tragedy of europe. this noble continent. if europe were once united in the sharing of its common inheritance, there would be no limit to the happiness, to the prosperity and the glory which its 300 or 400 million people would enjoy. we must recreate the european family in a regional structure called, it may be, the united states of europe. and the first practical step would be to form a council of europe. if at first all the states of europe are not willing or able to join in the union, we must nevertheless proceed to assemble and combine those who will and those who can. >> winston churchill in 1946. a year after the end of world war ii. saying if europe was going to stop throwing the world into apocalyptic worldwide and now nuclear war, then the unthinkable would have to happen. something politically and geostrategicly unthinkable to that point would have to happen. europe would have to unify. in something like what he called the united states of europe. the european council that he called for in that

states of europe. by and large this program is extremely successful, nato works. european confidences fortify, marshall plan and other u.s. efforts are successful. european do recover. they're not invaded by the soviets and they're not over taken by domestic radicalism from the far right to the far left. now, one other part of this american agenda is the support for emerging ideas about european integration centered on the steel community in the 1950s. the community is initially a french idea and the idea really is to restrain germany to tie it in to the institutions before it gets too powerful. the u.s. backs the steel community and the predecessor of today's eu but part of this much larger program of basically lower case l, liberal multi lateral nation state fortifying successful policies. so fast forward to 1989, 1991, we get through the end of the cold war and the u.s. decides that, hey, what we want to do after 1945 we can now do, right, we can start reducing our exposure to europe. we can't maybe

so close to europe. in a week where we've seen this brexit vote go in a way a number of people didn't expect, in part because of some people's concerns about migration into europe. what extra significance, if any, does an attack like this have? >> well, i think it increases the sense of alienation that people have everywhere, because the other people that you don't know are out there trying to kill you. turkey issen 0 the side of t-- side of the west. one reason turkey's economy almost tripled in the past is15 years and a good ally of european nato. nonetheless, concerns about turkey entering an eu would flood european countries with turkish immigrants. i don't think so, because the per capita income in turkey and overall economic situation is basically beginning to approach that of many european union countries. >> ambassador, we'll learn more about this attack as the day goes on. we appreciate your time this morning. >> thank you very much. >> ambassador jim jeffrey. >>> meanwhile, major averages here

and europe. this is about an hour 15 minutes. >> thank you for joining us today on this beautiful morning here in washington to discuss this very important issue about the future relationship of britain with the european union and what this could mean for the united states. for americans that believe in the ideas of economic freedom, direct elections, accountable politicians, diffusion of power, transparent and good use of transparent money, many developments should come as a shock and as a concern. the european union an organization that started in the still community in the 1950s has now morphed into a super national organization that touches on almost every aspect of life across europe. eu laws and regulations are increasingly viewed as unnecessary, intrusive and burdensome. there are 70 words in the lord's prayer, 271 in the gettis berg address and 313 words in the ten commandments. but the european union regulation number 1284 laying down the marketing size for hazelnuts in a shell has 2,059

europe." yes, we're back in my homeland, but we're not here so i can hang around my old haunts. we are here because the future of the european union is about to be decided in the u.k.. the british are about to vote in a referendum on whether to stay in the european union. it is all anyone is talking about. many say they want to leave to curb migration from other parts of europe -- particularly from eastern europe. we wanted to find out more. we went to one of the areas of britain most affected by that migration. >> the small town of boston has long had close international links. in the early 17th century pilgrims started here for the united states. today, migrants are coming to boston, mainly young people, from eastern europe. zbigniew is from poland. he is an instructor at the town's karate club. when the weather's good, he trains with his polish friends outside on the edge of town. zbigniew: our main purpose is self-development through karate training. we always try to be better every day t

europe. that is changing. but very frank, there are good ways of controlling the immigration and the welfare ways are good ways. there are bad ways to control immigration and that is leaving the single market, damaging our economy, costing jobs and hurting british working families in the process. this is not the way way to control immigration. >> vote leave accused the prime minister of spin and said cameron had no answers to people's legitimate concerns on immigration tonight and failed to set out how he would meet his manifesto pledge to bring the numbers back down to the tens of thousands while remaining in the eu. >>> now in the world of business, a nationwide campaign has been launched to encourage brits to vote to stay inside the eu. they said brexit is not worth the risk. >> there are a few occasions in your life where you can see something going horribly wrong. and this is one of those occasions where if -- yeah, the wrong decision is made, it would do irreparable damage both to great

continental europe has begun a consolidation effort. has been 16,000 days of russian gas flows into europe with three or four days of issues due to disputes between russia and the ukraine so i think that will continue to evolve as europe integrates itself. that will mean cheaper prices and more like stability and security. francine: we talked about market volatility and funding. i do not know if you worry about currencies or political risk in other countries. marco: italy is the most diverse gas country. we havepolitical risk had and we can manage that, and from an energy securities, that has been managed. i think the greater risk is prolonged insecurity -- prolonged insecurity because that will affect the market. francine: what a great pleasure to meet you. brexit britain, a real problem for real estate. homebuilders- punched approximately 25%. ♪ francine: welcome back. we got new housing data. rise prices continue to 40.2% in june but that was before the eu referendum. how does the housing market look like? homebuilders plunged. her

and you see it with europe all over europe. you're going to have more than just, in my opinion, more than what happened last night. you're going to have, i think, many other cases where they want to take their borders back. >> the presumptive democratic presidential nominee, hillary clinton, issued her own statement saying we respect the choice of the people of the united kingdom. have made th. this time of uncertainty only underscore it is need for calm and to support our friends and allies, stand up to our adversaries and defend our interests. a statement from hillary clinton. the uk's decision to leave the european union, sending shock waves through financial markets around the world. here in the united states, the dow plummeted more than 500 points right after the opening bell. >> three to go. we see the losses accelerate for all the major. they expected britain to vote to stay in the eu and woke up finding out the vote went in the other way. they try to unwind. that was to buy into the market and instead, it's turned into

and you see it with europe, all over europe. you're going to have more than just, in m

influence in europe and britain were to leave the eu? richard: britain is one of our closest allies. not often, -- not always, but often we could count on them to bute, not as a favor, because we agree on a parallel line of action. having the british influence in brussels has more often than not worked to the american advantage in the u.k.'s advantage. and you look at this go put history, more often than not it served as both well. last i checked we did when the cold war and kept the peace in europe. laura: what do you think will be the most obvious consequence if there is a brexit? richard: beyond the near ones of what it means for the u.k., the economic and market disruption around the world. the markets are not braced for this. the question will be, where we began this conversation, what does it mean for the future of europe? what worries me is rather then stopping with the british leaving, it will start their. what it will mean for the dynamics in europe and if other separatist groups will gain steam. historically and strategically t

europe would not be europe without european jews and their culture. that is our own culture. and this is not just about history. and is about our present about our future. it is about the very essence of our european union. after the holocaust with azism andn from nz fascism, we decided to build a civilization based on diversity. diversity is who we are. we haven that, it is to chosen to me. it is not giving up our own backgrounds and identities. on the contrary, we have tried to build a union where all different identities can live together and grow together -- the french and german, the eastern and the western, the christian,rotestant, did you come the muslim, and the nonbeliever. i know this might sound idealistic in times when we are faced with too many attacks against jews and against all minorities. as a matter of fact, if dyson is -- fsm insist and islamophobia are rising at a similar pace. against this background, there's also some good news. think of london. as you know for the first time ever european capital has collected a muslim mayor. toew days ago, he decided j

the fear is britain's economy could slow and so could europe's. that could slow auto sales. >> after coming out of one of the worst slurp sloughs in year, europe is giving automakers a fresh round of headaches. the big fear, brexit will slam the brakes on awe a toe sales. with 2.6 million vehicles sold there last year, but some are predicting a double digit drop in uk auto sales over the next two ye the fear being british consumer confidence drops at brexit and the britts will buy fewer vehicles. it's a major concern for the big three because europe has long been a market where they've lost billions of dollars. just last year, ford finally turned and this year, gm, which has a huge presence in europe with its brand expects to break even in europe for the first time in 17 years. of course, that's assu do not s eu wrestles with life after brexit. s is that their largest and most lucrative market, the u.s., remains strong. largely due to heavy demand and price increases for trucks and suvs. their most profitable vehicles. so far, awe though makers no

policy towards europe. he has testified before congress on several occasions and has advised the executive branch of the united states government on a range of issues related to u.s. foreign-policy in the transatlantic alliance. before joining heritage, he served as an aid to margaret thatcher and advised her on a number of international policy issues. working in her private office, he assisted her with the final book. "strategies for a changing world." he received his doctorate and from yaleors degrees university, and his masters degree in modern history from oxford university. after he gives his remarks, we will have time for some questions. you might want to start thinking about those now. nile gardiner: thank you very much. thank you to ted and victoria for two excellent presentations. my views on brexit are very clear. i believe firmly that great britain is better off outside the european union. and that brexit is not only good for britain, but for europe, and also for america. i will be outlining my r

they will have a very tough time figuring out how they interact with europe -- >> europe will not cut their nose off to spite their face. >> absolutely not. >> they are running a surplus with england. >> they are selling volkswagens and audis and everything else. this notion, one of the things that -- this goes back to what you said earlier, the notion that you can scare at british people, i don't believe mercedes is pulling out. i don't believe these car companies are pulling out. i think we're stronger. i think we're more resilient. remember england is one of those -- europe was not founded by geography. here britain is geography. this island. by the way, many generations fought and died for that land. stuart: thank god for the english channel. they say that frequently. liz: your point about breakup of eu? >> yes. liz: pugh did a poll of 10 countries. talking france, spain, germany, don't like the eu. majorities in those countries, spain, france, germany, italy, don't like how the eu handled the refugee crisis. stuart: sebastian gorka, i know you're still there. last question to you

what are we backing in europe? we are backing a currency that can only be maintained by creating extremely high levels of unemployment and low level of economic activity in most of the mediterranean countries. a are delivering the adopting we need and that economic strategy. are we following the lesson that we have learned? no, we are not. we are ducting the opposite. we are deliberately empowering bad economics and we are getting bad politics as a result, not a surprise. our third interest in europe is democracy. i would echo what victoria said. it is -- to national level politicians. protrudes deeply into the states, it generates hostility in some ways that i find completely understandable and in ways i find less desirable. the european union is not the answer to the problem of european democracy, in part because it is supernatural -- super national, but ultimately, because if you look around europe today, and you believe that some european political trends are concerning, i have news for you. if the european uni

only europe that can exist. otherwise it will be doomed to an end. i'm a european that holds an italian passport and i think it's fundamentally important that europe should find the energy, let's say, not only chase the current events, and trends, whatever it be, in 2017 europe should start again. otherwise it will see its end. >> president nazarbayev if i may ask you a question, the united states is getting ready to ask itself, if it -- is it -- is it right -- is it ready, is america ready for a woman president? and i noticed that you have appointed a deputy prime minister who is a woman, and i'm wondering at some point do you think kazakhstan will be ready for a female president? >> translator: i thought that president putin has already answered all the questions. [ applause ] and he's now -- please why do you think kazakhstan cannot have a woman president? it may well be, kazakhstan also 51% of our population in kazakhstan are people. gender policy is developing normally, 30% of deputies of national parliamen

successful europe is a europe that keeps its he-- adheres to treaties and promises. we didn't always achieve that. we had conclusions from the european council on the 23rd and 24th september 2000 in lisbon, the union gave itself a new goal for the next ten years to make europe to the most progressive and dynamic, successful economic area with more work and greater social coherence. these were promises to the european citizens to create jobs and security. this was not kept because rules were not applied because individual interests worked against the common good. but the promise wasn't wrong in itself. on the contrary, now we have to take a new push to make europe more competitive to reduce the gap between the winners and the losers of globalizations. so we mustn't lose our connection to high technology. we have to make more efforts in innovation and research. and we have to get a grip on youth unemployment especially. only then can we be successful in the long run with our economic and social model in europe. and only then can we take further steps in the unification

we cannot turn our backs on europe, we are part of europe. our children and grandchildren will continue to have a wonderful future as europeans traveling to the continent, understanding the languages and cultures that make up our european civilization. continuing to interact with people of other countries in a way that is open and friendly and outward looking. and i want to reassure everybody that in my view, britain will continue to be a great european power, leading discussions on foreign policy and defense and intelligence sharing and all the work that currently goes on to make our world safer. but there is simply no need in the 21st century to be part of a federal system of government based in brussels and located nowhere else on earth. it was a noble idea for its time. it is no longer right for this country. and it is the essence of our case that young people in this country can look forward to a more secure and more prosperous future if we take back democratic control that is the foundation of our economic prosperity. i believe we now h

about europe's history. and how extraordinarily violent and conflict ridden it has been until recent times. one of the reasons europe is in a more stable place now, is european integration. i think that is why i have come down firmly on the side of remain. i think if the eu starts to unravel and brexit would start that process, the long-term prospects for europe are quite troubling. matt: on the trade side -- this recent wave of populism that we have experienced, this your inane earning for another reagan or thatcher. this yourresting -- earning for another reagan or thatcher. niall: donald trump is no ronald reagan. brexit take a of different view of the matter from margaret that church art when she was prime minister, she pushed for the single european act that was the most important reform of europe in its history because it created a much more integrated market. previously, the union had been a protectionist club for agricultural economies. that transportation -- that transformation was very -- a very im

europe cannot deal like it was before. the people are waiting for the european union to reaffirm his values. freedom, tolerance, and peace. >> more and more frequently we see ourselves confronted with the fact that people have very basic doubts about the direction the european union process has taken. >> the british people chose yesterday. we respect this decision. now the page turns. it's an unprecedented day. not an easy one, but europe has demonstrated over the course of its history that become stronger in the piece -- face of every difficulty. >> don't play campaign games with europe. that is the message from mario monti. former prime italian minister. lacquaoke with francine before treating got underway on friday. they been asking -- began by asking monti whether the brexit was the worst case in history for europe's political leadership. mario monti: it may lead to a more fractured europe. the eu and the u.k. had decided to remain, the all too general treatment given in february by the other 27 to the u.k. would have

its major funders come from europe, the united states and europe. it is hard to go against the will of your funders. the e.u. -- i should have said this earlier -- what was so striking in the e.u. response initially to the crisis was that the e.u. did not want international help. the first reason why there was not an international response quite honestly was because the european union did not go to the united nations and ask for help. it did not want outside interference because potentially it didn't want to be told -- there's different logics to this. but one reason is they didn't want the u.n. to tell it what to do. but when the e.u. failed itself to address the problem, it sort of got the rest of the world off of the hook because it said we can manage it. we couldn't manage it. the rest of the world looks at the e.u. and says, okay, it's your problem. it certainly was the posture of the russians who looked at this and said, wait, this is the west's problem. they sort of say that openly. you broke the middle east, so you should deal with the fallo

they want to have independence, in a sense, and you see it with europe, all over europe. you're going to have more than just, in my opinion, more than just what happened last night. i think you will have many other cases where they want to take their borders back, their monetary back, they want to take a lot of things back. >> rose: president obama remains steadfast saying the united states will maintain its special relationship with the u.k. the withdrawal process is expected to be complicated and contentious. boris johnson who headed the lead campaign said there was no need to rush britain's exit. martin schulz says the e.u. wants britain out as soon as possible. john micklethwait, editor-in-chief of bloomberg, david miliband, former british secretary of state for foreign and commonwealth affairs, now president and c.e.o. of the national rescue committee, david rennie, of "the economist," and andrew roberts, british historian and journalist. pleased to have them all. i begin with andrew roberts. what happened, andrew? >> well, there was a huge upsurge of opinion. people

if it did go that way, we would he concentric circles in europe. europe survive this, do you think? >> well, for now. guy: there are some areas that have had cause financing, etc. and then there are countries within europe that did not have that kind of transfer mechanism that would exist. >> it would be tricky, but i think they would limit the core activities to political, and not financial and economic. they would do that precisely to address that. you could be a member of the eurozone and have full rights on economic matters, but you might not be a member of the political group. , veryark malloch-brown nice to hear your thoughts. i'llmark malloch-brown, get that out. up next, the brexit summit. the eu scrambles to come up with a unified response. we speak to advisors within the german government in berlin. that is next. ♪ guy: welcome back. you are watching "on the move." the spanish market is up very strongly. now, let's talk about what is happening inthe oil market. turmoil market following the decision to leave. friday, it lost as much as 6.8%. let's go to abu dhabi now. giv

europe. let's start in the u.k. outgoing prime minister david cameron has ordered a working group to begin the compress -- complex process of making an orderly exit from the european union. the work will now start but the next government, the next prime minister -- they will have to finish the jump. reporter: it was an upbeat baby camel who spoke to the british parliament for the first time since he announced his resignation last week. he told lawmakers his cabinet had agreed that their assault of the eu referendum must be accepted but he would not be pressured by european leaders to trickle -- trigger article 50. >> i have spoken to another -- a number of european leaders. we have discussed the need to prepare for negotiations and in particular the fact that the british government will not be triggering article 50. we need to determine the kind of relationship we want with you. that is rightly something -- elation chip with the eu. -- relationship with the eu. reporter: the opposition is fac

but, he insisted -- europe ishollande: europe, europe is strong, europe is solid. europe is a project that needs to continue even you needs a few changes. reporter: the meeting in berlin between the leaders of germany, france, and italy was as much about image as content. the photo of an intentional signal that at its core the eu remains united in purpose and unflustered by the british vote. but of course, they are concerned. as are their allies. the u.s. secretary of state flew to brussels in london today. secretary kerry: i personally will regret that britain is not going to be at the table when there is a u.s.-eu dialogue, but i have no doubt that britain will be with us and critically involved with us on every single issue. so all aboard for a new eu and the u.k. that stands outside it, with a warning. exact course as yet unknown. , the financial followed from thursday's vote continues to spread. the pound has fallen to a 30-year low against the dollar and a 2 ratings agencies have downgraded the u.k.'s aaa credit rating could brief time ago i spoke with the fo

europe would not be europe without european jews and their culture. that is our own culture. and this is not just about history. and is about our present about our future. it is about the very essence of our european union. after the holocaust with azism andn from nz fascism, we decided to build a civilization based on diversity. diversity is who we are. we haven that, it is to chosen to me. it is not giving up our own backgrounds and identities. on the contrary, we have tried to build a union where all different identities can live together and grow together -- the french and german, the eastern and the western, the christian,rotestant, did you come the muslim, and the nonbeliever. i know this might sound idealistic in times when we are faced with too many attacks against jews and against all minorities. as a matter of fact, if dyson is -- fsm insist and islamophobia are rising at a similar pace. against this background, there's also some good news. think of london. as you know for the first time ever european capital has collected a muslim mayor. toew days ago, he decided j

that the uk projects that view across europe and the geopolitical stage will be alter and something that we will have to the watch as the things develop. it is interesting as we caught up with philip hammond and moments before prime minister david cameron announced the resignation, and philip hammond is one of the names on the list of who could be the next person to succeed him, and not quite as strong a favorite as boris johnson is at the moment, but as we have said this morning, i am not sure that the betting markets are anything to believe at the moment following last night's surprise note. on that regard, back to you. >> and wilfred frost in london. thank you very much. >> if you are just joining us, a glow are ball sell-off is under way as the uk votes to leave the european union, and the dow is down 2.5%, and not quite the lows of the session, and we were down currently 430 points, but obviously, the s&p is coming off of the worst open in 30 years going back to 1986, and the investors are pulling a lot of money out of of the stocks and moving to the u.s. treasuries and gold. lookin

how will that of all in europe? yanis: i happen to our campaign campaigned in the heart of cities in ireland and scotland and england. imposedars of austerity by london. the combination of those with ofe view across the channel the austerity and union that is now trading deflationary forces in germany. think of a housewife who sees her pile of savings dwindle, while other ultra-right-wing parties are governing. this combination of what working class, blue-collar workers in the heart of england and wales have experienced with the view from the continent has created this perfect storm. guy: thank you. joining us here on bloomberg, the former greek finance minister yanis varoufakis. jonathan: coming up, we take you straight back to the fx markets. call onkin with a big sterling. a lot of downside from here. ♪ a shock wavend through the european union, but i think that will be a good thing. ♪ a historic day in the united kingdom. live from london, this is "bloomberg ." let's get up to speed. here is david gura.

many said, whatever happened, we go to europe, here is the director of carnegie europe. what happens next? >> first of all, they have to deal with the situation in an orlandoly situation. which nobody has tried before. the other 27 need to make absolutely sure this is not setting a precedent. they will try to play it hard. at the same time, not trying too address the undering. >> reporter: what needs to be done, without doing what you saw they don't want to do, speak to other countries to put out as many as britd ann it is clear. you would have to uniform it so everybody seeing what happened if you try to do the same thing. there needs to be a deeper answer to all of this. giving answers to the pressing issues of the day. rev sgee crisis. i think this sdshl pressure will lead to lead, and we will see some mix of the two emerging over the next few days. >> you mentioned the refugee issue. that was a disaster. they couldn't figure out how to deal with a crisis that many in the rev reeve, a blot of 500 million could have a chance as a plan do we expect presentations from th

are good for us and good for europe. what's good for europe is also good for us. that's the fufrirst thing. and look at my field, environment. gosh, some of the real issues which are facing the world, overpopulation, the loss of biodiversity, climate change. these have to be done on an international basis. we must find ways of working with the eun international and. >> you mentioned three big issues your sob pn put on the table. you know, better than i do, all britons in that building behind me, taxation, defense, all of those big issues, finances, schools, all of that are made here. so is the sovereignty issue sort of a cover for something else? people clearly were upset. >> okay. >> and boris kept saying take back control, take back control. of what exactly? >> of course we slightly differ. for my money, a certain diminution or dilution of sovereignty is a price worth paying if you get an effective international solution. others say we went too far with the single act. with the union court of justice having the final s

or europe. perhaps, in a perverse sense, people may start thinking about overseas operations, should i do more in the u.s.? the u.s. now becomes a relatively safer place. it becomes the better house, in a bad neighborhood, if it were, in the global markets. john, do u.k. is a relatively small part of the global economy, but europe isn't. it is very easy to extrapolate the problems we experience it in the u.k. politically, and sending them across the whole of the continental. if we were to see fear gripping the eu and the idea that break up risks get bigger and bigger, that could affect the global economy. >> you are absolutely right. the big danger from this is if you had a spill over and if other countries decide to leave. you have to understand, it is a lot easier for the u.k. to leave the eu because it is not part of the euro mechanism. you have to look at the pain take.he voters chose to the impact on the economy if they were to leave the currency and how financial markets been disastrous. i

latter's got exposure to europe and perhaps, the zika virus. i'm not eager at these prices to buy either one. even as finish line plu out the doors today and the stock soared on some amazing nike related earnings. wednesday, hey, great, she talks and wouldn't it be terrific to hear from the fed chief about what brexit means for america and the world. by the way, wow, what a bullet we dodged given that yellen chose not to run through a rate hike last week. one of the big key reactions today came from the stock of general mills. my favorites. one of my go tos in times of turmoil. this is what both eed me about so many stocks. this darn thing was only down 63 crepts. reports on wednesday, confident they'll be fine. it would have been terrific gotten a selloff because then, a buying opportunity. witness how campbell's soup, stocks have been rallying. also hear from santa. i want to know the state of its potential takeover talks with buyer. this is in play for certain, but this is the kind of transaction that may not happen because buyers a german c

from within europe. pound would have a minimal or less than 1% impact on bookings and revenue. but over two days this has been a painful ride for priceline. >> it has but this is the perfect call to highlight what we've been talking about which is it may result in less travel. it may result in more travel. hey, things are cheaper in europe. >> a push and pull. >> more travel this way, less travel this way. we see that -- notice what i did here very high-tech. lastly, your under the radar name may be a brexit beneficiary. litoss holdings, intelligence and defense company, cowen and company reiterating positive view on the stock noting selloff on friday but says the company could be a relative net beneficiary of a brexit. they like the 4% dividend yield, potential stock support also direct impact of a brexit looks minimal. company has only modest uk exposure. they have a $56 target. about 20% upside. think about it if europe does get a little shaky and the u.s. government wants to kind of focus in on the m

what are we backing in europe? we are backing a currency that can only be maintained by creating extremely high levels of unemployment and low level of economic activity in most of the mediterranean countries. we are delivering the adopting a we need and that economic strategy. are we following the lesson that we have learned? no, we are not. we are ducting the opposite. we are deliberately empowering bad economics and we are getting bad politics as a result, not a surprise. our third interest in europe is democracy. i would echo what victoria said. it is -- to national level politicians. it protrudes deeply into the states, it generates hostility in some ways that i find completely understandable and in ways i find less desirable. above all, the european union is not the answer to the problem of european democracy, in part because it is supernatural -- super national, but ultimately, because if you look around europe today, and you believe that some european political trends are concerning, i have news for you. if

and you see it with europe, all over europe. you're going to have more than just, in my opinion, more than just what happened last night. you're going to have, i think, many other cases where they want to take their borders back. so i think you're going to have this happen more and more. i really believe that, and i think it's happening in the united states. it's happening by the fact that i've done so well in the polls. >> there you go. he's speaking in scotland, of course, where the first minister said a scottish referendum is likely. a scottish cabinet meeting in the next hour to discuss this issue. phil black has the latest from ed inburg. >> democratically unacceptable. that was how it was described, that scotland could be pulled out of the european union after the people of scotland had voted to overwhelmingly in favor of staying with the european union. 62% of scottish people voted in favor of that. the first minister said it was clearly the democratically expressed aspiration to stay part of the common market, and she wa

in europe the german daxx lost8d 06/24/16 06/24/16 [captioning made possible by democracy now!] amy: from pacifica, this iss democracy now! >> the british people have made a very clear decision to take a different path. and as such, i think the country requires fresh leadership to take it in this direction. i will do everything i can as prime minister to steady the ship over the coming weeks and months, but i do not think it would be right for me to try to be the captain that steers our country to its next destination.

ejra: this gain seems to take in ipods in europe. -- taken a pause in europe. if we dig down, it is telecommunications that are the worst performers. consumer staples closely following come off by .3%. the only industry group that into thee it is edging green is energy. that is pretty much flat. a bit of a subdued open. i want to take a look and see how the u.k. markets are opening. we always want the 10 year yields. we have one basis point higher. remember, it fell below 1% for the first time ever. now, let's look at some of the stocks we are watching at the open. am starting with banks. after the stress test proved again too rigorous for subsidiaries of deutsche bank and suntaantander. broad openinga across the capital planning process is according to the fed. we are keeping an i on those two bank stocks. also watching some mixed calls on this from analysts. we got some numbers. some have been highlighted. the project remains on schedule. caroline, guy? guy: let's bring back in wayne bauer, the international cio. are opening up. we seem to have run out of ste

obviously, donald twist saying europe should be cautious. be cautious, shouldn't move too quickly, with the risk of creating division. the german justice minister said europe needs to act quickly over the issue. the french right wing nationalist, holland as well, the right wing nationalists there, calling for referendums in their own country. the fear of contanlgon in europe, the hun garrian nation, saying this was a message that they should be better connected with their electorates. there is a concern how will it be managed. as we have seen, tw americale and the justice minister, the leaders of europe are still figuring out how to handle this. internally, not as a group of now 27 nations. this will be a learning process for everyone, becky. >> not to say the process is inept. nobody is going to say it is a roaring success. what is the risk here of a conitageon, despite leaders calling for calm across the european block, that other countries might go the same way? greece,ity lie, spain. it was interesting, yesterday, the president of the eu

and europe were just here? >> europe will be considered hit considerably hard. i think there is genuine worry that this price to a recession in europe and could derail the recovery you guys have got in the state. lauren: we have seen the power fall precipitously. that makes her dollar much stronger. is this a new environment we are in more multinationals have to deal with the effects of a strong dollar? >> everyone's been looking for weak currency but not in a very good time. we are going to see a flight to anything nominated. i am estimating a 120-dollar -- stirring dollar at 133 at the moment. those who consider more moves to come for the rest of the year. the one glimmer of hope is that the fed won't be raising interest rates and that will be good for u.s. stocks. nicole: you are really bearish, joe. now you're saying 3120. the level we've been seeing. 131, 132 or 31 years. you're also noting that today's "fbn:am" index which is now up 2%. everybody so thankful to see it. you anticipate that could finish lower by her lunchtime. that's what you tell us? >> the

i'm just curious, your thoughts on whether or not europe is willing to let europe go regardless of the reference. here in the united states with operators on the idea that we are sovereign political entities joined together in free association from which they could withdraw and i did was put to bed in 1865. so i'm wondering if europe will actually let britain go? >> first of all, nice to see you again. what was your question now? i forgot. okay, the answer is we have to pile hypotheticals on hypotheticals. we don't know the results of brexit are supposing brexit passes. we don't know whether or not it would pass in scotland. i know scott's committed what he says the scots will vote against it. they may. by how much? thirdly, who is going to bring him who is going to pass this built up a second referendum? it would have to be eventually agreed by the british government which bobby weed and agree you had a referendum in scotland two years ago, and referendums are not, what's that famous punch cartoon? to have a copy of the french constitution? i'm sorry, we do not stock during articles.

europe cut off." britain thought of itself being removed from europe, not being totally a part of europe. i agree with richard. this is going to have far ranging repercussions for the european project. the european project has had its share of problems already. they failed to integrate their economies. so sitting in britain and see an economy that's growing reasonably well, unemployment low, and you look at the mess they call continental europe at high unemployment and all the rest of it, it's not hard to see why they came out where they came out. >> one more interesting number. 72% voter turnout. 72%. >> gene robinson, this triggers this vote article 50, which means there are two years for the eu to make some kind of deal to try u to save this in some way. will the eu fight this? if so, is there any point to that? >> what can the eu do? the eu will say don't let the door hit you on the backside as you leave basically. britain has always had this ambivalent relationship with europe. britain kind of sa

europe is going to be integrated, europe is going to be very strong. and britain is going quite the wrong way. >> what do you think it means for americans? >> well, the united states has an interest in a strong europe. and britain in the strong europe would be much better for the united states. besides the problems of the uk, the recession that will show up, the various renegotiations which will take a number of years, there is also a problem in the european union. britain is the second-biggest economy in the european union. only second to germany. and now, with britain outside the european union, the dominance of europe by germany is going to become even more strong. and that's a problem. i don't think the other nations in europe like france, italy, the smaller nations, are able to create a coalition which will be strong enough to be against germany. >> we will have to wrap it up there. thank you very much for being with us. we're going to take a quick break. (man) oh, looks like we missed most of the show. (woman) and there's no way to restart it. (j

we don't want to be like europe, we want to be less like europe. the longer term, the axis of economic power is going to be the americas and asia and increasingly unless europe gets their act together, cut their tax rate, get the welfare programs under control and union regulations, they will become an increasingly irrelevant global economy. stuart: i want to talk about politics in america. seemed to me the issues voted on in britain, integration, sovereignty, anti-elites, the same issues that are popping up in the november election. the british vote was not good news for hillary clinton because it didn't go her way but was good news for donald trump. cheryl: anyone who thinks donald trump was in scotland today by accident has a few screws loosed. he was there on purpose. not that he knew they were going to vote to exit but he knew if they stayed in he would be doing business and if they exited, standing on the hill and talking about freedom and how small government is beautiful and people are fed up. hillary is as out of touch with the sentiment o

europe is in a tough spot and there are lots of domestic forces throughout europe that are very nationalistic right now and pretty sick of getting told what to do by brussels. but to actually talk about poor countries in europe like germany and spain voting to leave does sound to me extremely far-fetched. but you are actually seeing some traders make some bets on those kinds of things. you see that turning up in particular in the debt markets. you see those bets being placed in the treasuries of countries like germany and spain. >> olivia sterns, thanks so much. >>> just a recap. we've been watching the fluctsuation of the dow jones. the markets opening here in the u.s. just over 16 minutes ago. down by 450 points. we're back in a moment. hmmmmm... [ "dreams" by beck ] hmmmmm... the turbocharged dream machine. the volkswagen golf gti. named one of car and driver's 10best, 10 years in a row. afdave stops working, but his aleve doesn't. because aleve can last 4 hours longer than tylenol 8 hour. what will you do with your aleve hours? for over 100 years like kraft has,natural cheese you learn a

europe-wide, not just in the u.k.. anna: we will talk more the next part of the show about that subject, about the eu referendum. i want to show you this chart, which we were looking at during the break, analysts getting optimistic on european profit. what you make of this, earning upgrades over taking downgrades for the first time in a year? some positive sentiment and vibes coming around european corporate's. jim: it is definitely a bottoming out of sentiment. look at the way the graph was in the earlier months. at the beginning of the year, that was a very big preponderance of downgrade over upgrade. and all this is saying to me that the endless collectively think they are not pessimistic enough. and i do not see this as a very bullish indicator yet. ifould prove to be wrong, you do not get the disruption to trade i am afraid of, if you get more of a balance policy. that is what needs to be watched. signs of structural reform, fiscal easing, a remain vote, that will be very positive for europe, relative to others. b