but we had much broader cooperation even beyond europe. you're seeing japan, south korea, china, countries around the world really moving with us to tighten up. now, we're going to keep looking at ways we can bring more pressure to bear and keep looking for what's the most effective balance of pressure we can bring to bear. but i think we're making substantial progress. and our hope is of course that will alter iran's calculations about their interests in pursuing a nuclear capabilities. >> thank you. europe is the biggest trading partner that we have in the united states, and the

i think what populists in europe are worried about most now is europe. the main -- the european union. the main area of populist resurgence in europe lately has been on the french left. what the french left has done is really quite impressive. you have [unintelligible] running as a great underdog in the socialist party and he ran on a platform of what he calls the globalization -- de- globalization and had a shockingly high percentage of the vote. this is really something. what are these people upset about? what he says he is upset about is the fiscal union that the europeans want to impose to get out of the debt crisis. he describes resistance to this as well. as a patriotic duty. this is sometimes -- he is sometimes confused about the european union. he wants to nationalize. he likes the idea of getting rid of the nation state and once the nation's state around so they can do the one thing that the nation state is there for which is nationalizing industry. it is a similar contradiction to the one the german left party has. that have similar rhetoric. t

and that's true for all of the europe mean countries, europe, some of them have not recognized it yet but in a world economy we're all small. and therefore the european union s the last six years that i have spent on the economic council of europe made it very clear that european corporation is the most efficient way that we have to deal with our problems. let us remember that asia was very bad in '97, '98 with its crisis and came out with, and everybody was then saying that the imf was doing the wrong thing and killing growth. but then asia grow for 5, 6% per year of the years to come. and if europe are now doing the right thing when it comes to improving its growth prospects and there are very courageous decisions taken in italy, spain and greece, it is very clear when the ocd assessed structural reforms that it is the european countries that are now coming forward with deep structural reforms. so i would guess that the growth prospect for europe for the next ten years are better than the last ten years. the fiscal side is already going in the right direction. if this is like it was

and in europe. do you see demand picking up maybe by the end of the year, that you will bring back some of that production and what would any of that mean for additional jobs at ail he would with a? >> well, the closure of the facilities was really not that much driven by the demand picture, but more driven by our strategic strategy, and that is to be more competitive also in what we call our upstream business where we make the metal, where we refine the boxite and turn it into alumina. and there we are coming down on the cost curve which make us more competitive and more sound to also withstand volatility, whatever the market would bring there. we have been shutting down 530 town tons of smelting capacity and last week we announced we're doing the same thing on the refining side. 330 tons. this is one of the reactions how we're going to get more competitive. there's also something on the positive side. we're increasing our volumes on those facilities where we are highly cost competitive. that's the

and china turns its growing might towards the arctic as the country's prime minister tools europe seeking support for beijing's membership in the council but china's bid to enter the fight for the energy resources has a member nations. that's it for me in the news team for the moment more news stories in half an hour from now in the meantime the trial of norwegian mass killer and his brave it currently underway in oslo has inevitably brought back memories of last year's shocking attack but have any lessons been learned. asks this question both crosstalk. can. start. to. flow in welcome across the concrete a little insane or a murderous frightening fanatic this is what a norwegian court must determine in the wake of last year's massacre of seventy seven people and his bravery clearly holds extremist ideas and is a narcissist but when one strips away his extremism much of what he has to say can be found in conservative media all through the western world when it comes to multiculturalism what is really on trial here. the case. to cross out the case in norway i'm joined by rachel martin in p

europe for europe for. europe for the brain curves europe for trade with europe for. business oh he's it europe of cities of europe of social rights and the rest of the continents watching to knowing that whoever its next partner is a honeymoon phase is out of the question. sylvia archie brussels. the i.m.f. here is on plan however still needs eighty billion dollars more and the hope is that a fast growing countries known as the brics were up will make up the shortfall russia has pledged billion u.s. dollars bought a long way the rest of the emerging economies once a greater say in how it spanned meeting today in washington ministers from the group of twenty industrialized nations will focus on their funding brazil russia china india and south africa are expected to come up with the eighty billion but ask for a bigger sway over the international bank. president christine legarde was optimistic that a compromise would be reached but commenting on the plan of vestment advisor patrick young doesn't have much faith a move will help save the euro zone. this is absolutely a

whole of europe. he wanted to be part of the great european project in his head, he said it was a rip-off and the money was being wasted. when it came to economics and politics, economics one. does that remind you of anyone? the most powerful woman in the world, the first woman chancellor of germany, is a daughter of a lutheran pastor steeped in the virtues of thrift, hard work, and behaving responsibly. one of the reasons why angela merkel remains personally powerful, her image is like the house frau next door. sometimes this puts her at odds with her desire to be a good european. now, even if modern germany is divided between catholics, lutherans or other religions, it is a lutheran god they don't believe then. the influence of the way they think about the economy is everywhere. "luther's followers are the backbone of the economic miracle. hard-working, small-business owners, teachers, professionals. they are sharing a very german east background with angela merkel. just like chancellor merkel, they

swedish people all know europe. there is no europe indian is no europe and it's open is a word. i want just friends to restore it's a suffering to i want french people to decide for themselves. goal. minister says when you decide friends decide for yourself based on what you're saying do you want out of the euro or do you want out of europe altogether from europe and to change europe i like europe france is not able to do alone everything i want to cooperates i want this europe but they want i don't want a europe where there is twenty percent and we are not been elected like in soviet union before for exactly the same mind they know for people. never been elected. there are often curriculum. and inference of phantom surely interest in the decidedly thing it's not possible anymore and now you're arguing against evils of the free market so to speak but the world has moved forward in terms of globalization but you think it's a bit too late at this point that it's moved to progress stuff forward a little too much to take that step backwards the world is globally is global there is g

the only thing i would point out in terms of what is going on in europe, europe has been down 8% in the last couple of weeks. we're only down 4%. i would say that our economy is clearly doing better and alcoa is going to help our markets tomorrow, i can assure you. a lot of people were citing jittery. they are starting off on a high note. i won't call it decoupling. >> brian sullivan, how could you be surprised by a sell off when we're talking about double digit percentage moves? >> that's a great point, maria. we talked about it yesterday here on the show. listen, i'm not going to minimize the decline but you look at where we've come. we just got out of the best quarter for the stock market in 14 years. yeah, we're down a couple of percent and all declines have to start somewhere but we have had a massive run. it's up 30% off of the lows last year. we were below 10,000 on the dow a couple of years ago. so, yes, not minimizing the decline. to your point, we have come a long way and we have increased some of these dow names well up into the double digits over just a couple of year's time

investors have tried to shrug off what's happening in europe, and just looking at u.s. corporate possibility and earnings, but it's really hard to do that when the news flow and data are universally weak out of europe. at some point there's a blow back. the fed and investors are worried about the blowback of the european crisis on to the u.s. and u.s. is sovereign as well, so it bears watching. >> susie: so what kind of investment strategy are you recommending for your clients? stick with u.s. stoktss. diversify in international. what's your allocation on bonds versus equities? what are you telling investors? >> two areas of focus. one is emerging markets. secular growth in emerging markets, not developing markets. and we want to invest in equities there, and particularly in on a secular basis into emerging marjts and secondly, since the world still is filled with uncertainty, it's about yield, breath, and carry, and that takes you into fixed income. not treasuries necessarily, but corporate bonds and other instrument that is actually have a yield to it, and on the equ

there is a debt crisis in europe that is threatening america. we have the best performing of the developed world economies, but it's not doing good enough. one of the major threats to that would be the crisis in europe. i support what the administration and federal reserve have done to deal with that, and that includes support for the imf. >> the chair now recognizes the chairman of the subcommittee on international monetary policy and trade for three minutes. the gentleman from california, mr. miller. >> thank you, mr. chairman. secretary, it's good to have you here today. it's been a while since we've seen you. senator bernard has been very informative and helpful to us. there's just a concern today. i know you recall when we went through our crisis that europe was very cautious in staying over there and that was an american problem. we're very cautious in that way too. the imf has been very good in giving technical advice an direction on what they should do to resolve their exposure to the european crisis, but we're concerned that it's not tr

but he shares the same ideology that the far right do share here in europe and cost the united states which is inherent hatred police and muslims which i believe is misplaced this is a viral mind he took inspiration from the far right fascist ideology and he has killed many people in an indiscriminate way and he can sit in court and try to justify his actions as if he's on his one man crusade to force muslims out of europe like i said before muslims are color of the d.n.a. of european society we are passionate europeans we want to live in this continent in peace full coexistence but we must be allowed to carry out our faith according to our own scriptures and i live in peaceful coexistence and what this demonstrates to you very clearly is that there is a rise of the far right across europe and that's deeply worrying for many people and sadly some mainstream politicians like presence of causey indifference are contributing to an environment of hatred towards muslims. because in this country rachel anything about them in paris or we just heard from hammad. well i think there are some va

the federal reserve has got to be focused on europe. no doubt in my mind. >> that's precisely the case and that's what makes you exactly right. and i don't think the fed would woman back in in that case. some of the easing of strings has eased away. it is not something that is imminent. >> gentlemen, thank you. we've got a market up 85 points on the dow jones industrial average. gary, we are certainly in the final stretch right here. >> we are, maria. with 45 minutes to go in today's trading session, let's take a quick market stat check. in fact, as we said, key interest rates are low until at least 2014. at 48.36. the dow industrials down and up as the fed chief bernanke commented on fed policy. right now it's up to 82, which is close for the high of the day. goldman sachs moving off of the session lows and year to date is up 25%. earlier today i did get a chance to speak with lloyd blankfein. one thing that stood out to me, i was able to ask lloyd, point blank, what was it like on the morning of march 14th, the day that the op ed came

europe for what europe for. europe for the banker of. europe for europe for. business is it a europe of cities of europe of social rights and the rest of the continents watching too knowing that whoever its next partner is a honeymoon phase is out of the question to answer celia r t brussels. future shrouded in uncertainty the i.m.f. chief has set a goal to protect the world from europe christine legarde wants to erect a four hundred billion dollar financial wall all around the clock and the plan however is short eighty billion dollars with hopes that the fast growing countries known as the brics group plug the hole like brazil russia china india and south africa are ready to lend a helping hand but only for a bigger say over the international bank meeting today in washington the ministers from the group of twenty industrialized nations will focus on that funding but investment advisor patrick young doesn't have much faith the move will help to save the euro zone. this is absolutely a cataclysm for the euro zone there is no way no matter how large the sea of g

europe blows up again on us. you're correct. you could go back in the suit. so far, even on the european front, i'm seeing reasons to be cautious, but i don't believe we're going back in the battle days of august, september, october. >> spain is no greece, which is good and bad. it's the fourth largest economy in europe. and the 12th largeest in the world. that means it's probably too big to fail. and would get a bail-out from europe and the imf. but if it could not be saved, the global economy could get hammered. the ifm is getting ready in case. it's holding the annual spring meeting in washington and is expected to announce hundreds of billions of dollars in new funding commitments this weekend. though none from the u.s. >> if we had a message to europe and the euro zone in particular, it would be keep up, keep up for better and more europe. keep up means implement the reform in place nationally. >> lagarde suggested today that european leaders consider bailing out their banks directly with government backed f

the big question is now europe for what europe for whom is it europe for the banker of europe for trade europe for. business or his it a europe of cities or a europe of social rights and the rest of the continent's watching to knowing that whoever its next partner is a hollywood face is out of the question. yes are still here r t brussels and over that you use future shrouded in uncertainty the i.m.f. chief has now set a goal to protect the world from europe christine legarde wants to erect a four hundred billion dollar financial war all around the block the plan however is short eighteen billion dollars with hopes of the fast growing countries known as the brics group will be able to plug the hole brazil russia china india and south africa all ready to lend a helping hand but only for a bigger say over the international bank i mean that meeting today in washington ministers from the group of twenty into after allies nations will focus on that funding but investment advisor patrick young doesn't have much faith a move will help to save the eurozone in any way. this is absolutely a catac

for my generation, europe is freedom. >> europe and freedom. for both of them, the concepts and hand-in-hand. >> it has been a long journey from eastern europe to europe. i am also deeply moved by president barack so's recollections of his youth in a different time -- president barraso's recollections. "tough times, europe needs to pull together. >> berlin's third annual youth summit on integration has come to an end with a lot of optimism in the air. 100 young people from across germany met over the past two days to discuss how to better help the children of immigrants feel they belong here. high on the agenda, making schools and workplaces more sensitive to the needs of students from different backgrounds. >> 100 students were asked to come up with ideas to help immigrants better integrate into german society, and their suggestions should be as concrete as possible. >> i am calling for an honest job of occasions so that migrants are not discriminated against based on their names. >> my name is felix. i am calling for enter-cultural awareness

i think it's part of the necessary changes mean you know you've got europe still remains the richest area in the world today on a per capita basis and yet you've got countries like china india russia lending money there they should get a much bigger say on the international political economic associations and that will reflect much more the way in which the emerging world is becoming the economic powerhouse globally so it reflects the economics that's already taking place and i think it's a necessary step so let's switch to the french presidential election socialist francois long wants to renegotiate the terms of your a membership if he does become president how will it change attitudes to europe spending cuts. i think you know you've seen a lot of political changes the result of the european crisis and if he was to become president that would be probably the biggest change seen so far so far the germans in particular the french i say with germs in particular have been pushing all stare at sea on a part of the world this space already some very difficult economic years i think it jus

and europe, but only if you recognize that as long as europe gives the bears an edge, they will keep pressing your best stocks down. and you'll have to take some pain before those stocks return the pleasure. can i go to nathan in minnesota, please? nathan? >> caller: hi. yaba daba doo. >> i'm liking that. what's on your mind? >> caller: xerox. finally, what's going on with it? >> well, you know, they did better than expected, so people got very excited about it. i think the fact that it was up a penny on a really horrible day tells me i've got to do more work and xerox is maybe finally at an inflection point where it could start going higher. i've not liked the stock, i've been right. let's go to stafford in oregon. stafford? >> caller: hey, jim, how you doing today? >> i'm doing real well, how about you? >> caller: good. my question is regarding china mobile. i know they were near a 52-week high and had a sell-off today. i wanted to get your opinion? >> we do not recommend chinese stocks on this show other than baidu. why? it's very simple. we've seen so much money lost investing in

and europe. but even in advance of that, we have been working very hard to explain to our european counterparts that once a company makes a commitment or an industry makes a commitment to one of these enforceable codes of conduct, that in the united states, that has the force of law. it is an agreement that's binding on the companies. it is an agreement that is enforceable by the federal trade commission under the statute we propose we would also seek to have those agreements enforceable by state attorneys general. we certainly think that one of the critical privacy protection questions, particularly in the commercial context, is to find a way to reduce the barriers that we have today between the united states and europe in the way that services that use personal information are governed. i want to just close with a final word from the president that's in the introduction to the consumer privacy bill of rights that we released. he said, one thing should be clear, even though we live in a world in

eisenhower was asigned to france to prepare a guidebook on europe. it was his first direct experience with that continent. with the '30s came other assignments, climaxed by service under general douglas macarthur in the philippines. for four years he worked with macarthur, commander unchi-in-cf the philippine army to help the government work out a plan for its military defense. ordered back to the states in december, 1939, lieutenant colonel eisenhower want to fort lewis, washington as executive officer of the 15th regiment. in the dark spring of 1940, german armored divisions were crashing through holland and belgium. streaking its destruction through europe's skies, and france was prostrate, and england was alone. passing the selective service act to prepare for what inevitably lay ahead. and the biggest challenge in colonel eisenhower's life was to aid in that preparation. late in 1940, he was made chief of staff of the third di strivi where his work brought him chief of staff of the 9th corps. in the summer of 1941, colonel eisenhower became chie

out together for me europe to change europe i like europe france is not able to do alone everything i want to cooperate i want this europe but they want i don't want a europe where there is twenty percent and we are not nearly like in soviet union before they broke in the same mind they know for people. never been elected. they are often curriculum. as they are under inference of financial interest then they decided we think it's not possible anymore and now you're arguing against study evils of the free market so to speak but the world has moved forward in terms of globalization don't you think it's a bit too late at this point that it's moved to progress forward a little too much to take that step backwards as the world is globally is that there is globalisation but you know corey corey. well his yard jap and argentina brazil. open of the world but the defense and self. russia has its own policy and the never accept the russian people will never accept that its interests its own interests can be decided by somebody outside the country will do nothing that france benefited at all f

the preserve is no europe for one of the europe for whom it's europe for the banker of. your approach. your. business is in europe of cities of europe of social rights and the rest of the continents watching too knowing that whoever its next partner is a honeymoon phase is out of the question does or cilia r t brussels the i.m.f. plan to wreck their massive financial buffer around the euro zone has a bill welcome by everybody or was many nations reluctant to commit their cash and carving on the idea investment advisor patrick young doesn't have much faith a move will help save the euro zone and this is absolutely a counter to listen for the euro zone there is no way no matter harlow are just a sea of gods are no matter how high be the bazooka it is that the i.m.f. is currently assembling and nobody can afford to pay for italian government debt it is simply impossible we are pushing nations on the mediterranean fringe of europe into if we expect that they're going to stay in the euro zone it's a tragic development for government the option is quite clear and they need to

europe for the bank curves europe rock trade europe for. business oh he's it a europe of cities a europe of social rights and the rest of the continents watching too knowing that whoever its next partner is a honeymoon phase is out of the question just are still here r t brussels. plan to rector massive financial buffer around the euro zone has been a welcome by everybody with manny nations reluctant to commit their cash and commenting on the idea investment advisor patrick young doesn't have much faith the move will help save the euro zone. this is how absolutely accounted for the euro zone there is no way no matter how large the sea of guards are no matter how high big bazooka it is that the i.m.f. is currently assembling nobody can afford to pay for italian government debt it is simply impossible we are pushing nations on the mediterranean fringe of europe into if we expect that they're going to stay in the euro zone it's a tragic by lerma for government the option is quite clear they need to say we cannot pay our debts we cannot survive

the desperate economic plight of europe, drew marshall's whole attention upon his return. and recommendations were presented to the congress. >> europe is still emerging from the devastation and dislocation of the most destructive war in history. within its own resources, europe cannot achieve within a reasonable time economic stability. the solution would be much easier, of course, if all of the nations of europe were cooperating. but they are not. far from cooperating, the soviet union and the communist parties have proclaimed their determined opposition to a plan for european economic recovery. economic distress is to be employed to further political ends. there are many who accept the picture that i have just drawn, but raise a further question. why must the united states carry so great a load in helping europe? the answer is simple. the united states is the only country in the world today which has the economic power and productivity to furnish the needed decisions. to be quite clear, this unprecedented endeavor of the new world to help the old is neither sure nor eas

firepower aimed at course of trying to put out europe's debt crisis and the guard continues to collect money from the words as we've seen it before. smokers more to come here with more you could budget churchly collect a piece of money. we saw that a davos but how much debt can you know for roa debt as economist michael hudson always ends famously says debts that cannot be repaid will not speak to him and british m.p.'s a savior as you've been penalized by the bank of england's money printing should be compensated for it while citigroup investors say exacts should not be compensated so handsomely for poor performance of first for a big u.s. bank but does it matter we'll tell you what we think let's get to today's capital account. the international monetary fund and the world bank are gearing up for their spring meetings it's happening now in d.c. they get officially underway at the end of this week in washington there is a view outside take a look at this the giant plasma screen of world bank propaganda that set up outside getting ready for these meetings that's amusing we don't think

the average guy, you're at the ball game, you talk about europe, they're like, europe, what are you kidding me? i live in philadelphia. how could a day where europe failed to go down really impact our stocks? how could the euro rallying really matter this much? isn't it ridiculous? no. no, it's not. hard as it may be to believe, this is the modus operandi of hedge fund operators worldwide who manage hundreds of billions of dollars. the change in europe ignited panic among the big boys who have been coasting with these weak european stock trends all exacerbated by the fact that many of the companies due to report this week need a weaker dollar to get a positive outlook. and suddenly they might have one? that's how underperformers like proctor, 3m and j&j -- i mean, j&j, how many bad things can happen? the stock goes up. what does that tell you? these are quintessential weak-dollar stocks and we have a weaker dollar. with no bank run rumors out of europe, we were able to mount a solid bank stock rally led by citigroup with a good quarter. banks couldn't muster more of a move simply because we

so when the markets in europe didn't sell off and europe rallied, all those people dumping the stocks of big international companies based here because of their tie-ins with europe and the euro, they got caught flat-footed. they got caught on the wrong side of the train. see, they had gotten complacent about how bad europe is. and who can blame them? if you know, for example, european banks are the shraon epperson center of the downturn, then why not bet against our banks? yeah, should a minneapolis-based bank trade with spain? well, it does. a trade that has worked tends to keep working until people get their heads handed to them. there's an adage for you. if you know big product companies are about to report starting with j&j tomorrow and you know europe has been weak, you're able ta short stocks with impunity. that's what people have been doing. but the failure, the failure of europe to decline this morning and the rebound of the euro set up a chain reaction where the money managers who have been leaning against our financial center consumer package goods, they got their bell rung!

had much more than europe did, because the u.s. is actually seen to be emerging from the recession, does it not? you don't see those signs of recovery by any means in europe. >> i think the europeans have a mess and they're making it a bigger mess. you know, the greek bailout, it is surprising and extremely disappointing to me that when i read "the financial times" or most of the discussion, never is the word used about cost of production. but greece has a cost of production, unit labor cost, 30% higher than germany. so every time they make an estimate of what the greek economy is going to do, it's going down. now, they say, well, by 2020, they're going to have a debt to gdp ratio of 120%. don't bet on it. their economy is collapsing. now, what are the solutions that are being given to them? they're told -- "the ft" every day practically has somebody who says let the germans inflate or print money. germany's debt is about 80% of gdp. if it does what "the financial times" gurus tell it to do, it'll soon be in the same sink that the

, the ten-year in europe, the boom. now let's took at what's going on in our 10-year. we brought right back into that sub 2%. we have seen right back over to 2%. but we're still on the low side. every time i see us down to 2%. it seems very illogical to many traders but obviously not to investors or getting the banks that continue to stack their balance sheets with treasure ray paper. if you look at what's going on with the euro currency. everybody saying yesterday, the euro's going to,lance. nonetheless, is the market grapples with, the party line in europe. and that is, we have ltros as far as the eye can see. don't worry about the quote unquote insolvency or the spanish banks, 20k eastern, i think are important, we're going to have the road maybe, and we're going to have the march monthly deficit and it's going to be a whopper folks, because of the 200 billion. >> we're here and yet as you were on set yesterday which was great. i wrote a piece on -- we have another politician who is safing the market. >> he has hart

this is too soon for me to say buy wal-mart. >> kellogg. >> europe, europe, europe. i like to talk about the winners and the losers. frankly kellogg talked a big game. they have been saying things were quite good. i don't like it when management says things are good and turns out they are not in a short period of time. to blame europe is difficult. europe is price sensitive. people don't want to pay up. kimberly-clark said the same thing on friday. has the absolutely dynamic brazil business. >> 1/3 of the s&p is going to report. it's netflix, coach, apple, industrials. what are the touch stones for you? >> i want to see the honeywell-like stories. it is true that they are against it. we are strong in america. i want to see see strong in america, strong in china. i cannot have europe being derailing. i point out that honeywell did not see enough weakness in europe to offset the strength around the world. u.s. is still stronger. i am saying we are stronger than the other guys. >> so again two or three names you want? >> apple and cat i think are two. caterpillar is als

the one functioning economy europe. they underwent. painful labor reforms and liberalizing the labor market easier to hire and fire employees. >> cutting the corporate tax rates dramatically and now, germany is doing well. you would think that the countries like france, to say nothing of spain and italy would look at the german example and say how is it they turned out so well, a decade account that germany was in a great deal of trouble. >> well, spain did pass the market reform in february and you can take it to the court and challenge it, which boggs it down and marion monty got his head handed to him in the parliament. ne know what they have to do, but in the southern tier countries it's almost impossible to get over the unions and create the reforms. >> maybe not just southern tier, france is the heart as bret said of the euro project. >> is europe getting its arms around its real economic problems or is this french election really showing us in fact, that they're not there yet? >> i think it's too early to say, i think if europe

that's more than three times what he'd make in europe. the construction firm jacques works for has hired three other portuguese, as well. it's expanding, and the economic refugees from angola's ex-colonial master are on board. >> generally, europeans, and of course, the portuguese, are highly educated and well versed in technology. and then, there's the language factor. in angola, it's quite simply easier to work with someone from a portuguese background. >> many of the europeans here get together at this beach club on thursdays. starting at eleven p.m., they can dance and party the night away. about half are from portugal. >> we wouldn't be able to afford this in portugal -- it would just be too expensive if you didn't have a job. but here, the friends and the weather are great! >> portugal and the euro debt crisis are 6 thousand kilometers away. us dollars are the currency of choice here. and ricardo sees his future here. he opened luanda's first shop for baby articles. he started as a construction logistics expert and decided to try hi

but europe and the markets are watching. the german chancellor said she was alarmed by the influence of the far right. the favorite to win is the socialist candidate. he says that growth is his priority. the jitters in the financial markets today partly reflect a concern that the political tide in europe may be turning against austerity. >> gavin has more on those concerns. >> it was a very bad day on the markets. they are worried about political uncertainty here. about the fact that the dutch cover rent collapsed today. they could not agree on the funding cuts by the e.u.. they are worried about the economic data, which suggests the situation here in europe is worsening. they're also worried about the fact that today, spain officially was declared in recession. all of this raises the question of whether the current strategy of focusing on austerity and bringing down the deficit, whether that strategy is working. and that is under been the market. >> the president of the american council for capital formation told me there i

so the latest victim of cold blooded austerity in europe isn't working people in athens young people in london or labor unions in madrid know the latest victim is the dutch government the coalition government in power in the netherlands was split apart over the weekend as lawmakers failed to find consensus over an austerity budget just as an anti austerity fury sweeps across the european continent it's the same theory that dealt french president nicolas sarkozy in early defeat the socialist candidate francoise hollande in the first round of presidential elections in france over the weekend and also the same theory that turned out tens of thousands of protesters into the streets of prague over the weekend calling for an end to austerity in the czech republic and on the heels of a new report out of the u.k. showing that conservative government austerity policies are a complete failure other populations languishing under austerity like in spain italy and greece are growing more and more discontent two things are happening here one austerity is being proven to not work it's a complete fa