He says the fed is concocting a witches brew that is risky if they hold Interest Rates near zero for too long. In washington, a small helicopter landing on the west lawn of the capital today. One person was reportedly detained and the streets were closed. The spot where the helicopter landed is with the annual Christmas Tree is set up. Former new England Patriots player and Aaron Hernandez was found guilty of firstdegree murder. The conviction carries a sentence of life in prison without the possibility of parole. We have less than one hour until the close of trading. Lets get right to the news desk where they are looking at the action. Triple digit rally on the s p 500. Mirroring gains in europe. Mario draghi announced that he will continue quantitative easing until he sees a sustained inflation. I just spoke with jeff klein talk i just spoke with Charles Schwab and he says that it probably still in the table. When you look at oil prices, we are seeing a big rally their. Oil is the highest this year because the latest crude supply data is that it was at the slowest pace since january. Of 5 today alone. Look at the dollar. It has weakened today. And of course, given that oil is up you would expect to see the dollar is down. It has proven to be the driver behind the dollar. Sure, the rise has slowed a little bit but we are still up by 9 . A little later on, i will talk about netflix which will be reporting earnings. And of course, have a stronger dollar plays into all the earnings reports we will see. Thanks so much scarlet. We now have a dropdead date for a great deal. We spoke to the german finance minister in an exclusive interview just hours ago. Brendan joins me now as long as my guest host for the hour, the chairman and cio of Cumberland Advisors. Brendan has been up for like 25 hours. What was the biggest take away when will the greek side of the ending . Cracks i been tired to going to hunt sickles in berlin every day and asking when the dropdead date is . I asked scheuble when the dropdead date is and he said it is when the greeks agreed to a program. The program has been extended twice. Now runs through june 30. If greece wants to unveil itself of the remaining funds the program, a solution must be found by june 30. Your deadline is the 30 of june . That is the deadline. See that little green there at the end. Would you want to play poker with him . No i would not. If i was looking for liquidity assistance every day what i got from that is that he is leaving greece to dangle in the wind a little bit. It sounds like he has a very good negotiating position and greece is doing very dramatic desperate things like sending the Prime Minister to russia. In waiting and he is waiting and waiting and waiting. When you turn it back around ungreased though, what is the great impetus . It is funny, when you think about europe you have to sort of unwrapped the onion. There is a broad concept of europe, that doesnt mean anything, rush is a part of europe. Then you have the legal construct of the European Union and within that you have the eurozone. I was trying to figure out which of these greece will remain a part of. We listen to his answer watch we listen to the conditional. Greece remains part of europe in any case. Whatever happens in greece, greece remains part of europe the European Union. If greece stays in the eurozone it must keep the conditions for it. If they have the money to meet their obligations, it is primarily a decision of the greek government. If they want support, we will give support to within the framework of what we agreed. If, if if, and if. If it stays in the euro. Where is the risk . The greek debt has been reconfigured, so it is in the hands where contagion risk has been suppressed. Of course, when you have contagion risk you never know for sure and it is the uncertainty about contagion risk that hangs over as a cloud. My view personally is to get this over with. If greece is going to go, let them go and then we will learn how little or much risk of contagion still exists. I dont think there is a lot. Is there a plan b . A german newspaper said preparations for a contingency plan to keep greece in the euro are being prepared. Brendan we got a classic nondenial denial about that. He basically said that before the berlin wall fell we didnt have preparations because you have to be crazy to prepare for that. After the berlin wall fell we got trouble for not having any preparations. Like i said, he was a little coy about it but he said you always have to be prepared, with a wink and a nod. I suspect there is a plan there in the finance ministry. They have to be aware of what you do to make sure that remains a greek problem and not a european problem. If greece leaves what is the message to others in the periphery. That is a very difficult time of war now. With spain that has undergone structural reforms, ireland that has gone undergone that has undergone austerity, he is aware what other countries in the eurozone have undergone stop who does he speak for gekko do you think he represents whose these before . I think he is the backup. Bad cop. He has a legendarily terrible relationship with will varoufakis meet with them . There are no plans. They will all be in bc for the imf and World Bank Meetings. He said that we have no plans to meet but if we run into each other we will talk as we normally do but i dont plan on seeing him until the next conference in europe. Did you get any detail of what point a greek restructuring would be on the agenda for berlin gekko . He said that is really a question for decades in the future. Honestly, no sane person thinks that greece can pay off its current debts. It doesnt matter whose fault you think it is or who caused it no country can pay off this kind of debt load. We are at the point where the cookie jar is closed. So that means greece cannot get back into the cookie jar without more behavioral change which politics and greece to not want to permit. Regardless of what the ecb said the liability is, mario draghi said was about 110 billion euros, they are giving money to the ela, the ela to greece. I have come up with a much simpler rubric to figure this out. Ultimately, no matter what you are talking about, germany pulls the strings. It has such a strong voice in the ecb, council of finance ministers, european commission. Germany is the bellwether. Whatever they seem to, other countries accede to,. Other countries will go along with it. Coming up, i will speak to duke energy by cbs Board Chairman duke energys Board Chairman. Growth is apparently still working its way across most of the u. S. In february and march according to the fed beige book. Economic data is still pretty weak. Here to make sense is the chairman and cio of Cumberland Advisors and bloombergs economic editor michael mckee. How does the fed see one thing and facebook, but all the data we are getting see Something Else . The fed is seeing an economy that continues to expand but not a very exciting pace at this point. The real pressure on it was from utilities. Homebuilder confidence was up significantly today. So maybe things will get better. In the facebook they did talk about optimism. Alix how do you reconcile a relatively optimistic point of view with a strong dollar hanging over our heads. The fed has to deal with this issue of extending the time where they will make the first move and the bias is toward extending because of the dollar but because of the questions in the labor markets are because of Something Else. If you think about the feds timing decision, you dont have symmetry. The bias to get the liftoff date is to push it out. Now you have bullard warning, rightly so, there are a lot of concerns. The bias in the condition in the decision favors waiting if there is any derailing piece of information. Michael i love jim bullard, very smart man, that not paying any attention to them right now because the people that matter are janet yellen and stanley fischer. They have said they are going to be cautious and watch the data. Alix he did make the point though that the Financial Markets indicate that it is somewhat different than what the fed is projecting. Does that mean the markets of not come up to meet the fed . Michael data will tell us. At the atlanta fed retreat, stan fisher gave a speech and that he did q and a and he used to words , less often to describe making the changes. It made the case for gradualism because he doesnt want, and none of them want, to repeat a 1937 error. And they dont want to reverse themselves, which sweden has now been reversed. They dont want to do that. That is the funny thing in the markets these days. You hear a lot of people talking about this idea that the fed might go too far, too fast and that would cause problems. But you dont hear yellen, or fisher, or dudley or any of them talking about it. They say theyre going to be patient. There is a disconnect between these two sides. The markets seem to be preparing for the worst and the fed is, at the moment, telling them that that is not going to happen. Alix thank you so much. Always a pleasure to let the onset michael. Dont miss my interview with jim rogers, former chairman and ceo of duke energy and our conversation about a rate shock and utilities. Alix here are the top stories were watching the closing bell. This could potentially pose a new hurdle in the banks sales to m t bank corp. U. S. Senator Elizabeth Warren is saying that Bank Executives should face new tax penalties to keep them from engaging in risky practices that can pose threats to the Financial System. Canadian plane and train maker has considered a possible sale of its rail units. That is bombardier. Sometimes you just have to go along for the ride. Utility stocks Like Duke Energy have benefited from lower Interest Rates since september of 2007. What is going to happen when fed chair janet yellen starts to raise rates later this year. Jim rogers, the chairman and ceo of duke energy joins me now. Thanks for being here will stop my bet is there is already a little discount in the stock price because there is argument talk about increasing the rates. So utility stocks generally and david knows this better than anybody, moves with the Interest Rate. But at the end of the day, we have a very good yield at 4. 4 . Growth is strong and the dividend will continue to grow. We will have the capability to whether the increase in rates. Alix at what point, when you would have to see the fed move would you want to say you are out . David there is a question. If the fed raises the shortterm rate in this environment, does the longterm rate go up or down well the European Central bank is suppressing rates worldwide . We could get a notch or two up on the short rate and the long rate doesnt move on even goes down. Duke is a substantial weight in our utilities. We like the 4. 4 yield, we would like 4. 5 . Alix if you can make a phone call, that would be great. David but it is a serious issue because the whole yield curve may have to up the way the market fears. Jim the demographics are also going to drive this. You have the baby boomers retiring in one to hold stocks but they also need income. I think the demographics are moving up a little. Stocks like duke, specifically. Alix go into your expertise, you lived and breathed duke energy for so many years but now some are calling it a death spiral for utilities. The industry is facing the biggest change in their Business Model since edison turned on the first power grid. If you are 22 today and you are creating a utility company, what would it look like . David jim i like this idea of being 22. If i was 22 and running a utility today, i would quickly embrace the new technologies. I would change my great from analog to digital, i would install smart meters, i would build out solar of the rooftop. Duke has invested 4 billion in wind and solar. I would lead in the embracing of technologies. I would work if regulators to fundamentally change the regulatory model and the Business Model to allow us to become the leaders of the world in the optimization of electricity. Alix what about natural gas . Jim natural gas has been a great thing in several different ways. First of all, we built combined cycle gas plants. Alix what does that mean . Jim it is probably the most efficient way to burn natural gas to generate electricity. The bottom line is, we were able , for the first time in our history, to dispatch gas plants and rather than dispatching coal plants. The consequence of that, if you look over the past six or seven years in the use of gas, shell gas became more prevalent and very cheap, we saw a huge reduction, almost 60 in our Carbon Emissions 16 in our Carbon Emissions. Not only are we clear but it has been more affordable. Alix what happens if we see some kind of huge spike in natural gas. Two dollars and . 60 right now, but it used to be over five dollars. Jim i would say if ben franklin was sitting here today with us who used to say the only two things certain in life where death and taxes, he would add the volatility of natural gas prices. I am thinking that what has made the Utility Industry so successful is that we kept a portfolio of options. Alix such a pleasure, thank you so much. Alix street smart welcome back to alix welcome back to street smart, i am alix deal. The activist to disrupted Mario DraghisNews Conference as she gained access to the room using normal procedures, but in acb spokesperson said nobody registered for the press conference was up she spent over two hours in Police Custody before being released. It is unclear if the ecb plans to press charges. And posing a threat to googles position in the apps market. The move may give samsung more programs that uses on its devices. Bundling some services such as youtube, chrome, and whether it harms arrival at developers and device manufacturers. Adultry website ashleymadison. Com is pursuing a website in london. It is hoping to raise 200 million. It had ales of 115 million last year, and almost fourfold increase from 2009. 30 minutes until the close of trading. Lets go back to the breaking news desk where chief markets correspondent scarlet fu is looking at the big news. Scar . You know what, it looks like we are having some issues with her microphone. We will get active are in a little bit to get some information. In the meantime, one of the best track records in the history of investing, he spent years working with george soros before striking out on his own and for a quarter century, his fund was returning 30 annually. Now he is writing on three market surprises. Still with me, david kotok of Cumberland Advisors. David, what is so popular in my world in the commodity lane has been this fall off in oil prices. It is hard to find someone who is incredibly bullish on the oil prices. Mr. Druckenmiller i am pretty optimistic on crude prices. I think they are going to do better than the forward curve. Well, because as my produce a sack schreiber said a year ago, the cure for high prices is high prices. Well, he would also say now the cure for lower prices is low prices. Stephanie what does that mean . Mr. Druckenmiller it means prices that 50 have caused a lot of behavior in future production, expiration budgets, that it should remise clear up the supplydemand by early 2016. And i think that is very different than the world is sinking. Alix david, what do you think about that . Do you agree . David that is a very powerful voice that deserves a lot of respect. We are underway to be energy sector. We would wait for this to clear. It is not clear how much more Global Supply occurs if iran and iraq pump. It is not clear how the geopolitical risk sorts out nigeria. And it is not clear if venezuela. New regime, what is the first thing they do . They take 300,000 or 400,000 barrels a day come up with them on tankers, run them across the gulf of mexico to an american refinery at any price to get cash. So this issue is not clear to us. It could be right. We may have a low in oil, and there are a lot of people right now making that bad. Maybe it is onesided. We are not so sure we do not get another leg down in the energy price, so we are still underweight the sector. Alix in the price youre looking at, when you say another leg down, at one point at north that citigroup was talking about down ed norse at citigroup was talking about the 20. David i saw the 20, and if we do not know, we only guess, if you do not bet money on a guess. You have to have a scenario that has a high probability. I would rather pay 70 a barrel with a firm of trent and see it with a long time horizon than to go in here. Alix this is one of three market surprises. The other one was he is pretty bullish on china. David, take a listen. Mr. Druckenmiller whenever i see the stock market explode on record volume and record brits and breadth and moved to that degree, like day follows night six months to 12 months down the road you were out of the recession and into a fullblown recovery. The reason that happens i think there is enough about that it is certainly greater than 50 . China will be in six months to 12 month, and just think of how differently the world is thinking about that. The fed had in their minutes last month that one of the reasons to delay or one of the reasons of concern was the chinese economy. Christine lagarde was on the cover of the Financial Times last friday. Her biggest war the chinese economy. So as someone who is trying to think of what Security Prices might look like six months to 12 months down the road, i am very intrigued with a, the possibility of a chinese economic recovery, and how differently we might be thinking if it is actually unfolding later on in the year. Alix what is so incredible is the divergence. Firstquarter g