somewhere in western china, half a million people wrote their role in the saga of the superfortress.se farmers transform rice patties into airfields for our use against the new invader. they had no machinery, as we know it, only their minion hands and the searing memory of gears since china sent out to annihilate them. so by stone, layer after layer, bound together not just by muddy water, but the blood of their brothers who died under samurais' swords. soon, there were runways. revenge for the nameless people was close at hand. even in china, the arrival of the superfortress is an occasion for everyone to turn out, and curiosity and welcome. it welcome now, but it is only the beginning of another bigger journey. the tanks would have to be filled, the engines given a final check, the bombs set in the rack, and then briefings. the assembled and men will listen to words that a few years ago would have been fantastic, but today roll casually off of the briefing officers went. the target, gentlemen, is japan. [captions copyright national cable satellite corp. 2015] [captioning performed

it's a different person than we've seen, nationalist, anti-western. china open for business and that's not really the case as much under this regime. >> we remain relatively optimistic, particularly for europe where we think valuations are lower, where the economic recovery is at an earlier stage and where we haven't seen the heavy evaluations that you've seen in some of the u.s. tech firms. >> hong kong china stocks, look at current data, it's interesting bearish in china. the chinese companies are growing at the same rate than they are around the rest of the world. >>> now a new survey shows us that a vast majority of u.s. economists, they think the fed will raise interest rates this year. the poll by the national association of business economics, they find that 77% they expect a move before the end of the year but only 37% say it'll happen at the fed's september meeting. almost 1/4 they think that the first hike will come in october. 17% december. an additional 17% next year or later. what you take away from that is most people don't think a september h

china business. the ceo of kfc will take over the position today. he was instrumental in making yum the biggest western restaurant chain in china. they posted four straight quarters of same store sales decline in china following a food safety scare last year. however, sales have turned positive this quarter. yum rose 2% in after hours trade and frankfurt up by 1.8%. >> target and mastercard are work on a settlement over the data breach. target could pay up to $67 million to reimburse card issuers from the costs occurred during the massive hack attack in 2013. in june, mastercard rejected a $19 million settlement saying it didn't come close to reimbursing their losses. let's take a look at how shares are trading. slightly lower while target is up fractionally on the day. >> walmart slashed it's outlook as second quarter net income fell 15%. courtney reagan has been checking out the numbers for us. >> walmart and home depot are dow components and retailers and while there's small merchandise values in common they had vastly different earnings. sales up 5.7% in the u.s. and the home improvement retailer a

or western europe or china at this point.mily: all right, former apple there.n scully lulu chen will be sticking with me. adam, we will watch your reports for tidbits. speaking of apple, ceo tim cook's goal for apple pay is to reach 1.5 million u.s. locations by the end of the year. today apple pay teamed up with pay anywhere -- payanywhere to reach that goal. here is the ceo. >> we are the only company in the united states that allows buyers to pay with apple pay. so as a business owner, if you want to accept apple pay on your iphone or ipad, your only choice today is payanywhere. emily: the card reader will be available exclusively in apple stores starting next week. now to a story we are watching -- amazons -- amazon's fire phone never caught on with consumers. now the e-commerce giant is dismissing dozens of engineers who worked on the device according to "the wall street journal." the exact number of cuts is unknown. amazon is not commenting on this report. coming up, it is the 10-year anniversary of hurricane katrina. t

. >> a new study said wind push polluted air from china to the western united states put together by s from united states universities finding that ozone concentrations over china increased by 7 percent between 2005 and 2010 and the pollution has reached western united states the way the currents go the volume of ozone causing questions has impacted the progress of the united states has made with ozone. we have a different reason for the fog and haze. >> a last fires we have had so that is why we have the haze. >> we did not tack about the trinity fires last week because we were so focused on the jerusalem and rocky fire but we will look at what is going on outside right now. we have a wind shift that is starting to develop and you can see it has brought mainly clear sky to the peninsula this morning as we look at sfo and ill is going to be smoky today and hot but not so hot as yesterday. at least if most neighbors, not is many records, cooling air will spread for all of our neighbors by wednesday and we may be able to turn off the air conditioning, with cleaner air through the weeken

in terms of what they can do with interest rates and changing to banks and many are zero in western and chinaound 4% and where investors are looking, less the stock market and going to the over all economy and moving to what we saw on the exchange rate earlier in the month. >> we should put this in perspective and focus on how much the market has dropped over the last few weeks and months, but when you look at the figures more broadly going further back they are still up quite noticeably from this period last year. >> yes, if you look at developed market of course continue to do well, the u.s. was slowing anyway as investors thought and same for the uk and a little europe have done well and european central bank moved to the states of easing the program and over all the stock market has done very well but it's a long rally now and we see in developed markets well over six years which in historical terms is actually quite a long period so it's dependent of a catalyst of a strong reversal when economists geared themselves to the growth in china so i think that is where the fears lie and the ris

this ariseary says from western countries, not china. partt to add in the first of my answer here, there is an expansion of the program for local government finances. this ahead of the parade, boosting confidence and helping the local governments pay off their debts. this will be the first step, the first increase in march. in june was the second expansion aboutw the third, up to $500 billion. there are also relaxing property purchases for foreigners. angie: that is a big move. >> symbolic but not significant. it has been very restrictive for long time, which discourage a lot of afford investors. ahead of that big parade. thank you. buying a 20% stake in commodity trader along for for -- a commodity trader $1 billion. sector set of competence short seller muddy waters question the company's finances. if you are curious about it, coming up in about 20 minutes, we are going to be joined the olam ceo.y stay for that. relief rally'll be in the u.s. help boost the stocks in asia> ?we take a closer look when first up returns . ♪ angie: the ref

and other western nation are reluctant to attend. china sees the parade as a way of demonstrating its military power to people in the country and abroad. the parade will be an opportunity for four nations to exercise their diplomatic influence. >> thank you for the update. prime minister abe has deplored a visit by russia's prime minister to one of four russian-held islands claimed by japan. but abe says he will continue to negotiate with the russian president to resolve the territorial issue. >>> russian prime minister visited the island for the first time on saturday. it is one of the islanding comprising the northern territory. japan maintains the islands are an inherent part of its territory. abe responded to a ruling liberal democratic party law makeer who criticized the visit in upper house session on monday. he said the leaders of the two countries must keane keep the channel for do i log opened. >> there visit runs counterto japan's visit on the northern ireland. it is distressing to the japanese people. the important ting are to r

first, china has been driven by quantitative growth for 30 years. manyn that there were opportunities from westernountries to china, a huge migration from the country to the big cities in china. it has made good. but it is over. this kind of growth is over. and the point is that china has to move from quantitative models. and to the innovation model. but in return, they cannot outspend for 12 years. each universe is great. caroline: does that mean that countries such as france should not rely on china anymore for growth? icolas: it will be an indirect impact. but you have to understand that first economy the in the world in terms of how you see the economy. but it may be the stress. when china is moving from 10% because of% growth, global growth, i think we would have to to reconsider in france to not use them. we are forecasting 1% in france, and i think the impact could be 0.2 or 0.3. it is significant. caroline: thank you so much. economist at a consulting firm. becky london. anna: more french data coming out. we will have manufacturing confidence, we'll bring that you in our. you can comment o

china uses in its toolkit? joe: david backwards from western texas -- david beckwith from western kentucky university and our guest badge of you two were debating whether china needed to move the peg literally before it happened. then be peg was moved during the twitter conversation. it was one of the most amazing timings i have ever seen. what was that like? i was about ready to call it a night. i had been tempted that china would try to devalue to shore up its growth model. i thought that would be mistaken that is what we were arguing about, whether china should or should not do this. joe: david, you have been uan isg that because the y pegged to the dollar, that is hurting china. can you walk us through the mechanism? it to they have pegged the dollar, as you mentioned. thenet has been priced into markets already. as a consequence, monetary conditions in the u.s. have been tightening. you see that in one-year treasury rates. gettingof that is exported back into china. as china maintains that hag and it is being protected, it runs through reserves. on one hand, it is protecting a peg that brings in tighter monet

saw this thing getting constructed, i feel like i already accomplished my goal, to have a westerner come to chinafrom california and jumping the great wall in a country like china. i just never thought in a million years that would happen. >> but big projects can sometimes mean big problems. >> some of the things did come out a little wrong, like the design of the ramp was not perfect. there was a couple flaws in it which i found out about the hard way. >> the day before the big jump, danny checks out the setup. i went up there and looked at it. everything looked pretty good to go. >> it may look good to go but when he makes a test run, danny realizes something was wrong. >> i knew right away i was going to come up short. i catapulted off the end of the ramp and tumbled down the landing ramp and broke my ankle. i was like this is not happening, approximates surreal, this did not just happen. my ankle is fine, i could not accept i broke my ankle, the most devastating day ever the day before this is to happen. i'm laying on the bottom of the ramp going no way this is over. all this work and this is

at the end of the day, china has one of two choices. have got to follow the western legal system. if they decide not to come no one will invest in china. >> your quest for ownership. >> i think it is extremely fun. it is a blast. it is a dream come true. >> anyone 18. -- and you bought a team. >> about a year ago. >> the bucks was one other franchises on sale? >> at the time, he was put up for sale and we looked at it. without we were buying a media company -- we thought we were buying a media company. tv contracts were coming up. breakeven. million. [laughter] nba sports teams were not trending at the stress price. >> no, . evilness analyze that team. -- people ms. analyze that team. >> you didn' t buy it for the money side, did you? >> no. the money side. >> "wall street week" will be back. >> who has the highest level of bankruptcy post career? >> nfl. >> an unobstructed view. >> imagine putting forward financial advice is the right thing to do. investor trust at its foundation. rising above the discord by compex of interest. hightower is the new blueprints for financial advice.

the city doesn't have a concrete plan to be able to preserve the mission, china town, western edition, the bay view, and all the communities. >> real quick. if you get the moratorium, does it stop the evictions? >> in part, it will. because what happens is that every time a new development comes up where you're selling luxury condos for $2 million or renting them out for $11,000 a month, the property owners around that see that they can get more money for rent. so what they do is evict people so they can cash in on this gold mine that you're talking about. >> roberto hernandez. thanks for coming in. >> proposition night, vote yes. >>> thank you. let's check back in on the rocky fire. this is happening now in lake county, also two other counties yolo and calusa as well. it's now at 65,000 acres. the highest yesterday was 62,000. 12% contained. we're still at that 12% containment. let's talk about weather. today ease been the best day for them, but they're dealing with so many other issues besides the weather. >> this cooling began over the weekend, this trend that we are now in. today

in china the family bond is stronger than in the western world. fer multi-generational traveling in china is even more valuable. betty: carnival ceo arnold donald has no intention of being left in royal caribbean's wake when it comes to china. he says it is a market that they have already had both feet in since 2006. arnold: keep in mind, we have 101 ships. we sail to over 700 ports in the world every year. we source from everywhere. we have four ships home ported in china. four ships home ported in shanghai. betty: carnival currently carries chinese passengers to countries like japan and south korea. last year, donald put his chief operating officer, alan buckelew, in shanghai and signed a deal to develop the cruise industry with a local operator, china merchants group. arnold: there is a lot of work to be done in china. we have to have ports developed so the chinese guests have destinations to go to. but the reality is that it a good market already today. betty: yes. arnold: we have four ships there. three on our castle line, one on our princess

china. anti-government protest in western nepal turns

china will find it a bit more difficult to do so. nobody should be surprised at this. every major trading block, north america, western japan, and now china, when they get caught up in the cycles that beset capitalism, seek to improve their situation among other things by devaluing their currency. it's the normal maneuvering of all of them. so it's a little bit disingenuous to get angry at the chinese, they have joined the international club of capitalists, and now they are playing the game the way that system works. >> and is it fair play? >> well, you know, it's a question. everybody else is doing it. it would be bizarre to expect the chinese, if they are having economic difficulties, which they clearly are, to discyst from one of the standard things you do, which is to manipulate the value of your currency. the most important exporter in europe is germany. germany benefits by having the value of the euro artificially lower, because it effects the weak economies of spain and italy and greece, and so the value of the euro is lower, and that makes german exports more competitive in the world. do they manipulate things

the world's longest railway is opening new opportunities between western europe and china, and it ising the chinese appetite for global taste. >> all the board the silk rail. this trade links it to the iberian peninsula and it carries the very best of europe. as william shakespeare said sharing is the most famed bottle. today it travels all the way to china. spanish wine and olive oil are also among the products tested for wealthy consumers in china. >> we offer these products are popularized spanish culture in spanish cuisine. after they arrive in china, we find agents to help us distribute them to raise their image. >> the european trade link is key for china in its economic development. previously, the only regular route service ran only as far as germany. is longer link cements china's largest trading partner outside the eu. the journey is almost 13,000 kilometers across eight countries. it takes between 18 and 21 days 10 days and shipping time saved, and poses less security issues than going by see. >> the route passes of extremely sensitive areas, such the straits of malacca. c

toare committed manufacturing efficiently in china, and our biggest markets are western europe and north top of that, our largest customer, home depot, announced fabulous results yesterday. we made a big bet on home depot. it is our most important partnership. that partnership has been proven to work out great for tti as well. and u.s. home sales, the recovery in the property market in the u.s. is boosting your sales there. tell us about consumer sentiment in the u.s.. confidence inr our view is improving in the u.s.. our view is on innovation and developing new products. whether consumer sentiment is good or bad, we are bringing innovative, disruptive that wents to markets will be a will to grow in good times and bad. milwaukeey our new products are selling so well. they bring the user productivity breakthrough. last year, you are higher -- you are talking about cordless power tools. tell me about the transition. guest: it is a revelation. we launched this milwaukee brushless motor for this drill. at the time, it was the lightest runner for this drill ever developed. we are now bringing

in china, you are seeing with the success of the iphone, a growing block of chinese consumers want to have a more westernizedifestyle. emily: is the government going to allow this? guest: the government is pretty can --f choosing who it you can succeed in china. to improve relations with companies and relations outside of china. twitterith facebook and being blocked and companies saying we're not going to try china at all, what makes me -- what makes airbnb different? guest: media is a lot more regulated and there's a lot more cross-borderereas commerce is being promoted by the chinese government. emily: i recently sat down with the cto of airbnb. take a look at what he had to say about airbnb's expansion in china. a country is growing faster than any other country in the entire world as a source for travelers. incredible growth. it's an amazing thing. there's a growing middle class and the first thing they want to do is experience the world. many of them have not left the country ever before. china is number one in terms of international tourism expenditure. it was $100 billion in 2013 and they estimated it

easily, and i think maybe the chinese regulators and the people's bank of china as well are learning lessons that many of their westernounterparts of the last century, really, which is that you can only fight the markets so much before ultimately losing. doubt a time when the markets feel the urge to turn, and that is very much where we find ourselves at the moment. stephen: why is europe, and now it looks like wall street as well, so vulnerable to this? alastair: china is very much the largest growth region we have seen, and has arguably been the power driving different economic regions around the world, their consumption, their demand for goods, rob materials, commodities, it has outstripped everyone else. and on the lack of that with their growth now penciled in as heaven percent and arguably looking like that might be a pretty tough task to reach being brought into question, it does ask how much more demand there might be for oil prices and commodities. ftse for, the instance, that has been knocked pretty aggressively. stephen: what do the markets need now to settle down and move on from this roller coaster ride t

china and the shares in japan fell 4% in sympathy. shares soared in europe. in america they rose for a few hours but closed down. why do westernestors breathed a sigh of relief for a few hours? is because the people's bank of china has done what central banks typically do when markets are tumbling and growth is slowing, which is to throw to money at the problem. since the global crash of 2007-2008, china has become dependent on investment to keep the economy growing fast. china's debt has increased by just under 21 trillion dollars since 2007, the equivalent of incomean 120% of its gdp and takes its total debt to more than america's as a share of income. 282% of gdp. there is no big country in history which has not suffered a severe crash at some point after risen atd its dead that kind of rapid rate. rise after that kind of rapid rate. they are borrowing more to pump up china's debt bubble even more. it may make the eventual pricking of the bubble more damaging. >> growth has slowed down dramatically. the rate of increase in overall debt is alarming. the rest of the world is no longer providing china with the genuine consumer

continuing china's appetite for global taste is being satisfied next to the world's longest railway that runs to westernw opportunities through speed and security. >> all aboard the silk rail. it links china's eastern shores to the iberian peninsula and carries the best of europe. as william shakespeare said, sherry is the sunday of spain bottled. a train full of spanish sundaes traveled all the way to china. although oil is also destined to newly wealthy consumers in china. >> we offer these products to popularize status culture and cuisine. when they arrive in china we find agent to distribute them to raise their image. >> the european trade link is key for china and economic developments. previously the only real service only ran to germany. this means that china is spain's largest trading partner outside of the eu. the journey is 13,000 kilometers across 8 countries and takes between 18-20 one days, but it saves 10 days in time and that is more secure than going by see. -- going by sea. >> if those places were destabilized it would have a negative impact on china's growth. >> putting a container on

china. anti-government protest in western nepal turns violent leaving 20 dead including police officers. >> i'm in kuala lumpur, where an ancient river is getting a new lease at life. >> but first the latest on the refugee crisis in europe and the mounting tensions and the huge influx of people who are arriving every day. migrants have been fighting with police in milan. they say the red sox cross center they're staying in is overcrowded. they say they're worried about the high number of u un{^l" ^}companied minors they're picking up at seas. italy's cord guard rescued 5,000 people on the mediterranean. and criticizing greece for not doing more to register people who land on its shores. the government there is ferrying thousands of refugees from the island of lesbos to the greek mainland where they head to macedonia and on to serk i can't. this is the scene i serbia{^l" ^}. 7,000 people have crossed the board from macedonia on saturday. that's after macedonia gave up trying to stop them. we start our coverage in serbia. >> according t u.n. hcr and doctors out borders, roughly a thousand mig

because these are the countries building the block with china over the last few years. and also japan, and the western part of the world, people are thinking about the u.s. and germany. because now the countries have the biggest links with china when you look at trade and demand and imports. not to forget that some countries are extremely linked to commodities and oil to financing. and african countries, countries like angora using that as currency. and countries like iran that have been actually trading oil in china for the past six years. it's actually not looking good when it looks to be a florida ke placebo contagion effect. it must actually be acted on. >> thank you so much for that. >>> a series of steps being taken by the people's bank of china, but when do those steps actually go into the real economy? are they actually running out of options here? just last week when you were on vacation, wilf -- >> doing research in spain. >> -- yeah, $30 billion of liquidity into the markets. they've done a lot. the question is, does it actually help? >> right. and i think with the rate cuts that we've been

china will be effect did more this time around than before. the chinese debt is nothing like the rest of the world, the western world or japanese world. all know, china has not had a recession for a blog time. what would be normal china to have a slowdown recession. that would stop the world and financial markets. as i said e4, we haven't had any problems in the financial markets in the lord time. maria: of the federal reserve doesn't raise rates, said a bigger negative for equities than if they were to raise rates? >> if they raise rates and market go ahead and make 13% or whatever downturn, then they would panic in coming to the rescue. we've got this artificial ocean of liquidity. the sooner the better if you ask me. my loans are down like everybody else. the longer we delay this, the worse it is in the end. dagen: hey, jim. it is dagen. what if the fed comes in to rescue the downdraft in the stock market and what they decide to do doesn't work, is that a possibility? >> that would be good news because then the markets would finally have some reality. it would be an tired market. it would be fun, but some of us comment 30 would lose

western border regions. homes, roads, and bridges were swept away after weeks of torrential rain. china and japan are already donating relief supplies. britishorces in the region say they are examining childations of hysterical sexual abuse against former prime minister edward he's. he was prime minister -- edward heath. he was premised minister 10 years before margaret thatcher. he died in 2005 at the age of 89. here is our correspondent. >> five british police forces are investigating former prime minister heath. he is accused of raping a 12-year-old boy in 1961. a labour mp who has campaigned on sexual abuse by parliamentarians says it is something many long suspected. not surprised that an investigation has taken place. i have been studying this child sex abuse for three or four years now, and there are rumors circulating in relation to him during all of that time. >> the rumors have been circulating since the 1980's when complaints were made to police that were allegedly covered up. and what knowledge was ,here within wiltshire police if this trial was stopped, why it was stopped?

china. super typhoon soudelor has already hit saipan. a tiny island in the western pacific ocean. the storm ripped off roofs and knocked down power poles. food, water, cots, and other federal emergency supplies have been sent to the area. after hitting saipan. the typhoon strengthened to a powerful storm. with gusts up to 184 -miles per hour. it is expected to hit taiwan later this week. just ahead. a new addition to the warriors family. we'll show you the little bundle of joy. >>:it has been a nightmare >> pam :a dog missing, after she was left in the back of a stolen car. but our justine waldman was there when the heartbroken owner. was reunited with her beloved dog. diadianwe will have your seven y forecast coming out ♪ we invented low fares. then everyone else pretty much tried to follow. we call it the southwest effect, but other airlines probably use more colorful language. low fares. we don't just have them. we invented them. and here we go again! book for as low as 73 dollars one-way now at southwest.com ♪ >> pam :an update to a "my kron 4 story" we brought you last night.

ukraine and western country accused the rebels of shooting down the plane. >> china makes a move to adjusted currency, coming up, what it means for u.s. investors, and markets around the world. >>> and the desperation for a better life turns to frustration for some refugees trying to make it into greece. into greece. >> my name is imran garda. the show is called "third rail". >>> in nepal police fired on protesters ralliling against a clause -- rallying in a new clause. it would split the country in two. two demonstrators killed, hundreds wounded. hundreds defied curfew orders and protesters allegedly attacked government buildings >>> iraq's parliament voted for sweeping government changes. it is the biggest overhaul since the military occupation more than a decade ago, giving the prime minister abd-rabbu mansour hadi more power. critics say the current system encouraged corruption and derived iraqis of basic services. three vice presidents will be eliminated >>> china's central bank devalued its currency. the government called it a one-off. it could be bad news for the u.s. economy. >> repo

converting eastern slavs to christianity crimea was a western out post of the the great silk road, the ancient trading network stretching to china. >> here we are at a center, a crossroads of trade routes, a meeting point of europe and asia for many centuries, and it is a geopolitical focus these days too. >> at this old crimean palace, the architecture at the palace speaks at a time when much of eurasia was under the tatar yoke. the argument about whether the russian sole was european or eastern or oriental is as old as the country itself. at places like this, you can get a reminder of influences, that there was a time where what is modern day russia was part of a bigger mongol empire with its capital in beijing of course, vladimir putin doesn't want to rewind the clock hundreds of years and be under asian rule once more, but russia is pivoting eastward, integrating space with china, signing out to beijing's silk road belt project. a trans-eurasian trade. and investment network. it may look like a dip in a submersible. under the surface, it's more. >>> now, for the first time in almost a decade the u.s. has been forced to call

to blunt some of the aggression you see from russia on china on their territorial claims. in the westerneurope we need to reinvigorate nato. stop putin's efforts to relitigate the end of the cold war. >> it took an incredible apparatus to build the structure, to murder people one at a time or several hundred at a time 10,000 a day in auschwitz. with one nuclear device, several million people could be murdered and killed. i think we underestimate the radical nature of these animals who run iran. >> what is wrong with obama, i get them i don't get obama. >> we saw chamberlain before and it took a churchill to help get us out. whents that speech was mad, after it churchill said there was a choice between war and dishonor and they chose dishonor. there's another choice other than war. i don't believe that's the only choice we have. anything is better than allowing these terrorists to have nuclear capacity. >> it's kind of bizarre, to be honest with you, to create moral equivalents between our faith and the hijacking of islam in the form of these radical terrorists. and call it for what it is

. >> but crimea was also a western outpost of the great silk road, the ancient trading network that stretched all the way to china. >> here we are at a center, a cross roads of trade routs. it is a focus these days too. >> this old crimea palace they speak of a plan where it is under the that tar yolk. the argument about whether it is european or something more year, or oriental is pretty much as old as the country itself. you can get a real reminder of the eastern influences. that there was a time when most of what is now modern day russia was with part of an even bigger empire, with with the capitol in beijing. of course, putin doesn't want to rewind with the clock hundreds of years. but russia is pivoting eastward integrating economic space with china, and signing up to beijing's new silken road economic belt project. so this may look like a dip in the submerse closest rival, but under the surface it is so much morale al jazeera crimea. fear. >> i should have punched you in the blank face. now "techknow" goes to the field where is scientists stay under the radar to conduct research. >> what if i told you that

to blunt some of the aggression you see from russia on china on their territorial claims. in the westernope, we need to reinvigorate nato. stop putin's efforts to relitigate the end of the cold war. >> it took an incredible apparatus to build the structure, to murder people one at a time or several hundred at a time, 10,000 a day in auschwitz. with one nuclear device, several million people could be murdered and killed. i think we underestimate the radical nature of these animals who run iran. >> what is wrong with obama, i get them, i don't get obama. >> we saw chamberlain before and it took a churchill to help get us out. when that speech was mad, after it churchill said there was a choice between war and dishonor and they chose dishonor. there's another choice other than war. i don't believe that's the only choice we have. anything is better than allowing these terrorists to have nuclear capacity. >> it's kind of bizarre, to be honest with you, to create moral equivalents between our faith and the hijacking of islam in the form of these radical terrorists. and call it for what it is.

stocks hit hard in europe on these concerns over china's growth and the selloff in asia. of 18 westernrkets in correction territory. the ftse 100 heading for its lowest level since 2012. the german dax, one of the best performers at the beginning of the year, now it is the first heading into a bear market. we go to the stoxx 600, europe's equity benchmark. it had its worst week in four years last week. now down about 4%. it dropped as much as 8%, the worst since 1987. we see if that selloff continues . one winner today has been the euro. all these concerns over china question and pull back to their bets on a fed rate increase in september. that increased demand for the yen and the euro. it is at a seven-month high against the dollar. 5 for the first time since february. julie: we have seen an enormous amount of volatility and a swinging around in term of the range we have seen in the major .verages that continues. the s&p 500 on an intraday basis and the swings we have seen here. offooks like we are coming the load to some extent, but we keep swinging around. this is the imap. where we

>> if you look at some of the western companies' results as well, the statistics we get out in china is open to distortion. who knows the accuracy? people like jaguar land rover showing shocking sales figures and also margin compression issues. we are seeing a pattern here. i'm afraid the pattern is hard landing. jonathan: is it a hard landing? i don't see a people's bank of china that is in crisis mode. the rrr rate, where are we now, 18.5%? we've got room to breathe. when do we hit the crisis button? stephen: i think they are already doing it. up process has been to puff financial markets to generate the illusion of wealth. this is a sort of fed style approach. the asset prices are part of the process. that's what they are trying to do. jonathan: i want to look at the trade data. the export-import story tells me one thing. the volume tells me something different. i don't see oil. i don't see iron ore import volumes dropping off in a big way. what do you look at more when you look at the trade data? stephen: the yuan is linked to the dollar. this is one of the problems the chinese h

china and energy consumption. per capita it is still very low by comparison with western companies -- western countries. nsumption is going to be ok. what is happening now is china is going through a difficult transition. the commodity intensity of its growth has dissipated, gone away. i think as much as we were bullish about commodities, as china's share at will went fromn of copper negligible amounts to 6%. -- 260%. going to spell over it? , it is have -- it has had a huge impact. in the united states, the numbers are good. we are good to move on in a moment, on that we have seen year,nors, in the past are we at that supply constraint that is are we at the end of that supply constraint? -- are we at the end of that supply constraint? george: i don't think so. when we have a logbook. in which prices have been rising , it encourages producers to produce more. the producers at this level. george, let's leave it there. george magnus, our senior adviser from ubs. theline, printing give us headline on the dividend. caroline: they are willing to raise capital is needed. standard chartered shares will they hav

preoccupied with troubles in greece or puerto rico when you went to bed in the western world last night, you'll wake into a shocker out of chinaas he mentioned before, china devalued its currency overnight by nearly 2%, causing ripple effects. concerns of china slowdown is much worse than we believe. pimm: we have the global head of currency and strategy at securities and he is with us now. do think this is the kind of event that he just described? >> i remember when they went the other direction in 2005 and it definitely shocked market. it is the biggest change since then. pimm: you seem slightly underwhelmed. [laughter] betty: a little early in the morning. i think this is a potentially very big deal. if we see them drifting and fixing and a weaker direction again, and a trend developing, that will be a big news. government comes out with a directive that says the yen is going to be worth this much to the dollar? jens: that is what they have done in the past. they said last night we are going to change the system. now, we are simply going to use the market rates from the day before to set the central rate the day after rathe

for the announcement this is an adversarial relationship for calling china out on this but also increasing our power in the western pacific in particular. i have not heard him speak specifically to some of the new calls for doing away with engagement, but this would call to his them a approach to china over the past 35 years. host: our guest served as a cultural officer in beijing at our embassy. is now the director of the kissinger institute in china and the u.s., part of the wilson center. greg is next from orlando, florida, independent line. good morning. caller: good morning. i live in hong kong for several years. he did not mention religion is one of the things that seemed to be changed there. like the closer we get to focusing on economic reforms and how it gets to u.s., the less send we are about national tierney against christianity that happens when china becomes more focused on the communist government leadership. still some close friends in hong kong. wonder how that will change. does the u.s. look at that less theiry in order to keep economic development going back and forth at a better pace? there is

if there comes a day chen china been united, i will surely cut out the heart and bowls of the western barbarian. >> a little more complicated than the other ones and a little bit more passionate. what are some out messages here? >> it illustrates immigration as a necessary process. it definitely gives testament to the notion that immigrants come out of necessity, that they don't choose to come simply for fun, and he references political instability in his country as to why they're here. and -- yeah. >> political instability and global inequalities, right? our countrymen suffer this treatment all because our country's power cannot yet expand. so one of the things that i think is interesting about this one, first of all, is it is more pointedly angry, resentful, and threatening of violence than many of the others. and it explicitly pits, at least in this case, the chinese against the so-called western barbarians. it's important that he, and these are all poems that have been recovered from the men's barracks. we know they're male. he's using the term barbarian, because that is what they

quickly china will slow down in the policymakers due to arrest the slide and that can be unconventional and never seen before. this is the first time we've seen emerging market leading the westernal, you're exactly right. everyone waits to see what china will do. lauren: lets anyone caught up in the global action monday morning. shanghai down 8.5%, hong kong 5%. the nikkei in japan down more than 4%. over in europe, the stock markets opening down more than 2% across the board in bear market territory. tranter we saw plunged last week. this morning the s&p looking down 32 points. 1.5% pay down the big picture. 334-point c. all down arrows looking at oil and gold. oil down 4%, below $39 we are also taking a look at gold which is then the safe haven right now pulling back as well almost five bucks at 1154. lauren: here is how the dollar is trading. the euro and the yen but safe havens. as for the yield on the 10 year treasury still holding 2.03% at the moment. nicole: we want to get you caught up. $5 trillion in global stock market value has been erased since china devalued its currency. we will talk to a strategist about why devaluation has caused near panic in global stocks. oil

western edge of the city. >> barnabie fill ups there now, ahead on this program no closure unfortunately relatives protest in chinay not believing that part of the missing plane has been found. and according to peace in the city, japan remembers hiroshima. the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. >> these are the headlines. in saudi arabia, isil says it was behind an attack in which at least 15 members of the military were killed. a suicide bomber targeting a mosque used by army personnel. in iraq, the number of civilians killed in the fight is rising. anbar province one of the worst hit in the hospitals there. and survivors of wednesday's ship wreck have been arriving in italy. more than 400