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To play by the rugby rules. but in fact, what is often happening is that countries like china, or korea, a number of countries, playing real american football. so when president obama for example, or governor romney talk about, we have to enforce the rules, everybody's got to play by the rules, the question i ask is the rules of which game? because if you are trying to enforce rugby rules and you play with a guy playing football, it is not going to work. >> clyde, let me ask you a question, it's rob cox. there's an assumption we are the good guys, playing by rules set forth by say wto. and tha...

A big element in international trade is the value of currencies. and you know, we spend years and hours and endless negotiations reducing tariffs by 5 or 10 or 15%. currency movements can be 20, 30% in a day. they can wipe out tariff negotiations overnight. the management of your currency to produce an indirect subsidy export is not at all covered in the know nebraska goeshations. the premises that all of the countries negotiating to not manage their currencies to subsidize their export. that is simply not the case. rs. >> jonathan, you want it take this in the golf or paddle tennis? >> i was ...

Manipulating currency and stealing intellectual property. >> free trade certainly a hot topic on the campaign trail. but all this talk about one set of rules has specialists fired pup. he didn't understand how trade can operate through one set of rules when there are different games being played. welcome, good to see you again. >> great to be here with you. >> i know you had a piece the other day talking about the kind of rugby rules or trade rugby going on with different sets of rules. i'm an rugby fan. what does that mean, exactly? >> well, rugby is an international game and it's a light gam...