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World, he is a leader in our profession in numerous honors and awards, the editor of not just one, but of two top journalists in economics. On top of that, ive been the great beneficiary, coauthor with alan on many occasions. Today, hes going to talk about the destinationbased cash flow tax, a proposal for which hes done much of the heavy lifting and main proponent and we can all benefit from his explanation of how it works, why it is a good idea, and what some of the issues are and how they can be addressed. So alan, ill turn it over to you. Thank you. [ applause ] thank you, bill. So will my slides come up . There we go. Thank you. Well, i told bill i shouldnt need more than two or three minutes to explain the destinationbased cash flow tax. Everybody in washington and elsewhere in the country already understands it so well. I would like to start with a stroll down memory lane or for many of you just sort of something that happened before you were born. Just a notion of where this is ....
For the week. Vonnie 1. 5 Million Dollars worth of savings will help contribute because this is an allcash deal. An exciting day for the industry, specifically when you consider that they have been trying to consolidate and there are so many unsolicited bids between companies, monsanto included, and now monsanto is on the receiving end. Jon and the potential of that deal is being reflected lets get you up to speed on markets. Futures where are we . Im not sure we are that saw on the dow. We will update you on that in a moment. S p futures down. That is one year and not intraday. Moves, theyraday are your oneyear moved spirit lets switch up the board very quickly. Hopefully they are intraday moves through they are one year moves once again with euro down. That is the reality today, down by 10 over the last year. Around thes go world and check in with our Bloomberg Team for in ....
It seems like brexit is underpinning every investor fear and driving markets lower. It seems the Brexit Campaign is gaining serious momentum. Tom i guess i look at it like the fed meeting tomorrow. The Brexit Debate is data dependent. When i am fascinated by, i know we will touch upon it through bremainance, how do the people respond to what you see . Francine i do not think it is data dependent. I think there is emotion and it is a very Clear Campaign from the brexit people saying if you are historically one that takes the u. K. Can win this then you should vote for brexit. This is a very interesting nuanced game plan. Lets get straight to the bloomberg first word news with nejra cehic. Four new polls indicate the u. K. Is on a path to leave the european union. Has the leave faction ahead by as much as seven points. Bri ....
There. The cac in france down by close to 1 . In italy the ftse was down by 2. 19 . The dax is off by just ov over. 60 . Also, well check out crude oil prices today. Crude oil after a big rebound you can see is down by 1. 25 . Wti for july, that is a new contract, is now trading at 47. 81. Okay. We have a big top story to talk about this morning. A potential deal, jer m bayer o a deal valued at 62 billion to buy monsanto. Lets talk to bayers ceo about th this, werner baumann, your decision came about how . Monsanto received a private offer from us. It was out in the open and we want to explain to the public and to shareholders what the content of the offer is and why it is so attractive to shareholders. Should we be taking your public stance as one where there are private negotiations are taking place, or should we take you going public to educate the public on what is going on and to put pressure on monsanto . Well, we are early days at this point in time. And we have submitted our of ....