Choice frankly when they started printing money it was an unprecedented policy approach but they felt they were facing unprecedented times jim should we be worried about debt the new thinking it seems among more than Monetary Policy advocates is the debt no longer matters who are strongly we had our debt and deficit. Before the election now the elections over its sort of gone on why are very low in any case i think. Provided youve got. An export process as i cry in the in the last issue the last question where we talked about brazil and china both a strong brazil we have. Help with strong Commodity Prices so you know stride is had a morning boom with exports to china or brazil which had a dawning boom would saw your bones and so on so i think if youre a situation where your commodity. I mean you can make your interest free payments i dont think that is as much an issue as we thought weve sort of gone away from a debt and deficit fetish in a strike because its been saying its more political scare campaign than anything of. Grounded in an economic theory. That does debt matter i mean i guess it does for argentina still under its i. M. F. Program what is the state of argentinas economy right now. Well i was i was listening you know to the to the other answers and thinking well if you print money for long enough then you push it into so many electoral cycles then it becomes a structural problem so youre talking about you know that a Monetary Policy no matter what stage you are within a government so i mean of course that matters to argentina and the key question right now is whether the next administration whoever it may be you know will be able to repay dead or needs to restructure the payments schedule with the i. M. F. You know its unrealistic for argentina to face its that payments in 20202021 so the question is whos sitting at them the other side of the of the negotiating table from the i. M. F. You know will it be precedent mockery in a 2nd administration or with will it be about the for non this and Christina Pearson or so you know of course in terms of where the economy is i would say its in the intensive care unit its currently stable but our prognosis is reserved and it really depends on how the Political Uncertainty of this Election Year pans out and what the actual policy proposals are from whoever takes government on the summer tends to where a lot of people saying this year the capitalism has failed is failing now is it time that perhaps we should look at doing things a little differently ross to get about that with his point you know with that dive bar from argentina you know you have an economy like argentina with great Natural Resources and Human Capital it really should be like a straw youre in and so should brazil given the resource and a mentor or i think the big mistake weve made is that as we have opened up our economies weve forgotten about the libre market and social protection in a strategy where you had a social democratic government led by the light bob hawke who opened up the economy ridge. Tariffs my the struggling economy very open and competitive but he did so with very strong scifi nets in terms of a white accord with the tried unions and pension superannuation and universal health care and i think if you dont look after your social safety net as you open your economy you do end up with an economic populism approach and i think the reason the president was popular wasnt that tried was damaging the American Economy it was a fact that the minimum why should being frozen and that the United States of being do unionized i think youve if you look after you like the market institutions at home then i think youre more likely to get a more successful competitive economy. After i see you nodding is it time that we do things a little differently is capitalism dead. I dont think capitalism is dead i think none of the systems are perfect they all have flaws but taken to an extreme none of them work very well communism taken to an extreme was a disaster i think up it wasnt taken to an extreme clearly its flaws are evident theres a huge inequality of wealth i think in the United States the top 0 point one percent of the population has the same wealth as the bottom 90 its an extraordinary statistic. That level of inequality is just a function of continued gap you know the success of capitalism so there has to be some checks and balances probably so that you do not end up with reactions where the vast majority of your population is not benefiting from Economic Growth and its going to a smaller and smaller proportion of people who act interestingly enough. Pay less and less tax because theyre rich enough to avoid tax someone who is doing things differently is mexicos you president him in a fight him really frustrating hes given up his private jet is personal security guards hes opened up the president ial palace he drives around in a v. W. He didnt go to the g. 20 what are we to make of him and his his leadership style is this all i dont know a p. R. Stunt is there any substance to this well i think theres a degree of substance but then theres also a degree of continuity with the you know political culture of the left in the pink tide i think you know in some in some ways you can argue mexico arrived to the party a few years too late. In terms of the type of leadership that lois is seeking and what we saw earlier with more in europe why for example and and i think you know with saving the distance of the size of the 2 economies you can compare them in terms of their style the key the key risk we see with mexico is the like of certainty in terms of policy. And the lack of clarity in terms of how different policies were together so for example. And we you know when we look at the number of announcements that the press and make here in the campaign and as heated government in terms of social spending you know a lot of the policies have worked in other countries but the key question is how can you afford those policies sustainable sustainably over a 6 year period without increasing your debt your debt to g. D. P. Ratio and when you have you know major questions about the sustainability of your Largest Company pemex when youre being downgraded and so the the main problem is not necessarily what im alone is proposing to do but actually we are uncertain about how hes going to finance those proposals and thats where the issue of sustainability and comparing to you know populism a will happen in in argentina and in brazil you know in the last decade it comes into play because you know you dont want to be looking at a mexico 10 years down the line that is struggling with you know how your levels of debt inflation you know money printing as a way of financing those social pro programs and saving mexico is one where its still got a positive outlook for 2019 but we have to watch it but what are your thoughts on on mexico it has this this enviable position with a massive market to the north its a Manufacturing Base for u. S. Companies huge oil reserves its part of the g 20 and yet it still has difficulty translating all of that into into a deposit a reduction. I think youre right i mean archie think you know the president should use tried in investment to grow the economy and to be able to have therefore the resources to provide for the poor or i think abolishing pro mexico not going to the g 20 i think ultimately that undermines mexicos position and capacity to help the poorest of the poor are just in mexico as part of the 6 part people economists. Series actually for a stroll in television and what i noticed is that mexico has very good free tried logistics and transport links with the eyes of pacific and with the pacific a launce with chile and colombia and peru had a lot of things going for it not just the the border nor think the the overwhelming Media Attention on. Immigration with the United States and the crime problems along the border actually undermines the very strong fundamentals of mexican industry a lot of the a lot of the mexican manufacturers have very strong links with the state of victoria here in australia so i think theres actually a good story for mexico but i actually think they should use try to investment the Transpacific Partnership the g 20 to drive better growth so they can pay the the social programs that are important to the left and important for social stability ok were heading towards the end of the program just some final thoughts before we do conclude. His forthcoming elections what are your thoughts the race is pretty tight. Yeah the price is that the race is extremely tight we see it as a 2. 00 horse race the polls are showing that you know by chris benefiting from a Stable Exchange rate with the dollar inflation is coming down its still very high by International Standards but its still good news salary cells that are still below inflation so theyre not catching up but the purchasing power is recovering from what was a very very volatile 2018 with a major devaluation of the past so so you know and lest we see some some extreme changes between now and october i would expect 2 for there to be a 2nd round runoff to decide who will be the next president and as we get closer to the election if the economy remains stable i think its still precedent mccree who has the upper hand as the incumbent to get reelected and our final thoughts on turkey is that as the biggest regional economy. And and the region as a whole how will. We know with the Saudi Arabian economy in particular slowing. So that the gulf region and turkey i think the similarities if you like that they have is that they dont ask economies are hurting for for perhaps differing reasons but theyre hurting but whats bailing them all out at a time when its. Governments are finding it difficult to balance their budgets and theyre having to to to be more conservative about spending is the we were talking about fed policy and Interest Rates as u. S. Interest rates come down. Global investors go elsewhere and look for yield and look for returns and one of the things that the gulf and he has benefited from very significantly in the last couple of years is that their cost of borrowing keeps falling more and more which makes it easier and cheaper and more fordable to be able to finance the deficits at a time when the economy is struggling so if we had the same Economic Situation in turkey in this region when Interest Rates were 5 or 6 percent higher that would have been a very different situation so they are being bailed out by what looks to be lower for longer if you like the global Interest Rates they are obviously measures in place across the region to try and improve the domestic situation but governments are constrained because theyre not necessarily able to. Get as much income as they would like because the Global Economy is slowing and the out the the demand for their output whether it be oil or the goods that he produces is a softening. Is the u. S. China trade war going to be resolved anytime soon is china going to have to stipulate to to to save its economy or sort out of the china cat on the side what used to you know when i 1st went to china 20 years ago i said you know do you have Workers Compensation in china in the factory manager would solve neither the Workers Party thing that i have to compensate us you know when they had a huge reserve army of leibert never got live shortages and thought like the markets and wall of china so they wont be able to stimulate the economy in the sign why i think the whole worlds going to. Suffer in some wise from. Incapacity of stimulus in the same way that it worked during the Global Financial crisis in in 2000 and i dont think thats why theres been pressure on Central Banks to rights but you know theres only so much so i can do this sort of if you like pushing on a string when rights are law and that we must end our discussion its been great to have you with us many thanks indeed blanco in a point to him harcourt in sit there with me here in doha. Thats our show for this week if youd like to comment on anything that weve discussed here today you could tweet me im a finnigan on twitter please use the hash tag a j c t c when you do or you can drop us a line counting the cost at aljazeera dot that is our email address as always theres plenty more few online at aljazeera dot com slash c. T. C. That takes you straight to our page and theyll find individual thoughts links even entire episodes of you to catch up. But thats it for this edition of count of the cost im adrian for the good from the whole team here in doha thanks for being with us the news on aljazeera is next. Fly cattle are airways and experience Economy Class like never before Qatar Airways going places together. In mates learning from other inmates acquiring knowledge that could set them free. Through Legal Education classes and mock tribunals their dedication has led to staggering results. Is over and that was the teaching empowerment kenya part of the red letter case in series on aljazeera. 67 words that spelled promise for one people. But disaster for another. The pledge to the establishment of the jewish homeland at the expense of the palestinians. The story of the british declaration that changed the middle east for seeds of discord on aljazeera. Trade amazon and bricks it can leaders from the worlds 7 strongest economies meeting in france find common ground. To double your watching all to 0 life and also coming up wildfires continue to burn throughout brazils amazon forest tens of thousands of troops will be deployed to help. A voluntary repatriation plan with not one single volunteer 2 years on and the refugees say theyre too afraid to return home. And its not all fun and games why a career in peace force might not be for everybody. Global trade looks set to dominate the g. 7 summit which is now underway in the french seaside town of be a roots but many of the World Leaders who are attending a calling for urgent talks on the wildfires engulfing the amazon rain forests the trade war between the u. S. And china has also become an urgent matter its already being blamed for what could be a Global Economic slowdown on another key issue the french president emanuel macro is hoping to deescalate tensions between the u. S. And iran after the trumpet ministration pulled out of the 2050 nuclear deal and re imposed sanctions after last years tense meeting in canada expectations are low that much if anything will be achieved this year diplomatic editor james bays has more from be a ritz. With the Global Economy teetering and some warning of a worldwide recession the 7 leaders gathering here may not look it but theyre almost certainly worried the host emmanuelle macro on the us President Donald Trump seemed relaxed as they sat down on the terrace for lunch but in addition to the china u. S. Trade dispute currently rattling stock markets they have their own problems a new french tax will target u. S. Tech giants and trump has threatened to retaliate taxing french wine imports to the u. S. This though would immediately receive an e. U. Response according to the president of the European Council i will. Then trying. Gentle in the domination for many reasons. And after the 3rd by france. If the u. S. Impose a star with france the e. U. Will respond in kind president screws about to finish 5 years in one of the e. U. s top 2 jobs a term dominated by one issue one that could also cause economic problems across the continent breaks it to a squall in the new british Prime Minister he could go down in history as mr no deal as he landed Boris Johnson didnt respond directly but he did focus on his countrys future trading prospects the state of global trade im very worried about the way its going the growth of protectionism of terrorists that were seeing u. K. Thrives mightily on the open out were looking for a trading nation thats what were going to be promoting breathing is good for the world trade wars talk of recession breaks it its all a very depressing economic picture the one thing that could bolster the markets would be unity coming out of this g. 7 summit but dont expect that the french presidency of the g. 7 has already said its not even seeking a final communique this will be a meeting with discussion but a very unlikely to have any decisions james pays out his era merits well the fire spreading through the amazon featuring heavily at the g. 7 summit increasing pressure on the brazilian president to do more to have them put out has now ordered the military to help fight the flames he says aircraft and 44000 troops are being made available from threaten to target brazils economy if the government didnt do more to protect the amazon the number of wildfires is 85 percent higher than this time last year while many of the fires have been started in remote and difficult to Police Regions of the amazon the areas where developers often see opportunity but much of the land is protected or it belongs to indigenous communities. Or went to the northwestern states of ron danya one of the areas worst affected by the fires. Both brazils joy and its curse is it sheer size this sensation of infinity the sense that no matter how much damage man does he can never ruin all of this but now with large parts of the amazon the blaze that sensation is being shattered what happens here in this remote part of the amazon does matter in the rest of brazil doesnt matter in the rest of the world weve just an hour long journey by road from the road on your Stat