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I count us as in the first year of a global expansion.

The recession started in 14 in China with a corruption campaign.

Policy response was last year, negative interest rates and devaluations.

And the growth is today as seen in auto and housing both in the United States and in China.

Russia has its own problem and they're very severe but I don't think this is going to be one of the Panama Papers.

My concern is if you don't have enough nominal growth in the world

you're not going to get the returns you need to meet your liability stream.

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

Good morning everyone, Michael McKee and Tom King, Bloomberg surveillance.

We talked residential real estate earlier in this hour, one of our most popular guests.

John Levy will join us and we'll look at

commercial real estate and he has a really interesting message on commercial real

estate we'll do that here in a few moments. 4X front and center today with massively,

I use that word carefully, massively strong yen,

not what it was at 538 this morning,

but still a wow statistic on Dollar Yen.

Right now the 4X Brief brought you by Interactive Brokers winner of FX

weeks 2015 award for the best retail for X trading platform visit I. B.R

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