zanny, rather suddenly the seems to be a lot of anxiety, even fear. am i right? >> you're absolutely right. unfortunately the sense of crisis is back and i would even say the sense this whole euro project could fracture is back. >> brown: that serious? >> yeah, it's this serious. the end of last year, the end of 2011 we had a similar moment of real fear in global financial markets. then the european central bank came in and basically poured a trillion euros worth of liquidity into european banks and that calmed things in the beginning of this year for a couple months. it led the europeans to crow, in fact, that they sold their crisis but at that point it was an anesthetic but the underlying disease is still there and it's come back with a vengeance. >> brown: but it came back almost through a political route right? we had these elections and it looks like political disarray as much as economic problems. >> political and economic. i think there are three reasons why this real sense of crisis has come back. the first is it's political and it's greece. the greek vot

imagine, zanny, do you start the next facebook. and her karachi's got some idea.you take your friends to loan you some money make an investment in you own a third of this thing in your garage. the moment you get to third, there's no income because the thing is not worth anything in your immunotherapy and worth a hundred billion dollars annually to have been worth $33 billion. many of us would feel that she should pay some taxes. but under the law, you've paid no taxes. now you might think that at some point you will want to diversify, you ought to sell your facebook., your zanny book stock, but if you have competently advise coming you will find ways to borrow money and be all too spent dirty one other $33 billion without ever incurring any tax liability. you might ask, what will happen if 60 years from now you die and get the money to your children. and then your children -- they don't care about zanny book. but they pay capital gains tax? the answer, no they will not pay capital gains tax. you have an issue around great fortune at a moment when the top 1% or 2%

get banned well and she also have a nice side chance of claiming second spot and welcome champions zanny so it was one game to play here is the top of the table so needs are under saleable at this summit but it's really packed behind them with tears gas. and she all assured of european football next season the only issue being whether it's champions league or the europa league. while there is a fight for survival at the bottom ross stores go to already relegated tom looking to escape the playoffs rostock need to win and also rely on terror beating truly is to get off elsewhere and attacking bulger who will go into the playoffs rock bottom spot and take on krasnodar home now are already relegated but two more sides will enter those bases the third and fourth place finishers from the second tier. well it is also a frantic end to the season the english premier league the title european places and third relegation spot will all be decided on the final day that the city lead manchester united on goal difference so victory over q.p.r. would give city the title for the first time in forty four

imagine, um, zanny, that you start the next facebook. in your garage you've got some idea, you get your friends to loan you some money, make some investment, and you own a third of this thing that's in your garage. at the moment you get the third, there's no income because the thing's not really worth anything. and your thing ends up being worth $100 billion, and you end up being worth $33 billion. many of us would feel that you should pay some taxes. but under the law -- [laughter] you pay no taxes. now, you might think that at some point you will want to diversify, you will want to sell your facebook stock -- your zannybook stock. but, actually, if you're half competently advised, you will find ways to borrow money, you will be able to spend 31 of your $33 billion without ever incurring any tax liability. now, you might ask what will happen if 60 years from now you die and give the money to your children? will -- and then your children, you know, they don't care about zannybook, they sell the stock. will they pay capital gains tax? ans

the moderator will be zanny minton beddoes, economics editor of the economist. i said i wouldn't comment on the resumes and i won't but i would like to make a few personal observations. marty feldstein and larry summers are friends of whom i've had the opportunity to discuss economic issues, and marty's case for many years and in larry's case for decades. both are excellent listeners though challenging. they are challenging but they also process what they hear, are open to changing their minds and then give you reason to conclusions with strong grounding. so in addition to their preeminence they are exceedingly well-suited to their recent discussion that tax reform need so badly and so seldom gets. i i've also had the privilege of being on panels with zanny and she is not only a decisive moderator but she. i knows more about the subject at hand. when i'm on the panel she surely knows more than the discussants. our second roundtable key principles for a successful reform effort, the discussions of the honorable john engler, president of the business roundtable, f

i've had the privilege of being on panels with zanny. she is not only an incisive moderator but frequently knows more about the subject at hand than the discussors. our second round table is key principles for a successful reform effort. the discussors are john engler, president of the business round table. the president and chief executive officer of the national bureau of purchase, preefer of economics at m.i.t. the chairman and counselor for the center of american progress. and senior fellow brookings institution. former vice chairman of the federal reserve board. the moderator is michael greenstone. seen the major fellow of the brookings institution and professor at m.i.t. and a former chief economist. i'm not going to go to their resumes but i would like to make a couple of personal observations. john eng learn r was a committed republican but worked across the aisle with both parties. that is a spirit we're going to need to move forward with tax reform and move forward on the issues of our country. i was in the clinton administrati