because i don't like an unstable turkey. i remember turkey in the 1970's and 1980's. we cannot go back to that again. brings stability. what we saw in his reaction to when all these corruption charges came up against him, he is willing to unstablize the economy of turkey. he -- >> in the interest of power. >> in the interest of power, he of lobbed all sorts accusations again something called the interest rate lobby. people have read into that, whether that means that he is talking about the jews or the banks or whatever he is talking about. that is very unsettling to investors who have commented turkey precisely because they believe that erdogan has brought stability into the country. >> there is also this relationship, ambassador, with america. the president and the prime minister were said to have a good relationship. and yet now you hear the prime minister blaming outside forces for some of the turmoil in turkey. >> that is exactly what is happening. the outside force keep hicks on picks on the he most easy united states. the low standing the u.s. has in polls in t

nonetheless, america in turkey -- and turkey have a lot of common interest.e had a falling out over syria. erdogan but we should've been more aggressive in going after the assad regime using military force over the chemical weapons issue and several other points. nonetheless, the u.s. and turkey share a lot of common interest in the region. keep thisrtant we relationship as steady as we can. >> the ambassador might disagree with me on this. i think for that precisely that reason, erdogan got a pass from -- u.s. on a lot of >> journalistic freedom. >> more than china or iran. >> where is business now and people who have benefited and promoted the idea of turkey as an emerging economy that one time had a healthy growth rate? >> if you look at the markets, you can see the reaction has been pretty brutal. if you look at any major turkish aspect whether it is bonds are stock market, it has been one of the worst performing in the world. it has had an effect. it would be disproportionately affected by the tapering of the monetary stimulus and a country that runs one

it is because i do not like an unstable turkey. i remember turkey in the 1970s and the 1980s.cannot go back to that. what we saw in his reaction and his reaction again when all of these corruption charges came up against him is that he is willing to unstablize the economy of turkey. he has lobbed allegations. people read into that. whether he is talking about -- that is unsettling to investors who have come into turkey pricey because they believe that erdogan has lost the stability. >> there is also thislationship the president and the prime minister was said to have a good relationship. and yet now you're the prime minister blaming outside forces for some of the turmoil in turkey. >> that is exactly what is happening. outside forces blame the united states. it is a transactional relationship in his mind. nonetheless, america and turkey have a lot of common interest. we had a falling out over syria. erdogan but we should've been more aggressive in going after the assad regime using military force over the chemical weapons issue and several other points. nonetheless, the u.s. a

-turkey relations. the prime minister is looking for an escape out of the impasse, then to find a base upon which it can put in turkish policy, to go back to the original policy. i don't know if people believe that at this moment. >> speaking of u.s. turkish relations, u.s. officials, before the meeting said that iran is not open for business as you are aware. there have been sanctions on rain, which have been - some of which have been relieved with the p5 plus 1 nuclear deal. by turkey going to iran, are they undermining sanctions. >> there's an ongoing investigation in turkey. >> the cash for gold. >> yes. in that case that shows that turkey undermined the sanctions. that's the sensitive part of the investigation. to what extent after this relations at this low level, to the extent they've never risked. i don't think so. maybe as i said, for me this visit is more about turkey is looking for an escape out of this backlog that it is in. they are in the middle east and relations in the u.s. and e.u. as y

for the kurdish question in turkey well speaking about the militarist struggle in turkey if you look at the polls turkish polls that we will see that more and more turks actually welcome giving kurdish people you know their social cultural. maybe not so much a lock to have arrived but there is one sticking point very important sticking points point about between the turks and the kurds in turkey and that is that attitudes on the fate of july and the majority are off turks believe that he is prison conditions and he's been held in solitary confinement for another number of years already should be improved currents on the other hand the overwhelming majority of them believe that this absolutely has to be a change how crucial do you think the issue will be to the success of this ongoing settlement process first of all you know the kurdish question in turkey is not only the question of the the kurdish question has been there even before the establishment of the new job and so the government in turkey should have a strategy for the kurdish question even if it is separate from the having a

stay with us. >> rose: we focus on turkey. p.m. erdogan's government is being accused of cooperation, several ministers have resigned and the cabinet has been reshuffled. erdogan has called it a coup attempt by the judiciary and it is wisely believed that a reclusive preacher riding in exile in the poconos in pennsylvania. they have joined forces over the last decade as a series of trials reduced the political influence of the military. many accuse the government of using the trials to curb the opposition. joining me from washington, james jeff i have the former u.s. ambassador to turkey and iraq. here in new york, dexter filkins of the "new yorker" magazine. elmira bayrasli is a follow at the world policy institute. from istanbul is benjamin harvey, the bloomberg bureau chief in turkey. i am pleased to have each of them here. ambassador, tell me what you think is happening at the moment in turkey and what does it mean? >> first of all, what we're seeing is as you said a power struggle between the faction which is part of erdogan's

turkey is a concave when he is. that is almost meeting two months to crack any old european union except the inflation that criteria but can investors it had the stomach can investors stomach it all until the elections. well probably the two goals in races which have the confidence and assets of identical to that of a peace beyond understanding carry their turkey. they will continue getting restless boss goals we try to speak and today we've each had two did not get there. actually today but the little turkey in the womb that they will probably be reluctant to wait for the results often actions and try to see whether turkey will be hwy eighteen more politically stable it or not his head was held while at a time and time that our images in any country. didn't go for the elections are bad and the day with a baby they had to happen soon enough i wake them at the most important era in the qantas will be lots more of that volatility or not to touch the idea was to interest rates. i did do a big covered deck on the mystic

what about turkey? turkey is very different isn't it?s. >> a lot of allegations and people have real concerns about things like human rights. >> they do, and i think the biggest problem for turkey is a much longer-standing problem than that. for a number of european countries, they still perceive turkey as being too big, too poor and not european enough to be a candidate. so for some countries like germany and perhaps france they are happy that this is a process that really never reaches a conclusion. >> thank you for your thoughts on that. >>> russia's foreign minister has warned that the situation in the country is spinning out of control. the police president position is high in key avenue after days of conflict let's go to our correspondent live in the capitol of kiev. it is absolutely freezing cold where you are, but the standoff continues? >> reporter: that's right. the numbers down at the site of the clashes have now risen again to perhaps a couple of thousand protesters. it's just a few hundred meters from independence square her

this week's japan/turkey summit is the third in eight months. abe visited turkey twist last year. when abe visited turkey in may, he and erdogan signed a deal that will see japanese companies export nuclear-related technology to turkey. and in october, they signed an agreement that will see japanese and french firms jointly build turkey's second nuclear power plant. the deal is worth an estimated $22 billion. the main reason abe visited the country in october was to celebrate the 90th anniversary of the founding of the turkish republic. anniversary celebrations that abe attended included the opening of a subway tunnel connecting the asian and european sides of istanbul, turkey's biggest city. >> translator: i like everything the japanese make. i'm sure the subway, built with japanese support, will be wonderful. >> reporter: about 100 turkish business people are joining erdogan on his visit to japan. they need japanese business leaders to lay the groundwork for future cooperation and investment. >> hello. >> reporter: erdogan said in an interview with nhk that he hopes for increase

relations between france and turkey were not particularly on good terms.s is the first time in many years turkey has started to receive positive messages from fans, particularly -- from france, particularly regarding joining the european union. >> the zynga triple be enough to improve relations between the you think theo trip will be enough to encourage -- improve relations between the countries? >> it is an important first step . obviously, turkey would like to receive firmer signals regarding the fact that france would be willing to lift vetoes. franÇois hollande has already veto, but there are others that remain to be opened. there are political issues such as the armenian issue, and other political matters. there are issues regarding membership that need to be resolved. >> given the current crisis in turkey, does the international community's view hold much play with the turkish government? are they listening to at the international community is saying, in particular europe? honest, i think yes. until recently, general sentiment was pessimistic, feelin

midnight in turkey. that country's central bank wrapping up an emergency meeting being held in the middle of the night. we'll take you to turkey. we're watching yahoo! falling after hours. the earnings web cast beginning right now. we'll bring you those highlights throughout the hour. at&t beginning its conference call. we'll have the latest details as we get them. tim seymour, rodney kelly, karen finerman, and guy adami. and we go to michelle caruso carrera, who is live in istanbul. >> they have rised the rate to 12%. consider the previous corridor, that's the central bank word, was 4.75 to 7.75. from 7.75, to 12%. that's a huge move. that is the upper end of the range. it also sounds like crucially, that they have simplified the monetary policy scheme here. up until tonight, and we're going to wait and see as we read through more through the announcement. but this central bank had started to invent different rates. there were four different rates. a corridor. and on extraordinary days they could go bey

folks how they feel turkey's democracy is doing if we don't have all these internal conflicts turkey would be on a roll the objectives are clear. in other words turkey to progress. it is not the date of the cbd. even though were living in a democracy in actual fact it isn't one people call express themselves freely and they call it the lights the way they once did. sadly it's all gone. yes in that instant as it was when the assistant who was the one. the population continues to mature come to me. what the delight of the most democracies in the day. he wasn't trying to carry as corruption scandal we'd be on the right track what a happy one. that's not how it's looking. and i see myself in the mountains right just to show that woman be pessimistic or optimistic. i think she is realistic. because of people are expected to corruption allegations about the color and the judicial procedures should not be stopped until the end i think that's is the main axis of debate about it otherwise you're stuck with things happening in the economy. this is a shame but you put a clear well turkish peopl

talked about turkey joining the e.u.ere suspended for more than three years but thener divisions resumed in november. a many countries where so eager to join the blog. >> for countries like syria, it is a sign of a seal of approval. it is a sign they have met standards that they are stable, democratic, heading in a positive direction. that's going to help them with getting investment, getting economists to grow, it gives them access to european markets. so for them there are a lot of positives and you can see that attraction as well. not just for the countries that are already on the path to succession. line serbia, and probably turkey, but also in countries like ukraine. >> . >> where the international elite is gathering once again, at the i don't know yule world economic forum. new delhi's chief minister has called off a sit in protest. slept on the streets overnight and had been conducted official duties from a parked car. more than two dozen people including mys were hurt during the two day protest. police ignore up

look for jennie-o ground turkey in a store near you.to thoseworried...ited... poked and prodded... taken risks... and lived in a state of "what if?"... welcome to a new state... of health. welcome to covered california. the place to find quality, affordable coverage. financial help for those in need. and nobody can be denied because of a pre-existing condition. enroll now at coveredca.com. >>> generally mills says it's now. the modified but the company says itself will now make the cereal with non corn starch and sugar. >>> wall street ended the first year am mix. traded volumes remain with many traders still on vacation. the bay area winner of that huge lottery jack pot has finally came forward. he's a delivery truck driver named steve. he shares weapon a woman in georgia and yes he has quit his job. live in san jose at the very store where he purchased that lucky ticket. >> this gift shop has become a local attraction. people really taking their pictures that says million air made here. a fraction of the one that happened a couple of

here on the surface the problems in argentina and turkey they don't seem to be related but people are calling the volatility in these markets and emerging markets crisis is it an emerging markets crisis. well i think it is ok because i think that every crisis needs or has a lightning rod. basically you know this is a kind of a conduit. for generic problems throughout the emerging or developing country universe so if you remember you know back in ninety ninety four we had to kill a crisis that at the time everybody thought was only about mexico in one thousand nine hundred seventy there was an asian crisis that in its early stages everybody thought it was only about thailand in two thousand and seven we had a kind of great financial crisis beginning and everybody said it was only about subprime so this crisis is only about argentina or it's only about turkey but i think this is just the manifestation of a you know the most obvious manifestation of an emerging market problem and it's true as you pointed out that argentina and turkey and india and china brazil i mean they all have their

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not just in turkey, but across the world.versy is less based on the gulam movement, schools, institutions, society, but it is more based on the members of the gulam movement within the police and judiciary. >> translator: but it was the government who originally appointed them to those positions. so the argument by the prime minister that there is a state within a state, is not very convincing. they cooperated with them. they appointed them to those positions and today they declared them the enemy. what happened? >> the government has also gone after journalists over this story. when he published government documents related to gulam. the prime minister called it open tree an. when the pro gulan paper tweet odd the scantal the prime minister's lawyers took the journalist to court. when he went on tv talking about scandal, he was fired. there is no proof the government was behind that, but the tv host who interviewed him tweeted, what an advanced democracy. another 12 people, including journalists, were purposed from the state

because iran and turkey have similarity of views on a lot of issues in turkey the fact that we should not allow extremists to reign in syria is a is a common position between iran and turkey the fact that we need a ceasefire is a common position the fact that we need to get humanitarian assistance to people in need in syria that's a common position between iran and syria so iran and turkey so we are working together we have our differences obviously and we're trying to minimize those differences and hopefully work together in order to advance those common objectives if you have to have anything concrete in mind of what the first step towards to cease fire would be very we believe the no need for anything to lead to a cease. can be just a cease fire the problem is in the situation in in syria because there are so many armed groups terrorist groups that do not even coordinate among each other the way that the so-called islamic state of iraq eleventh is operating involved in one part of syria is different from how it's operating in other parts of syria in. see the. other part of syria it

if turkey is to keep it eu candidacy on track. minister's prime benjamin netanyahu has threatened to teach the a mass movement a lesson very soon after a certain militant attacks on the jewish state. he was quoted by spokesman a short while ago that said if hamass and other terrorist organizations forgot the lessons of the past, they will learn it again. he said the hard way and very soon. those comments made in the context of ongoing american efforts to find a peaceful two- state solution in the region as john kerry pursues his negotiations with both sides. the latest comments from benjamin netanyahu. elected look at photos early as tomorrow on a new constitution, a photo would be considered a major step in completing the country's democratic tradition. the documents has been two years in the making and drafted by an elected constitutional assembly. it will pass if they get the two thirds majority in the parliament. if it fails there, it will then go before national referendum. it seems beset by constant wrangling, tunisia's conf

because iran and turkey have similarity of views on a lot of issues in turkey the fact that we should not allow extremists to reign in syria is a is a common position between iran and turkey the fact that we need a ceasefire is a common position the fact that we need to get humanitarian assistance to people in need in syria that's a common position between iran and syria so iran and turkey so we are working together we have our differences obviously and we're trying to minimize those differences and hopefully work together in order to advance those common objectives if you have to have anything concrete in mind of what the first step towards to cease fire would be very we believe the no need for anything to lead to a cease. can be just a cease fire the problem is in in the situation in in syria. because it all so many groups terrorist groups that do not even coordinate among each other the way that the so-called islamic states. is operating involved one part of syria is different from how it's operating in other parts of syria in parts of syria it is fighting. in other parts of syria

but again, turkey still, when you look at the institutions in turkey, they are stronger. and the politics have a tendency, particularly the election politics now, i think we'll have a contingency on restraining erdogan and pushing both he and the pkk to maintain the cease-fire, at least in the short term. now, that gives them then the opportunity in in the midterm o deal with these issues and and much more -- let's say compromised way, that avoid the long-term crisis that david pointed is potential. so i hope that's right. my only issue here is that as things begin to get shaky in turkey, this year, erdogan veers very sharply towards his nationalist-based, and go into that basis exactly, he had to move away from a commitment he had talked about, vis-À-vis, the kurds. i'm very worried about this purchase question going absolutely in the wrong direction, david. it's a good debate. we will see who was right. >> just adding quickly. we didn't identify turkey in particular as a great source of concern, but we didn't identify rising secessionists pressure amongst the kurds. we

because iran and turkey have similarity of views on a lot of issues in turkey the fact that we should not allow extremists to reign in syria is a is a common position between iran and turkey the fact that we need a ceasefire is a common position the fact that we need to get humanitarian assistance to people in need in syria that's a common position between iran and syria so iran and turkey so we are working together we have our differences obviously and we're trying to minimize those differences and hopefully work together in order to advance those common objectives if you have to have anything. concrete in mind of what the first step towards to cease fire would be. we believe the no need for anything to lead to a ceasefire can be just a cease fire the problem is in the situation in in syria because there are so many armed groups terrorist groups that do not even coordinate among each other the way that the so-called islamic state of iraq or levant is operating involved one part of syria is different from how it's operating in other parts of syria in one part of syria it is fighting j

turkey in the midst of a power struggle. the bristol whole tell in poland. and in dignity or improvement -- projects for rail line hungary. assisted suicide is currently being controversially debated in many countries in europe. when somebody has an incurable disease, it sometimes puts their relatives and doctors and a terrible dilemma. in theory, modern medicine allows us to keep some terminally ill patients alive for years, but shouldn't those people have the right to decide for themselves just when enough is enough? while the laws differ from country to country in europe, in germany, assisted suicide is a criminal offense. in belgium, however, it is legal. soon even children could get the right to ask to choose death here under certain conditions. >> imagine your own child wants to die. this was stephanie with her mother in 2008. after battling cancer, the 16- year-old seems to have gone into remission. she had already lost her little brother to cancer. he died at the age of four. and she had just witnessed how a friend had died of the disease after endur

low, keeping the cost of borrowing down, and investors placing their moneys on emerging markets, turkey, india and brazil where rates of return are often higher than other investments. meanwhile china has helped fuel the growth, but now that the fed is letting rates go higher and china just reported a slow down in manufacturing for the first time in six months, investors are getting nervous. >> china certainly is important to many emerging markets, especially those that are commodity exporters. so any signal or any indication that china's growth is slowing even more and this manufacturing index that was released last week points in that direction, those kind of indicators of even weaker chinese growth i think begin to get a lot of players in these markets quite worried and quite upset. not just about china but also about the ramifications for other emerging markets. >> over the last few days investors have been pulling their cash out of emerging markets and bringing it back to more stable markets and economies such as the united states. the transfer has been hurting the developing natio

even this amount of two commercials that turkey is not alien with the story of iraq can imagine in our system like it is that the they let the machinations that that might be that the relations for a costly has become as much important but here's the trick is the waking state parties to that site as the pages of history was visited at the conference that clear message to roast or more speakers. the current team in the relationship between the turks and the should be taken with a grain of salt as a new page of good relations between the two is just around the corner to jn one hour on jacobson at bar ilan university a mexican national who killed a keystone cop in nineteen ninety four has been executed in texas but lethal injection good to many a show that police officer to white cabinets using hidden handgun up being arrested for robbery mail escape the was arrested again if you built from the scene of the meadow mateo was executed tonight for the january nineteen ninety four murder. refused a police officer guy gets. so i opened up with a pistol from the back of a police cruiser and are

they talk about turkey, say turkey is okay. they said turkey was okay.runs the business in turkey. on china, they say that the chinese business, you know, there have been problems with multilevel marketers in china. they say, you know what, we don't have a problem there. >> that does it for this squad this morning. join the conversation. tweet us #earningsquad. meantime, up next on "squawk on the street," if you didn't know movie theaters owners have long complained about the length of movie trailers, now they're fighting back. we'll tell you how when "squawk on the street" returns. customizable charts, powerful screening tools, and guaranteed one-second trades. and at the center of it all is a surprisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and e-trade. i'm monica santiago of fidelity investments, and low fees and commissions are another reason serious investors are choosing fidelity. call or click to open your fidelity account today. mine was earned in korea in 1953. afghanistan, in

turkey's buoyant economy is under threat from a steep slide?h lira, it sunk 17% in the last month. >> well, because it will have major affects on the well of the people. >> reporter: the lira is at its lowest level against the dollar and euro in decades. the affects on turkey's new consumer society are already here, foreign imports are more expensive. inflation is set to rise. businesses have struggle to go pay foreign debt and this will translate in to unemployment. the sudden slide in the value of the turkish lira may surprise many. while much of the world's economy still struggles to recover from the economic collapse of 2008, turkey's economy surged ahead, economic growth and the appearance of prosperity bolstering the confidence and popularity of the ruling party and its prime minister. assumer of violent street protests followed by a corruption code actions con delled by boyds like the turkish industry and business association. >> translator: in a country where law is not respected, where the justice system doesn't work according to e.u.

which poses a challenge for turkey. we hope that japan will start building a new nuclear power plant in turkey. incomplete at the end of the near future two countries also be looking for ways to walk together in the defense few they're examining the possibility of jointly developing engines for tots the speedy speedy close ally of the defense industry field we are ready to invest in a possible areas of cooperation with japan at the talks are continuing. we would like to cooperate more in this area with japan. she is growing economy with a population of over seventy media. champion keith play for japan to pull the middle east and europe attempts to put turkey is that it's a long time friend and a democratic country and building a championship taking place behind body on japanese technology and innovation. and to be joe formal than the songs we know how industrious the japanese people or the turks are also hard working towards this week among your strengths and work together we can both achieve a lot that i really believe

why is turkey's economy in such dire straits? >> there are a number of factors, volatility is not unique to turkey, emerging markets are under pressure, partly on the back of, you know, likely further tapering by federal reserve bank of united states, and we also had mittically motivated corruption investigations, which obviously had some negative impact, but if you look at turkey overall, we still have very strong fiscal position. we have healthy banking sector, so this is like a temporary let's say fragility rather than a permanent shock. >> but you do have a plunging lira and just a 4% growth rate when just a couple of years ago, it was 8%. i mean some economists suggest that this move by the central bank is not enough to stop this falling further. >> 4% growth may look low by turkish standards, but keep in mind, if you exclude china, 4% growth is at par with emerging markets average and is almost four times the expected growth in euro zone. as you know, we are a real conversion story and turkey has been narrowing the gap per

we were looking at turkey. this is a huge impact on stocks across the world. >> the fed later on has a couple of issues to deal with. the federal reserve has a domestic mandate which is about employment or unemployment i should say and growth. they could possibly take into consideration what is happening in turkey or what might happen in south africa -- i suppose it would be delusional. we have a new cast of characters on the federal reserve committee. >> corporate news, we have a little bit of fashion not doing so great. >> watch for that stock potentially to fall on the open. a profit warning coming from mulberry. we know their leather bag so well. we know how difficult it was on the u.k. high street in the run-up to christmas. they say that is going to severely impact their profitability. they are going to see significant miss in terms of profits. retail sales were 3% below where they stood about pre-months in the run-up to christmas up until january 25. mulberry having a tough time in the u.k. and also in k

the babies it didn't hurt it once last year when the babies to turkey in may. he and the last nine on the link to listen to these companies want you to yell it at that moment to type. i mean october. the sign an agreement will see japanese and french farms joint lead cute turkeys the second new clio cough once. ntu is not an estimated twenty two billion dollars main reason of babies that the country in october was to celebrate the ninetieth b bursary of the funding of the turkish republic. a bus in commemoration of the activities included the opening of the subway tunnel connecting the asian and european size of the stumble. the kids be kids cd. the first of the sign up i like everything the japanese name. i'm sure the subway to deal with japanese support will be wonderful. i bought two one hundred turkish business people are joining alkaline on his visit to japan. you name it just means business when he does to me that long walk for future cooperation and investment though. anton said in an interview with nhk he called for increased cooperation between turkey

turkey needs to balance its books.hey have been running a deficit in the primary surplus should probably be around 2% for turkey to the on a stable path. you have a significant pickup in political challenges. it has been spilling over into the economy. you have a heavy election calendar. you are facing local elections in a few months time. followed by presidential elections and bake parliament elections next year. there is going to be a lot of volatility for turkey. >> thank you very much indeed for your thoughts. he is the head of emerging markets at pioneer investments. still to come, the high rollers cashing in on the grammys. how the magic -- music industry's top performers are building a business empire. ♪ >> welcome back. to the markets now. manus cranny, over to you. >> guy johnson, day three of equity market declines, the biggest declines we have seen since june of last year. gas companiesand that are on the downside. volatility is rising. the cost of protecting yourself against a correction on these markets ha

look for jennie-o ground turkey in a store near you. to those who've been waiting welcome to covered california. the place to find quality, affordable coverage, and nobody can be denied because of a pre-existing condition. enroll today at coveredca.com. >>> coming up at 6:00 we told you before hackers revealed millions of phone numbers of snap chat users tonight whether it's getting your information at risk and new hope for hundreds of pet owners have a hospital suddenly shuts down. and bay area doctors and nurses so back from the philippines the emotional stories and pictures they're sharing. it's coming up in a half hour at of 6:00. >> thank you >> here a driver in minnesota probably hoped no one is watching when he was chased by a wild turkey. not sure what he thought it's going to do with him a roomful of workers caught it. >> the ups driver chased around the truck. there is his truck. >> oh, boy. >> i ended when he mated back into the vehicle. afterwards a passerby chased it off the road saving the day. >> we have those in our stre

at this point, i think turkey is a good example. not every emerging market out there is turkey.oblem over leveraging shadow banking growth, too much reliance on developing markets for the funding gap. moment happening at the in turkey is we have a situation that is completely unsustainable. 25% of gdp which is over 200 billion. is not with the sovereign, but the private sector. the banking system is shrinking. now to go through the process of the leveraging. there will be a massive crunch down on domestic gdp. thank you. stay with us. ♪ >> i am mark barton. these are the bloomberg top headlines. china manufacturing contracted. a survey shows the company is cutting jobs at a rate of almost -- the ukraine parliament offering amnesty. -- the measure was passed after nearly 12 hours of negotiations. and mark carney said the bank of england still wasn't ready to move away from record low interest rates. his book on the issue of scottish independence. he said an independent scotland would have to surrender some sovereignty. >> the existing banking union between scotland and the rest o

turkey had no impact on our markets. in part because we weren't nearly as linked as we are today and the media didn't cover the place back then. these days, we have lots of cash that's interconnected, flying all over the place, borrowing money to pay turkey, many others worried about contagion to other countries. some stress here, argentina, south africa, indonesia. some are even blaming the fed for causing the spiral, but that's because they're fed centric and would blame the fed if the favored broncos lose in the super bowl on sunday. my next big emerging crisis, well, how about mexico? in 1994, the emerging market of mexico was all the rage. i remember morgan stanley trying to talk me into buying mexican stocks, but i learned to stick to my knitting after turkey. others didn't, and we had the peso crisis also known as the tequila crisis. i'm not kidding. and by the way, that's not the same as when we ran out of high-quality tequila. that won't happen again. pass the bottle. you should have seen the panic during the te

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