growth. now, remember, it's 80-odd-billion over the second

>> i'm not sure it's a good thing for the economy. i don't think it's a bad thing for the economy. think it's a bad thing for small and medium sized businesses, but look, when you have apple who has more money than the u.s. government, but of course, we all have more money than the u.s. government, there's no real place to put this money, and what jonas talked about with this, give it back in dividends which a lot of people consider lazy and uncreative to try to go out and buy company. the rich are getting richer and the big companies, the only place they can use the huge acquisitions to put the huge pile of cash to good use. >> brenda: gary b, we talk about the markets be in record highs or all-time highs and we were basically where we were six years ago. >> exactly, brenda. in fact the nasdaq is way below its all-time highs, so there's plenty of room to grow and getting back to, you know, larry and jonas made excellent points. normally merger activity is a harbinger of an improving economy and i think the stock market could break higher. the only point, jonas said about buffet alw

the economy is sluggish as you well know. do you expect any pro growth measures from president obama in tonight's state of the union. >> i sure wish he would talk about growing the economy. that he is just right there diversed. but i'm afraid he won't. i'm afraid he will be talking about increasing taxes and that is not going to take care of this pro growth tax reform. using energy resources. those are the types of proposals that he needs to make. that is what creates a lot of revenue. that would reduce our deficits but that is not the change of the course unfortunately. >> might obama surprise us tonight? larry summers wrote about this. might he surprise us and be more pro growth? >> he is. he has to have a strong middle class. the middle class has been under attack. and i think what you are boeing to see this president is going to want to put middle class people to work. we want to help the middle class but we have had the obama formula. we have had the spending and the temporary tax rebates and we haven't had the growth. wh

the economy. how do you capitalize? start with understanding that today smart is the new rich. who better to have on than the smartest, richest man in the u.s., bill gates? you'll hear from him in a moment. >>> plus, media mogul arianna huffington on creating jobs. first, the soaring stock market. does that mean the economic recovery is real or is something else going on here? >>> looming budget cuts. >> we can't keep spending money we simply do not have. >> tax uncertainty. >> the deficit is still too high. >> gridlock over how to fix it. if it weren't for politicians in washington, 2013 could be a boom year. take a step back. your home, your investments, your job. the three ways most people build wealth are all set to take off. home prices rose 5.5% in november, biggest jump in six years, stocks are at five-year highs, near records. the dow is up 800 points in just four weeks. jobs are coming back. things are looking bright in 2013, but to capitalize, you'll have to get ready. and get smart. beca

today, archaeologists struggle to reconstruct the economies of the ancient world, because an economy s essential to any society, past or present. to understand the evolution of economies is to better understand people of all places and of all times. captions by captionamerica, pittsburgh, pa. funding for this program was provided by...

is again living the good life in fact bonuses for wall street exacts are up eighty percent as the u.s. economy struggles r.t.l. looks inside the profits of big banks and wall street. and trying to keep your e-mail private dotcoms megaupload says they are going to offer encrypted emails will this work plus has apple lost its now to peel we'll talk tech buzz later in the show. it's thursday february twenty eighth four pm here in washington d.c. i'm liz wall and you're watching our. we begin today with significant new developments in the case of bradley manning the young man accused of the biggest breach of classified documents in u.s. history pleaded guilty to ten of the twenty two charges against him he pleaded not guilty to aiding the enemy the most serious charge against him today the alleged whistleblower spoke on the stand and read aloud a thirty five page statement where he defended his actions he said in his testimony today quote i believe the public release of these cables would not damage to the u.s. however i did agree that the cables might be embarrassing for more on the new details a

so as the u.s. economy goes goes the rest of the world we just know that to be a fact in the united states is absolutely just i don't know money in there being a lot of signs and you don't understand how for china it is martin go ahead go ahead finish your point ok but you're going to have some of the same time as the size of the economy ok all right ed then we'll go back to martin well the facts are that that's what it is i just want to say sorry saw it. denby and again i just want to say we just got the news that china eclipsed the u.s. in trade so if you're looking at the total number of exports and imports of goods in the united states last year that was three point eight two trillion china right point eight seven trillion and if you're looking at the g.d.p. statistics are conscious when you look at the nominal g.d.p. but you need to look at the purchasing power adjusted g.d.p. that really reflects the real size of the economy because on that basis the renminbi is actually still undervalued and so china