the rebound comes almost just two days after gold fell to its lowest price in six weeks the drop followed an accidental large sell off the order of eighteen thousand five hundred lots of gold which equals one point eight five million ounces it was quickly bought back but not enough time to prevent some market movement. one of the factors that led to gold dropping so drastically was the speech federal reserve chair janet yellen gave tuesday while in london she said we may not see another economic crash like we saw in two thousand and eight in her lifetime and beyond check it out which i see you will never ever be in those or financial crisis you know probably would be going to four but i do think we're much safer and i hope to do it will not be in our lifetimes and i don't believe it will be. my guest

says that is outrageous he says there is no excuse for janet yellen so called complacency thieve head of economics history and politics that kingston university joins me now thieve good to see again what do you make of that statement. i just can't believe it i mean that is so delusional. is simply going back to saying before the cross as i said no crosses could occur. the only explanation i have for across this was a huge exultation a shock something from outside the economy like thing struck by media from new york or really really bad luck and just bad sort of economic numbers absolutely and i will explain and then offer the cross' janet yellen spoke at the harman minsky conference in two thousand and nine on raids very very superficially a type of buy minsky where the argument is that these two crosses

a systemic ten years later a coming up to the tenth anniversary of the crosses and the only exit explanation for those beliefs is she still thinks it's going to shocks she is going to be on the maybe from the loft she has still no idea of what the cross is it could and that advice is just like a criticism fortunately she's completely the wrong person to be managing the federal reserve wow harsh harsh decisions they're not unheard of though a lot of people are reacting very harshly to those statements made by us for their take a listen to what he said about effects on the little guy. do you think that your leaders should think about the burdens that they are imposing on those who are regulated and we hear consistently in the united states that especially for smaller banks for community banks now they're not subject to the same regulation that systemic firms are but in general good looking for ways to reduce regular touring

burden but without any way compromising stress testing capital liquidity requirements that have done a lot to make the system safer what do you think of her saying that the effect on the little guys should be lessened with the regulation relative to the big banks you know she seems like she's talking about some sort of a deregulation there what do you make of that. you know possibly i mean again this is the insanity of going from plea homogenised as well as to the regulated financial sector because if you cost your mind back before ronald reagan abolished the sidings and loans will made it possible for citing the laws to be done by people who weren't in the local community might then made it possible for them to lend not just for housing the thought of the speculative activities as well if you had a diversified ecosystem of banks now that diversified ecosystem you do not need to worry about whether the regulations on the big guys affect the regulations on the

little guys because they're two different systems now that they've abolished all that stuff in the belief that would give them greater efficiency and it actually simply gave a greater capacity for those big banks to be for editors and take over the small ones and then become distance from the communities and make decisions by on point scoring rather than actually knowing who was a good credit risk and who wasn't it's it's set us up for another process and yet what is she doing saying we'll go to reduce the regulations let's flip a little gauze get away saudia will have to reduce some of the big oz's well it's far from. guaranteeing we won't have another cross is good behavior is setting up the possibilities of one well a president donald trump has talked about ripping down regulations yellen says that she's got an ok working relationship with treasury secretary steve notion but he is also talking about easing restrictions on big banks now facing when we talk about their trading operations do you think this is going to go over

well i mean what do you think the reception of this is going to be when it comes down to sort of the brass tax and janet yellen the federal reserve and this as this argument goes on. well i don't see having much capacity to resist from wanting to be regulated for them so i think we're going to see a return to the kind of capacity for the banking sector to do what bill black describes so well which is the best way to rob a bank is to one one and this is just going to free up fifty yet mole. frankly illegal what should be illegal behavior by the lindas so it's i thought it was enough of a shambles with what's happened with my over here without needing to show that america can also you know when the shambles rise well let's talk about the o.e.c.d. back in august of two thousand and seven you say in a recent article there is no excuse for janet yellen for complacency and it you say according to the o.e.c.d.

back in august two thousand and seven the current economic situation is in many ways better than what we have experienced in years and then crash. coming right up in two thousand and eight do you think they've just lost their memories. well they they they they come with new across italy comic theory if you stick with that theory you can't remember anything it's all about equilibrium the system returns to recall agreement after him on a shock value even offer a major shock it just takes longer and they think well they've got processor shock now. so they can forget about what happened back in two thousand and eight and they see that as being a huge external shock the also another huge one but trivial in the future this is a model which which rules out memory would mean. that capitalism is driven by a credit driven by debts as you accumulate more debt than a traditional boom makes it more locked are you going to have a crunch that's what happened back in two thousand and eight is why when godley and

i both independently predicted the process by stanley dynamics of private debt we're looking at yellen has no idea of that and this is what's so dangerous she is going to now try to put up interest rates believing that back in a normal period again and then she puts the right side up with the level of private debt that's there people are going to go from borrowing money to replying get one small going to go back in to do leveraging and she'll be forced to change direction and she will have as little a clue as what's happening has been one key and greenspan had back on the crosses for. what i think you point out with this sort of a complacency both personally and and with the system as you say as you said they had the concept that capitalism is inherently stable the financial sector can be ignored and that the great depression was in it and normally and that it was just some sort of you know. shock bad government policy point to whatever you want to but it wasn't no one could see it coming what do you what do you say to that

sort of the great depression was an anomaly thing because there's a lot of economists that are saying something could be coming. here something is coming it won't be happening in america in the u.k. so much will happen initially in china canada australia south korea and all belgium sweden a few other countries which borrowed their wife through the profit through the cross with more profit falling on them and causing credit growth when the other economies were collapsing but you know ins she's very appropriately managing a zombie economy the america. american economy is never going to revolve again in the why did back in the not in. because of the overhang of debt which is what taught the japanese up all this stuff is predictable the only way the only way you cannot predict this if you believe mines to make anomic theory and this is the best evidence of had for a long time that we should get rid of my instrument can all mix because if it leads people in managerial positions like elam's to believe that one big across is coming

she will be totally unprepared when the american economy starts to go backwards courtesy for putting up interest rates and causing another delay verging chill certain to be unprepared when countries like australia canada china and send career and so on suffering financial crises that cascades through the american banking system right so are we seeing a pattern by the fed of not really considering the global community even you know bret's it at things like that as you say the u.k. and the united states may be buffered from some sort of another great depression but really taking into consideration the global community and other financial systems kind of you know falling apart. i mean even the on the whole front the on the or there won't be a financial process what happens if the euro falls on the odds of the euro surviving to twenty twenty two i think is approaching zero if the italians turn believe in the next two years the french will in five years time of macross

probably sees done turn the economy around the new policies are a continuation of the lions and many wise so they want to on the economy around the vote to get rid of the euro will be overwhelming with the euro falls i think there might be a small financial process going to the city of that how on earth can she actually say that statement in a world where one of the major currency systems is so obviously french all well it's going to be really quick i do want to talk about you know you and i have talked about this many times the bounce back that occurred and people step on the backs of boats go through it in the months down the road the economy's going to crash we're going to face a massive crime. since you said that didn't happen the u.k. is going to bounce back pretty well i just want to get your take on that right now as we're going through the process of these after the you know snap elections we're going through the negotiations now what your take down the road on the resiliency or the lack of it regarding bracks it. you know i was one of the ones who didn't think much of the big much of

a big deal certainly when it first happened because momentum would continue people would be buying the milk the next morning they'd be doing all the things they usually do that the panic about bricks it was all because my instrument called i must believe everything is driven by special laws and so if you do anything in reverse especially the world will end tomorrow well that clearly didn't what's happened since then of course has been a substantial devaluation of the pound ending this the surplus stock that the conservatives had in the first place which they feel means a stock slide stimulus coming to the economy that's why so it's it's all doing rather well if you will but i'm sure they're going to mismanage the negotiations have already rolled over backwards about seinfeld discuss the terms of the problem and for the divorce settlement before they say who takes the furniture and who talks right it's exactly they won't do it in tandem thank you so much steve king head of economic history in politics the kingston university. time now for a quick break think around when we get back to cuba and western digital are in a fight over memory without

a break here are the numbers. all in stone calling all the going to deal home. we're going to be your hopes for the two thousand and seventeen confederations cup rolling. we're going to be visiting the host cities or. moscow. cool cool so i think pretty much covering every topic the fans need to know about the head of the match so don't forget. it's going to be full of. fix travel destinations must be nice to live for.

tourists disrupt the city's economic and social life. for us on this. sun us. as we. try not to collapse. of. the will probably go up on the coffee cup at home in the bushes up the on saabs knock up the supposed to mean a. lot of. people feel.

if she's old enough to post this is a drop in. the law. that will make. you believe though so those of you that do. you know much. actually the most the duke somebody who took a barbecue what about the drug. dealers i don't know that might come up in a bottle or do something but they said ok so. what do you investigate police officers behavior as well. i'll

take drugs in the west end up in presence here. only people as you call. that giant of asian online retail ali baba is said to invest one billion dollars in e-commerce company atlas ata the value of the deal between the chinese e-commerce leader with the think of poor pay startup is around three point one five billion dollars it was not a group operate sites in southeast asian countries such as indonesia malaysia the philippines singapore and thailand this will speed up ali baba's future drive into the asian market taking its stake in lives out of from fifty one percent all the way up to eighty the takeover of e-commerce from brick and mortar to stores online

has a lot on payments infrastructure and transport of good. which lays out a relatively lax this particular geographic location is among the fastest growing of this internet sector e-commerce preferences for shoppers is only around three percent currently but at six hundred thousand inhabitants are warming to that idea control of this fast growing startup which is basically a gateway to south southeast asian expansion makes it ali baba's largest overseas move to date. and it's a feud over memory japanese electronics and energy giant toshiba is suing its joint venture partner western digital all over the u.s. companies positioned to plan to sell toshiba's memory chip units to a set in a statement that it was seeking a permanent injunction and one point one billion dollars in damages for what it called interference in the effort to sell to sheeba memory corp financially to sheeba memory corp chips rather financially strapped needs the cash from selling

its memory unit to survive but western digital content its japanese partner has no right to sell the memory chip unit without his consent to sheba is already in big trouble losses have mounted in recent years and its u.s. nuclear unit westinghouse filed for bankruptcy protection in march in two thousand and fifteen toshiba acknowledged it had been systematically falsifying its books into two thousand and eight to meet overly ambitious targets. and many conservatives in america will tell you that our neighbor to the north canada is soft it's a country that prides itself on liberal values universal health care and immigration policies that welcome refugees instead of turning them away one of us conservative however seems to think canada has some things right when it comes to immigration you may be surprised to hear that man is president donald trump with more on this artist allison highlights joins us from toronto alex trump talks about building the

wall deporting people and what does that have to do with canadian immigration policies though. also interesting if you listened to president donald trump on a couple of occasions including that state of the union address now just last week in iowa he's talking about mimicking the canadian system of immigration i'm going to call for a quote from him he wants a total rewrite of our immigration system into a merit based system and guess what canada has a merit based system we allow a lot of immigrants into this country a record last year of three hundred twenty thousand you know it sounds huge or maybe it's different the year before when the conservatives were here but it's not that's always been around for the past few years at least two hundred fifty thousand and up so we see a lot of people coming into this country but guess what these are educated people these are people with university diplomas people who can speak english people that become a part of the system quite quickly become business owners buy homes and that really

works for canada so if you ask canadians it's a popular thing to do and actually i have some numbers here which is interesting in a recent poll says that eighty two percent of canadians think that immigration has a positive impact on our economy two thirds see multiculturalism you guys are a melting pot we say we're multiculturalism they see it as a positive thing here in this country and if you look at the states more than twenty percent of canadians here are foreign born that's almost twice as much as the states including your illegal immigrants so we're ok with that and it seems to be working for economy some would say talent poaching you call it a merit based system doesn't sound too bad for the country though president trump dorson the canadian system that is not about a popularity contest as it. no because the system is quite ruthless it's a nine point plan that we let people in on they have to fulfill not employed so this is a vast majority of people since the one nine hundred sixty s. they come into this country they have to fill fill these nine qualifications is such as canada new zealand have something very similar sure other countries do but

what things that we ignore which is really important really important when you look at break it down is race religion ethnicity and we look at their age education their job skills their language abilities so when we let people in here we want them to be able to work i mean i've talked to cab drivers in the city and i actually met a guy who was a parking attendant years ago so when the war was going on in the balkans and bosnia guys moved to canada he was sitting in a little cubicle in back of a parking lot with at this ancient computer the guys tapping away for three years guess what he was a computer engineer two years later he disappeared i bumped into a park is working for one of the biggest banks in canada that's the type of people that we let into this country and that's what donald trump is saying they as a pretty united states and educated population and educated immigrant population instead of what's happening now which is more reunification of families that's what your system is based on more so then who these people are so when you have that

pretty much letting in anyone just as long as they have somebody in your country that is a relative so this system it would probably work well for you in the u.s. as well you can call it poaching or brain drain from other nations you call whatever you like it or not and i always really well for our economy i'm not saying it's that i think it works well for a lot of economies i don't think we can get away with that socially i think canada can play the nice guy card that altered out there you know i know that but we could never get away with that if it is really as you can't even now you don't have to be the nice guys just do it we don't have the problem that here sixty's that much allison highlights from toronto thank you. nearly a decade on some of the hundreds of victims of bernie made off ponzi scheme are finally seeing some justice the slew of new settlements bring the total amount of recovered funds to nearly twelve billion dollars for she is here to fill us in on

this bianca the question everyone's mind how much money is left to reclaim here so investigators believe at this point in time that made up was able to swindle about twenty billion dollars over the scope of the entire scandal so based on what we learned this week it shows that they have made some progress but still have a long way to go right around the time of the two thousand a recession wall street was dealt another major blow with the bernie madoff investment scandal and it's taken nearly ten years of the billions of dollars lost to be recovered on tuesday investigators announced that more than twenty three million dollars in assets from made off sons of states had finally been retrieved his children mark and andrew worked for him and made off investment securities and during the investigation they claimed they didn't know of their father's fraudulent scam both sons have died since her father sentencing their representatives have maintained their claims of innocence the bigger settlement this week came from to

offer funds that invested in made off from good investment ltd which is based in the british virgin islands will be coughing up two hundred forty million dollars and thema fund ltd based in bermuda will fork over one hundred thirty million dollars in a statement steven hardback president and c.e.o. of the securities investor protection corporation said we're covering funds from offshore defendants is always challenging the settlements announced today represent significant accomplished accomplishments by the super trustee and his legal team we looked. forward to additional distributions to the victims of the fraud in the near future of the eleven point six billion dollars recovered journal equation nine billion of it has been distributed to the victims meanwhile made off himself is currently serving his one hundred fifty year prison sentence in north carolina. god i would met bianca it's not hard to imagine this guy could hide it from his family

look at how many people he hid from who were close to him as well and for so long i'm just saying you have to you have to consider that even though people want to claim they didn't know what talk about these sums further does this totally technically clear them of any alleged involvement alternately yes in the beginning prosecutors did not believe that they were innocent they have course maintained their innocence throughout the entire night and they said they had no idea what their father was doing but prosecutors said allege that they owed up to over one hundred fifty million dollars to investors but of course both sons had passed away the first in two thousand and. in two thousand and fourteen so they went after their estates instead so now that they have settled for twenty three million dollars they can move beyond the sons now and both estates were actually left with a few million dollars in total so it's very different than the one hundred fifty million prosecutors initially thought they would be retrieving from them but in the grand scheme of things you know the sons of states have been you know pushed aside not going to have as much as these offshore guys anyway even though twenty billion

seems like a drop that hundreds of million these offshore funds are having to give as a drop in the bucket what about these how exactly did they get them to contribute it's a sticky process to get that done yeah the easiest way to think of it is that they were just feeder funds to made off farms but they of course and tell their clients that they were using these funds on so now that they have finally reached a settlement they'll be able to repay a cent for their clients money that they were using when they were involved and made off grand scheme so many years later we've only got upwards of twelve we've got to get along with one minimum thank you so much for shooting. well god save the queen queen elizabeth the second has ruled the u.k. since one nine hundred fifty two she's a veteran at her job her family bringing lots of tourism and licensing dollars to ny kingdom but she's up for a raise and some of her subjects aren't to have. about that the queen receives what's called the sovereign grant a set payment given to the royal family this year is grant but increased by eight

percent to over eighty two million pounds the money comes from u.k. taxpayers but is based on the profits of the crown of state a real estate business that oversees properties held by the crown now keep in my this isn't just for the queen the money goes toward staff salaries travel expenses and massive renovations on places like buckingham palace the timing though may be bad as it comes on the heels of a heightened time very public staring measures and unemployment. that's all for now for more of all from all of us here by bus thanks for watching say next time. the economic development is. really important this quarter we. are in six points.

but what do we know about the other figures. that are seen. over twenty million dollars last year more than one thousand times the average wal-mart associate. with all due respect. i have to say i don't think that's right. people went from pretty simple financial lives. to the point now where people are. just totally submerged in their financial accounts and they're all in debt and what exactly society. try to do. if you think it's worse. i say this is not how complex and work this is our

comparable ism goes hopelessly dishonest recently room. what politicians do something. to put themselves on the line to get accepted or rejected. so when you want to be president and. want to be rich. to going to be press that's what before three in the morning can't be good. i'm interested always in the waters of. course should. not only have an opiate crisis in america killing thousands of people every month or so you've got people walking around no two no t.v. trying to. remember and america. i mean. it's quite shocking but it saves a pharmaceutical because one of the executives can pay themselves huge bonuses executive bonuses are what matter not people's health get that much and they go

there's a slightly different approach to people's well being they think health care is maybe part of the package of human rights and of course they're right about that but their culture is richer it's deep. sad bad weather. and you know. i mean a lot of. our own so to poland time is alleged to be back tomorrow so it's all good well it's all going to be. there with. all of the. poor and the people here.

boss alone the dubrovnik venice are all fixed travel destinations so it must be nice to live or is it. crowds of tourists disrupt the city's economic and social life in them and hopefully before us on this and. all such as the. sun was by him sometime this evening as we know as minor leagues. while the city's tried desperately not to collapse. the profit of. the supper will probably go up on the coffee cup at home in the bushes up the on sobs and the supposed to mean a. lot. as

a tourist phobia will fill in town identity. a pretext for intervention russia's foreign ministry. claims that the assad government is planning a chemical attack in syria it believes the us could just be looking for an excuse to deepen its military involvement there. also coming off a political commentator for c.n.n. is caught on camera ridiculing the channel's russia coverage to the controversy the network's facing up to its news content. but what do you think's going to happen this week with all russia. being to keep up with. the european commission say they could leave the e.u. with a deficit up.