this must have been rather familiar territory for you. >> i first went to china in 1973. the cat and mouse part of it and the -- you get to see the show commune and the -- i went to a hospital on my 73rd trip and we saw the accupuncture and anesthesia. this was the first big exposure of that kind of very tightly controlled showcase tourism that became the main stay of what a lot of what they did. part of the story is this interaction with the system and this pushing and pushing and pushing back and in fairness in many ways it's night and day. today for all of the problems. i think the quote and they had no idea what would hit them. they never have and all the most powerful people. the collection of nixon and people like william f buckley. significant figures wanting something and bringing their own prejudices. what's amazing to me is for all the things that could have gone wrong and did go wrong at one level, there wasn't a catastrophic media disaster that poisoned the whole trip. i think that's partly because just the sheer newness and freshness and exoticness of it and t

you. >> i first went to china in 1973. so the cat and mouse part of it and you get to see the show commune and the -- i went to hospital on my '73 trip and we saw the acupuncture, anesthesia, which was the first big exposure of that kind of tightly controlled, showcased tourism. that became the mainstay of what a lot of visitors did. and part of the story of the american press over the last 30, 40 years has been this interaction with the system and pushing and pushing and then the system pushing back. i think in fairness, it's in many ways night and day to today in china for all of the problems. and there are still many from the point of view of reporters. there's no comparison because i think to quote ron walker, they had no idea what was going to hit them. it's true. they never had -- when you think about who was there, all the top network anchors, all the most powerful people -- and then this other kind of collection of people that nixon liked and people like william f. buckley and james michner, it was an odd collection

foresee the possibility that china will some day join the ttp? thank you. >> translator: let me first talk about china, japan and korea and then ttp. >> translator: we all know china, japan, korea and other countries in east asia share many discussions on developing this region into a greater degree of integration and china, japan and korea have respectively agreed with the countries over the three ftas. their over fta and then we will accelerate the entire process of economic integration in east asia. therefore, i think this discussion can be very important. as you rightly mentioned, according to my information, the investment protection agreement negotiation between the three countries will be concluded shortly. the china-korea -- china-korea-japan fta was also concluded recently and when recently the president lee visited china, he forced a consensus with the chinese leader that the korean side will launch its internal recollect fiction procedures and as far as those domestic procedures are completed, the bilateral negotiations can take off. we hope tha

you don't have to worry about china. d i think some of these industrials are getting beaten up, particularly the north american companies like cooper. >> earnings growth, momentum for the financials should pick up? yeah, maybe you have to be and expert stock picker. that's why we have a panel of good traders on the show to tell you where you need to look. >> i think you do look to anything that's getting oversold. that's where you're looking. but also keep your eye on what's not getting oversold and why is ibm and intel doing so well? why is microsoft doing so well is this some big cap tech names are performing extremely well today. the 7.5% thereabouts in the gdp for china, yes, that's slowing. haven't they told us yes, they want to slow things down? haven't they react by some of the reserve requirements? now this makes sense and now everybody's wringing their hands and curious, wow, what's going on with china. until they actually start to go far lower than 7.5% i don't see the big concern over china. >> b.k., a sharp fo

you can go into india. china's trying to develop their own 4g system, 4g standard telecommunications. india works with the rest of the world. this is the challenge and longer term you have the point that even though india is democratic and corrupt and slow and burdensome they can keep doing what they've been doing and the place won't fall apart. china has to actively restructure their economy and much of their political system they have to do things a country of 1.3 billion people have never done before in the history of the world. we're hoping they can do it. we all hope they can do it. >> we're pulling for them. >> how much do you want to bet on them that is an open question? >> it looks like political reform is on the way. when you look at when i can't think, the incoming politburo member it has been widely predicted... >>. >> rose: he's now in charge of... >> guangdong province. he had overseen this village election. i don't know if you noticed that in the small village wukon where they were trying to... first

the freedom you can only get from hertz china could be an opportunity to and it's free. w, for whoever you are that day. it's just another way you'll be traveling at the speed of hertz. >>> bob pisani on the floor of the stock exchange. every single day, put the dow industrials up, markets drop between 9:30 and 10:30 and recover, it happened again today. >>> it wasn't exciting leadership, look what happened today, your leaders, merck, exxon, travelers, verizon, but every day, the market sort of has an underlying bid to it even days today, worried about the china growth story. how about apple? big drop the middle of the day and yes, a lot of the suppliers like broad com were weak but other names made up for tibm was at another new high, for example, ac censure big in the tech services area, very strong day today. him tears, techs, industrials and financials all to the weak side. maria to you. >> thank you. >>> a few moments ago reported the a birmingham, alabama judge gave the green light to jefferson county to go ahead with the largest bankruptcy case in history. wall str

china off. frankly, i like this world a heck of a lot better. i hope you do too. how long can we really depend on the lex luther, the communist party that rules the people's republic of china? what a pleasure it is to see the market actually discern between the stocks that count on china and the ones that count on america. ever since we became a sick economy back in 2007 our market has been relying on chinese growth, but now that the chinese slowing albeit at a decent pace, superman is avoiding companies that need china and embracing stocks that depend on the lead-lined united states. i don't think i've ever seen the america on/china off trade as stark as it was today. china has that pneumonia. i don't know. coming down with not even a fever. maybe a sniffle. could be allergies. consider the china side of the equation. let's get the kryptonite off the table before we get to the lead-lined sectors. approximate cause of today's decline at the opening came out of bhp, australian mining giant. that china was slowing faster than anyone thought. this huge iron ore flatte

china comes up. we go to the pacific region and you expect to hear china and every country you go to the subject of china comes up. this morning i was talking about the arctic and china came up about how they are building ice breakers to begin going out there to try to lay claims in the arctic ocean or whatever for resources because we know they are a resource driven country. i guess this committee will hear a lot of it. i've been hearing some questions and i guess it's related to a lot of the incidents taking place in afghanistan by some of our american service members, one is the quran burning and the other the alleged killing of civilians by a member of the military and other things. and our concern is immediately, of course, in this 24/7 news cycle and internet and people are thinking we are going to turn over american service members to the afghany government to be tried and to possibly be punished. i hope you will validate what i'm thinking. that is never going to happen. that is never going to happen in these cases. can you elaborate on that, either one? >> the current relationship we have with af

and johnathon, you know this region and you are worried about a trade war between the u.s. and china could lead to a depression or freedom means free trade . that means everiville or citizen or company. you need to look back to ben stein. classic ferris bueller performance hike what they can do to the can china has a powerful economy but enough to push this country in a recession. it is certainly powerful enough. it is a totalitarian government. walmart had 350 stores in china . china decided walmart was not playing the game right. and they made comments on to the chinese press about changes that they thought that the chinese government should make. and they look at control of inflation and they fined uni leaver 300,000 . they can do that, they can do anything. our imbalance is over 290 million a year. was last year. and so where is their mercy. >> julian who is in charge? that is a well known and proven fact. and same time tariffs that we imposed on them. i think even if there were trade wars. and so it costs $60,000. >> and it is a two-way treat. let me finish my point, johnathon.

against china but our citizens who can buy at cheap prices. >> i tell you what, julian. over all relationship with china and it is a huge relationship. there is a lot of frustration on the business side here in the united states with regards to stealing. sets of patents or undercutting the subsidies and that's not changing. and that's where the war comes here. >> that's the weakness of johnathon's argument. businesses get hurt in the long term it is a question of not just being paid for a fool when the chinese cheat and insist on fair trade. >> that's not true, because julian, we are able to expand production. all of those low level jobs that are done in china, we are able to use those proceeds and create better jobs. you really want everyone working on the assembly line in china? >> i think you are wrong john scion. in the case of solar panels. five years from now. there was a subsidies that they are providing. our industry will be out of business. >> and what about the solar this country is providing. >> it is all part of government force. >> you are comparing apples an

i agree with you, but if i was to agree to your plan, that would make my unemployment in china start to rise and i can't deal with that. you're right. you're getting screwed over. we're making you our bitch. the only way to repair it is through this preparation. you're all rational. if i agree with you, and i'm china, you create a huge unemployment problem for me that i don't know how to deal with because i'm in this crazy government. >> i understand one of the things you're saying that's so smart is you can't photo shop the communist party out of this equation. if you're dealing with anybody in china, you're dealing with the communist party. >> do we have leverage to deal with that kind of a negotiator? >> i'm not sure there's a lot we can take away. there's not a lot we can say we won't do. >> what can we give them for them to work with us? >> i say let's codevelop products. a lot of the things manufacturing in china are things that will be put in cars and trucks in the u.s. we will work to do technology transfer to bring you up and help you know more sophisticated manufacturing tec

so, if you believe in china, which i clearly don't, but if you believe in china, yum! brands at an all-time high, that's the way to try to play the chinese consumer, not tiffany, which is -- >> chicken and pizza. no silver and gold. next trade, the financials rallying again today. bank of america leading the way, spiking nearly 4%, inching closer back to the $10 mark. pete, you made some trades in the banks today. tell us. >> absolutely. and when you look at bank of america, you can understand why. that late sell-off yesterday on some sort of rumors that actually pushed this stock to the down side. it started off strong right out of the gate. when you start to look at the financials and see them start to lead. goldman sachs coming along, tied into the jefferies, but look at goldman sachs and morgan stanley, suddenly, citigroup gets into the green. because of that, i see this trend and think it's working to the up side in the financials because i found citigroup to be the most compelling story to get back up and above that $38 level. that's what we're seeing as far as t

china is $115 billion. so that's for surplus. so as you can see from this gap, our statistics, despite differences between china and the u.s., about $20 billion difference a statistical difference. we are wondering what has caused or what has caused the huge gap of $90 billion for the u.s. low, about $200 billion u.s. worth of trade. we really need to think over this issue, and anyone who's learned about economics will draw a very natural conclusion on that. you do have -- your third, question, right? the third question? -- [ speaking in foreign language ] >> translator: regarding china's poli policies and arrangements. i am not in a position to comment and answer your question. regarding china's trade with europe, since the second half of 2011 and since february this year, china's export to europe has seen a marginal decline. about 2% to 3% points of decline. we understand that this is due to the problems in the eurozone. and the economies are shrinking. china is open and china's export to europe is increasing. so we are ever the view tha

brazilian companies on the new york stock exchange you can buy russian oil you can buy companies and operate in china so that reflects what's taking place on the ground you have more people with more money in their pocket they are. driving cars every emerging market i go to. cars instead of bicycles they're living in homes in the city instead of farms they're eating meat vegetables instead of cereals and grains and so all those ideas point investment trends from all those parts of pryor's to farmland. and i want to get into farmland in a little bit because that's something we hear a lot about first i want to look at kind of how we got here and kind of some of the trends between looking at the developed world against the developing world you point out your colleague an editor at the daily reckoning eric sprott i when he was giving the example did at one point c.d.s. on triple a rated. was higher than that which was rated below that and not only that but higher then brazil. colombia and death it was all one notch above junk and then if you look at you have this in your book to the how latin american st

china is now starting things like minimum wage you have discontent in china are many villages there are riots and people on strike but we don't see that. if those towns all brought up on the same day. rebelled china would have problems so for china the most important thing for the party is stability keeping this place stable and it's very tough and they can do it because the communist party is very very tough do you think europe is up to the challenge should he were pains be working harder. yeah i think yes i would like to see less of this sort of benefits and. we live in the european in the west world. and a job in title hunt people come out of university with my job i mean title to john i'm entitled to this i'm entitled to benefits i've just arrived in england where all my benefits i think we have gone a little bit soft yes but it's very brave of turning this whole thing back. probably not i think of the politics of the new england are trying to bring in what they call austerity measures you see what's happening in greece whether whether people will take their place or whether they wi

china. another question. right here? >> you mentioned a little bit earlier about your visit to the cia to sort of get some background work before going on the trip. i was just wondering to the extent that you can say, what sorts of documents or media that you consumed to prepare you for what you might encounter? how did you come to understand the culture, the geography, the manners? anything? what sorts of things did you consult for study before you went over? >> i'd be curious to know, too, max, if you feel the cia had it right or how did they have it when you were reading or talking with them before you went? >> i didn't mean to make it such a great mystery. the cia, as you know, functions in two halves. there is the secret operational part of the cia that i could never get anywhere near, of course. i went to the analytical side, where ever since period, most of the experience china hands were left in the american government because they

china is becoming and will increase as a trafficking magnet. if you can speak out against forced abortion and for those baby girls in china who are suffering as well as their mothers. >> thank you, very much. >> mr. sherman the ranking member on nonproliferation and trade is recognized. >> madam secretary, glad to have you back here, i want to join my colleague s who have praised your work for our country and how much you have been able to accomplish with less than 1% of our budget. i have got a lot of topics to cover and would expect that you just want to respond for the record, but interrupt me at any point if the spirit moves you. the first is to focus on the region of georgia, we have been generous to the republic of georgia, jacak has a large armenian population and the embassy of georgia is now in support of the idea of the united states focusing a good chunk of its aid for georgia on that region. this would help bind javak to the republic of georgia. and would help achieve our goals in the caucuses. last time you were here, i mentioned the idea

and, that case sort of made crystal clear -- well, you know, at least to the u.s. and the eu, that china's rare earth export restrictions also violated wto rules. so, after getting that ruling in january, you know, there was no uncertainty, i think n the u.s., that they pursued this rare earth case at the wto that they would also win. >> we're talking with doug palmer. why does china continue this policy that leads to these disputes between some of its leading partners including the u.s.? whether it's minerals or other products sf. >> japan has a huge employment problem itself. it has to produce, i don't know, millions of jobs every year. to keep its -- to keep growing and to, you know, accommodate people who are moving from rural areas to urban areas. so, you know, they have faced pretty significant social unrest, if those people aren't immroid and happy. so, i'm sure from their point of view that they're, you know, they think they're pursuing a perfectly sensible idea to keep their people employed. they think that those policies are unnecessarily discriminatory and hurt, you know, foreig

you in this solution. that is neutral in for. china and russia to support. you give. the illusion of a united front by the five permanent members of the u. but but but but the fact is that behind it is really the american will to try to impose a solution on syria the u.s. and its allies keep on saying russia and china are isolating themselves by opposing change in syria what is your opinion on this. well it is called for. a rush to. solution on syria in. the you as. a public opinion on their side because because it is the syrian government ted king. severely and so so so so is it is difficult for russia to be on the side of the big. question but the fact is china and russia not. changed what happened in libya in libya. the u.s. and nato allies were able to impose a friendly government care without going to war and this is what really russia and china he said i guess because russia and china do not want nosheen change in syria. to change to one that will be friendly to do you as nato allies are speaking more about this position and you asked in fact has been highly cri

foreign missionary it's great to have you with us sharing us closer thank you so you spent most of your business career and china are you one of those who see the china as the center of the world's economic future no i don't think i do but i think at the moment china on a comparison basis is certainly doing better than everyone else so whether that's going to lead the world forever or have a i don't think so i don't think that we have to sort of go ahead or chinese sentry not so why this phobia of china folding our china it's coming it's very small it's all because on a comparison basis compared to china for example when i first read there were nine hundred seventy when they had absolutely nothing of course it's very different china is a manufacturing company today and benefiting from manufacturing and if you look back in history in one thousand nine hundred ninety eight hundred ten of the probably the brits the english were the most prosperous nation in the world certainly per capita all on the back of my factory so the industrial revolution on the back of coal and i think hundred england was two percent of the

monetary success on the surface but underneath they have lots and lots of problems do you believe in the theory china is getting older faster and getting richer. i don't know that i have good that phrase that they're getting older rather than the rich or their problem is also that when you talk about rich you have also the big divide the house and they have not china are reported to have three hundred fifty thousand million has recorded a one hundred fifteen billion has that drove the precise. but they have seven hundred million people who live in the rural areas central parts of china who live on four dollars a day so they're not all getting richer. they are not better off than they were forty years ago there is no question about that that the wealth has spread over everybody is ok in the sense that they are better off than they were but still big difference is still a long way to go twenty million people polled a plea a year move from very rural areas of china into the urban areas looking for jobs every year let me china's gotta find two hundred million jobs over the next ten years that's pretty bi

thank you china is one and a half percent so if we look at japan the nikkei it was you see that it's a strong yen that is really weighing on exporters we've got no need down over the we can send now we've also got. all down around two percent they are huge global exports as we head on to you as we can really see that yesterday it was a domino effect leading from china will see the same will happen they did indeed and that was from the news from china that they reported a fall in manufacturing raising questions about the global economy and how the slowing of it so as well is that we also have news from europe as well manufacturing and services unexpectedly decline in march that was a way of energy majors one of the biggest losers. so we'll see how the prices are faring into this hour and oil is indeed rebounding from the low was close and we got some concern surprise may tighten insisting tensions in iran the international energy agency says it's not planning to release the emergency crews supply so despite that price i mean well though it's not all doom and gloom the number of americ

china. not really because when you look at the china chinese banks except for china which is the. special specialized phone exchange bank so. has said i'm just all over the world but the big banks like. commerce bank china consumption and bengal china. not really strong internationally and basically almost pick banks so he's you fret insentient where for them real is the the. u.s. dollar business only comes highly fraction of the business so that he will not fight for better china is a different story. from thirty percent of the. foreign currency we have per day with me but surely surely washington d.c. would have known that by creating these oil sanctions on iran it would have affected china being the biggest number one consumer of iranian oil a sudden might say it is a possibly a chance here of all of getting two birds with one stone america puts pressure on iran it vertically and perhaps knowingly puts economic pressure on china one of the growing world superpowers. this is the best way to go forward because. this is said to us taking a foreign policy be global for everybody i

you. china's manufacturing slowdown and europe's economic problems sent asian stocks into a tailspin todayan's nikkei and hong kong's hang seng fell over 1%. those concerns sent stocks down on wall street. the dow lost 78 points while the nasdaq also lost 12. >>> the slump on wall street overshadowed the latest evidence of an economy that is getting stronger. according to the labor department, the number of people seeking unemployment benefits fell to a four-year low last week. applications for unemployment have been declining since the fall. at the same time, employers had been adding an average of 245,000 jobs a month. >>> bank of america is experimenting with a plan that would help keep troubled homeowners in their home as renters. this week they started the pilot program called mortgage to lease. homeowners facing forclosure can transfer the title of their home to the bank in exchange they will have their mortgage debt relieved and will be able to rent their home at or below market value for up to three years. the program is only available to about 1,000 customers in select cities. >>>

you listen to what's coming out of there. for example right now the target for auto growth, auto sales growth in china is 8%, but yet you had the second, the guy that's number two in charge of the china's government backed auto association saying 5% is going to be a stretch. so auto sales we know have been down. i bet they keep coming down in china. in the u.s., it wasn't that long ago we were looking for 13 million units, now we're looking for 14.4 million units. so that's why i mean by china slowing down. >> thanks a lot. thanks for calling in. gold struggling this month. the precious metal down 2%. but how quickly things change. after bernanke spoke this morning, all of the precious metals got a nice boost which worked out well for our next guest who reloaded his gold position, let's welcome dennis gartman of the fast letter. >> judge, good to be here. sometimes you get lucky. dr. bernanke got me a little lucky this morning. >> i read your note, you said much was made in the gold community about our decision last week to cut our gold position by a quarter. if you keep reading here, then you said, we sold our position to brin

that was a great day for the united states, but 2.5 million were sold to china. if youle, their number two market for ipads is china. so we're going to be intertwined for as far as the eye can see. >> there's a big fight about currency. china and trade practices. what could congress do right now to make americans feel less threatened? congress could not overreact to one little, this dumping of s solar panels. we are facing a currency manipulate lor in china. and one day in 1994, we can't redress that. we've lost 6 million jobs cht they've created 10 million. those are not going to come back overnight. we should patiently develop a broad-based strategy and understand china as well as they understand us. some say you can fight china if you want. try to take the jobs back that you have, but then all that's going to happen is vietnam or cambodia. in other words, those jobs aren't coming back no matter who's out there. >> those jobs are not coming back. those 6 million have been lost. a lot of those skilled trade, those people have not been making that stuff for ten years or

and i think, you know, it's very important thing in china. if you embarrassed system, the system will gobble you up. and i think with the incident in the u.s. consulate in chengdu, the system, the empire striking back. and that's what what happened. >> rose: what happened to the police chief? >> the police chief has been officially stripped of his mayor position. they sent someone else from the city of chengdu to replace him, that was announced this morning as well. so he is, his future fate is still very unclear. i think it depends on how much he dished out to the u.s. consulate, how much the americans know and how much he dished out to the central disciplinary committee that had him holed up in an office for interrogations. so i think, i think he had nothing to lose. while we had heard through the grapevine he felt his life had been tlented and that's why he went on the run. this really had the making of a bit of a hollywood movie feel to it as well. >> rose: i'm holding up the financial time, your newspaper, richard and on the front cover o

you want to buy the miners and the metals if you think china is not dead. >> caterpillar and if you don't believe china is dead. the commodity names. >> the hard landing thing is hard to swallow. people trying to make headlines, hard landing is hard to see with this machine printing whatever they need. i don't think the short the equities. there is a difference between looking at chinese equities and what can happen if the dollar starts to rally. what i would expect to see is a deflation and the inflation. if they start to under perform, it would be long. if you get the inflation out of the way, you get the stock market to go up. that's a big deal. the stock market has been down for two years and again you want the infligz out of the way. if you see that and get that through strong dollar, you buy chinese equities and stay away from the bigger industrial stocks or metal-oriented stocks. >> erin? >> i think that the industrials are attractive here. they moved a lot, but names like this, they are still on this. upside calls to take money off the table. i like this. >> next up on fast money,

do you think that gives them leverage? >> congressman,ha we talk with china about real world international problems and how to deal with them. >> general thurman, commanders like yourself always taught me two questions, that you have to answer when you are briefing a plan. sir, what do you see as the most dangerous and the most likely courses of action am coming out of north korea? >> thanks, congressman west. the first thing i worry about every day is a o somebody's part that causes a conflict that we hadn't planned for. that's the first thing. secondly, i worry about the a symmetric capabilities that the north koreans have, whether it be with special operations, forces, or the introduction of kim bio and in cyber. those are some of the things that i worry about. i think we're postured very well to re pell in an attack. [ inaudible ] mr. chairman, i yield back. >> thank you. mr. pilazzo. >> thank you, mr. chairman. like to thank our witness for thank you, mr. chairman. i'd like to thank our witness for being here this morning. testifying. i had to spend most

china, kotai, macau versus u.s. on lvs? >> still north of 70%. >> okay. >> if youk at the casinos in macau, it's about 80%, 85% mainland china. >> thanks for coming on the show. >> on friday i made a bad call on wynn. wynn was above 130, i said it was going to go. it has not gone. line in the sand on wynn is 121.50, the stock is trading 123 right here, below there the call is completely wrong. >> all right. good stuff. >> i like what he had to say about lvs and i still like wynn especially down at joe's level. i don't see the catalyst on the table to have to make a trade right now on any of the names though. >> j.b. >> yeah. i think that's exactly right. if this thing's going to trade with china, i think the move is you hang back a little bit. and if the selloff gets a little more egregious, maybe -- >> wow. no one wants to be in a casino name. >> i would be buying las vegas right here. buy a third, a third, a third. wait for the china selloff to take place. give yourself a couple of days here. and i'll be buying las vegas as a growth story. it's the best growth st

when you think about china don't you think of them? not. >> j.p., morgan, what do they know about china? >> not that much. what do these guys pay versus what they used to. i come back to when you make a huge sell whether saying sell gold. the big sweeping call is a phenomenon. we don't know what is happening in china other than it is slowing. i remember when peabody energy came on my show and said we are selling -- >> i try to pick up things from talking to people who do business there and an opportunity talk to ceos who did a lot of manufacturing there last week. these are the anecdotes i can share. one said i have pulled back 600 workers who were making a product there. it was off the record so i won't go into great detail because wages are going up about 20% a year. that could be great for when they seem focused to try to stimulate demand internally and try to create a domestic consumption economy. that has to be an issue when you look at it broadly speaking. the idea that manufacturing jobs are coming back to the united states to a