Get the latest updates live from the sold-out 2016 Strategic Investment Conference with John Mauldin, Richard W. Fisher, David Rosenberg, James Grant, Niall Ferguson, George Friedman, Pippa Malmgren, Charles Gave, Neil Howe, and many more.
George thinks that although we are not heading toward World War III, we are not in the same model that we were in before 2008. "5 billion of 7 billion people are living in a zone of intense crisis," says George.
He thinks real unemployment is closer to 20 million than 8 million.
David says that if 5% fully reflected employment, it would have been reflected in the price of labor (i.e. wage growth).
David addresses negative rates: "Negative rates are a tax on bank reserves... when you tax banks, you are taxing growth."