the last decade or so. they are a smaller economy. china is only promising by 2030 to basically start curtailing, you know, carbon emission levels. but what level will they be at by then? >> surprise, surprise, they are cheating on the numbers. we knew they were cheating but not this much. why make a deal with somebody cheating on the numbers like this? >> listen. they are a big player. we need to continue to engage them and be diplomatic about this. we can't just walk away and not talk to them. it's important that we continue to engage them and go through diplomacy and continue to do that. >> mike, you think income redistribution is at the heart of this. for years the obama administration told us the ice is melting. there is actually more ice. they use it to increase regulation and taxes to funnel money to his friends who make solar panels and punish coal companies. >> a lot of deals have the idea of moving money from rich to poor countries. >> don't make the deals. let's chaer on china. here is a once desperately poor country that in

there really is a disconnect between the market and the economy. i think, if you look at the market over the last, say, five years, this market has been one of the best bull markets of all time. i don't think you would say the same thing about the economy right now. that this is one of greatest economies of all time there is a massive disconnect because of the fed and the easy money out there that there aren't cops to put money into somewhere else. you don't have a place to put money other than the u.s. market. and that's the reason for the roaring stock market, not the underlying fundamentals of the. >> good point. lisa, we talk about big numbers. billions, trillions over the years. trillions and trillions and trillions. what does it really mean to me? your eyes can glaze over when you this see. to the average person out there, what does this debt deal mean to us? >> when your debt-to-gdp ratio gets too high, it slows down economic growth. what that can mean for middle-class families and families across the country are higher interest rates. if you

they want to get that money out to the real economy. k in terms of the actual euro/dollar currency, what is going to be important is to accompany it with more q.e. jonathan: richard jones and manus cranny. francine lacqua on "the pulse," the e.c.b. will do what it must to raise inflation quickly. they are worried about it for a long period of low inflation. will it become embedded? a concern. a big question for the markets. this morning, weaker euro the story of the market. down by half of 1%. the bond market, if you're looking at bonds rs largely unmoved. the dax pretty much flat. so much to discuss in this market of monetary policies as we enter a key month for global markets. if you want to talk markets, i'm on twitter at ferro tv. best of luck for the rest of your day. ♪ francine: whatever it takes. mario draghi says he will do what is necessary to raise inflation as quickly. the euro falls on his comments. manus: abn amro raises 3.3 billion euros and it returns to private ownership. shares are trading above the ipo prices. francine:

it's the economy, stupid. our whotv iow6a state university poll found no other issue's more important to likely caucusgoers right now. but we wanted to dig deeper into the numbers. here's what we found. men seem more concerned about the economy than women. 28 percent of men picked the economy as their top issue about 18 percent of women did. something surprised us on the economy issue. that's when you look at people's views on it based on the amount of money they make. those making under 25,000...the poorest of the iowans sampled. they cited the economy as their top issue less than other income groups. 17 percent of iowans in that group picked the economy as their top issue. the income group that chose the economy the most...those are people who make between 25 and 50,000 dollars. that is the income level where the a republican who's gaining ground in several polls will be here this weekend. ted cruz is making a three day swing through the state. the schedule of his first day shows him campaigning for ten hours

it is the second biggest economy in the world. these processes are never perceived smoothly. -- we'll have to deal with it. >> janet yellen says there is a possibility that the fed will raise rates. guess up when they will raise rates? >> the fed will do what is necessary to achieve -- >> that is very brave. you may have some basic scenario? >> in the end, the way we look at it, they will pursue a path of interest rate adjustments that are consistent with keeping with price stability. the u.s. economy is performing quite well. this is not the economy of precrisis years. that economy was of the table. it is performing well. we see it growing in the high twos. that is material for demand for the u.k. and one of the reasons why we see our economy continue to progress. i in quite confident that they will make the right decision at the right time. i am quite confident that they will make the right decision at the right time. familiar tofeel you? it is familiar to all central -- we are all as reliable as we can be. when i say i am confi

we see the chinese economy slowing to about 6%. china is at the center of this but this is not just a china story. >> when you say best estimate, you said before about china's numbers being murky. you said the prospect of banks -- how much do you worry about how much bad stuff there is on the balance sheets of chinese banks? >> i think anytime you have had a sharp increase in credit growth as you have in china and non-japan asia, one can expect there will be an uptick in nonperforming loans. we have not yet seen that. the increase in private credit, the increase in aggregate credit in china has doubled to more than two times gdp over five years. as the economy slows and is normal growth slows in china, to put a figure on that, chinese nominal growth was about 20% in the immediate aftermath of the crisis. it has slowed to about 6% at present. the debt dynamics get more difficult. one would expect there would be an increase in nonperforming loans and banks would have to adjust to that. >> do you think they are measuring it correctly?

the economy marked negative growth for a second quarter this year. the capital expenditure and household consumption seems really slow, really weak at the moment. growth marked in the household consumption is a little bit brighter spot for gdp numbers for this fiscal year. but i think that it is not fully recovered, fully retrieved, the negative growth mark, in second quarter of this year. i think the underlying trend of the domestic demand is still very weak. mainly caused by the weaker minimum wage growth. in terms of the corporate activities i think that the corporate sector's mindset have not recovered yet. and that's why the corporate sectors are still reluctant to spend their money into their corporate investment. >> so then what are you expecting going forward? we are already at the third quarter. what's next? >> what's next, i think that gdp numbers pick up into positive territories given the -- according to the data released recently. but i think that it's not enough to have the gdp numbers, full numbers of gdp, to pic up to the positive terr

the economy the most important issue for americans deciding their vote according to the fox news pole. 38 percent i should say economy is the most important issue. which candidate fared best on money matters? political panel from the accountability project and columnist at city and state ny evans. thank you for joining us this morning. >> you have been here before. dÉjÀ vu. we have a lot more details this time in this debate. let's start with the winners and losers in terms of the economy. we said most important to viewers. who did that? >> as a democrat i have to say everybody on stage was pretty disas strouss from my perspective. there will be differences between democrats analysis and republican analysis. a shocker, i can't believe i am saying this, i think donald trump won on the economy. mostly because he's really standing for the middle class. he leads a progressive tax system. >> john kerry in 2004. >> maybe because he was hanging out with democrats for so long. >> even though he said he would not raise the minimum wage. to be fair i don't think anybody on stage beliefs in that

that is not the sense we have about the economy right now. so, absent any evidence that you want to the brakes, i don' t know why -- what the strong case would be for raising rates. i will tell you this, and this is something i don' t think is getting the degree of concern that it should. on average, about every seven years, we have had to cut interest rates by about 300 basis points to keep the economy stable. it has been seven years, that is sense this recovery began, we are entering the seventh year of recovery, so sooner or later that need will co me, and i' m gary: a candidate suggested that the fed was somehow working with the government to make certain that it was not going to be a recession until after the next president was in office. in fact, they were not doing anything in terms of interest rates and it was some sort of collusion. your thoughts on that are what? sec. summers: that is nonsense. it is not the first thing donald trump has said that was nonsense, it is not the last thing i suspect he will say fed is nonsense. the idea t

it's the economy, stupid. remember, that's the line made famous back in 1992. bill clinton's campaign used that line to make president george h bush seem out of touch on the everyday issues of everyday americans. today, it still seems true. it's the economy, stupid. our whotv iow6a state university poll found no other issue's more important to likely caucusgoers right now. but we wanted to dig deeper into the numbers. here's what we found. men seem more concerned about the economy than women. 28 percent of men picked the economy as their top issue about 18 percent of women did. something surprised us on the economy issue. that's when you look at people's views on it based on the amount of money they make. those making under 25,000...the poorest of the iowans sampled. they cited the economy as their top issue less than other income groups. 17 percent of iowans in that group picked the economy as their top issue. the income group that chose the economy the most...those are people who make between 25 and 50,000 do

matt: i hope that they try to run on the obama economy. it's telling that the poll of iowa democratic caucus goers just as we can come and 9% more i would democrats trust bernie socialist too refused to describe himself as a capitalist, trust him with the economy more than the trust hillary clinton. it tells you where the eye would democrats are right now. a party very much on the left, that's going to be a tough argument for democrats trying to cut across the political spectrum, that we should have social or it -- socialist policies steve:. we have more on "close up" straight ahead. can trump win iowa? when we come back i will be joined by our political analyst science professor, dennis steve: welcome back to "close up " on this sunday morning. joining me now, familiar face, drake university site -- dennis goldford. we begin the show by talking about isis terror attacks and the threats made by that group. do these recent events have the momentum to kind of redefined the campaign for the democrats and republicans? dennis: at least right now

the u.s. economy is performing well in a new normal sense. this is on the u.s. economy precrisis years. that economy was ultimately unsustainable. is performing reasonably well. we see them growing in the high twos over our forecast horizon. that is one of the reasons we see our economy continuing to progress. i am quite confident they will make the right decision at the right time. i made a point in the press conference today. i think the fed has been as transparent as they can be about a decision they have not yet taken. >> does that feel familiar to you? >> it feels very familiar. the point i was trying to make earlier is it is familiar to all central bankers. >> janet yellen is not a bad girlfriend? [laughter] >> we are all reliable as we can be given that we have to do with events as they come forward. when i say i am confident they will take the decisions necessary, it is because i have a reasonable understanding of the reaction function, how they will adjust monetary policy. >> in terms of your timing, does that play a role? i know it is good to play the p

the u.s. economy is performing quite well. this is not the u.s. economy of pre-crisis years. is performing reasonably well. marks: it is one of the reasons why we see our economy continue to progress. i think i made a point in the -- a conference, i think better decision that they have not yet taken. it feels very familiar to me. i was trying to make earlier, it is familiar to all central bankers. [laughter] >> when we are all reliable as we can be. when i say i am confident that they would take the decision that is necessary, it is because i have a reasonable understanding of their so-called reaction. how they will adjust monetary policy. timing -- we your don't need to worry about what is happening in america. , it does raises rates, it should make a difference. mark: what matters most to our timing, the u.s. monetary policy adjusts. that economy is continuing to grow above trend. there is inflation in that economy and it is appropriate to do so. i frequently remind people of at thisl one can look past history since we became -- two of the five times the bank moved before t

the economy is very well focus. they need to show american voters how they will grow the american economy. the stakes are high. we will get answers. joining me today with a preview is our all-star lineup. one-time front-runner herman came, karl rove and an all-star team from fox business. the economy again front and center. the issue on tomorrow's big debate. we have lou dobbs that has a special report tonight ahead of the big debate. we have maria bartiromo. the 7:00 p.m. event along with sandra smith. maria, given the news and jobs in the economy, what do you think that we will here? how do you think they will distinguish themselves? >> the biggest untapped secret is that the fox business network will stay on the issue. job creation, wages. job creation 40% of the american working age americans without a job. they have stopped looking. they have given up. trade issues. there are a number of economic issues that matter to the american public that we will get into. i suspect the candidates will be about more forthcom

is he going to talk about the economy and how would he describe the state of the chinese economy? >> during the course of the visit the two presidents will cover much ground. they will talk about the world economic situation, the economic developers, the respective economies and the economic policies. it is very important on the macro level that the two countries have more coordination of their policies. but let me point out that since the outbreak of the financial crisis seven years ago people have all worked very hard to revive the world economy. it is not as far as people have expected, but that does not mean that we should not continue our good efforts and china has done its part. we are no longer having double-digit growth rates. it's just like a high jumper, the higher you go, the more difficult to raise the level. on the other hand, we still have a handsome 7% growth rate here in china. of course, china is not free from its own set of challenges and problems on the economic front. of course, there have been some ups and downs in the stock exchange market, but given china's e

to grow the american economy? that is the most fundamental question we've got to answer. we're on the path to socialism right now. [ applause ] >> these are mutually exclusive. hour is late but not too late for america. under president obama, you asked about his economy, we've got record dependents, record number of americans on food stamps, record low participation rate in the workforce. this is a fundamental choice, sending a big republican government of d.c. is not enough to fix the problem. not enough just to beat hillary clinton. we've got to change the direction of our country. what that means is let's shrink the government not slow growth rate, but shrink the government to grow the american economy. that is the fundamental issue we should be debating here tonight. moderator: all right, governor jindal, thank you. governor christie, have you said that the democrats' message is one of, quote, free stuff. in contrast, republicans want to reduce spending. how do you win a national election when the democrats are

the united states economy is a big part of the global economy. also runs a big trade deficit which means we're kind of a consumer of last resort for a lot of the global economy. so if you've got the rest of the industrialized world, especially europe and japan, growing slower than they'd like, i think you want to be really sure we're not shutting off one source of demand growth for those countries as well. so i think that's surely got to be on the minds of fed policy makers too. >> bricklin dwyer who is with bnp paribas. josh bivens with the economic policy institute. thank you both tonight. appreciate it. >> thank you. >>> stocks ended the day little changed after that strong jobs report. gains in financials offset a big drop in utilities which is an interest rate-sensitive sector. the dow jones industrial average rose 46 points to 17,910. the nasdaq was 19 points higher. the s&p 500 was off a fraction of a point. for the week the dow and the nasdaq were more than 1% higher. the s&p up nearly 1%. the yield on the benchmark ten-year bond rose tod

and the $40 million roughly corresponds to the 0 growth of the world economy. the gold is really the measuring stick of value that far exceeds the measuring stick of any currency. currencies have become meaningless, and the recent they have become meaningless as a measuring stick is because they're part of what they measure. and the essence of a measuring stick, it has to have roots of value outside the domain it measures. and you don't put measuring cup in the cake and not allow the plastic to melt and pervade the cake. but that's what our money policy essentially does. it takes the measuring stick and puts it in the cake and it results in a hyper trophy of finance. the economy is now 35% of all profits are generated by financial activities rather than by actual real economic production. and that is dire problem. >> host: what exactly -- let's take a step back. what is the gold standard. >> guest: the gold standard is a method of valuing goods and services by a specific amount of gold, and the reason gold -- the gold standard works in this capacity as a measuri

you've made a very precise critique of the current economy. what would a presidency, a fiorina presidency, look like in terms of a new economic plan? ms. fiorina: well, i think there are two components to it. first, we need to lift the weight off the job creators in this country. and the job creators actually are small, community-based, new family-owned businesses. they create two thirds of the new jobs in this country and employ half of the people. and we are crushing them. we are literally destroying more than we are creating every single year now. and so it's no wonder that our economy is growing at 1.5% or 2%, and it's no wonder that we have record numbers of people either out of work or folks who have just quit looking for work altogether. so we have to lift that weight off. and specifically, what that means is that we need to simplify the tax code dramatically. 73,000 pages and counting is our current tax code. which, if you are a big company little company, you can't. and i meet lots of small business owners who literally don't understan

the fundamentals are the u.s. economy uniquely. there is no new normal for the u.s. economy. the yield environment would have likely expected the financial prices even earlier than that. there is nothing to see here. that is unique to the u.s. muchlower price rates and lower yields. guy: the u.s. could be back in recession within two years. >> of course it could be. guy: when we look at what is happening with the fed, the let'sof the rates now -- assume december is a done deal. maybe we need to start lessening regarding theons rate hike and the gaps. what should our expectations be? >> we have do a to december to find out what they will do. the feeling is, the rate will be low in the u.s.. demographic effects are still pushing down. the u.s. has more leverage than it did in the precrisis decade. market istually, the a little bit too low. rates will go up eventually. >> on the showed side, the do it.ot they may go under that. 2-3they do that, the next years are up. you are creating and other financial market potential crisis down the line. it is very similar to the one that hap

the economy is growing. result i think the future is rosy for europe. >> i'm fascinated by human behavior near -- never needs to factor in some of these decisions. >> the people who populate the fed the day actually believe that if they can keep money cheap enough long enough, it may kick start the economy. >> thank god for the federal reserve. thisut the federal reserve country would be in a much, much worse place given the events of 2008. >> the single biggest mistake of the financial crisis was allowing lehman brothers to go bankrupt in an uncontrolled way. if i had time, i could've fixed the problem and it would've been a better outcome. i you had to look today, think the place there is more risk is in the non-bank, the shadow banks. >> this is a terrific report. the most interesting number was the wage growth which was the last confirmation that we are getting pretty tight in the job market. i think this will confirm janet yellen's point that the economy is performing well. stephanie: talk about going ou

president draghi tells european parliament that the risk to the economy are visible. the euro weakens against the dollar. rolls-royce plunges. shares sink 15%. after the engine maker has a profit warning on the climbing demand for business jet engines. and earnings beat in a buyback. lehman's shares rise -- as it plans a $3 billion buyback. siemens shares rise as the engineering giant plans a $3 billion buyback. welcome. this is "the pulse." mario draghi is speaking in the european parliament right now. pastid that q.e. will run september 2016 if needed. aredownside economic risks visible. his comments had driven the euro lower against the dollar, sterling and yen. the fed is, as expected to hike rates, widmark the first time since 1994 there was monetary policy diversions between europe and the u.s. back then, janet yellen was teaching at university. mario draghi was a senior civil servant in the italian finance ministry. europe's benchmark break was set by germany. that months, the fed boosted benchmark rates to 3.5%. the buddhist bank cut its discount rate by half a

we've got the u.s. economy and the fed on one hand. on the other hand, there's china , with president xi jinping saying the economy faces considerable downward pressure. let's look at how the markets in europe are reacting. just opening here and it looks like it could be red across the board. ftse 100 down. dax down over 0.5%. , almost byweaker too 0.7%. let's take a look at the dollar. this is going to be the currency in focus today. looking pretty flat, but it is at a seven-month high against the euro. look at the dollar index. the bloomberg dollar index tracks the dollar against a basket of 10 major currencies. that is at a record high. that is the dollar. i'll keep you up-to-date on equities. we've got to look at the commodity markets as well. gold coming in pretty flat. this is trading near a five-year low. expectations increase for that fed rate rise. coming off its worst stretch of losses since 1950. silver acts both as a precious metal and industrial metal. it is facing downward pressure from both sides. almosting a little, up

they want to make sure the u.s. economyand the rest of the global economy can also bear any brunt. if there is not any movement in december, it will be because they don't think the time is right from the standpoint of the whole package. >so, i don't think it will affect mario draghi. i think he knows what he wants to do and his focus is on the european economy. the issue be faces is the other two components of policy, fiscal and structural, need to be in place for his policy to have traction. he made that very clear at the center of the speech he gave in june in portugal that he says, why i talking about structural policy, i'm a banker? he cannot get to a central target unless the economies adjust and it is about structural. rishaad: up next, a special style hasre gangnam a whole new meaning. ♪ executive andrew mackenzie is due in brazil today to see the damage when two dams broke triggering deadly mudslides. three people are confirmed dead and at least 15 are still missing. the bank could cost $1 billion and an investor ma

francine: the global economy, right? neil: it is but trade elacticity has been slowing for quite some time. in the 1990's, trade would grow two times faster than global production and now growing one for one. again, i just come back to the u.s., it all comes back to the u.s. labor market and the big debate really for the fed was whether the phillip curve was still useful or not. i think the governor went into the meeting and made her case. i think yellen and fisher made theirs. and i think it's pretty clear who won. tom: you go to the heart of the matter which is the elacticity or responsibleness of the global economy. there was a book "globalization and its discontent." how discontented are the emerging markets? we have o.c.d. coming out this hour and katherine man in the next hour. are they discontented with the u.s. or note the u.s. is the engine along with the united kingdom that will keep them going? neil: the unfortunate reality is the u.s. is a pretty weaken begin for global growth. tom: it's all we got, right? nei

has the fed done good job stabilizing the economy, preventing crises? here's the great depression, recession. happened on the feds watch. some defenders of the fed will go further -- okay, if you throw out the great depression, if you throw out the great depression -- i love golf. >> thank you. [laughter] >> someone got the joke. if you look at postworld war ii volatility, just on that focus, people will say gnp or gdp was more stabilized but actually there's a 2012-page paper, economists, including cristina romer has said a lot of the criticism of 1913 era is based on faulty statistics. they were looking at commodities series more generally as if you look output as a whole even focusing on the world war ii period on the u.s. economy has been less stable than it was -- >> thereone-minute warning. this is your one-minute warning. >> they teach that in law school. >> they do. >> just looking at statistics here, statistics published like cristina say that there's a plausible case that it has been stable than before the federal reserve. in terms of two major

the refugee influx will have a positive impact on of the german economy. itmany is expected to absorb hundred thousand refugees this year. that is according to a bloomberg survey of economists. int should add .2% to growth 2016 and would more than offset the negative effects of the volkswagen commission scandal. of donald trump's republican rivals some airtime. mike huckabee, james gilmore, lindsey graham, they will get about 12 minutes of airtime on some nbc affiliates kid that is about the same amount of time point hep got hosted "saturday night live." the candidates will receive equal time. you can get more on these and other breaking stories 24 hours a day on the new bloomberg.com. time courtney donohoe. signalingcials are that they face a difficult debate next week when they will need to consider fresh to us for the euro area. mark barton in london, some are arguing that economic data shows no need to act. the estonian central bank governor is one of them. he says the latest data as a surprise to the upside and he sees no reason to do more. we had a ch

the debate comes a week after learning the economy created an impressive 271,000, and the unemployment rate fell to 5%. we learnt that wages grew last month at the fastest year over year pace since 2009. tonight's debate comes two weeks after republicans gathered in colorado for a debate, which was an excuse to attack moderators from cnbs, with less than a year before the election, it's time to get serious. that is what i'll do in the next 30 minutes. even though the economic recovery is starting to look good. for many middle class americans, it doesn't feel real. mean feeling pain work for fast food outlets where they earn the minimum wage or above it. today, hundreds walked off the job, supporting protesters calls for, double the $7.25 an hour. organizers planned rallies, including the g.o.p. debate. the workers from demanding union representation. most republican candidates oppose the minimum federal wage. many say it will hurt low-wage workers, because businesses will be forced to cut jobs. as patricia sabga reports, the full implications are not cut. >> reporter: workers around th

the real economy and the financial economy cannot tell different stories forever. ave to converge. samuel: they are today, and this is one of the challenges we face. this incredible optimism for the top 1% and the returns of those people. if you are running a company, it is a tough challenge. stephanie: why? samuel: the environment has changed, dramatically. you need some form of economic growth, it's not to say that people will find great things and do great -- and do well. , apple, they are all doing very well. spending is down and it's down because of economic opportunity, not down because of capital allocation. this is another big debate that goes on. a macro growth environment, so if you are a ceo today, you have to be ambidextrous. scale ando be able to get global, it does not matter if you are big or small. we are involved with some startups. china has already copied it, so it's not like field days. stephanie: what does that mean? funding,econd round of as soon as you file the first time, they've copied you. they have guys over there in china that already cre

so, what then we see after 1950's identification of the economy -- diversification of the economy. see in the timber industry, japan, post-war emerges as one of the biggest exporters of pacific northwest logs. that most arts to change the economy of the region because the region's politicians and business leaders start to realize, we might actually need to diversify things a little bit has -- because the timber industry is declining. there is a lot of sales of logs internally and also externally to the japanese. so, you have players like boeing and west -- in western washington. they just completed a big sale with china. this has been ongoing for the last four years. that becomes a big thing. have nintendoou of america. the headquarters were in redmond, washington. you have the rise of silicon. in the suburbs of portland. these are -- intel has a big base out there. nike becomes a big global player. these are much more, kind of -- more modern industries that we think of as opposed to the farming, more agricultural industries which were dominant in the early -- earlier, before the 1

to grow the american economy? that is the most fundamental question we've got to answer. we're on the path to socialism right now. [ applause ] >> these are mutually exclusive. hour is late but not too late for america. under president obama, you asked about his economy, we've got record dependents, record number of americans on food stamps, record low participation rate in the workforce. this is a fundamental choice, sending a big republican government of d.c. is not enough to fix the problem. not enough just to beat hillary clinton. we've got to change the direction of our country. what that means is let's shrink the government not slow growth rate, but shrink the government to grow the american economy. that is the fundamental issue we should be debating here tonight. moderator: all right, governor jindal, thank you. governor christie, have you said that the democrats' message is one of, quote, free stuff. in contrast, republicans want to reduce spending. how do you win a national election when the democrats are

>> well, the economy is moving in slow motion. and, yes, these numbers were above expectations, but the previous two months were far below expectations. even though the employment rate continues -- the unemployment rate continues to fall, the truth is we have record numbers of people who are not working. we have record numbers of people who have just quit looking for work. we have wages that have been stagnant for 40 years. this economy is in slow motion, we're not creating enough jobs and we have too many people out of work. >> you talked a lot about regulation and how it is really holding back businesses from creating jobs. that's one of the levers to pull, i guess, for job creation. what is the secret sauce to getting more jobs in this economy today? >> well, i think we have to begin by recognizing where jobs come from. it is mostly, not all, but small and family owned and community-based businesses create two-thirds of the new jobs. we're destroying more of them than we're creating now. for first time in u.s. history. that's wh

especially the mining side of the economy. dities boom has it is in a slump. that is one bit of evidence. i'm trying to get to the rba. yvonne: are you saying then there is no need for that anymore? guest: we think there would be no change, but let me just come back to what he said. evidence of the economy. do you know that chinese outputs are expanding? rishaad: there's so much supply. isst: just the dollar value crashing because prices can be ok, but volumes continue to expand. it is not true that china help -- is expanding demand for commodities, it's just glob al prices have crashed. rishaad: there's so much supply -- guest: prices are lower. demand is paying less. rishaad: the buyer is the winner. guest: that's it. yvonne: in terms of the re-ammunition, it's pretty low already. they can't afford to use that many more cuts to come, and they said nothing has changed since the last one. guest: yes, it does not seem like they are getting ready to cut rates again. with thesefortable kind of levels. but if they need to cut furth

the u.k.. it's why we see our economy continuing to do well. i would say i make the point in a press conference today i think there will be as transparent as they can about the decision that they have not yet taken. it feels very familiar. in fact .0 of strength make earlier is that it's familiar to all bankers because there is not a -- >> she's a bad girlfriend. >> she can be. you have to deal of events as they come through. when i say i'm confident they will take the -- was not necessary, it's because i have a reasonable understanding of the reaction function. >> in terms of your timing and it's good to play the plucky little england's and we don't need to worry what's happening in america, but surely we do or it if america does risk trade >> what matters most is the reasons why u.s. monetary policy adjusts. so expected to adjust because the economy has continued to grow about trend. it's appropriate to do so. i frequently remind people of this and going to remind you as well all one can look at his past history. since we became an inflation t

what was the risk to the economy overall. we did worry about effects on communities and empty houses affecting local tax issues and the fed did pay attention to that. i also would say that consumer protections to stop predatory lending and some of those responsibility and the authority that the fed had, particularly prior to you, but i think you were more in tune than some of your predecessors. i just don't know and i began to hear from people in cleveland and other cities that sat on consumer protectors on some of the predatory --dash. >> your use of the word predatory is critical. in my book i have to go back before the time i was at the feds because a lot of this extends into the '90s. one of the big's dacians was made in washington. one of the big distinctions was between predatory lending what was illegal lending and got people into trouble immediately and then on the other hand legitimate subprime lending. that was a good development because of allowed people with more modest means to counteract redlining. that allowed t

the economy is providing jobs to pay enough. thought minimum wage would be best way to help increase their pay i would be all tore for it but it isn't. in the 20th century it is disaster f you raise the minimum wage you make people more expensive than machines. all automation replacing people will be accelerated. here is the best way. to make america the best way to start a business or expand a business. tax reform, regulatory reform. bring our debt under control. fully use our energy resources to reinvigorate manufacturing. repeal and replace obamacare and make higher education faster and easier to access especially vocational training. for the life of me i don't don't know why we stigma is tood vocational education. welders make more money than philosophers. we need more welders than philosophers. [applause] if we do that, if we do this, if we do this, we will be able to increase wages for millions of americans. we will be able to leave everyone better off without making anyone worse off. moderator: thank you, senator rubio. [

he will be the economy minister in turkey. k, with his experience of the past, he will make good things for the turkish economy. also for structural reforms in turkey. everybody in turkey, especially the foreign investors, also wait for structural reforms. take the case of the turkish central bank. we should keep in mind that the --rent president [indiscernible] i think that they will try to change something for the central they but i think for now will not take in people's minds reform for the turkish central bank. when we are close to april, i think they will try to think about central-bank reforms in turkey. anna: michael, you set out some that youailed reports think need to be undertaken. a lot of them referred to foreign-exchange, which is interesting when you see such volatility in the lira. >> i've been less focused on those shorter-term. who are the economic actors going to be? the central bank governor is probably going to be the last choice. up until then, who is the economy minister going to be? the central bank gove