a signature issue for the imf editing director after the imf managing director reportedly, according to a report we put out , tempered some language around climate change for brazil after gyre bolsonaro -- after j or bolsonaro -- after jair bolsonaro objected to it. tom: interesting to see how she manages her way out of this. it will be closely scrutinized. jonathan: i imagine she will be pressed a whole lot more through the coming days. concrete, -- tom keene, lisa abramowicz, jon ferro. from new york, this is bloomberg. ♪ >> security selection will be critical if you have 3% inflation with very strong economic growth. i think your cyclical stocks will do will. financials can do well. i think those that will be most challenged in an environment like that are those that hope to make money in five to 10 years. jonathan: ron temple there of lazard. he will take 3% inflation with 4% to 5% real gdp. in new york city this morning, good morning. your equity market, all-time highs into tuesday. equity futures basically unchanged. 10 year yield, 1.5505%. a stock to watch is tesla in the pr

. ♪ david: you served two terms as the head of the imf. and you could have served another term if you wanted to do so. how do you compare the pleasure of running the imf with the pleasure of running the european central bank? is one more enjoyable than the other or less enjoyable than the other, or basically they are both great jobs and you are happy you had both of them? ms. lagarde: i am extremely privileged to have had the roles i have had with head of the imf. we saw each other quite often in those days, and you know how much i put my heart, brain, and my whole energy into the job, and have enjoyed it tremendously. i am doing the same thing with the ecb. and i am doing the same thing on the european scene. you know, in times where you see geopolitical opposition, in times when you see energy withdrawn behind borders, it is important to have this desire to unite and bring consensus to the table and to convince people that what we are doing together united is going to be stronger than what we will do individually in our little corners. s

lagarde: i am extremely privileged to have had the roles i have had with head of the imf. we saw each other quite often in those days, and you know how much i put my heart, brain, and my whole energy into the job, and have enjoyed it tremendously. i am doing the same thing with the ecb. and i am doing the same thing on the european scene. you know, in times where you see geopolitical opposition, in times when you see energy withdrawn behind borders, it is important to have this desire to unite and bring consensus to the table and to convince people that what we are doing together united is going to be stronger than what we will do individually in our little corners. so, i am enjoying what i do. it is hard, it is hard, let's face it, but i enjoy it. david: when you were the head of the imf, you were the first woman to hold that position. now you are the first woman to hold the position of the head of the european central bank. you have broken through in many cases. you were also the first woman to head your law firm, a large international law firm. at this point in your lif

lagarde: i am extremely privileged to have had the roles i have had with head of the imf. we saw each other quite often in those days, and you know how much i put my heart, brain, and my whole energy into the job, and have enjoyed it tremendously. i am doing the same thing with the ecb. and i am doing the same thing on the european scene. you know, in times where you see geopolitical opposition, in times when you see energy withdrawn behind borders, it is important to have this desire to unite and bring consensus to the table and to convince people that what we are doing together united is going to be stronger than what we will do individually in our little corners. so, i am enjoying what i do. it is hard, it is hard. let's face it. but i enjoy it. david: when you were the head of the imf, you were the first woman to hold that position. now, you are the first woman to hold the position of the head of the european central bank. you have obviously broken through in many cases. you were also the first woman to head your law firm, a large international law firm. at this point

. ♪ david: you served two terms at the head of the imf. you could have served another term if you wanted to do so. how do you compare the pleasure of running the imf with running the european central bank? is one more enjoyable than the other or basically they are both great jobs and you are happy you have had both of them? christine: i am extremely privileged to have had the role i had as the head of the imf. we saw each other quite often in those days and you know how much i put my whole energy into the job and enjoyed it tremendously! i am doing the same thing with the ecb. in times when you see geopolitical opposition, in times when you see some energy withdrawn behind borders, it is important to have this desire to unite and to bring consensus to the table, and convince people what we are doing together united is going to be stronger than what we were doing individually in our little corners. i am enjoying what i do. it is hard, let's face it, but i am enjoying it. david: when you were the head of the imf you were the first woman to h

lagarde: i am extremely privileged to have had the roles i have had with the imf. we saw each other quite often in those days, and you know how much i put my heart, brain, and whole energy into the job, and have enjoyed it tremendously. i am doing the same thing with the ecb. in times where you see geopolitical opposition, in times where you see energy withdrawn behind borders, it is important to unite and bring consensus to the table and to convince people that what we are doing together united is going to be stronger than but we will do individually in our little corners. i am enjoying what i do. it is hard, but i enjoy it. david: when you were the head of the imf, you were the first woman to hold that position. now you are the first woman to hold the position of the head of the european central bank. you are also the first woman to head your law firm, a large international law firm. at this point in your life, do you feel discrimination against you in your professional life as a woman, or do you think discrimination has generally receded against women in the pro

when does the imf stepien and do what the imf does? -- imf step in and do what the imf does? lisa: it is a jump in the lira as you see erdogan not backing away from his stance. tom: the president of the united states with the release of the strategic petroleum reserve. i will do the cap collation on lira. we are well out past the three standard deviation move on weaker turkish lira. stay with us worldwide come on radio, on television. this is bloomberg. ♪ ritika: with the first word news, i'm ritika. it is an unprecedented, coordinated attempt by some of the world's largest oil consumers to tame prices, and it could prompt backlash by opec and its allies. the u.s. will release 50 million barrels of crude from its strategic petroleum reserve, in concert with china, japan, india, and south korea. that comes after the opec+ coalition rebuffed calls to get lee boost production. president biden is reportedly considering whether to send american military advisers to ukraine. the u.s. is also looking into sending more weapons to ukraine, including handheld antiaircraft missiles. r

both multilateral| banks, the imf and the royal bank are funding fossilfuel. banks, the imf and the royal bank are funding fossil fuel. {3.35 are funding fossil fuel. gas proieets. — are funding fossil fuel. gas projects, certainly - are funding fossil fuel. (17.3 projects, certainly yes. the are funding fossil fuel. 6:3 projects, certainly yes. the tech term his parents a line when they going to start putting money into their good stuff and that's really what we need to see them start doing because really the only way you can get these trillions mobilised is not through aid and to be honest the countries that needed the most come as the big emerging countries, it would not go through aid. the way they are actually going to get that mobilised it through development banks bringing in that private money but you need the public money to make it less risky. because you were always going to choose as a private investor to invest in germany over vietnam, it'sjust less investor to invest in germany over vietnam, it's just less risky. investor to invest in germany over vietnam, it'sjust less ri

i think they will have to turn more towards the imf as well. lisa: turkey is a very specific story with a novel approach to economic theory with president erdogan. there -- the south african rand is also losing favor as it raises rates but not as much as people were hoping. why is it that there is this feeling any emerging-market they have to tighten rates but they do not want to tighten rates quite as much as a lot of the traders are expecting them and want them to. megan: a lot of emerging-market already had a debt problem before the pandemic started, than they had to issue a lot of debt to get through the pandemic response. they do not want to hike rates that much because they know that will raise their borrowing costs. it is fine as long as liquidity is ample and borrowing costs are low. they learned from the last crisis. a lot of that debt has been issued local currency and central banks are reticent to hike rates. in general, while the fiscal accommodation was relaxed in 2020, most emerging markets are going ahead and engaging in a degree

but it is clear that the imf has to do more — but it is clear that the imf has to do more now to deal with non—financial shocks such as climate _ non—financial shocks such as climate. currently they deal with financial — climate. currently they deal with financial shocks. in terms of the multilateral development banks, clearly— multilateral development banks, clearly they need to end all fossil fuel investments, in addition to gas. _ fuel investments, in addition to gas, upstream and downstream. also clearly— gas, upstream and downstream. also clearly they _ gas, upstream and downstream. also clearly they need to deliver a lot in order— clearly they need to deliver a lot in order to — clearly they need to deliver a lot in orderto maintain clearly they need to deliver a lot in order to maintain global financial— in order to maintain global financial stability.- in order to maintain global financial stabili . ~ _, , financial stability. when it comes to the difficulty _ financial stability. when it comes to the difficulty in _ financial stability. when it comes to the di

and so, what steps is the treasy taken to ensure the world bank and the imf are safeguarded against corruption by the chinese communist party pretty. >> we reviewed it one of the reports, we saw issues that were a serious concern and that is why the secretary demanded that they look into this closely by speaking to the lawyers and speaking with the managing director. the basic evidence we reviewed, we did not find it was appropriate at this point to remove the managing director but we did make it very clear during those meetings and directly to the managing director changes needed to be made to ensure that whistleblowers are protected and that integrity of the institutions are protected which is our overarching goal and that we will be holding her in the other leaders in international financial institutions accountable for making these changes. >> i think that report highlighted concerns about conflict of interest and hope that you will continue to work with us to ensure transparency as you hold the imf and the world bank and agencies like this accountable. to prevent are being infl

the biden administration continues to support them to believe the imf. so deputy secretary, how can we ensure that the world bank and imf are safeguard against corruption by the chinese communist party. >> the secretary demanded that they look into that closely speaking to the lawyers and speaking with the matching director based on the evidence that we reviewed just find that it was not appropriate to remove the director but we did make break later during the meeting and directly to the matching director the changes that need to be made to ensure that whistleblower's right to protect the integrity of the institution, which is our overarching goal, and that we will be holding her in the other leaders in the institutions accountable for making these changes. >> i think the report highlighted concerns over conflict of interest and i hope you will continue to work with us to ensure transparency, because you hold the imf, the world bank accountable, to prevent their malign from being -- >> were committed to working with you on that. >> thank you. >> senator

there are worries of relationships between el salvador and the imf. does any of that matter to some of the investors your talking to yucca -- you are talking to ? samson: no. [laughs] i do not think a lot of these organizations like the imf or world bank are relevant in the world based on bitcoin. they are only relevant because they can print money, they can make fdr. they can make money out of thin air. you cannot do that on a bitcoin standard. it really takes us back to what money should be, which is just money, not a surveillance mechanism and not a tool to enforce your beliefs and economic policies on another nation. caroline: samson mow, a beautiful shot. don't think we have ever had someone coming from a volcano and talking us through the risks and rewards potentially coming from these bonds. we fervently say, do your due diligence. when some of the announcements come through. we will look at how one company is trying to make space exploration more affordable. a company just received a new capital to move forward on its dream of a space station

the allocation from the imf, countries like the u.k., we don't have as much need for that liquidity, they have pledged to recirculate back into the pot some of our fdr allocations and hopefully we can collect additional capital to support developing countries and the imf and world bank are working on mechanisms to get that funding to places that need help. francine: are you getting pressure from your kids to be more green? chancellor sunak: collective family endeavor that started with my wife when we lived in california. a whole recycling as a result of that. collective family endeavor, i would say. dani: rishi sunak talking about kate pop, apparently, to francine lacqua. -- k-pop, apparently, to francine lacqua. we will be speaking to the ceo of abn amro and unit -- munich re. booming demand for goods and a deepening supply chain crisis have driven prices higher. we will be speaking with deutsche post about their third quarter earnings, next. this is bloomberg. ♪ bloomberg. ♪ dani:dani: welcome back, everyone, to "bloomberg daybreak: europe." i am dani burger in london. deutsche

there are worries of relationships between el salvador and the imf. does any of that matter to the investors were talking to? samson: no. [laughs] i do not think a lot of these organizations like the imf or world bank are relevant in the world based on bitcoin. they are only relevant because they can print money, they can make fdr. they can make money out of thin air. you cannot do that on a bitcoin standard. it really takes us back to what money should be, which is just money, not a surveillance mechanism and not a tool to enforce your beliefs and economic policies on another nation. caroline: samson mow, a beautiful shot. talking us through some of the risks and the rewards potentially coming from these bonds. but fervently say do your due diligence. samson mow, block stream cso. coming up, we will look at how one company is trying to mace space exploration more affordable. the company that has partnered with blue origin is received a new capital to move forward in his dream of a space station of its own. more on that next. and let's take a look at

i want to turn to another point, and that has to do with the world bank and the imf and the influence of communist child. they released findings from its investigation into data irreg lirties with the important world bank doing business reports. the report found that the data described in the business climate in china was changed because of pressure by then world bank ceo. her goal evidently was to inflate china's ranking at precisely the time china was going to help the world bank to increase its capital, a clear conflict of interest. despite legitimate issues and concerns the biden administration continues to support the doctor to continue to lead the imf. so deputy secretary, what steps is treasury taking to ensure that the world bank and imf are safeguarded against corruption by the chinese communist party? >> senator, when we reviewed the report we saw issues that were serious concern and that's why the secretary demanded that the imf look into this closely by speaking to lawyers and speaking with a matching director. based on the evidence we reviewed, we did not find that it was

what is the actual need for imf? >> well, we have increasing the numbers and making them more available to these offices and to these areas that needed. we coordinated of course through the group up in idaho, and that is how our folks get assigned to the fires. the fact that is we just set a record this year for the number of ifm requirements but we've been increasing those numbers and training. one of the stress points on this is that with the fire season growing in time, i think the fire community calls it a fire year now, that actually impacts on the training. there is down time, that we used to use the down time for training, continued training, because they have to be certified to be on the line with the firefighters and these are really brave souls that are out there fighting the fires and the imf are right next to them, right with them. so we have that kind of an issue. but we've worked hard to see this trend line to get those numbers up and those are located in offices across the country and as they're assign

also the role of the imf, the world bank, on the _ the role of the imf, the world bank, on the development backs right across— on the development backs right across the world, everybody has to be involved — across the world, everybody has to be involved in this, the finance system — be involved in this, the finance system has the switch and change. to fund the _ system has the switch and change. to fund the developing world, but also every— fund the developing world, but also every country. we had the head of the un, _ every country. we had the head of the un, mr— every country. we had the head of the un, mr gutierrez, speaking at our meeting the other day. i think the point — our meeting the other day. i think the point he made it is true, every country— the point he made it is true, every country will — the point he made it is true, every country will have different circumstances, wildly different type support _ circumstances, wildly different type support and different actions. but this ideal— support and different actions. but this ideal can actually get a pathway whe

you know, jim, the imf warned el salvador last 24 hours warnerred using bitcoin as legal tender after the bitcoin city announcement. could it be for third world nation to achieve real economic independence? >> that is exactly what it is. if they were to achieve that independence that they would then be able to go beyond the banking system as we know it right now, the big multinational banks. they would become less reliant on them if this works. now this is an experiment that does have some risk and it might be you know, it might not work but the upside for these third world countries if it does work is very big because remember most of the people in these countries are unbanked. if this is a way to get them into a financial system so they can start exchanging money, getting loans, earning interest, it would be a big win for them. charles: of course the strings attached with any imf loan insures that these countries never truly can grow their economy. we have breaking news. just about an hour ago, the fed, occ, fdic, apparently kicking the can down the road. they're trying to grapple o

ring hollow when the fossil fuels industry still receives trillions in subsidies as measured by the imf or when countries are still dealing -- are still building coal plants. >> environmentalists in new delhi say the government does not seem to understand a word knowledge the link between the environment and public health. pollution has reached a critical point in the capital. the air is choked with smog and the sacred river is churning out toxic foam. >> these images have come to define new delhi's pollution crises. hundreds taking a dip in a dip in river covered by page from -- by pig farm caused by toxic waste. >> it is really dirty but what can we do? >> we need to do our rituals and had to do them in dirty water. we have to come here for the festival. >> it should not be filthy but what can we do? people responsible are making so much money to >> the small stretch that flows through delhi as the main stores of water for the 20 million people. it is also one of the most polluted in the world. the government has put billions of dollars into cleaning it but it is still polluted and co

we ask you to help us with institutions like the imf who can help nations like our nation that are very poor, where people live on two dollars a day and we have had to use the brutal blunt weapon of lockdowns and now, our countries are terribly constrained. we need help to deal with the aftermath of this pandemic. thank you so much. gayle: i would say it's worth everything and here's why. it is personal. i, you come all of us will be affected one way or another. if we stop this pandemic, we will be safer and the economy will be short up. it is practical. the virus knows no borders. it will have a meaningful impact on the safety and stability of the world. but at the end of the day, it is also principal. leadership is a valuable thing. when america leads, the world follows. people are member, people engage , we can do great things like in the pandemic and it is the right thing to do. it is personal and it is practical. sen. coons: as the horrors of the second world war came to a close, the united states have 8 -- had a basic choice -- bring our troops home and focus on rebuilding our own

closes the door on a deal with the imf. the fund has repeatedly criticized the policies including the adoption of legal tender. those are your first world headlines. rishaad: going to have a look at this chart. 100 day correlation of bitcoin and the s&p 500 is close to its highest this year. let's have a look at this. it means when stocks move up, pick one is likely to do the same thing. spring in our cross asset editor. why, what the significance? reporter: this is pretty interesting area. it means bitcoin might not be as good of a hedge when you think about broader asset allocation. that changes from time to time anyway, and it is showing that it is behaving like a risk asset again. it's up with stocks, down with stocks, we do see that a lot where if you have a stock selloff, you can have a crypto selloff. it is not too surprising that as stocks are near record highs, that bitcoin is correlated. yvonne: we have seen the u.s. and india are taking more steps on the regulation. what does this mean for the industry? joanna: t

we begin this discussion as a singular high point of our trip to washington for the world bank and imf eating. that was a conversation heated with adam posen. we continued the discussion chairman powell is looking at on inflation targeting. why do we need to move from a 2% inflation level to something that so many are scared of, a 3% level? adam: we have got to get to the 3% target level rather than 2% for two big reasons. the first is when you are this close, your target is too low, that means your interest rates are too low. the fed does not have that much flexibility. it is less effective in countering recessions. it is more interested in markets to get its work done. the second reason you want to see inflation target a little higher is because it helps restructure the economy. we are seeing this right now, but the labor markets are undergoing massive change in the u.s.. they need space for people to get adjustments and to make chance but -- changes to wages and where they work. that is easier when they are not as close to the lower bound people not get wage cuts. tom: what is the l

warfare state here in america and i hope people will sit up and realize your government right now, imf and the un who in all of these bureaucracies that don't vote for you, they work for the very elite out there are at war with america, collecting economies and telling people they are not essential, shutting down economies left and right and mandating people out of the workforce right now the companies doing this are in a catch 22 because they're going to get slaughtered in court so what you are watching is the meltdown in economic warfare on the elite and the american people and it's going to open a lot of eyes. he are insane. what they have done absolutely criminal in terms of saying it's not going to be anything, it's transitory and we are going to come back from to build back better. it's nonsense and everything right now rebounding here or at least a hedge and things fo force. i'm going to keep my crypto. they have been wrong about everything, gary. there saint just wait for the good stuff because what's going to happen is rising prices will put pressure on the labor market so we

the imf will tell me they are better positioned now. do you buy it? >> they will point at fundamentals like including current account balances which admittedly have improved, but that is more of a remuneration impact. that does not mean the economies are more healthy. if you look at the total debt load, we are through the roof on a local currency debt perspective. i think 11-20 majors have seen external debt ratios surge more than the five-year averages would indicate. it does give me cause for concern. lisa: why haven't rate hikes vote this dynamic -- fought this dynamic? damian: emerging market is deeper and tense. it is difficult to get a handle on it. anyone in their right mind would say the moves would be a great opportunity. if you did that in mexico overnight with the central bank failing to deliver, but it is idiosyncratic. you have to look at low yielding funding currencies. you cannot fund. they are forward markets going out one to three months. you don't have the negative carry you can feed on. it does make things more challenging. that is

finally, the imf statistical forum is happening in washington, d.c., for all of you stats geeks. the theme is measuring the economic and financial dimensions of climate change. ok, we are talking about -- we are going to be talking about goldman sachs, the fact that they are building out their footprint here. there have been some interesting corporate stories to bring to your attention. we have been flagging these. let's get you across what is happening across the stoxx 600. flat, building on those gains year to date. you are just seeing this gradual glide higher for european stocks over the last month. what is going to derail that? in terms of the asian session, chinese tech took a really big hit on the back of disappointing earnings from baidu and billy deli. it was a softness around advertising the dragged on those shares. in terms of the brent price, just clinging onto $80. it was previously below $80. 0.3% is where things are standing. maybe the u.s. is going to put in place these reserves, possibly alongside china. now dipping below $80 a barrel. euro-dollar, gains of 0.1%.

trump's maximum pressure campaign the most historic amount of sanctions ever imposed on a regime, the imf, international monetary fund toll is coming into this year they were down to $4 billion in accessible foreign-exchange reserves and we went for maximum pressure to maximum difference under the biden administration which, a very foolhardy policy of trying to induce the iranian's to come back to the old expiring flawed iran nuclear deal of 2015. we didn't enforce our sanction, the economy expanded, stabilized, didn't push for accountability at the international atomic energy agency as iran ramped of the nuclear program to 20% enriched uranium to 60% enriched uranium, not giving access to the iaea inspectors and when us forces in iraq and syria were under attack the president didn't respond even when the contractor was killed earlier this year. that is all the fact that we lost this negotiation before it even started. before we entered that side room and unfortunately the iranian's have played this administration like a fiddle. >> how ran has responded since the trump administration pull

why are we being so slow and so sluggish in recycling that money back to the imf so it can be put to good use customer we are behind france and america. we are a laggard when we should be leading. brute france and america. we are a laggard when we should be leading.— when we should be leading. we are iuttiin when we should be leading. we are putting hard — when we should be leading. we are putting hard cash — when we should be leading. we are putting hard cash into _ when we should be leading. we are putting hard cash into supporting i putting hard cash into supporting countries around the world. he makes a good point. we are looking at that. ~ ., , ., , a good point. we are looking at that. ., ,., , that. we are prioritising cash u ifront. that. we are prioritising cash upfront. thank _ that. we are prioritising cash upfront. thank you. - that. we are prioritising cash upfront. thank you. my - that. we are prioritising cash | upfront. thank you. my right honourable friend knows i am a fervent supporter his efforts for the uk to lead the world into carbonisation. —— in deca

had to get the imf for a bailout. so when valuations have got to extreme wides in the past come on a three to five year view, that country tends to outperform. so we think on a medium-term come of the u.k. is overdue a bit of outperformance due to partial closure in that valuation gap, but we don't think that valuation gap will close entirely. there are still headwinds for the u.k. economy, for example, slightly unfavorable yes g, perhaps, and the fact that the dividend is not as secure as it used to be. guy: germany is still outperforming. the dax has had a very good year. germany is very exposed to china, though. you talked about the balance on either side of the ledger, at the moment coming out in favor of europe. do you think that continues? cobit is picking up. china is slowing down. energy prices are going through the roof. ed: that is a great question. on china, we have a negative call on asia ex-japan equities, and the hang seng in particular, but there's obviously a read across those regions to some of the we

hopefully we can raise up to $100 billion of additional capital in the imf and world bank are working on mechanisms to get that funding in place. francine: are you getting pressure from your kids to be more green in your life? chancellor sunak: it is a family endeavor that started with my life when we lived in california. i was early on the recycling thing as a result of that. a collective family endeavor. guy: rishi sunak speaking exclusively to francine lacqua. an early recycler and apparently a k-pop fans. who isn't? let's talk about this and the lead in to what we get out of the u.k. tomorrow, which is that we rate decision. to talk about both, bloomberg's lizzie burden is with us. what do we take away from the conversation with the chancellor? >> you had a lot of criticism from activists and academics saying this is all hot air, they are questioning the credibility of all of these pledges. as you heard rishi sunak all but ruled out these prospects of debt relief instead of climate finance help, which we know -- he defended the aid budget cuts even though they are still going to h

the imf form is happening at 2:00 p.m. u.k. time the theme is measuring the division of climate change. and the cop 26 meeting is going to be pivotal. i want to turn back to turkey. the president has made it clear that he wants lower interest rates. economist except -- expect the central bank to deliver. but that is likely to come at the expense of the currency and price stability. the eighth day in a row. down by nearly 11%. kristine aquino can put the context around that. this is demolition on this currency. is there any risk today? >> i think that is a good question, but the broad expectation is they will deliver some kind of easing. most consensus points to 100 basis points easing. a couple of people were expecting 50 basis points. even they admit given the recent history of turkish central banks, they are prepared to say there is room for an even bigger cut they are expecting. manus: the currency is so politicized. we've had a rate cuts through the year. a lot of changes at the central bank. to what extent do you think the

and ukraine is trying to stabilize the economy with the discussions with the imf and getting a new tranche of loans to ukraine. and they just hosted general austin and the u.s. defense secretary in talks about his close relationship with nato and reviving a lot of the military ties and exchanges with the united states, that got russia's attention. we have a major gas crisis with europe right now. putin has been trying to put pressure on europe to open up the nord stream 2 pipeline, which has created a lot of scandal and tension with the united states as well. you can see there's an awful lot going on. there's a lot of complexity here and all of these divisions between not just the europeans and united states but within europe itself. there's a fight with poland, germany is in the midst of a changeover from chancellor merkel to a new coalition government. this seems to be exactly the prime time for russia to stir up trouble with ukraine or put ukraine on the back foot. >> in your book you describe the kind of chaos of trump policy towards russia. do you think there is a smarter way to go in

and ukraine is trying to stabilize the economy with the imf about getting a new taurj of loans. and they just hosted general austin and the u.s. defense secretary in talks about his close relationship with nato and military ties and exchanges with the united states, that got russia's attention. we have a major gas crisis with europe right now. putin has been trying to put pressure on europe to open up the in order stream 2 point line, which has created a lot of scandal and tension with the united states as well. you can see there's an awful lot going on, there's a lot of complexity here and all of these divisions between not just the europeans and united states but within europe itself. a fight with poland, germany is in the midst of a changeover from chancellor merkel to a new coalition government. this seems to be the prime time for russia to stir up trouble with ukraine or put ukraine on the back foot. >> in your book you describe the kind of chaos of trump policy towards russia. do you think there is a smarter way to go in terms of deterring russia? what should the west, wha

it boggles my mind really that the imf estimates the cost of the pandemic will be around or just over i think it's 22 or $23 trillion between the start of the pandemic and 2025 and when you think about that number which could well grow, the cost, marginal cost of our unaccented world we're talking about tiny amounts of money in comparison with the overall cost of the pandemic. and certainly compared with the pandemic continuing and various emerging resistant to vaccines continuing for many years. so we should be willing to throw everything at this in terms of getting a world vaccinated and it's not just about sending vaccines. it's obviously as one of your colleagues wrote the other day and the times about distribution, about getting those systems of distribution around the world. this vaccine summit is a great start on that but we have to pool not just resources but money where our words are. really just one thing at the g7 meeting there was much hullabaloo that the g7 was agreeing to send 870 million new vaccines around the world and 500 million of those were from the rest of the g7

a way to help rest of the world, you know, the underdeveloped countries not have to go through the imf and other ways to get on track. i need a shorter answer, but i need one on the ecb, christine la guard over weekend saying bitcoin is not a currency -- christine lagarde. >> bitcoin is obviously a currency. i get paid 100% many bitcoin. to say that is very ignorant, and i think the saddest point was she didn't really give a reason, he just sort of said is it. and i believe she feels this way because she realizes as the president of european central bank that bitcoin has the ability to dismantle the establishment disintermediate government and central banks, and when you don't need the government and central banks, they have less control and less power. charles: we've got to work on getting you out of your shell, to kind of be a little bit more passionate about things and speak directly and not be afraid. in the meantime, thank you so much, and we'll talk to you again real soon. >> thanks, charles. charles: holiday shopping season off to a so-so start, but for investors the big excitem

we need to look forward to the imf governors reform to increase representation in the voice of developing countries and the emerging markets. we need to jointly discuss and formulate global governance rules, improve multilateral institutions for digital economy governance, establish basic institutions and knowledge extenders on transactions, border transmission and the security protection of resources. and to foster an open, fair and just environment for future development. distinguished guests, the china u.s. relationship is a matter of high interest to many. yesterday, president xi jinping and president joe biden had a virtual meeting. they had an extensive exchange of views on the balance of relations. they reached important common understandings. china and the united states are respectively the world's biggest helping countries and biggest bill up countries. whether they can handle the relationship well depends on the future of the world. the two sides should add, and understandings reached between the two presidents. keep their focus on cooperation and manage and control differences.

promises ring hollow when the fossil fuels industr receives billions in subsidies as measured by the imf or when countries are still building coal plants or when carbon is still without a price by starting markets and investor decisions. >>> you're now up to date. back to you. >> rahel, thank you jirngs up next, the ceo of 23 and me joins me to talk earnings. an wojcicki is coming up next ♪ [suitcase closing] [gusts of wind] [gusts of wind] [ding] flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. >>> shares of 23 and me rallying today. up almost 11%. the company narrowing the quarterly loss in q2 left the full year guidance unchanged and noted the completion of an acquisition of lemonade health. let's bring in the ceo anne wojcicki join us for a "closing bell" exclusive interview. good to see you. >> good to see you. >> there's all the exciting deals and the

when you saw the imf risking -- looking at for pointing percent gdp, that is predicated on china. commodities are linked to the narrative. in energy, tell me what opec is thinking. high energy prices, one would think the supply chain's disruptions by mid next year. shery: thank you for all of your insights. let's get more into the jay powell's comments. kathleen hays is here with the highlights. what is driving chair powell right now? kathleen: the main thing that has happened here is inflation has become persistent. the fed can no longer ignore it. they keep fighting -- admitting you are wrong on inflation. also listening to some of the voices that have been saying so loudly like larry summers, you have got to get going now. you are behind the curve. i was surprised when jay powell made it clear he is also on board with a handful of other officials and publicly said he is ready to speed up the taper. let's listen. >> the economy is very strong and inflationary pressures are high. it is therefore appropriate in my view to consider wrapping up the taper of our asset purchases, whic

there was an imf commission study which showed that if the world just spent 50 billion dollars, which is not a lot of money, because $50 billion is what china just contributed on its own to the 2008-2 thousand nine financial rescue package of $1 trillion. if the world spent $50 billion to vaccinate everyone on planet earth, the return to the global economy is $9 trillion. a return of 180:1. so the big message we should get from omicron is that we should really make an effort to vaccinate the whole world and certainly make an effort to vaccinate all of "bloomberg markets: asia. and i think in 20 22, i think asean will make significant progress in vaccinations. juliette: how do you see that happening? which countries do you see leading the movement? we look at indonesia, only 35% of the opposition is vaccinated. sure: as part of the china geopolitical contest that has begun between the u.s., it is interesting that both china and the u.s. through the quad, proposing more vaccines to southeast asia, if that comes about, i think southeast asia will be in a better position, if both china an

if we have do find measures that will correct our course with the imf, we can mobilise in addition to the g20, in addition to the special rights that will be used by the poorest countries, the countries of middle income, this is a crucial matter. the solidarity must happen because it makes action possible where ever solutions exist, and a wonderful example was given with the support we collectively found to help south africa to reduce its carbon dependence, and it is this a model of cooperation we need to build a strategy on. this agreement shows we can meet the challenges of fair and equitable and ambitious transition, and the third value i was referring to is trust and transparency. 0ur youth were invited to join our debates and they want to see us commit ourselves. they want us to follow up and they want things to be measurable so beyond these commitments we must follow with rigour and transparency, what we do. we need to monitor what we do and i'm delighted that the oecd is launching a programme for 0ecd is launching a programme for climate action and we began that last december.

the imf and other organizations estimate that just to close the labor force participation gap between men and women could add 5% to gdp. in short, if women stay out of the economy, and there are a bunch of sectors that i think are really worisome in terms of their recovery, we cannot recover as a nation. >> and african-american women doing worse than pre-pandemic numbers. >> they were not great to begin with, but they've really not recovered. and it's disturbing that so few of the gains in this month went to black women. that's really problematic. the issue is that some of the sectors that have historically been the best sectors for women, education, government jobs, hospitality were decimated in covid. and the question is whether they're coming back. hospitality seems to be coming back. but we need those jobs for black women to recover, for women's participation to recover, and we just don't know what's going to happen there. >> how do we focus in on that? how do we starting that? rather than just say how bad it is. how do we target that, given this political climate, that we can rea

but the imf estimates that u.s. oil companies receive some $650 billion in direct and indirect subsidies every year. so can the four key oil executives agree on the mount to which they're subsidized at least in the united states by the taxpayer? $20 billion or $650 billion? crickets. none of you have any idea how much you're being subsidized by the u.s. taxpayer? >> congressman, our products are taxed, not subsidized. i can tell you the number of policies that get described as subsidies are similar to those available in other industries and other companies and they're important for american security, american energy investment, and american energy supply. >> when the tobacco companies were on the hot seat years ago, the first step that congress took was to remove the subsidies for tobacco growing. that was the first step. i think it's very important that we arrive at a degree of subsidies that are involved. i know you are taxed, but you also have special provisions that only apply to oil and gas companies. and don't

are the top economic issue, facing the country, joining me right now former chief economist of the imf harvard university professor kenneth, thanks for being here. >> thank you for having me maria. >> i want to get your take what more trillions of dollars in spending will do to inflation backdrop but first give your sense of where we are, characterize if you will the economic backdrop and nation. . >> well, the economic backdrop in the united states recovery pretty good. but we've certainly have inflation which is on the -- 4, 6% okay core inflation just over 4% but those are just stunning numbers than few years ago i think we are on knife's edge where we are going if fed follows through there is a 50-50 chance little less that they approve right and temporary, i think there is a fair chance this in two or three years we are still talking about 3 or 4% inflation going to be even more painful to bring down. maria: a well, the definition of inflation too many dollars chasing too few goods house in session right now to vote on this "build back better" spending tax plan. after house minori