the person who was to pick it up in spain when it arrived. mint marks where it was made, a serial number telling us when it was made. we have carat marks dates, assayers marks and then this all corresponds to a written manifest. so we know who exactly these marks correspond to. and we know who was shipping it. why. and who was to pick it up. and it's, again this tremendous history about the economics of the time. the artifacts that we have from the galleons of the atocha and margarita, we have a little bit of everything that was on these ships from amazing treasures that we know were on there but also the dishes the medical gear, the weaponry the tools. all these other things that took, that were required to keep a little community

sailed right here past here, following the gulfstream back to spain. but what they did was the spanish had colonies in south america, central america, and they were doing a lot of mining. and generating a lot of precious metals especially silver from these mines. and a whole network was set up of trade free-throw shooter sailing from spain to the new world, bringing european goods to the colonists in the americas but on the return voyage carrying silver back to spain. in 1662 one of the treasure fleets that had gone to south america, in this case to colombia and to panama, and this fleet again took european goods to the colonists there but then pick up people that wanted to go back to spain and also picked up cargo primarily of silver. lots of silver coins lots of silver ingets that came up from south america from a mine that's in bolivia today. then they went to havana, and met with some other ships and organized a convoy to return to spain. in september, early september of 1622 these ships left havana. they knew it was hurricane season when they left

they were brought in from spain. the floors, the black and white tiles, it incorporates the elegance. the beautiful white marble in the staircases, marble that was brought in from the isle of pines. so this was the site to bring people not only to understand history but to appreciate the elements of cuba's architecture the beauty of this building from an architectural point of view is fantastic. it's only greater element is the principles and allies for which it stands. that's really the beauty of the san carlos institute. it was founded in 1871 by cuban immigrants who came to key west and they established the san carlos as a place where they could put together the dream that they have for their homeland. the cuba that they envisioned. what they envisioned was a cuba that would have as its corner stone respect for human rights and respect for the dignity of the individual. it was founded as an educational and patriotic center. the basis of that was that the founders wanted to imitate here in key west what the san car

he was from northwest spain, and he was a baker but he did very well. he lived here, became the first elected mayor of st. augustine. and upon his death his son -- or his family continued to live here until after the civil -- they owned it until after the civil war. most florida cities were not like st. augustine. for one thing most of them didn't exist during the time of the spanish, and the british, and the spanish coming back. it's not a typical thing for u.s. cities. so when we talk about spanish, british, spanish, people's eyes kind of cross. it's like what are you talking about? anytime you have a transition really a wholesale transition the first time, everybody left and the british came in to replace them, it's really not good for the growth of the town. it's obviously disruptive. the new group wants to do things their way. so there's always this heavy transitional period. because there were so few spanish here when the british arrived, there wasn't much, you know, interpersonal problems. but when the spanish arrived or when the spanish came bac

twice a year, a spanish treasure fleet would head north from the caribbean back to spain. they would use the gulf stream, which at this point is 50 miles offshore. all that treasure passing by an enemy fortification was an untenable position. the king of spain ordered pedro menendez deaviles to take care of the colony using whatever means necessary. menendez headed north with his fleet and there was a short battle between ships that can best be described as a draw. menendez then headed south and brought all his equipment and men ashore. menendez chose to meak a forced march using 500 of his best men, the 40 miles up the coast to ft. caroline. while shehe was engaged in doing this, a hurricane struck. the french fleet was enroute to the fledgling settlement of st. augustine, was caught in this hurricane, and swept south, all the way to the area of present day cape kennedy. the four ships were wrecked, but there were many survivors. this rag tag group slowly made their way north. it took the better part of a month, but they were stopped cold at the mattansas enlet, 15 miles

spain with respect to the banking center. >> spain has to convert its economic recovery into real jobs for people. the country has the second-highest unemployment rate in europe. >> crude prices continue to fall and the corporate fallout is pretty awful. two companies reported sharply lower earnings. motorists aren't complaining. >> a tank of gas is cheap these days with exxon mobil. that is good news for motorists. low returns at the pump are the only reasons for its court is this software profits fall from $8 billion last year to only 2 billion this year. exxon mobil was the most valuable company in the world by market capitalize asian. it is still struggling with production revenues. the world's number three chevron has been hit hard. british oil company shell and bp have reported a drop in profits of 37 and 64% respectively. even though the oil giants are making money, they are all responding the same to the crisis. that is because the industry expects prices to remain low for a long time to come. >> there is bubbling under kenya's river valley. a huge drill it is having into a mor

he was from northwest spain, and he was a baker but he did very well. he lived here, became the first elected mayor of st. augustine. and upon his death his son -- or his family continued to live here until after the civil -- they owned it until after the civil war. most florida

he was from northwest spain, and he was a baker but he did very well. he lived here, became the first elected mayor of st. augustine. and upon his death his son -- or his family continued to live here until after the civil -- they owned it until after the civil war. most florida cities were not like st. augustine. for one thing most of them didn't exist during the time of the spanish, and the british, and the spanish coming back. it's not a typical thing for u.s. cities. so when we talk about spanish, british, spanish, people's eyes kind of cross. it's like what are you talking about? anytime you have a transition really a wholesale transition the first time, everybody left and the british came in to replace them, it's really not good for the growth of the town. it's obviously disruptive. the new group wants to do things their way. so there's always this heavy transitional period. because there were so few spanish here when the british arrived, there wasn't much, you know, interpersonal problems. but when the spanish arrived or when the spanish came bac

and in spain, the boom is back, but not for the young. the greek crisis has become an incredibly emotive issue: i can't tell you the number of times i've seen a friendly chat almost turn into an angry row as soon as greece is mentioned. some say greece should be helped more. while others argue that taxpayers in other countries shouldn't have to support a corrupt and inefficient system. either way the key player here , is germany the biggest , contributor to the bailouts. but berlin has lost trust in athens, and many german voters feel insulted by the anti-german rhetoric. as one german man said to me the other day, we give them money, and they call us nazis. but whatever the political tensions, many germans themselves still want to help. >> the greek-german athene elementary school in berlin is throwing its annual summer party. the event is overshadowed by the ongoing greek crisis. many of the families here still have close ties to their home country. they get regular updates from friends and family. >> companies are going bust, people ar

spain sent one of its best generals to defend. they came up with the idea of fortifying ten of spain's ports. the plan was puerto rico, havana, all these were going to be fortified. number ten at the bottom of the list st. augustine. the original engineer of the castillo comes up with the plan, how they'll use the lapped and the area that they have to work with. we're at 1/5 scale model for defending the frontier between two nations. if you look at maps of sea from the 16th 17th and early 18th century, they'll have fort iskdss all the way around a city. you'll see 15 or 16 of these in some places, so it was a really common design. but he took the design and scaled it down. one of the reasons why the ideas is a little bit odd balls. windows and doorways slammed up in a corner that seems out of balance. but then the rest of the architectural details balance everything out. the original design of the fort is what is calls trace italian. it's got a couple renovations in it from different people. right off the bat there's one we still

this is why kicking the can down the road means the next crisis is spain or france. and there we won't be able to talk about this. it's going to be the end of the euro. and people don't seem to be understanding this. but outside the eurozone, people see this fairly clearly. >> isn't this because european leaders are failing, failing in communicating this to their own people and doing it perhaps for their own short-term political ends? >> yes. actually we've talked about it a lot here as well. the lack of leadership in europe and everywhere in europe. also, the lack of political personnel in greece, as well, is a huge problem for europe today. also, in the beginning of the crisis, nobody had any idea about what to do, how to deal with this crisis. and five years down the road, we're still struggling with the basics of the crisis. the euro or not the euro. i mean, these issues should have been solved a long time ago. >> but only in greece. the other countries, spain portugal, ireland, they're quite better off now. >> is it so though? is it really so? >> it is so, of co

. >> a country of spain which after greece has one of the weak weakest countries in europe, spain's economy is set to benefit if greece stays part of the euro zone. a lower euro helps developing countries in spain and portugal. here is the finance minister in the wake of the greek vote. >> i believe in view of the public some errors have been made. but i also say it's inevitable that greece make reforms. we have already put them in place and already emerged from recession. >> one of the examples is spain which exited the eu bailout program last year. spain's unemployment rate is nearly 24% the highest in the eu after greece. and again a depressed euro would help spain even if a depressed euro is something that stronger companies like germany are trying oavoid. >>> president obama today made a very high profile trip to the pentagon. mr. obama discussed the strategy against i.s.i.l. jamie mcintire joins us from the pentagon, what was the significance of the president's message? >> the president came here to get a review of how the antii.s.i.l. strategy was working, the parts that he said coul

in spain. but there had been speculation up to the mayor of barcelona said she could introduce limits to and limit the number of people who arrive in barcelona. she said there are too many people. the minister was very clear. he said there are going to be no limitations. the central government is prepared to do what it takes to protect the industry. it accounts for 11% of gdp. as you heard in that clip he's read -- spain to cut tourist would be like germany cutting back on the number of cars they make. it is off the table for him. francine: and barcelona has frozen hotel licenses this year. what does it mean for the sector? maria: she has done that for this year, which means will not give new licenses. we will not see new hotels open. but we spoke to her team yesterday. they insist this kobe in place for one year. they will not extend it. -- they insist this will only be in place for one year. she was sending the wrong impression. he was hoping it would not be extended. francine: think you so m

charles: here is the imperative factor is italy, and spain. i think everything has forgotten that italy and spain have issues. charles: they to but italy -- >> not like greece. charles: italy with a new guy, young, handsome. i don't think he will fold up the tent so quickly. >> they seem to be coming out of it, but here is concern. if you see political tides turn, then the entire financial community will say, you know, it will come down to crazy domestic politics, that is why eurozone, in and of itself will never work, milton friedman predicted this in 1997. said you cannot have a economic unit without a political unit. that is the problem. charles: it has been my contention that germany always wanted this to be usa of europe with germany in control. >> to see their debt forgive intwice in modern times. >> germany. charles: what did they give up for it? they had to give up after the war some manufacturing capability. germany, has what it takes, period. question is, does greece? do they have innovation, and get up and go? you talked about them

the left-wing party fared well in spain's local elections recently. it's now gearing up for victory in the general election. perhaps in greece could have a significant impact on how the party fares. sarah morris has this report from madrid. >> back in november leader pablo iglesias asked his friend alexis tsipras to join him on the podium. he called the referendum but supporters held demonstrations across spain in favor of his demands. >> i think it's vital to help people before banks. >> spain will manage to get rid of austerity. >> he did well in local elections in may and is now focused on general elections to be held by the end of the year. he plays down the implications of what's good for the party he >> i think it's good news for democracy that the referendum was held and it good news for europe and for the greek people, because we will be able to introduce budget cuts and into austerity measures thanks to this reasonable agreement. >> it's putting a little distance between itself and syriza. >> they will say remember we always said spain has no

james' remains happened when muslim moors controlled most of spain. the whole phenomenon of the camino helped fuel the european passion to retake spain and push the moors back into africa. but by about 1500, with the dawn of the renaissance and the reformation, interest in the camino died almost completely. then, in the 1960s, a handful of priests re-established the tradition. the route has since enjoyed a huge resurgence, with 100,000 pilgrims trekking the santiago each year. >>> memphis, tennessee. it has been written, if music were religion, then memphis would jerusalem, and sun studio its most sacred shrine. and you are here with onward soldiers. ♪ >> sun studio sessions and its performers are brought to you in part by the american society of composers, authors and publishers. ascap, home of america's songwriters. >> elvis presley, still making music history more than 50 years after he began. elvis presley's graceland is proud to be a sponsor of

manus: talk to me about spain. progressive steps for europe and for greece, that has fed into a rally, a nine day rally. my question to you is is this progress already priced into those markets? alex: i think people have been cautious about buying peripheral debt. there is the question of the fact that it was put on the table as part of the negotiating tactic you may need a bit of a premium for that. it has been averted for now. manus: i am looking at spain and italy. spain is trading at 1.9. italy is trading at 1.9%. i am quibbling. they have come in dramatically. is there more to run on that? are people going to ask for spain over germany? alex: people were wondering if it was going to be bonds to buy. they were doing qe. they were going to keep going until september of next year. there were questions about whether they would have to do more. there were system --'s to stomach read -- systemic problems for greece. you don't need the premium. on the other hand, they might be more forecast to buy more. it depends on

james' remains happened when muslim moors controlled most of spain. the whole phenomenon of the camino helped fuel the european passion to retake spain and push the moors back into africa. but by about 1500, with the dawn of the renaissance and the reformation, interest in the camino died almost completely. then, in the 1960s, a handful of priests re-established the tradition. the route has since enjoyed a huge resurgence, with 100,000 pilgrims trekking the santiago each year. ♪ >> memphis, tennessee. it has been written if music were a religion, then memphis would are jerusalem and sun studio its most sacred shrine. and you are here! justin townes earle and band off heathens. >> sun studio sessions and its performers are brought to you in part by the american society of composers, authors and publishers, ascap, home of america's songwriters. >> elvis presley still making music history more than 50 years after he began. elvis pry'

the other countries in the same situation - ireland, portugal, italy and spain have turned the corner. they are getting growth, debt ratios are coming down. indeed, the burden of the greek debt in the plans is about the same as the burden in those countries, you have to pay about 4% of g.d.p. in interest. and so as i say, i think it's an unnecessary deterioration of the situation. it got to the point now, because of this animosity, that you have the leaders of spain and italy saying look, a no vote is a vote to leave the euro. you leave the euro, and suddenly you have a huge depreciationiation of the currency, the drachma, the private businesses get in the bankruptcy, they owe debts. i think the situation is worse by politics in recent months. >> but politics, i mean, to get into the euro, you had to have elected governments. these were all functioning demack rahsies, and syriza, that -- democracies, and syriza the party in greece is a backlash to the parties that got them in in the first place. you can under why the greeks did what they did, to some extent? >> to some extent, yes, bu

intothey will have to give today most -- in spain. that is something we could consider plausibly for a lot of different countries. >> being between a rock and a hard place. it is not even the germany -- issue of germany giving in. is -- spain and italy asking for it will be bad enough. joe: thank you very much. alix: a pleasure. a rock star on this day. we're talking china. wiping out 2.9 joined dollars in value. we will show you two surprising stats that will put that number into perspective right after the break. ♪ the three point $9 trillion of value had been wept out of china's stock market in the recent selloff. that is more than germany's total output and equal to present -- president obama's 2002 proposed budget. that is crazy. joe: despite the mess. alix: it is a big drop. and the upside is huge. guest is joining us. good to see you. am fascinated by this quote from the ft. it was at some graduation. top universities in china. shares --e the air the a shares, benefit the people. what explains the obsession they must have the

unfortunately it was shot in valencia in spain. what you can see here there's a bull and he's in a gigantic gauge surrounded by lots of people who are taunting this bull. they're trying to run through, be brave and prove their manhood as they run across and try not to get gored by this bull. this is where they put balls of wax on the top of the horns there. the reason this video is getting attention is because of the gentleman in the white sing alsolet and brown sh comes down really hard. >> had that bull come back this guy would have been in much worse shape. >> this bull is named tooth, the son of another bull named mouth which was notorious around spain for being quite the dangerous bull. clearly it runs in his genes. there have been no reports of the specifics of the man's injuries. he looks dazed. he's being pulled out. hopefully he wasn't too seriously inju if you mention the bull you're going it get the hor. ♪ >>> it's an amazing performance by a young lady diagnosed with autism. how that beautiful voice left her own paren

for all of the talk about spain recovering. alix: scarlet fu is with us for more on what we may have missed --the most important numbers. scarlet: it is all about growth rate for amazon. profitability is secondary. yeah, they made profit, but previous to that they reported a loss in two of the last three quarters into at the last three years. basically the stuff amazon sells, the themes have been decelerations. 20%. a long way off from the high of 72% in early 2010. you see the growth rate falling below 50%. it really has not let up. we did see a pickup in the latest quarter. joe: compared to any retailer in the world -- scarlet: that is blockbuster growth. alix: it did accompany a 7% of their total revenue -- what did we learn? scarlet: this is what surprised people the first time around. if we could pull that chart back up again, what is interesting, as it has grown, the margins have expanded. 21% margin, $23.2 billion. there's a lot of questions about the margins as they continue to grow. this is a business driven by price d

germany, scandinavian countries and southern europe with italy and spain are recovering. where we did see sluggishness is in france for the moment. >> in the u.s. you've recently made an acquisition. you bought i-gate. i'm wonder to what extent organic growth will continue to feature as part of your growth plan going forward? >> we've done a lot of acquisition in our history in the last 50 years or so. it's always a way to be able to acquire additional capability and potentially additional clients. we do not intend in the short term to making a large acquisition after igate. as it gets more industrialized we'll see more on the organic growth on the capgemini side in the future. >> how concern are you about the economic backdrop in brazil and the impact that's beginning to have on some of your numbers? i know you're quite optimistic about asia-pacific too. a lot of concern about the situation in china at the moment in particular and how that will impact the rest of the year. what are your thoughts there? >> sure. so brazil is definitely a concern, a concern for everybody.

there's enormous youth unemployment in the southern belt of europe spain, italy, greece. this has to be addressed. and probably will be part of a wider deal. it will not happen overnight, i would have thought. >> if this situation at the moment conditions with banks unable to service the population properly limits on how much people can withdraw from bank accounts pensioners unhappy young people frustrated, what could it - could we see a backlash from the greek people. they supported the government now, the majority. could it change in the coming weeks or months? >> i wouldn't be surprised that the greek people don't accept it. remember the greek government kind of went into the election or referendum saying give us a strong hand to negotiate. they never said we want to exit the euro. if you listen to some of my - some of greek people and the people i know that they say, actually, that this was one step in a further negotiation. i think the greek people very much like europe and want to stay in it. >> tom, thank you very much for sharing your thoughts. >> thank you. >> we

the other countries in the same situation - ireland, portugal italy and spain have turned the corner. they are getting growth debt ratios are coming down. indeed the burden of the greek debt in the plans is about the same as the burden in those countries, you have to pay about 4% of g.d.p. in interest. and so as i say, i think it's an unnecessary deterioration of the situation. it got to the point now, because of this animosity, that you have the leaders of spain and italy saying look a no vote is a vote to leave the euro. you leave the euro and suddenly you have a huge depreciationiation of the currency, the drachma, the private businesses get in the bankruptcy, they owe debts. i think the situation is worse by politics in recent months. >> but politics, i mean to get into the euro you had to have elected governments. these were all functioning demack rahsies and syriza that -- democracies, and syriza, the party in greece is a backlash to the parties that got them in in the first place. you can under why the greeks did what they did, to some extent? >> to some extent yes, but the pro

heat is going to be a problem here still across parts of italy and spain. we have some images coming out from these areas. local authorities and volunteer workers assisted in handing out free throw water to people in st. peters square to help deal with the extreme heat. many people took advantage of the heat playing in fountains and eating ice cream. in spain, the heat and dry weather triggered several wildfires, forcing at least 150 citizens from their homes. despite their efforts, some 700 hectares have been burnt. this fire is thought to have been man made. so another round of some dry and hot conditions. there's extreme heat warnings in place in parts of spain, reaching 42 degrees again. so please watch out for those flammable items. across a bigger picture, a cold front is being active at the moment. so severe thunderstorms are going to be happening along that front. here's your outlook and i'll leave you now for your extended forecast. >>> here's a recap of one of our top stories. chinese authorities announced new measures to stop the decline of stock

spain fell into recession after its property bubble burst in 2000 seven. it took years for madrid to recover. today, growth is a healthy 3%. indeed, the economic outlook for the entire eurozone has improved. however, the imf has warned to the region is still vulnerable to shock. ben: that is all for me for business. back to brent for a lien update. brent: yes, but you are not on facebook? ben: i am not. sense.nnot be connected in every brent: the white house says it will review a petition calling for a man who killed cecil the lion to be extradited to zimbabwe. well over 100 thousand signatures have been collected, exceeding the threshold required for an official response. white house officials say it is now up to the department of justice. american trophy hunter walter palmer said he believed his actions were legal. let's get you up to speed now with other stories making headlines at this hour. two senior afghan taliban and have confirmed the death of mullah omar. he was reported dead a the afghan government yesterday. omar led to the group for 20 years.

let's have a war with spain or france or both. spain had just invaded santa domingo. and his idea was that this would be a panacea, this would unite the north and south. that south carolina, seeing the enemy ships coming into new york harbor, would come and fight for the union. well, he was a little off on some of that and lincoln did not take his advice. but seward's aggressive foreign policy that threatened europe, that hard power line that remained intact, he was not corrected or dissuaded from that. and that was very important to the success of the war. >> when we think of the international relations of the civil war, we think about europe but one of the most important factors was mexico. >> yes. >> mexico was crucial to the war and con constantly talked about. why don't you explain to us why this was so. >> right at the beginning of the war right after spain took over santa domingo france, spain and britain met in london and formed a tripart alliance in which they agreed for annal ride invasion of mexico -- an allied invasion of mexico. napoleon's grand design to

. >> this is, i can't believe this is not official already in spain, siesta is common thing in spain for these hours, no one does anything, in unrelated news, one of the least pr producktive countries -- least up productive countries. kennedy: i would nap for 3 hours a day if i were a russian billionaire. >> 3 thundershowe hour nap are . sleep is great for your health, we should look at you know comparing health of our country to spain. you know, we're not a very healthy nation. kennedy: more sleep, more red wine what else? >> i am a big fan of naps, what makes a nap better than sleep, while you nap you have a satisfaction of knowing that other people are out doing things, you are just dead in the middle of the day. kennedy: i aflawe applaud spains be the productive country. >> the germans are not taking any naps. kennedy: do you want them in charge in. >> i would like to thank you for being here, jamie, welcome back, kotter. and joe devito, and joanna, we'll see you later, coming up. twinkies are delicious by themselves but they taste better wrapped in bacon, tv chef george durant s

portugal spain all had to take an international bailout. in portugal, it was in 2011 and they did that in order to avoid bankruptcy, and then had to implement the bitter medicine of austerity. >> bosnia's certain leaderscribed the genocide as a lie. speaking in the run up to the 20th anniversary of the massacre that was the worst in europe since world war ii. certain forces murdered 8,000 muslim men and boys in what was supposed to be a u.n. protected enclave. >> speaking at a commemoration service, the serbs killed during bosnia civil war, he said the killing of muslims in 1995 was not a genocide. it's an opinion rejected by the international community, as well as by the families of victim and the survivors of the massacre. for 20 years, she has searched for the remains of her son. the last she heard of her 26-year-old is he was wounded by a land mine as he escaped serbian forces. >> it's a long period of time especially for someone still searching. each year, i thought this july 11 i will bury him. i thought the same the next year and the

and if you travel in the north of spain, where this company is the largest company in that part of spain, you will see that their cities and towns--i was there this summer--you can see right away. you don't have the slum over here and the fancy neigh-- you don't have any of that. there are people with more and less, but it's, the gap is completely different. it's a part of the world in which you could say something like the following and not be lying through your teeth: "everybody's in the middle class." they really did that. but if you want that, this is a way to get it. here's a second thought: you think if the workers made the decisions collectively, they would decide to close the factory or the office where they're working and open one in china, thereby destroying their jobs, their incomes, and the community? ehh, i would guess not. not a big chance of that. you know what they would do instead? they would say, "whatever problems our company has"--like all companies, they have problems--one of the solutions that are not available is leaving. you can't do that. and, by the way, there's

this is exactly what spain wants to see. this is the single best quarterly improvement in spain's history. that fact is not lost on mariano rajoy. >> never before has so much economic activity been created in just one quarter. the excellent results are with strong job creation and excellent employment. stuart: italy next. having a tough time maintaining its countless treasures and monuments. it is asking the sector for some help. will: they are cash strapped and have rising dexcom as greece does. there is a theme here. more than $137 million had already been spent on restoring pompei. but italy says the funds can only go so far. they are asking the private sector to step in, but some are worried the private sector may not have the best interest at heart. >> national treasures hundred by private cash. it has in a year since work began to restore the college to him -- the coliseum to its former glory, all thanks to a 25 million euro investment from a fashion giant. such contributions have been a rarity in italy, but with a sta

people in spain are experiencing extreme heat. they're also dealing with torrential rain and flooding. mai shoji joins us with more. >> gentlemen, good morning, kratz rin, catherine. you named it all. this is all taking place in one country. we have images just coming out from this area to show you what's going on. this is the wildfires that have also raged in the mid-summer weather across spain, destroying homes as shon in this video. the prolonged heat wave has killed at least one person this past week and forced more than a does to go to the hospital. the hot temperatures have also forced convective clouds triggers flash flooding. this developed in just 30 minutes. people are warned to be ready for further flooding. this is the system responsible for the damage. it's the cold front swinging all the way down into the iberian peninsula. two air masses and cold fron swinging across this area is making for unstable conditions. we also have another report of a five centimeter in diameter hailstorm in spain. this is going to be happe

they want to see how they do in spain, spain is driving the growth. you heard about consumer spending, they are starting to spend on mobile, as well. back to you. anna: let's get back to paul donovan. let sneak in a quick conversation about the fed. it has been such a big focus, never have so many been focused on such a small word. the fed is now talking about how they want to see more games in terms of the job picture. in the u.s., they talking about reasonably confident inflation? do you think the market is right to focus on that job sentiment coming from the fed? paul: we have to employment reports from september, we have one coming through for august. the time we get to september, they have another employment report. they have the employment cost index, which is both labor market and inflation bundled up into one statistic. absolutely, we have that coming up on friday. this week, i think the fed will get a body of opinion it can use to move toward i think a september rate hike. the pressures in the u.s. economy are sufficient to justify an increas

-- the campaign rhetoric to win in spain demand same austerity debt relief for spain as troika would give greece, in this case, so it is very difficult to see where the where the resolution is where they could compromise. j sandra: one thing average u.s. investor is having a hard time doing so aing emergencies on the screen a moment images in greece what some call worse case scenario exiting from eurozone to greece translate what it means at home as you stand over there 5 kilometers from the greek boarder, how is all this going to impact us here in -- in the united states? on the phone: well if you have a chaotic exit we are talking about almost a trillion dollars of debt that could default, right talking about 400 billion dollars, 00 billion -- 300 billion euros sovereign debt 100 to 200 billion ecb level, 4 or 500 billion on private sect companies that households that would default on euro. now nobody takes that private into consideration they say oh, public debt all in hands hadn't ecb, or that esm, all the public sector institutions, but the private side would default as wells if

jon: would you look at spain and italy that falls into your universe. when you look at the message they have sent, reflective now in the polls, do you look at spain and italy more differently? guest: we have always thought about them differently between one another. spain has a more effective reform program and italy has been a little bit more trouble. the periphery spreads have become attractive. we have been long on some of the spreads on a short data basis. we will be the ones to benefit from that political improvement. jon: do you go long on italy over spain? guest: we prefer one or the other but it is a fine margin. jon: the liquidity premium in italy -- is there one? guest: i think the premier are very hard to detect. we have many equity investors who want to earn the liquidity premium. you have to assume you are not earning much. jon: back to the fixed income discussion, when you see commodities trading even lower the trade in q1 as oil crashed the deal now is we move closer to a rate hike in places like the u.s. and the bank of england. do i fol

spain fell into recession after its property bubble burst in 2000 seven. it took years for madrid to recover. today, growth is a healthy 3%. indeed the economic outlook for the entire eurozone has improved. however, the imf has warned to the region is still vulnerable to shock. ben: that is all for me for business. back to brent for a lien update. brent: yes, but you are not on facebook? ben: i am not. you cannot be connected in ever sense. brent: the white house says it will review a petition calling for a man who killed cecil the lion to be extradited to zimbabwe. well over 100 thousand signatures have been collected exceeding the threshold required for an official response. white house officials say it is now up to the department of justice. american trophy hunter walter palmer said he believed his actions were legal. let's get you up to speed now with other stories making headlines at this hour. two senior afghan taliban and have confirmed the death of mullah omar. he was reported dead a the afghan government yesterday. omar led to the group for 20 yea

shot in valencia spain. what you can see here is there is a bull in a gigantic cage surrounded by lots of people who are taunting this bull trying to run through, trying to be brave, they're trying to prove their manhood as they run across and try not to get gored by this bull. they put balls of wax on the top of the horns as well. the reason the video is getting attention this gentleman in the white singlet and brown shorts. >> he goes flying and comes down really hard. >> he's so lucky the bull went the other way. had that bull come back this guy would have been in much worse shape. >> this bull is named tooth, the son of another bull called mouse, notorious famous around spain for being quite the dangerous bull so clearly it runs in his genes. there have been no reports about specifics of the man's injuries but as you can see at the end, lifting his head up he looks dazed and being pulled out so hopefully he wasn't too serious seriously injured. if you mess with the bull like i say, you're going to get th