francine: thank you so much, willem buiter.oomberg markets, .t is mohamed el-erian that is at 11:00 a.m. in new york, 4:00 p.m. in london. it is jobs day. a lot of the markets around the world are taking it in their stride, selling off a little bit , futures at the negative. ♪ jobs day.it is francine lacqua with tom keene. let's get to bloomberg first word news with nejra cehic. nejra: in the u.k., voters in global and regional elections gave no sign they are ready to defy their leaders and leave the european union. david cameron posco conservative party appears to be on the brink -- david cameron's conservative party appears to be on the brink of picking up seats. extend hergeon will term as they head of their semiautonomous government. and we will learn who will be the mayor of london later today. north korea's meeting gives kim jong-un a further chance to solidify his grip on the country. he came to power five years ago after the death of his father, kim jong-il he may focus on economic growth and military strength. cease-fi

thrilled to continue discussion after adam posen with the peterson institute, with 'slliam lee from willem buiterthe chart francine showed goes right to the heart of the matter. economy, 1936, various shades of closed economy. there are no close economies anymore. in this new globalization, everything is an open economy. >> one thing that is notable from that chart is the emerging market growth model is busted, because emerging markets for theuet -- for decades -- advanced economies slow to the point they can no longer do that. they need domestic demand. also because it is a case-by-case. there are some emerging markets doing well, others that are not. tom: our history tells us from the 1990's when you have a busted emerging market, you have sequential moments. where are we in that continuum? william: we are in that structural phase were some countries like china are readjusting. anytime you move, you're not going to move along the frontier. come out.in, they a lot of these emerging markets do not have transparency, so we do not know what is going on there. we have no transparency into the privat