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Expensive because we imported a lot of that. that is why energy is more expensive because we import a lot of that. if every country is doing that, its race to the bottom how quickly they can devalue their currency. we trade with so many different nations. we trade with europe and certainly with china. look at our trade imbalance and you can figure that out. europe has only a handful of countries that are doing decently? there is about six. they are in the northern part of european. what europe wants is these countries, mainly germany to bail the rest of europe out. germany has balked at that quite a bit. merkel has an election coming up soon. i don t think you ll see germany doing a lot of bailing out the rest of europe. and europe is the number one global concern to this day. if europe doesn t do well, the rest of the world economy is ....
Automatically. if that s not happening the e perth will continue. remember the exports will continue. remember international petroleum prices were substantially lower than they are now. so iran has had a buildup of its hard currency reserves. it has been prepared for these statistics and its perception is they can wait the united states and europe out. that indeed it s the economies of the united states and europe that may be more in jeopardy at the moment than the economy of iran. megyn: secretary clinton believes these sanctions are bringing iran to the table. there are remarks resuming in istanbul. should we be putting any hopes in those? i wouldn t lose any sleep over these talks. the third round of talks concluded in moscow last month. they were so close to breaking down that the best they could agree on was to have low-level ....
The big call for them is whether to step in and help bail europe out. there s been talk about doing this and getting everybody excited. but i d be very surprised if ma country like greece or for that matter portugal. i think at this point china is a very wide awake giant poised remember, to become the biggest economy in the world within five years if you believe the international monetary fund projections. that s 2016. this is happening extraordinarily fast. you know, when i was a teenager china was a tiny dwarf in economic terms and over a period of 30 years it has raced to the top of the economic league. the u.s. has been the biggest economy in the world since the early 1870s. i don t think we re ready for this transition, and we just hope that the chinese are asleep on the job. i promise you, they are not. a quick question on that then. of what s happening in the ....
neil: stocks are higher today, more than 450 points the last few trading days and not because the economy is up or because jobs are materializing but because bailouts are up. or will be. and hopes that more spending the dig europe out of its dip. it is getting charles payne a sinking feeling. rising for the wrong reasons. reporter: when it rises for the wrong reasons it comes down hard quick. we had the great rally including printing of the presses and manipulation of the stock market, and it is a lot fun and you can make a lot of money but it is not sustainable. neil: your concern with europe, the central bans have gotten together and come up with a way to patch up the banks and ....