two years away from that greece was when it had its crisis and then europe is totally broken hopelessly just spain just pulls another record out in instead the highest that accumulation of addition in one hundred years italy is out of control there isn't any improvement in the economic side and so nothing is under control that's not a currency war or they did the basement in order to reduce the debt burden in real terms rethink money printing is going to continue on the massive scale and we don't think that those currencies the dollar the euro the yen and stone actually for that matter and to some extent the global currency is across the board to say stall value anymore because of that ok edward do you jump in on this ok i mean people are talking about a new bubble here i mean i got to tell you there's an old. well i mean there's an old line you know when writing a dead horse dismount and in the united states we continue to print this money and let's not forget the united states is the largest economy in the world if you take

the number two three and four which is china germany japan and adam together they add up to the size of the u.s. economy so as the u.s. economy goes goes the rest of the world we just know that to be a fact in the united states is absolutely just i don't know money and having a lot of signs and you don't understand how for china it is martin go ahead go ahead finish your point ok but you're going to have the same time as the size of the economy ok all right ed then we'll go back to martin well the facts are that that's what it is i just want to say sorry. again i just want to say we just got the news that china eclipsed the u.s. in trade so if you're looking at the total number of export on imports of goods in the united states last year that was three point eight two trillion china right eight seven trillion and if you're looking at the g.d.p. that this is too conscious when you look at the nominal g.d.p. but you need to look at the purchasing power adjusted g.d.p. that really reflects the real size of the economy because on that basis. renminbi

is actually still undervalued and so china and many many rick i am sure that's not what i was saying it was that was you guys are us on a me ok i want to go jump in are you i mean are you worried about currency wars in a bubble theory go ahead i know in general i'm not worried about she was i am not worried about put to action as by and large being kept in check i also think that one day maybe some years down to goad we may have to worry about a big bubble again because of all the money that's being printed but we are not yet in a new bubble economy however i am very we're definitely we're jolly and travelling and that record it there's no question about it. and we are probably travelling in the direction of a bubble i agree but we're not i don't see me

a bubble yet i am however what he does martin is particularly with the european situation i think do you a crisis which but a dog the fact that there isn't enough of a currency war in europe in the fall in the sense that these countries can no longer. individual currencies they cannot change the exchange rate and that is a very important gleeson d.-u. a crisis that is persisting and indeed potentially deepening martin and it's are too much liquidity out there i mean i need to throw in the right and go first go ahead and at this point go ahead ed. i believe the entire world is in stagflation i mean we have lots of printing of money we all know that the cost of goods or our you know the prices going up from dramatically in the united states they do all

horrible job of measuring the cost of living increase they have the c.p.i. number that's manipulated has been since the early one nine hundred eighty s. and we have very high unemployment around the world as you just said we have it in europe and it's not getting any better quite frankly it's getting worse and you know the question isn't so much protectionism it isn't. so much as you said in europe you know currency war we just see printing of money devaluing of all currencies you see venezuela devaluing their currencies will probably start to see other countries raise out of there are good and we're not raising them or don't need to do a one eighty that's martin got an exactly right that we're after them right now and we need to do a one eighty yet. yeah and i absolutely agree this add on on a few major things here that we have stopped for asian and you know that i mean obviously there's money predation of the inflation rate in the united states and in europe you know probably to some extent around the world but i don't agree and i think this you know maybe not looking much beyond the u.s.

hero and europe to asia i mean it's not true that you have the high unemployment rate around the world asia is actually booming right now maybe you haven't noticed but actually in china the effect there is going to get enough go up because you know many many of the workers on returning right now from from chinese new new u.s. holiday to the factories in the south they're finding work as well there's actually a very low unemployment rate in china right now and in many other asian countries so not everybody is tried the same and another interesting point on this or that i would note is that china and russia are so they have actually been massively buying gold recently and i think they're very much preparing for this race for the bottom and render it happens that these western countries are totally debasing be it for crisis reason or for trying to stay competitive even if they less and less i anyway then when that happens maybe china and russia they're ready to implement a gold standard who knows or china or say well if you trade in our own conti's i would make the revenue be one of the new reserve currencies they may be very very

ready and prepared for it but to western countries haven't realized and haven't prepared for they have been to some extent still selling their gold only now drummy starts to wake up very slowly to take some gold beg that they're stored at the fed which may not even be there but it but then give them seven years you know why they should all take the gold immediately you know you bunch wouldn't go storage in the united states or the u.k. but we do you think there's a race to the bottom. i look i think all the. monetary expansion is motivated by trying to establish a semblance of growth in the india advanced economies that have been very badly hit by the financial crisis i don't think they sing with each other in any meaningful way trying to do the economies i think they're printing money to. to my chance to idea well

well they kind of land out of options right now because. their government that is is high they can only do so much more fiscal stimulus they have to actually cut back on government spending in order to get the government accounts back into balance unfortunately to central banks have been left as and particular so he knew it had been left as the only game in town and they are doing what they can how does i go not having us to think that what you're doing is now particularly effective way wait wait i don't think what they're doing now is particularly effective at the same time i don't think they're gracing with each other in any significant way and i think that. at least in the case of the united states you're seeing the

private sector in the act you're seeing a good tool improvement of the economy a much more worried about the european situation where you have been go ahead and go ahead we're do you see an improvement in the united states what do you see that and also do you think a monetary policy is going to get you anywhere while you have to balance sheets of every country and the printing of money is destroying it is doing the complete opposite of what you wanted to do. go ahead well do you noticed united states economy is definitely on an improving bad housing sector is coming back and name a name or i would. put the housing sector because as you know most of the housing consumer confit consumer confidence is not a measure of economic activity look a lot a lot a lot of the problem with i now or has been since the financial crisis is the absence of confidence and overly leverage households and

corporations not corporations so much households and banks. these situations are slowly getting better the united states has the flexibility you're listen i you know i was going to have to tell you is helping a little bit that's just not true what you're saying. yeah you look i live here i live and breathe this every day i'm here you know i say why and what you just said is just not true all right gentlemen i mean i hear they have been here to believe you know how your story framed we'll continue our discussion after that show purple continue our discussion on the printing press stay with r.t. . the only thing we can.

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all things are considered i'm. discussing currencies and bubbles. martin how worried are the chinese about this printing press ok and their future. well there are quite warry it which is you know one of the reasons probably why they're buying a lot of gold actually there's an interesting cable that you can find on the internet which was released by vicki leaks that's a cable from the u.s. embassy in beijing to the headquarters in washington from the twenty eighth of april two thousand and nine and just want to briefly read that. one quote here read this quote from the chinese boat news john saying the u.s. and europe have all of us suppress the rising price of war that intends to rekindle its function as an international reserve currency and don't want to see other

countries turning to gold instead of the dollar and the euro therefore suppressing the price of oil is very beneficial for the us in maintaining the dollars role as international reserve currency but in china and once to increase gold reserves and then also ones that will support the remnant be internationalization so china is really working behind the scenes quite a few variously to try and make the remnant be a support the revenue be this gold backing to make it more acceptable to to the word and be ready of and then the dollar or maybe even the u.s. loses control of the dollar inflation problem saw now obviously very void in terms of whether right now the u.s. dollar is unfairly value low against the remnant be you know that's very questionable also if they get now why you'd lower than the remedy not really on the purchasing power basis so i don't think either that japan has done something on fairly recently but but as a whole a good friend would he be facing there in concert tonight with bridge there in competition to print right now with the americans. yes we are in right now in

a studio just get going to jump in. peter peter. peter i want to say that just the other you know not too long ago they came out the fed and said guess what we're probably going to curtail our printing of money out of thin air because it's not having any effect so when is the world going to realize the printing of money devalues the currency destroys balance sheets and all these countries and everyone needs to take austerity measures cut taxes and stimulate their economy that way because europe it is a work and it isn't working in the united states it isn't going to work in other places like japan and we're going to continue this until somebody stands up and says time out it's over stop doing it and the idea that you can continue to try to tell people it's going to work i can tell you i look like brad pitt who's a movie star here in the united states but it isn't true i can tell you that we're going to continue to print money things are going to get better it isn't true it's

not going to work can printing money help ok in this day and age now five years after the fact look look i don't want to i don't want to come first of all i wanted to tell the head that i am indeed united states i am in washington d.c. that's where i live and that's where i'm talking from just he should know that the the. i'm not a great fan i'm not a great fan of this big monetary expansion that's happening at the same time i don't think you should exaggerate its impact yet. we are seeing very little indication anywhere india advanced countries of the inflationary pressures and their quantitative easing and i think has had small impact small positive impact on short on long term interest rates. i think there are

a lot of problems associated with that but i don't think it's the disaster. that is. painting though there is some advantage that as well as i have to respond as an employee. activism ok ed go ahead ok i'm still looking for the for i'm still looking for the virtue to design a response because i hear people i hear people all the time talking about that we've seen no evidence of inflation we'll just look at your bills remember they manipulate how they calculate this and everyone who falls back on the idea that printing of money doesn't have a damaging effect is ignoring the fact that your bills are going up at a dramatic rate you see energy prices going up in russia thank you and we're saying that you ok because russia feels this and russia is very angry about it as well go ahead a day knew they should be angry the whole world should be angry you know the day the guy you know won over and that was dragging and said hey i know how you're going to fix your economy just start printing money we've actually the not let him

in he should never been allowed in to go go to europe because that idea is just another way to destroy the world economy and the idea that we don't see any inflation the united states is just prove your b.s. . martin how to fix it completely don't really early go ahead really respond at all barkley go ahead and. i think i think we have i think we have very moderate inflation in the united states. good arguments why inflation is understated there are also good arguments why inflation is. overstated for example quality improvements that are not adequately captured in the price index and other reasons but if i had a large inflation is under control and whoever you talk to who independent experts very very knowledgeable people will come. will confirm that

fact so we are not yet in in a financial bubble not know yet not yet not yet still a fairly hearing which we are not yet. we are not yet in that situation i am was it about it i am again one assumes a i am not saying that this is the best of all worlds it's possible that a year from now or two years from now we will be seeing the manifestations of inflation and of a financial bubble and then the central banks will be under a lot of pressure to tighten quickly and we could have a major problem on our hands but i would not a central bank you know that actually maher is on you want to go to hong kong fair time i just say as i say it's wrong i mean the thing is generally i want a grievous exit on most things inflation is a real problem you know they don't need to basically because he's now and that doesn't make anybody rich printing money you know otherwise than bob it would be

raised by my germany at the time it would have bloomed you know it's just a lot of nonsense but but at the same time right now another thing i would just warn about what if the u.s. stopped printing because the u.s. is already basically broke they have got unfunded liabilities of over two hundred trillion you can google lawrence korb because calculations of all of this if they stop printing now they have a go broke because interest rates will start rise the debt actually immediately goes out of control so they really got only two choices right now default or print maybe default is going to be better than printing a lot of money i don't know but it's going to require quite a difficult call of to stop printing they are also quite doom sort of thing either way you wouldn't want to hold treasuries dollar and be very cautious on the day of the developed markets you know and accumulate goard and those countries that still look healthy and have less debt problems like a lot of the emerging markets economy china russia and so on jump in go ahead you agree or disagree with mark martin martin martin agree more i mean i did larry

cautley golf is a good friend of mine you're likely to go visit a good friend of mine and and i class and a former classmate however i completely disagree with. is to hand it to you and calculation it is a huge exaggeration of what is going on the united states does have a fish. it needs to collect is fiscal while mommy needs to lay taxes cut expenditures but this can be done with home on a major client goodness i know i get all that here live raises can have done over the period of five to ten is it is a manageable problem it is a manageable problem. go go you know what let me let me point this out to you we have runaway unemployment the words really closer to about fifteen percent in this country we have rising prices i don't care what you see in terms of what you look at look at the top five hundred items people spend money on i actually have my own index called the chaplet index that measures exactly the price appreciation and

your prices go up about ten percent you're down in washington your cost of living increase from last year to this year is close to ten percent for the items just look at your beef prices i can go on and on and on without all your adjustments in addition to that you have your very slow economic commie actually you have contractions so i just don't see what you're seeing and maybe you and i could have a conversation and you can convince me but the idea of raising taxes will not do anything your idea is raise taxes print money and somehow we're going to solve the world's problems in england a happen or a go ahead fair time go ahead. again i'm not a great fan of printing money they may be doing too much of it i don't think that is equivalent to. as you saying. but they've seen taxes and cutting spending chinook does what you need to do when you have

a big budget deficit you're not going to fix the budget deficit and one expenditure is just not realistic. martin you just know i do yell and bend around only subtly what do you tell investors martin. i mean you know this solution for the best in countries as awful people living there leave if you could only for russia investors should also leave you now maybe they have few investment opportunities but out that much you know competition would leave go to other countries and people have back and they're lying there are problems out of control or there is no easy fix and you know even john clarke wrong because it pm and the head of the euro group he was quoted in may two thousand and eleven a saying when it become serious you have to lie said don't believe them don't believe if you train even if they fix it's not you know they're really screwed and i'm going to give you the last word of the program go well for everyone watching around the world listen to me listen to martin and yuri you seem like

a nice man but i'll tell you your policies and your ideas that everything's ok and things are just going to get better so it's not going to happen until we change the way we approach things the whole world is relying on the united states and other countries that are printing money to stop and try to find another way to fix their fiscal house ok well i don't think that's going to happen any time soon we're out of time gentlemen many thanks today to my guest in new york in washington and in hong kong and thanks to our viewers for watching us here are see you next time and remember. the only reason the world. is.

there's an old urban legend that says that the u.s. army stopped using circular targets for rifle practice because the soldiers would be hesitant to shoot people on the battlefield the logic is that if you practice shooting something that looks like an enemy soldier you'll be desensitized about killing real enemy soldiers so again the logic is to practice shooting at what you want to kill so you won't hesitate and speaking of not hesitating the law enforcement targets incorporated has created a special line of paper targets for police called new more hesitation so it's on these targets well maybe mexican drug cartel members or l.a. street gangs nope children and pregnant women yeah law enforcement targets offers a product to desensitize police from hesitating to blow away women carrying the unborn and innocent children and you know it's even sicker than that i bet law enforcement agencies are probably buying these things up by the thousands but

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