pugh reform task force and held a number of government positions including consulate at the united states treasury. he has written numerous books about u.s. enterprise. we welcome you. and dr. susan waxter is the former assistant secretary of housing and urban development, and served on numerous review and research boards in the public and private sectors. lastly, mr. andrew jackabovitz. did i pronounce that correctly? close enough. he is the associate director for housing and economics for the center of american progress, action fund and prior to, this he served as the research chief of staff for m.i.t. center for the real estate housing supportability initiative. so we have a distinguished group of witnesses to hear from this morning as well. i am very honored that all of you have agreed to appear before us this morning to talk about this very important subject matter w. that, mr. demarco, i welcome you and i will take all of your full statements and they are probably fuller statements than what you are prepared to give public and any supporting documents or information that you think would cont

treasury bonds. >> i don't see too much of a link between these two. the united states has enormous leverage so to speak in the global political scene. but really needs to step up to the plate in a statesman-like way, not permits tensions with north korea getting ratcheted up and rather look at the long-term. the mechanisms by which the tensions on the korean peninsula, the nuclear armed north korea at least it has tested some devices. those issues need to be seen in a much bigger picture of the divided korean peninsula. the absence of a peace treaty, the opportunity for diplomatic relations, and really get things moving in terms of rebuilding the north korean economy. possibly through external assistance, the asia development bank, you name it. and so really stepping back and looking at what would solve tensions on the peninsula as a whole. >> is a prolong stalemate the best possible scenario for this nuclear crisis which has been on and off on and off all over again? >> i don't think a prolonged stalemate is the best. but if you imagine the alternatives. is ratcheting

the best description i heard was from the treasury correspondent so called from there said it was a question of luv. l for westerner, u from the united statesd v for asia. certainly latin america, brazil is one of the only economies in the first half of this year that grew. along with poland and russia and interestingly argentina. those were the only four of the top 20 where we saw significant growth. those economies certainly will have, i think, a v-shaped or a more v-shaped recovery. >> although you've also said, sir martin, no matter how things turn out, this is different than the past. the broadcast television that newspapers that magazines are very likely never going be the same again. what makes you think that? >> that's right. i think there are three things that we see are absolutely critical. one relates in a way to the rio decision. the first is that the bricks in the next 11, 25% of our business have to be a third of our business in very short order and that's where we see growth. i got off the plane two or three weaks ago, economists are arguing, china's growing at 7% to 8%, goldman talking of them growing at 12%. becoming even m