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he's spending thum smer at stanford university and he has in paper back his book which is called "facts are subversive" which we talked about when he published in the hard back. i'm pleased to have him back at this table. welcome. >> pleasure to be here. >> rose: let's talk about eece first. >> it could default andeave the euro. it could default and somehow stay in the euro. it could somehow fudge it so it doesn't que default but there's soft roover and a bit of bailout and a bit of austerity. nobody knows, but the important fact is that th crisis has been going on a very long time and there were no signs that the member stas of the european monetary union want to do what's really necessary which is to go another step forward, make a fiscal union which, in effect, means making more of a political union and that's the important fact. >> rose: so the need to go forward to make more of a political union, that's the important fact? >> well, listen, there's no effective monetary union in history which has lasted a long time without a supporting fiscal union and transfer union as in the unite