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is Bloomberg surveillance. There's certainly a heightened set of risks in the U.S. economy right now, and that's because the United States isn't an island.

We're part of a global economy.

We're throwing away 8% of GDP on health care in ways that no other country does.

The big argument about excessive low interest rates for very long period of time is it warps the investment pattern on real investment.

Bloomberg surveillance, your link to the world of economics, finance and investment on Bloomberg Radio.

Good morning everyone, Bloomberg surveillance.

Good morning worldwide.

Michael McKee and Tom Keem, Bloomberg Radio Plus,

Bloomberg.com, particularly for those of you in Germany, listening, good morning.

Michael, look at that headline after those very challenging regional elections.

Huge turnout in Germany over the weekend, the Chancellor says

goal remains to reinstate Schengen border system.

That is a lonely headline.

Well, this morning.

I'm going to Marker holding a news conference after the election since she is not changing her view on refugees.

She's not going to be influenced by the vote. Stick to her course, seek a European

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