the focus on these issues of productivity, investment in the real economy, of making the economy more competitive, protecting an economy of is tomorrow an admission of weakness. protectionism as we all note results in greater poverty spread amongst a greater part of the population than wealth creation. but focusing on making the the economy more competitive. the edu has been and uncompetitive sector for a long time. so i think that focus is essential. of course, there is the legislative agenda with some sequence sensitivities between reform of the healthcare plan or the obamacare and tax reform. and all of these must be looked at in detail and it's not appropriate for me from overseas to comment on th the a -- appropriateness of healthcare reform. but as an operator of significant businesses in north america. we have about 700 employees in six offices in the united states. so we have a good feel for the economy. there is in general a better sense of optimism as to what the potential impacts of a productive tax reform this could have on investment. the u.s. economy has been led by cons

the trach they needed to move from an agricultural economy to an industrial economy. what we believe is going to be necessary to scale all these great efforts of apprenticeships or employer educator matching is going to be inventing a digital economy labor market. i want to show you a film which is full of coloradans, thanks to governor hickenlooperer, we started this work in colorado and it's really taken off. we now have almost 300 employers signed up. i want to show you a short film, which will give you a sense of what a digital economy labor market is all about. ♪ >> america's really going through the largest change in its economy since the time of the industrial revolution so many americans don't feel they understand what their place is in this new economy. >> there are 7.3 million fewer jobs in america today held by people with a high school diploma or less than there were in 1989 the single most important question for all of us is, how do we move forward without leaving some people behind. for decades we've been telling people get a college degree today it's

mister speaker, the economy -- >> order! the honorable gentlemen is gesticulating in a distinctly eccentric matter and he must stop doing so. shakespeare's county deserves better. >> the reality is wages are falling. the economy is slowing. the construction sector in recession. trade deficit widening and we face crucial brexit negotiations. this divided government is unable to give this country the leadership it so desperately needs to deal with these issues. >> i will tell you the reality, he is always talking britain down and we are leading britain forward. let's look at the record of the conservatives in government, 3 million more jobs, 4 million people paying income tax altogether, 30 million people with a cut in their income tax. record numbers of people in employment, record numbers of women, deficit cut, inequality down, record levels of foreign investments. that is a record to be proud of, a conservative government. >> the honorable gentlemen knew how popular he was. >> the black country flag has been attacked on the

there is stability and the economy. that is why they are going forward with tackling these risks and trying to deleverage throughout the entire economy, taking speculation as well out of the economy and into the equation. getting this growth back into the real economy. we talked about this to cbrc, he said the m2 number is the key indicator. let's hear from them. >> we saw growth in june at a record low. the government has focused on taking news out of the economy and of getting high gdp growth numbers. reducing risk and also which since 2015 has already accounted for more than half of gdp growth. betty: i want to ask you, how much more widespread do you think this deleveraging effort is going to be out of china? are they going to apply it more towards the broader economy? absolutely. that is what they have been talking about. the number one priority is the real economy. that has been a big problem. the answer has kind of taken away from the scrutiny but i think you will see a lot more scrutiny and deleveraging with ent

♪ ♪ stephen: how about the united states economy? the imf was recently with not a downgrade, but a lower outlook for growth, basically taking out the prospect for stimulus, meaning tax cuts, because we haven't gotten the plan, and also infrastructure stimulus. at the same time, we are on a tightening cycle with the fed. my heresies is that i think what the fed does now doesn't matter much. if you think about the white house, trump as a domestic president is highly ineffective, and that with any policy there are three or four points of view, which are the administration policy that coexist and flow together, and this is already sapping consumer confidence as allies are worried and people are postponing investment decisions because they realize we have a government with three or four different views which never seem to get resolved. and something probably will not get done. i think most of western europe, japan, and much of the united states have the problem of complacency and just getting by, and life is good enough that on any given

it is this a just and of the economy which is that target, really. still an awful lot of reforms to be an act did. —— enact did. other concerns that too much work still needs to be done?m did. other concerns that too much work still needs to be done? it beat market expectations but the concern is how much of that is still being fuelled by the government stimulus especially around credit. that is probably why markets would like to see a greater slowdown than last year. 6.7% last year and the expectation is that china should slow its economy down because most people would rather see a more sustainable slower growth rate for china, already a middle income country, then mimicking the past 25 yea rs. as country, then mimicking the past 25 years. as it becomes middle income it needs to adjust to a slower pace of growth and to accept it. then i think some of the reforms become more palatable, including the financial, which is one of the main reasons why it loan growth is such a problem because it is not properly allocated by the market interest rates. m

from both the american and the mexican economy create their own economy and begin to direct financial power using alternative currencies in this way sir because of if you look at that yeah well not to that particular part of me then certainly not from the perspective of political organizations n.g.o.s in mexico in the u.s. . what i've been thinking about is this crisis is so deep this is not a financial crisis it's an economic or macro economic crisis of global capitalism that can hold us but you know it will dip another segment with you if you can stay true all right let's put it was actually on the show then great ok well that's going to do it for this edition of the kaiser report with may max kaiser and stacy herbert like to thank our guest alexandro del rey just on twitter it's kaiser report and so i saw.

, and anything damaging to the chinese economy is damaging to the chinese economy is damaging to the global economy, so some relief at the slight monetary loosening. thank you for coming in and casting some for us. also in business this friday... who needs four wheels when you can have three? the tuk—tuk or auto—rickshaw started life in italy in 19a7 but now dominates asian roads from india to indonesia to thailand. now indian manufacturer atul is punting the little machine as a cheap solution to africa‘s transport problems. it has set up assembly plants across the continent. we went to one in port elizabeth, south africa. behind me other vehicles in the condition which they arrived from india, then they are flown into a full manual assembly line. that assembly line is purposely designed in that manner because it creates employment and gives us the necessary personal controls in the assembly line. the top three in our check list, the first one being unemployment. the second is the ability to empower people to start micro—businesses, not only locally in metropolitan areas but

., we are seeing strengthen american economies, best in american economies come and everyone thinks the fed will be there forever but they are not. jonathan: you talk a little bit about the relative value opportunities across major economies, and here is a chart that has the story. walk me through it. michael: this chart is showing the inflation differentials across our economies. while not overly significant, we are seeing a trend downward in terms of inflation on a global basis, and we know that is happening there. we see the united states moving area, we the 1.5%, 1.7 see canada at 1.4%, and the eurozone at 1.1%. we think the u.s. is a transitory decline, pushing back up to the 2% area due to the tightening of the labor market. you have the, target and you are in a situation where you have a labor market that is very divergent within europe. -- lowhave low inflation unemployment in certain areas and very high unemployment in other areas. we expect that to continue to cause inflation to be low in your and caused the ecb to have to be accommodative. >> i am struck when you are talking

judgments in the mexican economy that need to be addressed and without doing that this economy will continue stagnant the violence will continue unemployment in the quality and environmental deterioration will continue you know stampedes you know the vilification of mexico by the administration and some of the mainstream media it sets up a difficulty for the very poor in america to communicate with the very poor in mexico you know mexico's got roughly thirty million that folks that are on the verge of starvation in america get one hundred million or more after below the poverty line and probably twenty or thirty million of those are still on the verge of starving to death and so that's fifty to sixty million mexicans and americans that can get together and form some kind of strategic bloc they are voters in both countries they haven't just short of killing them or putting a bullet in their head which is what other off their tearing regimes other than the american author attorney regime or the mexican authorities and regime have done to anyone you know posing a threat to their off their tario

issues like these have a very real impact on our economy. i think it wise that the fed ease the associated burdens. you recall i sent you a letter, your response indicated while you understood my concerns, the fed wasn't necessarily looking to curtail some of the stress test related activity. now that the vice chair supervision has been named, i again ask that the fed hold off on nigh supervisory burdens before any is in place. chairman yellen: ms. yellen: we have a relatively light regulatory agenda at this point. i'm pleased to see a nomination. clearly we will look very carefully at the whole set of issues around regulatory burden and look forward to having the input of that individual if he's confirmed. mr. luetkemeyer: ok. thank you. to that end, also want to mention i am very supportive of many of the provisions in the recent treasury report. i hope that the federal reserve is taking some recommendations seriously. have you read the report yet, aware of it? ms. yellen: yes, i have read the report and there are many very useful and prod

we are forecasting a negative growth in 2017 in the nonoil economy. yousef: the saudi energy minister has been here in st. petersburg. ultimately, the oil price where it is at, not really helpful to the saudi economy. the key question becomes, if oil does go lower, how little room does the saudi economy have? how much painful can it get? guest: whether he goes lower or not, the saudi economy is still going to feel the pinch of fiscal consolidation. there is still more to be done. if oil prices go lower from where we are today, clearly what that means is that consolidation has to be deeper. spending has to come down more quickly. spending has to come down more aggressively. at the same time, nonoil revenue growth has to increase more quickly as well. those two aspects, lower spending and higher taxation, effectively mean that the economy is going to soften. if you are at drastic downside scenarios. , it just means that that is going to be ever more acute. i would make the point that from an economic objectives perspective of, what is the concern from t

>> i am happy to recognize the iphone economy across the country. -- the excellent economy across the country. that's why at the on an statement the chancellor of the exchequer was able to announce the 23 billion pounds in the investment fund. we recognize the importance, not just of large-scale transportation projects, like the extension of heathrow, but although of investment projects at a more local level. they will unlock economic growth in these areas. >> with legal powers, funds, criteria or parliament, once again consulting on closure of the hospital and building of a new 400 million pound hospital in belmont. after 5 consultations over 18 years, 40 million pounds of taxpayer money, is it time for the prime minister to step in and put a stop to it and allow the hospital to get on with the day job. >> say to the honorable lady, they are indeed thinking of future specialist care and how the existing building could be improved and these discussions are at an early stage. any proposal would be subject to full public consultation. >> not only has the institute of fiscal study said w

both the american and the mexican economy create their own economy and begin to direct financial power it's using alternative currencies in this way i swear to come out of it if you look at that yeah well not to that particular part of me then certainly not from the perspective of political organizations n.g.o.s in mexico in the u.s. . what i've been thinking about is this crisis is so deep this is not a financial crisis it's an economic a macro economic crisis of global capitalism ok it's a good old us but you know up another segment with you if you can stay right that's going to was actually on the corruption great ok well that's going to do it for this edition of the kaiser report with may max kaiser and stacy herbert like to thank our guest alexander and the del rey just on twitter it's kaiser report until i see you know. how much i'm still at the same time. you know. we might need to put a lot of. money. magnificent. someplace to see my food food. they may save us from people really you know it's imprinted in my conformance feel welcome in russia. because the food was dusty it's n

it's all about signaling strong economies today first in the czech republic where the central bank is hiking interest rates for the first time in more than nine years as you can see here the last time rates went up was at the beginning of two thousand and eight and rates have been near zero at point zero five percent since two thousand and twelve the czech economy is on pace to grow about three percent this year unemployment rates are among the lowest in europe and wages are going up houses in prague are flying off the market in a matter of weeks often times with multiple bidders which means housing prices are also rising check national bank is pointing to the third quarter of this year is being a prime time to hike rates but not everyone is convinced it would be the first rate hike in europe in about five years and some investors are worried about the timing and what it will do to the global markets if the u.s. and check raise rates around the same time. well. speaking of raising rates the federal reserve just announced it will not raise rates right now in a statement wednesday we le

economy and monetary policy. and if you go back a little longer to january, you'll see many speeches to many different audiences at many levels as well as testimony -- >> yes, ma'am, i was looking at the topics of the two speeches at brown university and at this -- >> so let me just say that the federal reserve has other responsibilities. and in particular, we have extensive -- >> you understand my concern. >> -- programs and community development. i spoke at a conference -- >> can i go on? >> -- relating to community development that was run by the board of governors. >> reclaiming my time, if you don't mind. i think i made my point that those particular ones were political. a resident scholar at the american enterprise institute has stated, quote, supervision and regulation are now so intrusive there's not a stretch to say that the largest financial institutions are being run by the fed. do you agree with that assessment? >> no, i don't. >> well, do you believe it's appropriate for the federal reserve to engage

making the chinese economy remarkably robust. but you keep on doing that, you invest 48% or 50% of gdp, it is hard to get that right for so many years on end. when you are doing sampling things, roads, bridges, high-speed rail, it is not hard to get it right. but now you are at margins were the potential for decision quality decay is higher. i am not convinced how much leveraged so far. but things seem to be going well. stephen: do we have a risk of a local municipality? we have rising default on the corporate side which it seems the government is allowing, but are there risks of default, or is that out of the question? >> i think, on average, in an overall way, that's the case. but you have to look at issues case-by-case, locations, situations -- stephen: not one economy. >> the default is not always so well-defined. i think that is a key point. stephen: how do you mean? >> the law is not clear on financial matters in the united -- in the way it would be in the u.s. where you have a lot of experience with municipal and other def

when you look at this modest growth in the economy, coupled with the fa ct in the economy, coupled with the fact that prices have been rising, albeit there was a slowdown, it suggests when the bank of england meets next week to make the latest decision on interest rates, most a nalysts decision on interest rates, most analysts expecting those will be kept at their record low level of 0.25%. good news for mortgage holders and borrowers to stop keeps the costs low. not so good news for savers. the supreme court has ruled the government acted unlawfully and unconstitutionally when it introduced new fees for taking claims to an employment tribunal. the ministry ofjustice has taken it —— said it would take immediate steps to pay back those who have paid the fees in the last few years. the case was brought by the union, unison, which argued the charges, introduced in 2013 — prevented access to justice, and were discriminatory. we can go live to the supreme court. here is keith doyle. a landmark legal ruling? this was a significant and unanimous win for unison, the union. stemming the su

this is in the interest of our economy economy. >> all those in favor say aye. >> aye. >> all those opposed. >> no. >> in the opinion of the chair, the noes have it. a recorded vote is requested pursuant to our unanimous request agreement and we will postpone the vote until we finish debating the next seven amendments. are there other amendments? >> madam chair, i have an amendment at the desk. >> this is amendment number ten. excuse me, yes, amendment number ten and the clerk will designate the amendment and the staff will distribute the copies of the amendment. >> amendment ten by representative cash jal and rejecting construction of a border wall. >> mr. carbajal is recognized for six minutes. >> thank you, madam chair. before i proceed to offer the amendment, as an immigrant myself, i have to say how abhorrent i found the comments by one of my colleagues that immigrants are more likely to commit crimes. some of them actually join our military. some of them become members of congress like yours truly, so i just wanted to say that for the record. my amendment rejects the construction of a

you know i look at you talk about this rentier economy that this futile economy is a great example of that right they came in they found this is this possibility that people would want to work as their own independent contractors driving other people and they inserted themselves in it and they've profited by being a middleman and i think that art of the future is one in which we become micro entrepreneurs in a sense it's a it's a form of barter economy where we take our own. our own work into our own hands and we own our own work but what we need is open source networks where you don't have an intermediary who is sucking that drive for their own by the because of their own profit motive so coming up with those open source networks i think is going to be very difficult i think this is one of the places where government can step in because to government you need an arbiter because you could say that craigslist is open source but it's also kind of a wild west you need an umpire to make sure that all of the trades are are done fairly and according to some kind of law or regulation but if

services led economy rather than a manufacturing economy. each data that you're putting out month after month and quarter after quarter suggest very gradual process in that direction. for the end of last year when the economy was growing, it seemed like the investment binge was the old flavor that the chinese a government -- chinese government was going back to. they've not weaned off the independence of the main effect for -- manufacturing sector, but things are going in the right direction. david: on the issue of manufacturing and steel, when he put up the latest chart on steel production. i believe that's an all-time high. a professorg with of economics and she says she does not look at month-to-month readings, but she looks at him quarterly. what do the numbers about steel tell you about production in the chinese economy right now? eswar: even quarterly may be too high the frequency to look at. i look at your two-year over anything else. they do with problems of overcapacity and factors -- sectors like steel. they need to try to think ab

risks of the economy are now balanced. the next thing they have to talk about is what to do about the asset purchase program and it is one where the markets will be quite sensitive. >> employment up 222,000 in june, that is the good news. net revisions to april and may add another 47,000 jobs, so we are well over forecast. unemployment rises a tic to 4.4%, largely because more people were entering the labor force. bond guys take note. the bad news, this does not do a lot for wages, taking the annual rate to 2.5%, well under the 2.9% that we saw in december. >> i still think, despite the rather strong jobs report from the standpoint of jobs gained, not necessarily from wages, which is what yellen watches seriously as well, that the fed has one hike perhaps left in the year and it will probably be december. francine: president trump and president putin finishing their meeting in hamburg at the g-20. the u.s. officials are saying that the u.s. and russia have reached an agreement for a cease-fire in southwest syria. those pic

it is a strong economy that powers this government's investment in the nhs and a strong economy that is allowing this government to create 1500 new medical school places and new medical schools. does the prime minister agree with me that lincolnshire's unique sparsity makes a compelling case for a new medical school in this great county? pm may: the honorable friend makes a very important point, which is we can only pay for public services if we have a strong economy. as you said, we are going to train 1500 more doctors every year to ensure the nhs has enough doctors to continue providing safe, compassionate care that we all want to see. the doh is currently looking at the question of how to allocate those places and will publish their consultation response shortly. there are also looking at the possibility of new and aspiring medical schools, and i am sure that as my honorable friend has always been a champion for his constituents, he will continue to make a case for >> on saturday the shadow chancellor and i joint staff from picturesque cinemas outside the ritzy in brixton floor st

economy that's at 2:00 p.m. eastern time smack dab in the middle of power lunch so make sure you watch and we may have another stock sector to follow index providers, s&p, dow jones, and nsci are considering the creation of a communications services sector. so splitting out companies currently contenned in the telecom and other groups just last year the real estate sector was added as the 11th s&p industry -- >> i liked it when it was ten. >> so twelve might be better now, since six and six you like even numbers? >> i'd like to go back to ten. >> maybe our economy's bigger than ten >> financials did make sense but you know, ten was enough i thought. >> joe >> yes >> what's the matter >> nothing >> you don't like eleven sectors either >> no, no. in politics donald trump jr. said looking back at his meeting with what was presented to be by publicist as a russian lawyer but has been denied by both the lawyer herself, and russian authorities, last year he probably would have done things differently. the president's

the global economy has recovered. growth rates are slower than usual in western economies but on a global basis we are much healthier. the external bankers of emerging markets are in stronger positions because when you have the taper tantrum in 2013 from the fed itched load basket slowed growth. -- it slowed growth. it was an unconventional policy. you won't see much of an impact compared to the 2013. so with the ecb we have currently got low inflation, but in the pipeline, there is more to come based on the fact that we are near the name route. as a policymaker, i should be looking more at the current data and it is risk reward that it is going to head higher eventually. david: danny blanchflower of dartmouth and jordan rochester. a fair amount will happen this thursday. bloomberg will have full coverage of the ecb's policy decision and news conference at 7:45 a.m. eastern time. live from new york, this is bloomberg. >> this is bloomberg daybreak. imm a chandler with your business/. -- business flash. a fight against

morning, you have to let your opinion out about this economy, it is a billionaires economy. for people like me and millions of americans, we have to struggle. go to work in the morning. working 70 hours per week. does not matter who is in the administration, democrat or republican, it is a billionaires club. everything is in their favor. i am struggling. i am in iranian-american who came in here in the 1970's, 1980's. reagan will divide the country, no middle class, upper class and lower class and that is what happened. a $10 an hour economy, we are struggling. we have no leaders. no leaders that are democrats or -- [indiscernible] host: what would you like to see leaders do? caller: let's go to bernie sanders. we have to look at the economy on the vast majority of americans in this country who are struggling. who does notndiana to earn a decent wage, $7.50 per hour, i am working 70 hours per week and being a good citizen and putting food on the table and paying taxes, but we struggle. i am working for a company i have been with 25 years and eight years ago i got outsourced

what bubbles do you see in the macro economy right now? >> i try not to opine on the level of prices, our report notes that evaluations are generally toward the top of their historical ranges. what i try to think about is if there are adjustments in asset prices, what consequences would they have on the financial system and our economy. and in that context look for evidence that searching asset prices might be leading to prudent borrowing, build up in the economy that could be dangerous if the prices were to unwind. we're not seeing that. >> okay. >> financial stability risks at this point is moderate. >> so you have laid out a good plan and i don't want to go to the whole thing. you have talked a lot about it, i am concerned about the role that you kind of elude to here, you start to see instability, you shift tabs from monetary policy to regulator. and in the regulation you talked about really a pretty heavy hand in the sense of steering companies on policy, financial times highlighting cases as regulator addressing hr practices to the p

the economy. and today we are here in berryville to begin to restore that faith, to talk about our plans, to grow our economy and deliver better jobs and wages for all americans and to test the skills and tools to build a better future, that means having an honest discussion of the challenges families face across america. compared to a few years ago, over half of democratic voters do not feel there's more opportunity for them. nearly half of those voters they that a sudden $500 expense could be a serious blow to the family budget. three out of every four voters say their incomes are not keeping up with the cost of living. that's not right. and the american people deserve a better deal. one that puts hard-working families first again. >> this means only an economy where people can pursue the dignity of a good paying job, that means rewarding the small business owner for her hard work and entrepreneurship. it means skill training and investing in the future so apprenticeship programs and community c

economy. but my sense is that if we look plight with respect to wages and jobs of the middle class families, we have seen diminishing opportunities and downward pressure on their wages. we have to take that into account -- factors such as technological change which have eliminated many middle income jobs. and globalization which has reinforced the impact of technological change and that has to be -- those things have to be an important piece of understanding what is happened. >> i understand technology has played a role but we have always had technology. when we went from horse-drawn carriages to cart, people who made horseshoes had to find something new to do. i am skeptical when i hear people say that technology. we have always had technology and more employment. we have had a slow growth period and some people say it is because some people do not want to supply labor because they're living to get on welfare. possible that the financial services sector is channeling investment into activity,

or do you believe this economy has got a lot more zip in it? >> we have had a lot of expansion and the unemployment rate is now at quite low levels in the historic sense, but i do not believe that expansions die of old age, there are shocks that impact the economy, and a negative shock could end the expansion, but i don't see anything inherent in the nation of the expansion that suggests that it will come to an end any time soon. >> my time's about gone, but what is the significance of the continuing lower price of oil and gas in our economy? i know you exclude some of this from your basic monthly calculations, but it does have something to say and do about our economy, because so many things go into oil and gas. >> the low prices of oil and gas have translated into gains to households, it's boosted their ability to buy other goods and services. >> overall very positive in the country, is it not? >> on balance, it's a positive. oil prices have rebounded off their very lows and that's meant that drilling activity has picked back up again and tha

economy and additional gradual rate hikes will be needed. markets in the u.s. higher while news compared to -- we wait for the hearing to begin, let's bring in michael mckee. what will be front and center here for panelist questions after her. prepared remarks? mike: one would hope that they would ask about the fed funds rate, how high and how fast. that is the unknown question and the fed has tried to avoid putting any time frame on it other than to say gradual rate increases again, which the chairman reaffirmed in her testimony. what effect would there be on the markets, on interest rates from balance sheet normalization? people may want to know where they will head on the balance sheet. people will want to know, what about your own future? will you be sticking around as chair? respectfullyill declined to answer that question saying she's focused on her job and that is up to the president. vonnie: as the name gary cohn gets thrown around, we see strategists who point to the fact that he is likely to actually be dovish because what president hasn't wanted easy

and mexico became again once again a primary economy reply memorize the mexican economy so we came we export raw materials or oil agricultural products and cheap labor through the michael or border industries to the offshore companies that operate here in mexico including the automobile and. tree which many people think this is really our way to industrialisation no it's not those industries are disconnected from the rest of the economy so they may grow the economy will not grow with them and this is clearly i mean if you look at the numbers you see years when you have. spectacular expansion of trait but the mexican up economy is in recession or or is stagnant well that's because i feel that is this comeback because i sure because well this. they are not the value added is not in mexico right the panama paper shell there's a multi-trillion dollar offshore cartel and mexico is getting. stabbed with this but even if you have plants i mean you have forward you know american companies stablish in mexico yes but what are you really exporting curst now you are exporting cheap labor you are

it is ha rd to to liberalise its economy. it is hard to imagine an international aid programme that would work could ever have been so effective. it is also, sadly, easy to find examples for our lack of free trade has harmed the most vulnerable. if you want to see contrasting results of open and closed economies, look across from china to the korean peninsula. when north and south korea must face while south korea eventually embraced open trade, pyongyang in which with tragic consequences for its citizens. seoul is now the heart ofa its citizens. seoul is now the heart of a thriving economy and democracy where freedom is shared among its people, while over 80% of south koreans have access to the internet, less tha n koreans have access to the internet, less than 0.1% of north koreans enjoy the same, but more tragically, there is a 10—year discrepancy in life expectancy of those north and south of the demilitarised zone. yet for all its humanitarian benefits, the value of free trade also lies in its promotional of commercial

economy to grow is very low. most i believe cbo in our economy estimates that the economy's longer run potential to grow is currently under 2%. >> okay. but my question, madam chair, i apologize for interrupting, my question is, if you had unfettered discretion, and were averaging 2% growth, and you want to get as close to 3% as you could, which was -- would be considered formal before 2008, if you had unfettered discretion what would you do. >> [ inaudible ] it's a job for congress and the administration -- >> i'm asking for your advice. >> my advice would be to focus on all of those factors that determine productivity growth and that pertains to tax reform and the efficiency with which the economy operates. i would focus on training on education, the quality of human capital in this economy. i would focus on investment for public an private. i would focus on policies that impact technological change in research and development and there are a wide range of policies that bear on everything in my list, and so it'

i'll repeat it again the russian economy because there's obviously grown in water as russia's economy but i still. got out of recession now we've been growing for three quarters in a row of my and in main most. people russia's economy grew by zero were three percent three point one per. would you are the same call. would the average growth rate for this year will be about two percent and this is a significant contribution to the growth of the global economy. let me remind you that you know who to put up which is what you said on about who i meant to rate is a low level of five point two percent he writes the central bank's reserves keep growing and central banks are reserved have reached four hundred twelve billion dollars. if we really should hold the budget our federal revenue has grown by forty percent of the chinese confirm this. but despite. the rate is quite low about four point four percent just gold this makes us quite optimistic even though i should say that this is why they're not an absolutely stable trend we should make sure that they're well. this trend continues we need

that is part of the larger economy that really games games games and and that has created wealth for about thirty percent or forty percent of the old middle classes they're being. devastated in one of your previous interviews you made an interesting point the liberal democracy and we are talking about the system of the old democracy was never very much anchored in social justice but just how. going to work. for the working and middle classes and large corporations became globalized isn't that. in a way. an expression of very difference between liberalism and liberal democracy because liberalism is an idea you can make a point that it's an ideology of making money away liberal democracy it supposedly puts down must first. prove them up crissy is only the whole political spectrum is only part of the story of our country it's the result of the way it commonly is organized so i always say for a very long time in the west we had an almost an ironic. because when mass consumption is the dominant logic it still exists today but it's not the dominant logic it means that even the nastiest cor

economy is long overdue for recession anyway i mean this is one of the longest expansions in history it's certainly the weakest expansion in history and it's required the most amount of artificial stimulus in history but look the economy is slowing down dramatically even the way we measure it the consumer is dead he is loaded up with debt retail sales are plunging we can't be far from a recession and so what is the fed going to do in the next recession they're going to do exactly what they did in the last one they're going to lower interest rates and they're going to quantitative easing do you see a disconnect between what you are saying to us right now and what janet yellen is saying in her federal reserve statement she continues to point toward positive things happening in the economy and kind of brushing off things that look a little bit more negative like this stalled growth. because that's all the fed ever does i mean they're always optimistic they're always positive they never acknowledge the problems even if they see them they're not going to admit it i mean they were very pos

economy. recognize myself for an opening statement. since we last convened on monetary policy, there have been encouraging economic headlines. .onfidence is up unemployment remains low, as does inflation. but it rests too much on incredibly low participation payment high disability participation rights. both paychecks and savings for working americans still have room to grow after eight years of distortionary economic policy under the previous administration. on the fiscal front, help is on the way. house republicans have passed the american health care act to lifted the burden of obamacare on our economy and the financial choice act, to unleash millions economic -- two on the chilies of dollars on the economic sidelines due to dodd frank and the house will vote on a fairer, flatter, more competitive tax code that will during us a healthier and dynamic economy and the trump administration is rolling back rules that harm our economy as well. monetary policy must do its part as well. i am highly

the new gig economy digital phones, how they work ina economy digital phones, how they work in a world where the law was built for a different era. the laws we re built for a different era. the laws were built up after the second world war in britain to deal with a nine to five culture, we have an employer, we go home. this is the new world and i think matthew taylor has made a substantial effort to understand the new world and give new models about how it would work. some of the firms in question will be slightly concerned by this because it would mean things like national insurance contributions which they currently do not have to pgy- which they currently do not have to pay. that is about the tax system catching up with the new ways of working. in the uk, if these workers are categorised as self—employed, that means the company that employs them does not pay national insurance and that is a big tax that is used for health care and pensions in the uk. and he is saying they should start playing those kind of taxes. that is good for the exchequer in the uk, it means they may get more

economy continues to disappoint. so i think there's a feeling that china is not quite clear on where the u.s. leadership is going, not least in terms of trade with china. in the meantime china is happy to try to fill that void. >> thank you so much. greatly appreciate that. tony, how does it figure into the calculus? >> china's probably one of the most important stories to follow for the rest of the year. they have a big gathering in party called the 19th congress. it seems the president will be consolidating part of it. the key is, over the weekend, to what extent will china put the effort at stabilizing financial risk over economic growth? in other words, choosing quality ore quantity? so we want to watch this story on china extremely closely. as it was said earlier g.d.p. contribution to the world is significant at $12 trillion, it's at nearly 800 billion of g.d.p. the u.s. growing at 2% is half that. is is so it can have big reverberations around the the world. >> china's stability -- because they want to dampen