Jim O'Neill: 'Emerging Markets' Term Is Ridiculous

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March 12 (Bloomberg) -- Former Goldman Sachs Asset Management Chairman Jim O’Neill and Eurasia Group Director of Russia and Emerging Markets Strategy Alex Kliment discuss emerging markets and currencies on Bloomberg Television's "Bloomberg Surveillance.” (Source: Bloomberg)

Jim o'neill, former chair of goldman sachs asset management, bloomberg view call missed, our guest for the hour.

Why are we so assessed with classifying a country as the developed world -- i have no idea.

Is greece emerging-market?

Some people might say that certain cities in the u.k. are merging our kids.

It is kind of riddick ash are emerging markets -- some people might say that certain cities in the u.k. are emerging markets.

It is ridiculous.

Alex kliment, you nailed of the weaker yen.

Still so annoyed i did not make more money out of it.

Terrible but where do we go from here?

How badly does japan need a mono -- 120 yen?

By the standards of for exchange, that part of it is pretty straightforward.

For me it is kind of up and down.

I can't see the japanese pulling off -- they can't manage the yen weaker.

The consequences for others get worse.

The deflation elsewhere is on the rise, on top of the other things in china.

Chinese reported inflation is slowing sharply.

I don't dismiss the possibility that among the reasons -- it reminds me of 1997, 1998. you let this yen keep weakening, guys.

Let's pick up on china because there is no threat of another corporate default looming.

People are wondering how the government will take this and let the company stand on its own.

The underlying messages that could china is deliberately trying to move to a new, better, open china.

Which means bankruptcy may be part of that path.

Of course it is.

The skeletons that come out -- they will judge it on the basis as we go.

China is changing a lot.

The losers of the old china are big.

Many commodities, for example.

I want to keep this conversation going as we shift to the drama we will see other white house today.

You look at japan and the game theory of japan, the interdependency of china and all the trading world, we go over the independency -- interdependency and the game three of the g-0 world.

How will putin observe what will go on at the white house?

His teachers is to prevent ukraine from joining the political -- the sea -- does he acutely observant?

The russian government will respond on monday probably label coming crimea into the russian federation.

What will he do if the chinese say no, you should do that?

-- shouldn't do that?

They probably did that about south ossetia in 2008 good they are always supposed to separatism.

Most americans, including me, don't know where ossetia is on a map.

Georgia -- no, folks, not atlanta -- with what is going on in ukraine and crimea.

What is the key distinction?

Ukraine just matters to europe more.

Georgia didn't? well, it mattered less.

Jim o'neill, what is ukraine mean to nato?

I can't figure it out.

As it stands on itself, not a great deal.

But we talked about germany before.

Poland is important in this context.

2 years ago they shared a european football championship together, ukraine and poland in principle are very close.

And they are neighbors.

Did the two of you read fareed zakaria's "post-american world"? is it post europe world for ukraine?

What kind of foreign policy are we seeing?

Ukrainians hope that it is a pre-european world.

Western ukrainians.

But even in the east as well.

I think that is been overstated.

The situation is much more complex even in these.

-- in the east.

Which other countries in the world are looking to that as a model for what they will do next?

On other great contradiction of the whole thing, which is why the eu is so slow on all this stuff, why does the eu really want to embrace ukraine and not turkey?

Borchardt prime minister cameron do you -- what should prime minister cameron and do?

Try to have a good sleep.

These are difficult to lead on.

The germans have got to lead.

How should he follow germany and brussels?

As relates to the issues that the u.k. has gotten embroiled about, he needs to somehow avoid the emotion of some of the french political parties in the u.k. and concentrate -- french political parties in the u.k. and concentrate on -- do the tudor question -- twitter question.

Oh, no.

Don't say "oh, no," jim.

If it is a good one, i might steal it.

I love it!

Home run.


But this is a really important thing -- whatever you do to make your rent.

Thought it was manchester united for a minute.

And then it was on to egypt.

So much of it is a lack of gdp.

These tensions tie back to jim o'neill's economics.

It is changing expectations in changing societies.

We have seen unrest in markets over the past 2 years and not in situations of dire economic crisis.

What we're seeing is a societies that have changed fundamentally over the past 10 years.

It is a crisis of expectation -- absolutely.

That is one of the more

This text has been automatically generated. It may not be 100% accurate.


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