china is the biggest and china may have other problems. china's savings rate -- let me say it differently -- china's consumption as rated gdp is below 40%, which is the lowest accepted that has been heard of and human history as far as we know. 40% is a very low number. the current-account surplus is the difference between investment origins -- investment and expenditures were in come. china is saving for domestic investment lot. even then, there's a lot of over for current account surplus. the u.s. is doing the opposite, and vesting a great deal more than we save and the financing came from china. given all of that, the question is what can be done? the answer is there needs to be some sort of global regime to work out a mechanism whereby we get realistic number so that unsustainable account surpluses and deficits cannot last. it's not an easy thing to do and for all know, china, with demographic changes coming along may not be the savior of the future. maybe some other part of the world will be saving huge amounts. the point is, the worl

to china.caught but that's not the issue that the in th issue is define a glod regime so indeed we do not have theappen kinds of imbalances the had.o find let me at this point stop thered you'd want to into the global t financial crisis, if such another topic, i don't care to the start because i would know glob where to stop and give barry a chance. >> thank you. i think i'm going to end up repeating a lot of the same things of anne. but i wanted to get a little bit ings. rom the u.s.-china perspective. the first point i want to make is that surprisingly the from economic crisis has been good for china, i think, on balance.e one reason is it simply has nota been part of the global financial crisis. the financial system that many people were so critical aboutis was helpfully closed during thiy about. therefore, largely unaffected by the distractions and the rest of the world. negative shock to china was the trade mechanism.n and so the was a very powerful thstortion of trade, but china's respons

-china agenda. ray suarez has that story. >> suarez: secretary of state hillary clinton took time out from talks in beijing to join her hosts for a bit of vintage chinese opera today. elsewhere in the chinese capital, there was relatively little harmony between the chinese and the high-level u.s. dell grags, some 200 strong. the second annual strategic dialogue talks were aimed at resolving long-standing economic and foreign policy issues. but the original agenda was overshadowed by the showdown between north and south korea over the sinking of a south korean ship. secretary clinton said it's in chinese interests to help rein in the north koreans. >> china not only values but is very committed to regional stability and it shares with us the goal of a denuclearized korean peninsula. >> suarez: clinton's chinese counterpart barely mentioned the korean tensions in his statement. he called for all sides to avoid escalation. likewise, there was no visible progress on china's policy of peging its currency

line with china. they are investing in a somewhat stable regime, but not at a cost to china. >> do you believe that north koreans have an operational weapon? there is some confusion about the test. >> there is real question about that among the experts about whether they have been able to develop something that is operational. but if i was in north korea, i would do the same thing. i would say, yes, i am. >> i wish you were in north korea. [laughter] >> one of the things that is undermined here is that -- and i'm thinking of japan now with all of its nervousness and traditional hostility between japan and korea. the china has its own interests that are not parallel to korea, etc. here in the united states, we do not really have much of an understanding about that. and getting back to the original point about the media not even paying attention to it, there is not really this concern about asia until it becomes something that literally threatens the world and its existence. >> i have a feeling about th

for china, that china should be bound. that this binary distinction between developed and developing countries that was drawn up in 1992 is out of date. because there are a number of countries that are treated as developed who have per capita income and per capita emissions far lower than a vast swath of s developing countries. if you look at the 20 poorest dg developed countries that were yk classified as developed in 199 # # -- 1992. including singapore, all of the middle east and a large swath of waerging economies as well. lars and so i think that it's appropriate to have a conversation about equity, about per capita emissions, aboutout income levels and about what ann appropriate allocation of responsibility is. but that has to be aibility is. conversation that's based on be more than everybody who's stuck in that annex one treaty that we in signed in 1992 gets to take action, and everybody who's not has no obligations. take there has to be a gradient beyond that. >> yeah. i think that's exactly right. again, the basi

china is making on its own national level which is -- to which kind of emissions china is making. i think we saw in the final outcome in copenhagen a clear recommendation of china taking positive steps on each of those elements. we have heard a lot about those negotiations for those involved in kyoto. and should come as no surprise like any fine meals, the test is not how it looks while being made but how it looks coming out of the oven vigo -- out of the oven. with some significance steps forward in copenhagen. all major economies, including china, or making commitments to carbon emissions and to report on mitigation efforts which is critical to give a recognition. we all need to work together with balance commitments by all major economies. that international engagement has been complemented by our bilateral work on energy and climate. we signed a memorandum of understanding to work and clean energy and environment at the last to teach again economic dialogue when the president visited beijing last year. we have new clean energy research centers, electric vehicle incentives, and

millions will enter china. also, china never trusted north korean leaders. he visited china only two weeks ago. they like to talk about friendship and cooperation, but behind the scenes there are many rumors saying the chinese leaders are very angry about the north korean leader and the relationship is not doing well. >> you make it sound like the north korean tail is wagging the chinese dog? i did not mean to be flippant, but you have one of the poorest countries on earth and then the third largest economy. who is calling the shots? >> what is the purpose of north korea? why did they want to do that? maybe they deliberately want to cause of war cannot conflict. a war in the region is not of interest to china or anyone, except for north korea. on the other hand, china needs to be serious on the side of the u.s. and the other five -- four parties of the six-party ballot. that kind of behavior on the part of north korea should be restrained. you can also influence privately and china has chosen the latter. >> i want to talk about the question of currency refor

/china relations not to mention those with the rok for china. it also creates an unhealthy precedent over the long term for the non-proliferation regime. jack asked before whether the u.s. had a true the done. we might want to ask the same of china. their words are appropriate. china says it wants to work actively for the de-nuclear reservation of the korean peninsula. that is good, but there is a larger strategic context year and a set of actions that may be needed to advance that. that we need to import more coolly to the chinese. so, i see china like the u.s., confronting some unpleasant policy choices. on one hand, we could say china could in 1 context make some kind of commitment it will protect and defend north korea. i don't think china seeks that today. it does seek to preserve and provide, and sustain for north korea. heightened political and economic support this seems at first to be independent of north korean behavior. alternatively, we might want to see china move more towards an active prodding of north korea. even distance itself

we see it now with china. if only we could get them to revalue the currency and lower a few nontariff-barriers, many of our problems would be resolved. -- solved. i'm not going to argue that the value of the current chinese value si is fair and accurate. one thing that's outside my area of expertise. i think it is undervalued. how much, that's very hard to tell. but if we think that would be a panacea, that would just cause our economic growth rate to rocket upward, i think we're deluding ourselves. in any authoritarian system there's always a diversity of views within the leadership elite. but it's very hard to measure. for obvious reasons. you know, again, i suspect within the communist party hierarchy in beijing there's probably a wide range of views. there certainly was in the late 1980s during the period leading up to the tiananmen square episode. it's very hard to tell. but it is a mistake to assume that the leadership elite, even within a highly authoritarian system is a monolithe. we do have to be a lo

china cooperation. washington and beijing will convene the second strategic and economic dialogue the first was last summer and at that first dialogue obama gave a speech that captured his vision of our bilateral relationship and among other things he said the relationship between the united states and china will shape the 21st century that makes it as important as any bilateral relationship in the world that must underpin the partnership and that is a responsibility to gather that we bear. are believe replaced to make progress on the most important issues of our times. my confidence is rooted in the fact they share a mutual interest people will benefit and the world will be better off because of the ability to partner is a prerequisite two on the most pressing global challenges. kenneth lieberthal and i happen to agree with the president challenges like the global economy in nonproliferation and climate change have moved to the center of the u.s.-china relationship and you can see that in the statement

i spent five years in china. i -- the -- the editor at the times, joe lelyveld,was nice enough to give me 18 months to get this book out of my system and to do this history that i saw a niche for on the -- on the -- on the china bookshelf. and i came back on the payroll last february and moved to st. petersburg, russia, for a couple of months and lived with a little old lady pensioner who didn't speak a lick of english, trying to learn my russian, get started and going to the ballet every ch -- every chance i got. i saw more of the kirov ballet than i'll ever get to see again in my life, and it was wonderful. c-span: now did you speak chinese? >> guest: i spent a year on my -- my chinese is ok. it's now rapidly receding as i -- replacing it with russian. i -- i think it's there to come back if i go and rehabilitate it. but i studied very hard for a year, every day, eight hours a day in taiwan before i went up to beijing and started work. so my chinese got pretty good by the middle of my tour. c-span: "a great wal

and china. an agreement signed in 1979 has served as the foundation for all of these years of energy corp.. or this could be a source of tension. the goal announced last july was to map out a path going forward. in november, during the president puts a trip to beijing, there were sweeping initiatives announced regarding climate change. a similar set of initiatives between the u.s. and indonesia are out there. we have all of these positive bilateral relations. none of this was actually translating to the international commission actually tasked with coming up with a climate change agreement. for two years they were completely mired in debates over both content and form. there are a lot of reasons why international negotiations have struggled. at the core, the most important issue is in the difficulty of translating political will into an actual treaty. that has to do with the legacy of climate institutions and agreements that were left with uncertainty about the future. you have three positions i

china is making on its own national level which is -- to which kind of emissions china is making. i think we saw in the final outcome in copenhagen a clear recommendation of china taking positive steps o each of those elements. we have heard a lot about those negotiations for those invold in kyoto. and should come as no surprise like any fine meals, the test is not how it looks while being made but how it looks coming out of the oven vigo -- out of the oven. with some significance steps forward in copenhagen. all major economies, including china, or making commitments to carbon emissions and to report on mitigation efforts which is critical to give a recognition. we all need to work together with balance commitments by all major economies. that international engagement has been complemented by our bilateral work on energy and climate. we signed a memorandum of understanding to work and clean energy and environment at the last to teach again economic dialogue when the president visited beijing last year. we have new clean energy research centers, electric vehicle incentives, and re

meaning china has more smokers than the united states has people. while warnings of dire health risks have pushed smoking rates down across the globe, tobacco consumption in china has quadrupled since the 1970s. how is business? are you telling more of expensive brands? >> the living standard in china has improved. it is easier to sell cigarettes. even sell expensive cigarettes. this one is a common gift. >> suarez: smoking in china is to popular that cigarettes are often the gift of choice for special occasions. >> this one is for a wedding. red color. double happiness. this is also for a wedding. it too is double happiness. >> suarez: china doesn't just have the most smokers. it also has become both the largest producer and manufacturer of tobacco in the world. the industry here is twice the size of international tobacco giant philip morris. susan lawrence, an anti-smoking advocate working in china, says the home grown product is marketed very well. >> the chinese cigarettes dominate. the tobacco industry has been very successful at trying to make

and china clearly has highly interdependent economies. and the

china and u.s. both are big countr -- i the airport, then he come to singlet's talk so i can really understand. and also this conduct by the united nations. and to all the united nation agreement is not binding. and the particularnessolved soverey. and this is a basic problem in the congress consider this particularly mention in congress. and those are v. >> we have a of people who want to ask questions. >> i don't have a question. only a comment. >> one issue that i want t see if you could clarify for us. there was som confusion as to whether china said it would be asking for part of the transfer of t financial assistance. it was sort of -- where does that stand? perhaps you can us a little bit. if china were to agree to that that would give tremendous leverage. it would put a lot of pressure on the u.s. >> one who spoke to the nancial times is c be a very expressive speaker. and whether he was squoted or kind of going bind , not sure i think there's a fairly wide acknowledgment within the inese de

so i figure the united states economically, take down our power grid, it hurts china because china is probably best in the united states, so therefore they're hurting themselves. if i may be going to keep everything but say a terrorist. terrorists have nothing to lose, but any country really does. even iran because of russian and french support for them. >> so that's an argument not against probability of cyberwar, but against the probability of war. that argument to me to talk about in the book. that argument when i hear it all the time about china is china on to all of treasury notes and where their big market and we are so totally economically intertwined that would never go to war with each other. i hope that's right. but we are building a hell of a lot of stuff just in case they do called aircraft carriers and tanks and planes and missiles. i think you have to upgrade on the assumption that even though there is global passionate and there is economic independence, human nature hasn't changed and there will still be wars. if there are wars in the future, unless you're talking abou

in fact when the people's army was created afterwards, china -- one of the reasons china is such a strong singular nation is because of what happened then. why would we ever let a smaller nation like japan come in and overrun and occupy our country? they look at the rape of nanking the way that israel looks at the holocaust, never again, and they fortified themselves. they have one of the strongest militaries. >> at the wikipedia article on iris chang, it has the three notes that she wrote -- suicide notes. the second one i wanted to read to you because, based on your book, you might be able to give us some insight. here is a woman that's been all this time talking about it and she ended up killing herself with a gun. she wrote this on the day -- the day before she shot herself. and she had had a nervous breakdown the time before that. >> certainly she was deeply troubled. and equally as sad, one of the heroes in the book was a woman from ohio. she is called the american goddess of nanking. she was able to save 15,000 young women. this group of westerners created a safe zone and are credi

and in that context, the attitude of china-- china is going to be very important so there is a wide range of things can be done but we also have to be very careful not to make a tense situation worse . >> woodruff: so of those options, victor cha, is there a priority list? which one is the wisest? >> i think-- i mean the broad template is you want to do something tough enough so north koreans don't do this again. but you don't want to be too tough so that you start a war. clearly the main near term task is to fashion a response that shows the north koreans there are real costs to doing what they did. and i think that means the south will do some things on their own, largely diplomatic. cutting off trade ties which hurts the north korean economy and the leadership quite a bit, as well as reinforcing the alliance with the united states, whether that is in terms of submarine detection capabilities, anti-submarine warfare capabilities , 1/2al exercises. i think these are important things to do. the larger diplomatic path is to go to the u.n.. >> woodruff: an accomplish what? >> well, to get a

china ever bank looks to set agriculture bank of china has looked to raise funds in the mainland. >> and in europe, angela merkel tells the parliament their future depends on the success of the greek bailout. >>> and in the i'd, red ink may flow for a second day after wall street sees the biggest drop in six months. >>> you're watching cnbc's "worldwide exchange" with christine tan, nicole lapin and myself, ross westgate. markets today are a little lower. not quite the fall that we saw yesterday. but european markets are down. compare those markets with the club med and you'll see there is a disconnect and we've got bigger falls in the likes of spain, portugal, and greece. so the composite is down 2%. actually, they rallied! i see that they have rallied back a little bit off their lows. but they are still down a little bit more than we have with the euro zone markets. when you take a look at the bund markets, you will continue to see spreads against the peripherals. there is a risk appetite trade going on and basically those who are risk averse are piling into bund and gilt and treas

europe is china's biggest trading partner at the same time china internally is trying to slow down. >> book, it's guy. it's just drizzling now. only 50 s&p points off the high. is it time now -- can you still have time to get the umbrella in can you get short this market? is that what you're doing now? >> you do have time, again, because you say we're only 3%. but look at yesterday's rally. it was complete ignorance of what was going on in the world. a lot of u.s. investors think it's all about the u.s. and everything else can take care of itself. but in a globalized world that we're in that is no longer the case. >> peter, i'm in your camp and i think this is a serious problem, but i've been wrong and you've been early. liesman says that europe can collapse and it won't have any effect because of the decoupling. you know, explain to me why he's wrong. >> well, not only -- >> or better yet, explain to me why he's right. >> well, he's not right. not only the u.s. exposure to europe, but as i mentioned, europe is china's biggest trading partner. so you're not only going to impact u.s. g

china does, russia does. and then there is little north korea. north korea that can barely feed its people. actually it cannot feed its people. north korea staged a cyberattack on the united states last july 4. just a little test to see if they could do it. and they did. they attacks most federal government agencies. there was a simple denial of service attack in an attempt to knock service off the web. they did. it was the largest attack we have ever recorded on the internet and we are pretty sure that north korea did. but not from north korea. because they don't have any internet. they don't have any cyberspace and north korea. they barely have tv. so they sent their cyberwarriors to china and to south korea that is where they launch their cyberattack. so, if north korea staged a big cyberattack on us, and we wanted to attack them back in cyberspace, they have no cyberspace for us to attack. which is the best solution you could ever have for defending cyberspace. you know the three laws of cybersecurity. the first law of cybersecurity is don't

what does that tell you about china's stance here? >> china was also reluctant on this. certainly they've been very careful, in this resolution, not to harm their trading relationship. there are all sorts of caveats and outs. akind of restrictions are really related to proliferation activities and the like. it does give a grounding that other countries, like the united states and the europeans, can do their own tougher sanctions. but the chinese are not going to let up on their trade and investment in iran. that is a difficulty going forward, but this is about the best they can do in terms of dealing with the chinese. >> one of the tough issues was the authorization to search cargo ships going in and out of the country for suspected weapons or nuclear technology. that was something in the sanctions against north korea. my understanding is that is harder to pull off with iran when you have so much cargo going in and out of the country. where did that end up? >> the language is somewhat similar to what they did with north korea. your not going to have ships boarded on the

and china remain at odds with how to deal with north korea, adding china is not yet con fined piong yang was behind the attack despite an international report that said the torpedo was fired by north korean submarines. the south korean president is to call for the united nations to condemn the attack and could cut trade ties with the north. north korea has threatened all out war if there is any retaliation. >>> the war on cancer is far from over. and today hundreds came out to fight. see how a 7-year-old boy is leading the way even though he lost his battle. >>> gwen is coming back with the full forecast. how long will it stay wet? find out on the other side of the break. "os >>> the dutchess of york, sarah ferguson is finding herself in hot water over this undercover video. the tabloid claims that she tried to sell access to her ex-husband, prince andrew. ferguson reinvented herself becoming a media personality and author, and even had a gig with weight watchers. a businessman strikes a deal with the dutchess in order to gain access to prince andrew. >> 500,000 pound

but china certainly has shown its power as a cob vening country. it snapped its fingers, and the world is here. >> so what are you seeing here? what are all these countries, including the u.s., doing with their exhibitions? >> well, there's a strong theme internationally of energy efficiency reducing carbon emission, the world trying to get to grips with this program and maybe shanghai is a good place to have that international conversation as china is on the road to becoming the greenest and blackest nation on earth, both the number one emitter and really , in the vanguard of trying to figure out ways of more efficiently developing renewable energy. that's a very strong theme. a lot of the countries have done the regular world's fair thing, which is native dress, national foods, national music, and culture, and so there are shows, and you can hear music all around the fair as you walk around during the day. the u.s. has kind of an interesting story. they were having some real troubles raising the money for the fair, as it is against the law it use

if you look at something like china, china peaked out. if you see the fxi the etf that tracks china that peaked in november of last year peem which tracks emerging markets peak said down january this year pfxi is down 14% or so from its peak while the u.s. is only down 4% so the supposed leadership of the world which is the china growth story which is certainly not playing out at all, what it shows is you can certainly take the high-beta names down quicker than the high-beta names and right now the u.s. is lower compared to other markets and china. >> so many people talking so long that property prices are in a bubble and you know 40% higher in the last couple of months i heard on some properties in beijing right now. >> welt government's trying to stop people from buying their third home. it's amazing. >> and they're not flipping it like the u.s., right. >> no, but's have some perspective here. china's one major company that's actually trying to slow their economy down. we actually forecasted our last global outlook, more that china that

china's president stressed the need to prop up the global economy during the start of bilateral talks. it's long ben pegged to the dollar's value as opposed to a broader basket of currency. meanwhile oil prices snap add three-day slide trading nearly $17 a barrel today. crude prices have fallen in the last 11 of the 15 trading days to a high of $87 may 4 to a low of $64 last thursday. what does that mean for prices at the pump? according to the latest survey, last week the price of a gallon of regular gas fell more than nine cents to $2.82. tough week on the horizon for british airways. 12,000 b.a. employees kicked off a strike today protests cutbacks in staff and pay. >>> and keep an eye on builders and construction stocks. this week a fresh round of housing data including existing home sales will be out today followed by new home sales on wednesday. >>> finally how would you like to spend the first anniversary of michael jack's death sleeping on a floor amongst his possessions. the japanese promoter of the world's only michael jackson exhibit plans to offer randomly selected fans th

, which we don't cover but our partner cover, china, india, brazil, russia. these areas of the business will probably grow on a rate basis faster know that the developed economies. >> has the rise in commodities been a negative? how much does it eat away. >> note a whole lot. the good news is that we have multiple spourps we're not a user of pure gold or steel, we don't -- we're not significantly impact by big swings there. which is very good. we do have some proprietary things that we use, but thank goodness we are a major buyer of those things. and they haven't fluctuated a lot in the marketplace. >> and you said in the meeting that you're expecting 2010 earns to come in at the high end targets. >> right we stabilized and some upside for us. >> so if you had to pick the best performer around the world right now, what would that be? >> business outsourcing in america grew 8%, our bp services in north america. our color businesses around the world everywhere, the united states and europe and in our developing markets, color, activity grew. pages grew. so colo

china is their al eye. if they didn't want them to have nuclear weapons, they wouldn't have them in the first place. if you look at us now, we're over here in this war, we can't go over and do anything about this anyway our troops are bogged down and everything. north korea knows this. this is the perfect time for them to go on a hunt. so it is all our fault. and i think we need to go into a and i think we need to go into a self-defense that we are not that super power that we used to be. people around the world don't fear us the way we used to be because we let our weakness get exposed during -- when we went into iraq. now we need to look at -- we need to bring our troops home. we are spending money over in for nothing. what's going to be is going to be. and the last thing i want to say -- hello, sir? host: yes, we are listening to your comments. you still with us? caller: yes, i'm still with you. if you look at the things now, when we went over there, we told sadam, do you have these weapons of mass destr

in china. and there are an increasing number of chinese-based companies that are in our markets. and yes, i think it is a substantial risk to u.s. investors. >> does anne else have anything else? mr. herz? mr. kroeker? >> as it relates to -- >> there's a provision in the reform regulations that are pending that allow, where was disallowed before fr investigative information between the united states and foreign, we're not an issue that. mr. goelzer is that taste of our palm with e.u. budget he indicates it doesn't take care the problem with china. do you recognize there may be a problem for china and you have any helpful hints? >> yes. for one agree, and a second provision that could be helpful is a provisionthat is in the house regulatory reform bill on section 106, sarbanes-oxley that would give us a greater ability to subpoena workpapers form foreign ditors. that would be of assistance as well as. >> what actly does it allow you to be she and if they don't respond to our subpoenas? >> it all

jim, they sell nike's in china. china's cutting the gross domestic -- trying to break their economy. people will buy fewer nikes. 300 million people becoming middle class in china. that's 600 million shoes last i looked. >> let me ask you this. lot of the bears may also say, jim, kweerned about the u.s. consumer. we don't necessarily buy into this. >> there's no buying -- all right. buy the tradedown. go by the knockoff. i -- look, let me tell you what's interest. >> people need sneakers at the end of day. >> they don't need the $200 jordans. here's something interesting. costco on this -- charitable trust, this stock has not gone up for as many -- this stock has done nothing as the coiled spring targets and no doubt where you shop true religion, half a pair of pants costs 200 bucks. those stocks are rotating into costco and walmart. and that, again if you want retail, that's what's going to -- walmart, costco and revenge of the in other words. this -- utilities and don't forget. >> what about the -- >> mlp. >> what

and sometimes, porcelain is simply called china, in recognition of its origins. but in 1708, europeans discovered the secret to making their own type of porcelain. this opened the door to new designs and uses. now, fast forward a couple of centuries, to the year 1953. three brothers from a small spanish town, juan, jose, and vicente lladro, set up a porcelain workshop on the family farm. the company prospered, and today, lladro is one of the world's largest and most respected producers of porcelain art. >> it's a pleasure to have today with us francisco polope, who is a master sculptor from the city of porcelain in valencia. >> reporter: francisco polope joined lladro as an apprentice. just 14 years old, he ran errands, made molds and painted decorations. through his talent and hard work, he has become one of lladros' top artists. >> it's very delicate. it's a very delicate material, but it's very easy, because you can actually make all the little details that you would not be able to create in other materials, like the tiny flowers or ornamental details that you

china's main currency has been frozen against the u.s. dollar since late 2008 to help chinese exporters compete. the president pledged in february to get tough with beijing over china's currency policy. >>> for those looking to buy a home, there's a list of most affordable housing markets. indianapolis, indiana, youngstown, ohio are the most affordable followed by dayton, ohio. the most expensive, new york area, san francisco and honolulu. surprising our area didn't make the top five. >> very surprised to see we didn't make the list but glad. >>> for more "living $mart" headlines, log on to our website at wusa9.com. click on the living smart tab on our front page. >>> a major bridge in our region will be remaining a bottleneck despite promises it would return to normal. >>> here's howard. >>> after a wet weekend we are dealing with a few sprinkles. we will look at them on live doppler 9000 hd and much warmer air getting ready to return. we will let you know when it will return and how hot things will get. >>> welcome back to 9 news now. t

that's going to hurt china's economy. we're talking about maybe, again, 3, 4% growth, which we should still see sustained growth in their incomes, protein demand, meat demand and certainly our soybeans. >> is this a 2008, 2009 demand? that's what made the 2007, 2008 even. is pace going to out pace demand. are we going to do a flat market or a volatile market? that's what a farmer ultimately wants to know. >> do you think this is 69 to 73 market? >> i think based on crop fundamentals, i think that's a sideways mark. the real question out there is oil prices. >> when we come back with u.s. farm report, we'll talk about oil prices when we return. - for carol. - for my wife. for my mom. for every pink bucket of grilled or original recipe, kfc makes a 50 cent contribution... to susan g. komen for the cure. together, we can make the largest donation in komen history... to help end breast cancer forever. >>> matt, how do you think the old crop quality of corn -- particularly corn -- a lot of us put in wet because we had a late y

but where does china go from here? or more to the point what kind of reforms of the sort to what extent will political and human rights reform ever take place? nobody seems to know out of bounds markets to use the gulf and phrase that increased become increasingly popular keep one shifting from day to day to region to region. free-speech circumscribed in china particularly on the internet is alive and well on the streets and semi private situations. the government is trying to manage and challenge for a combination of technology, modern d'aspin techniques and old fashioned group force. what i find most intriguing is the middle class seems to at least have a vested interest in political plurality and the vote of hundreds of millions of poor people with different political priorities. this is not purely a party driven phenomenon. the lack of the constitutional democracy is for the moment at least a desired part of the deal driven by the middle class is. the government knows that the delivery of comfort to the private rea

we are clearly in tokyo and seoul and china as well. the issue of north korea will be discussed. >> will they be on the trip with her? >> not to my knowledge. >> let's stay on north korea. >> [inaudible question] >> we have enjoyed a strong consensus with china going back to last summer when there was a resolution passed, 1874, which has been aggressively implemented across the international community ever since. we will obviously be guided by the results of this investigation. clearly any act taken against any country in the region is a matter of concern. if north korea wishes to have a different relationship with the international community and other countries in the region, it has to stop the kinds of actions that we have seen over the past few years. so we will be talking to china and japan and korea in light of the anticipated results of the investigation and will collectively chart a path forward. same subject. >> [inaudible question] >> we will be talking to south korea about that issue, i would expect. >> are you concerned that

so china is coming. and i think we've got to be very concerned that we don't get too reliant on china both economically and politically. >> you've actually been rather prolific these past couple of years. can you tell us about some of your other work? >> yes, the obama nation is now in paperback. and i still think it was really a comprehensive biography, critical biography. but certainly now it predicted that president obama was going to be leftist in his politics. by his history, by his training, his intellectual development, his work with people like ayers, the weather ground bomber, reverend wright. i go into saul olinski for his intellectual training. it's in paper book now at a reduced price which i'm really happy because i think it will get a much wider audience -- go ahead. i also went to israel. i spent three weeks in israel. i interviewed the top israeli leadership. i met president peres. i met prime time netanyahu. why israel can't wait about the coming war with israel and iran. in the final an

will the debt contagion in europe and china cool off inflation? will it put a damper on job growth here at home. >>> take a look at your screens and pictures coming into the studio. an oil refinery southeast of downtown san antonio is on fire. it started at the age refinery following an explosion. this refinery refines light swede crude, primarily into jet fuel and also into diesel fuel. it's a small refinery, about 12,000 barrels a day. details are still stechy. we have early reports two people are injured. approximately 50 people work at the plant. that is all we know at the moment. as soon as we know more, we'll bring it to you. obviously the pictures are compelling. considering the situation in the gulf, a lot of these situations with refineries are going to take on a lot more interest here. >> absolutely. >>> back to the story of europe. and if europe continues to slow down, and china is trying to cool off its economy, can the u.s. grow the economy by itself. and what does that mean for jobs here at home. let's return to our experts on set wi

>> i do but speaking to fred smith who founded federal express he goes to china and he knows china. he says they are going to be 100 years catching up because you got have freedom to really advance and innovate. >> that is very interesting. how do you account for this democratic impulse in the united states? it's obviously many the constitution? >> it's also repressed by immigrants, controversial subject -- >> going back earlier than that we had the revolution which was a rejection of the aristocratic class. >> it was, but there is did take a long time to get equal. votes for women didn't come until 19 206789 votes for black didn't effectively come until the 1960s. so, american, you understand this, you understand it more than anybody, freedom is not a solid thing that is frozen. it's constantly developing. it's constant lick challenged. and the real secret of the beating heart of america is the openness of the society and the willingness of people who stand up and fight for freedom. >> also, we have mere tock reas and current thinking, correct. >> yes. >> in other words, you gettin