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Will not give greece any bailout cash until the country makes more cuts. meantime, spain also now struggling with its own wave of austerity protests, demonstrators angry over high unemployment. a bleak economic outlook. and leaders they consider inein or block. sound familiar? back at home, a new report predicts it could be another decade before america sees jobs returned to '08 levels in 50 different cities. hardest hit, cleveland, day ton, ohio, reno, nevada, atlanta city. so at the critical moment not just for america but for the world, what is the best course of action? joining us, two of ...

Professor of the university of maryland and widely followed economist. let's start with greece. shall we, peter, you say the only way to solve this is with greece. not the only way, but the best way is for greece to leave the eurozone, write down the debt and cut the spending. we had jim rogers on the show last week saying, listen, it's time to wake up. cut your spending. we seem to be cutting spending part, but i haven't seen much in the way of the banks taking hair cuts. >> haven't seen that much at all. they've been lending the greeks money hoping down the road they can pay the debts. it's ...

Going to be tough. i can only urge the leaders of the situation over there to really look at the human costs, what peter was stressing is exactly right. and to put that -- put that to bed as quickly as possible. >> there's an interesting dynamic at play where it's playing out where it's the germans and the french that are basically the wealthy nations, poorer nations, not just greece, though greece is in the headlines. you alluded to this in your submissive this morning saying it's perfectly acceptable for new yorkers and texas to have their taxes taken to pay for the people in mississippi and...

Their private debts. the mortgages they owe. but yet the wages get cut and cut. they're going to lose their houses as well as the greek parthenon is over. >> your thoughts. not just peters but rogers and others, wake up and smell the coffee. you need to write down on this debt on a sovereign level and housing level and cut spending. until we do both, it's going to be a more misery. >> the interesting thing, dylan, peter, it's going to be a consensus view now. certainly recognizing as a solvency problem versus a liquidity one. it's as if you're on a ship with a bunch of holes in it and you keep...

Might have with someone like jim rogers or peter or yourself about spending cuts and writedowns, hair cuts. how far is this conversation away from the conversation that is happening inside the political circles and banking circles overseas and domestically as far as you know? >> it's quite close. i mean, it's not like -- i just heard a greek official this morning talking about many of the elements we're touching on in our conversation. i think as we said earlier, a lot of what's at issue now is power dynamics, whether the banks in europe are going to be willing to take the necessary writedowns...