banks especially the e.c. be in charge of the whole process they can just print that and one of the leading economists who's gone to cyprus to help out with the crisis says in european terms this is a rounding error these are tiny little money so it's not the case at all cyprus had to come up with the money if they wanted to. the european central bank or other european agencies could have easily found this money. choose not to and they're the big beneficiaries that's the key thing german businesses are the biggest beneficiaries in the world of the existence of the euro but unwilling to put their hands in their pockets to ensure its survival and with moves like this it's going to send a shockwave through savers through all the so-called peripheral europe in economies and that can't be good for the preservation of the euro from which german businesses benefit so much carries i do want to react to that do you agree or disagree with what we just heard. yeah i mean i agree with almost ninety percent of what's just

and divided commercial banks checkbook banking from gambling banking is that a correct analysis you see those like the aussie on the very rotten kike because you already had an enormous level of debt before that and this was just basically removing barriers to accumulation of yet mode it so if you go back to i think about . launching ninety two ninety three you had a debt bubble and small collapse back then and by ninety four and already five i think it reached about one hundred seventy five percent of g.d.p. your private debt level that's the same with so that it could at the start of the great depression so you'd already reached that level and then it when you hit about two hundred percent of g.d.p. that's when you stop to see the financial sector pulling some losers during the dot com bubble you know the whole thing i'm going to give you a look at the daughter and see when to the bubble really begin then you're talking what forward not in a teacher goes right back to them before you start saying the american economy is now so dominated by the financial sectors lending to finance

really happens when a bank fails. is the shareholders lose their money for obvious reasons and then in a legal order the different types of bond holder get burnt and then the case of the european banks it should next be the central bank and the e.c. the european central bank loses the money it's lent to the cypriot commercial banks on the no circumstances should it be the depositors who have entrusted the banks with in good faith with my so i mean let me how they why is it why would they go in with this variant then i mean if it's so unprecedented and so politically wrong morally wrong why are they going with it. as number of reasons but effectively because they can. the whole purpose the whole purpose of the bailouts in europe i mean one of the key things about the bailouts in the european union is that it's the countries themselves are not being by all dealt and i think it's really crucial to understand it's the creditors that are being bailed out it's the bondholders to the governments and the people in those count

volume in our bank. and our bank has very competitive rates.wo year cds in the 1% to 3% range. we've been very successful in raising those deposits. today we have about $3 billion of cash in our bank. so we have plenty of fire power to make loans. >> so that fire power is there for loans, not necessarily the earmarks for a deal or for anything else? >> that's correct. just in the fourth quarter of last year, we funded over 3 billion tl billion of new loans and leases. >> in terms of the credit healthiness out there, you think that the u.s. in terms of the customers who are actually doing that lending -- on the other side of those loans, how would you characterize the health of them? >> so we lend into the middle market. so we lend to middle market companies. those are the companies that really are the driver of the u.s. economy. and, where hyes, they're in ver shape. they're generally optimistic about their revenue outlook. they tend to have a lot of cash on their balance sheets. they are genuinely concerned about the health care costs, taxes,

banks bing? because our economy is the biggest and most successful in the world. >> rose: so you grew up in mariette, ohio, in a town of 14,000, your parent both worked? >> yes, yes. >> rose: yes? >> my mother started working raffles the kids -- it was work with eight kids and work after. >> rose: eight kids is working. >> keep me from getting me in trouble, i will see her this week. >> rose: you mailed your way to brown, ivy league school. >> yes. >> rose: why brown? >> number one my older brother got in there and it is the best school i could get into, and different from my kids when i took them to see 15 different schools and stuff, i never saw brown before i arrived there. >> rose: never been there. >> i applied -- >> rose: you knew your brother went there and -- >> >> rose: and a basketball team -- >> i was going to be a history major and it was the best school to get into and i went there, and -- so then you decided you wanted to go to law school and you went to -- my grandfather is a lawye

there's the corrupt banking bank stirs and then there's people who are trying to hold on to what they have and i think if i'm not mistaken a bomb went off a couple of days ago in cyprus look for more of those types of things happening because this is a bloody war well actually on twitter i was told by my greek followers that bombs go off all the time in greece this is. just starting in cyprus this is because it was the first one it became news but you also mention that people are going into gold silver and this is another thing we've heard for the last. at least four years since we've been doing this show is people say all the time well why would we buy gold when the government might confiscate it but the joke's on you buddy the gold and silver is still there meanwhile the confiscating your cash exactly yeah and you mentioned big coin i have to tell the viewers just a late breaking news the first time ever in the history of the world is that a hollywood movie is being financed entirely with bitcoin on the pirate my film side so you can go check on us called bail out to the sequel to b

into other areas just bank there's issues of crime on the islands bank that go beyond betting bank but include banking so you're going to be returning there after a period where you were not allowed to go now you're allowed to go back to jersey and you'll be following up on your investigative work and i just i just got off the phone this morning with a man who he with gags he actually he actually complained about having money stolen from him by people on the island bank charter this is the bankers i'd like to get gagged and beat this is this is this is another type of gag they're ok with gag against. as well and the only way that i love to say that there's never any crime on the island but that's because when they make a settlement they guy whoever they thought at the snap with one of them standard chartered robbed him of over a hundred thousand dollars and they gagged him in the final so he will never get to tell his story so standard charter's that's a name we don't hear often they're more there u.k. but now more asia active in asia so now there's another name to throw into the h.s.b

bailing out banks and i would i would move to independent competing currency said the banks of banks effectively banks are going to have a duopoly all money i would remove that and if the bank over leverage is itself and the bets go against it and the bank goes bust then the bank goes bust and that's the end of the story but as soon as you bear out the banks you're just creating zombies and all the other things we talked about have been i mean say that's why we have that's not a matter of regulation that's a matter of deregulation of anything else because regulation is protectionism effectively for the banks is extended as a matter of law and order their banks are regulated but they're not a bank the regulations whether you know they don't or regulations that's not the case or deregulation interesting existing ones in the process that we have would never happened that's right yeah ok so first of all i'm no one's gone to jail. and first of all why would i as i want supporting them why a quantitative easing something about to support the bond portfolio of a corrupt banking system so wh

advisors the bank stars who control their pensions and now the pension fund industry itself the banks who convinced american workers convince the government to allow their formerly previously good pension funds to be transferred to them they say oh that average is one hundred thousand dollars in these four a one k. but what the new school found was actually seventy five percent had less than thirty thousand dollars that's not going to get you probably more than six months retirement i know we saw a perfect example of that with the facebook i.p.o. as i predicted on the show facebook i.p.o. would drop by a lease fifty percent when it became a public company but most of those account holders would be passive pension account holders so they wonder at the end of the year why their pension accounts are down five or ten percent is because the pension managers bribed the banks on wall street like goldman give them cash in the form of research and then they take a pig like facebook stick it in the pension account and watch it drop fifty percent for the fees people want to hold while lost my mo

confiscate any amount at any level is a bank still a bank the entire banking industry is now changed. we should have been warned because remember during the m.f. global crisis the depositors to the account holders were made subordinate suddenly to the creditor j.p. morgan or jamie diamond completely in an illegal fashion that they broke the law they want to head of their customers and they certainly stole a billion dollars so that was really the warning shot wasn't that the game that the rules have changed that no deposit a safe anymore. i know the rules have changed you know the rules have been revealed you know they're probably always have been the same what is interesting is the fact that the banking system in the e.u. in the e.u. area is so fragile to begin with and anybody who came up with this idea obviously doesn't understand bank finance you know the most ubiquitous the most important and the most fleeting of all banking finance sources is the deposit because they can withdraw their money at this or they should be able to and that is the money that is the most feeding and at t

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that they would need a bank you have the confidence in their bank we can once a couple of the banks we can counter parties to their bank then pull their support out as it's nobody wants to face as a counter party if they think their banks primary funding source which are the plaza. we're going to run the positive down to run if you tell them i'm taking your money now what about the mainstream media for example you know you're in the blogosphere but you know but you've now emerging as the go to guy in the high tech space and i'll get to that a minute with your calls on apple and google and the rest and you've really emerged as one of the premiere tech analyst really in the country but what about the mainstream like a new york times for example aaron sorkin writing that what does it really matter that the money was stolen from depositors it's all good i mean aren't they just some just some degree also responsible for this the soft fascism i'm going to say something a lot of mainstream media guys are not going to like i mean they're reporters ok most importers. are not analytical by profe

tops the list for china's central bank chief.e's put off retirement to help oversee the economy. hello i'm yuko fukushima and this is "asia biz forecast." for many this past week the central focus was the central bank. the bank of japan welcomed a new chief and opened the door to a new era of monetary policy. haruhiko kuroda was sworn in wednesday as the new boj governor. he took over a day after masaaki shirakawa stepped down, kuroda bringing an end to more than a decade of inflation. prime minister shin bow abe it requires closer coordination between the government and the central bank as well as a boj chief willing to undertake bold monetary easing. by all accounts, kuroda is his man. >> translator: the japanese economy has been struggling with deflation for nearly 15 years. the greatest mission of the central bank is to end deflation and achieve the inflation target of 2% as soon as possible. >> cue row do da has said he believes the boj can achieve the target within two years and says he'll use every tool at his disposal to

from banking, have banks be deposit takers and banks make commercial loans in real estate, loans have banks do manager that is not going to risk the taxpayer's dollars that is not too big to fail, if they want to hedge let them do it in a way that will be market to market so they will never be hit, i am suggesting they may be broken up so that the taxpayer will never be at risk, the depositors won't be at risk, the leveragef the nks will b somethg reasonable, investment banks can do trading, that they are not subject to a voelkel rule that can make mistakes but they have something that clears every single night so they can be market to market, should investment banking and commercial banking as we know it be split? >> no and i think it is that simple, now the question is why. why not and it really comes down to the customer's demand it,. >> is a guy that created the idea but the customers demand it, outside of the united states the only model is what they call the universal banking model, the investmentanki, commercial banking together. so i think a lot of what sandy talked about are

european banks should next be the central bank and the european central bank loses the money it's lent to the supreme commercial banks on the no circumstances should it be the depositors' who trusted the banks with good faith with my so i mean let me go there why why were they going with this variant then i mean if it's so unprecedented and so politically wrong morally wrong why are they going with it. as number of reasons but effectively because they can. the whole purpose the whole purpose of the bailouts in europe but i mean one of the key things about the bailouts in the european union is that it's the countries themselves are not being by all dealt and i think it's really crucial to understand it's the creditors that are being bailed out bondholders to the governments and the people in those countries see none of this money and in fact they have austerity measures loaded on them which makes the economic situation worse in all cases it's about the preservation of some type of shareholder or bond holder or some other type of creditor and in this case the reason that they've been bur

hundred thousand euros or dollars in the bank it will be confiscated by these banks hers so instead of working to create jobs and create growth they're just going to try to avoid that scenario by working in the black market by joining the bank stars or by going by some other means also they're also cutting down the daily amount of money people can get out of the a.t.m. again that's a chokehold so here in britain for example they've gone from the aspiration nation to the asphyxiation nation so david cameron george osborne have their their hands around throats of these british people and saying we don't want you to have sixty we want to carry and people are saying ok they're going to work in the black market we're going to use bitcoin to save. we're going to buy gold and silver they wanted everything and everything to get around the corruption of cameron born in the euro zone the e.c.b. the fed j.p. morgan so it's a reward now they're going to be survivors there's going to be losers going to a lot of casualties are people going to die a financial. problem well i don't want to say it agai

bank. so what's the bottom line to all this eventually when cyprus is economy recovers a separate government will have a choice and they can choose to let their bankers go free and risk another financial meltdown like we have here in the united states chose to do or they could take the icelandic approach they can crack down on corruption in their financial industry they can prosecute and jail the people responsible for causing and then worsening the collapse and in fact profiting off. at the start of the two thousand and eight worldwide economic collapse iceland was in worse shape financially than just about every country in the world. at least the developed countries today iceland is home to one of the fastest growing economies in the world they got from here or there by throwing banks toure's in jail. hopefully cyprus will take a page out of the us line of playbook and start locking up their banks years and america should be thinking about doing the same thing too. and that's the way it i

the bank of cyprus, the good bank, and then the bad bank -- the bank of cyprus will survive, whereashe other will be wound up. deposit holders will have the money transferred to the bank of cyprus, savers with more than $130,000 in the other bank will face a one-off levies. this could be as much as 40%. this in turn will trigger -- -- will trigger a bailout from the international monetary fund and the eu or $13.5 billion. olihe last few minutes, rehn said a deal had to be reached. >> it has been yet another hard day's night, a long and winding road, but it was absolutely central that an agreement be reached tonight on of financial assistance program for cyprus. we now have such an agreement in place, which means that we can now work starting today to help the cyprus people to rebuild their economy. based on ant was institutions,ree the commission, the ec be, and the imf. the commission has been working hard for many months to facilitate a sustainable i recallto help cyprus i raised the issue of financial results -- assistance program novemberirst time in 2011 with the finance ministe

banks.top of that they put a federal reserve board that was supposed to do something centrally, but they couldn't decide who was to do what. i'll put it this way. we didn't have very many central bankers in this country in 1914. central banking was not a recognized profession. fearful that the united states was not a safe harbor, foreign investors withdrew their gold deposits from american banks. in a short time, $30 million went overseas. we asked dr. andrew brimmer, former member of the federal reserve, why gold alarmed the fed. dr. brimmer, in 1931, foreign investors were pulling their gold out of american banks. reserves were being depleted. what does that do to a bank? what does the reserve do to try to combat it? for the banking system as a whole, if there's a significant reduction in reserves, from whatever source, it has to cut back on loans and the extension of credit unless it can get some relief. only the federal reserve, acting as a central bank, can provide more relief. so, in 1

are the banks, banks too big to fail and too big to jail, are these monsters courting another disasterthat's what it looks like. as you no doubt heard last week, the senate permanent subcommittee on investigations issued a report an hauled in key executives from jpmorgan chase, the world's biggest derivative trader, demanding to know how the bank blew $6.2 billion in funny money. i mean, derivatives, and hid the losses with some fancy accounting tricks aimed at fooling both regulators and the public. senator carl evan, the chairman, bluntly summed up what they found. quote, it exposes a derivatives trading culture at jpmorgan that piled on risk, hid losses, disregarded risk limits, manipulated risk models, dodged oversigh andmisinformed the public. the trail that directed the jpmorgan celebrated silverhead chairman and ceo jamie dimon, said to be barack obama's favorite banker, an e-mail requesting an increase in the bank's risk taking received a two-word reply from dimon. i approve. but the well-connected dimon, whose bank was being bailed out by almost $25 billion from taxpayers even

i would move to independent competing currency said that banks of banks effectively banks are going to have a duopoly all money i would remove that and if the bank over leverage is itself and the bets go against it and the bank goes bust then the bank goes bust and that's the end of the story but it seems you bet that the banks are just creating zombies and all the other things we talked about have been i mean that is why we have that's not a matter of regulation that's a matter of deregulation of anything else because regulation is protectionism effectively for the banks is extended as a matter of law and order their banks are regulated but they're not a bank the regulations whether you know they don't or regulations that's not the case or deregulation interesting existing ones in the process that we have would never happened that's right yeah ok so first of all why i'm no one's gone to jail. and first of all why would i as i was born supporting them why a quantitative easing something about to support the bond portfolio of a corrupt banking system so why why can they get up in the

looking at span i can banks, french banks and italian banks halted, have been weighed on by the newsnd again, the hair cuts that depositors above 100,000 euros have to take in this deal. connell: just the last half an hour or so, italian banks halted and the markets give up the gains. looked like it was going to be a good day as we go to nicole at the new york stock exchange. similar story there, right? >> what an interesting day. we started with an up hour. cyprus got the bailout and the finance ministers put it together. national bank of greece was absorbing some of the banks there in greece -- i'm sorry, greece the country so the national bank of greece got a pop today. after hitting a new low last week on worries, you got a national pop for greece. look at it today. 7 1/2%. when you talk about cyprus, it's not just the greece, not just cyprus, it's all the countries involved and now they may be restructuring the banking sector across all of the euro zone. we've heard about the italian banks we're watching and how about the other banks we're watching? french banks under pressure,

-- the banking industry and other financial services to this new regime and in addition the banking industry for the first time had been subjected to fcc supervision for all their new security activities. that is something glass-steagall didn't even do for the banking industry. peter emphasizes as the obama administration has as well that the 1999 legislation enabled banks during the recent recession to play a major role in taking up and taking on the failing nonbanks and to ensure that the more important functions continue to operate in an uninterrupted fashion. i do however believe that i take issue with peter wallison's paper on the 2009 stress test mandated by treasury and administered by bank regulators. peter correctly demonstrates the stress tests were very rigorous, plenty rigorous. they assumed the obama administration's recovery program would fail. that was not only going to fail but make things far worse which is curious given the entity that created those stress tests was the treasury department given the task of promoting and carrying out the president's recovery progra

its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion euros and they were trying to come up to reduce the original size from 17 billion euros. the

ceo of the bank of cyprus -- this is not the central bank, it's the country's biggest bank, the so-called- has been fired. this after the country has decided to appoint a special administrator to run the institution, and it follows the chairman's resignation tuesday. a u.s. treasury official, meanwhi meanwhile, saying it's too soon to draw conclusions about financial stability from the cypriot bailout or bail-in, if you will. dick berner, former morgan stanley head economist, says it's still early days when he spoke at nyu tuesday, says europe has long been identified as a threat to u.s. financial stability. and as we sort through this, denmark is to undertake a review of its banking legislation after the cypriot bail-in. the failure of denmark's own american bank back in 2011 was actually the first in the eu to see senior creditors absorb losses, but now danish officials say it would be difficult to find an alternative to a state-led rescue if one of the country's top six banks were to fail. jared, the point here being -- and by the way, this move in denmark endorsed by the imf. so, wiar

. ♪ >>> this week on "moyers & company" -- >> they confuse bank profitable with bank safety and soundnessthey're not the same things. there's a right way and a wrong way. >>> and your questions for richard wolf. >> professor wolf. >> professor wolf. >> we'll answer the question. >>> funding is provided by carnegie corporation of new york, celebrating 100 years of the fiphilanthropy. the coleberg foundation with support from the partridge foundation. the clements foundation, park foundation, dedicated to heightening public awareness of critical issues. the herb alpert foundation, supporting organizations whose mission is to promote passion and creativity in our society. the bernard and audrey rappaport foundation. and gummowitz. the betsy and jesse fink foundation. and by our sole corporate sponsor, mutual of america, designing customized, individual, and group retirement products. that's why we're your retirement company. >>> welcome to the question of the week. are the banks, banks too big to fail and too big to jail, are these monsters courting another disaster? that's what it looks lik

the bank of cyprus according to the deal will function as the good bank and will take all deposits a less than one hundred thousand euros from like it will however also. euros in loans which like you receive from the european central bank as emergency funding assistance a detail that angers dimitris. is like they want to. and while this employer you worries about the health of his bank other supports worry about when to leave you open if at all we have no cash we are just a truth behind him waiting to get some tough for her alone. the pool deal me a. banking meltdown the money system that's feeling towards the up is one of frustration but it's about the power of the take we get to the end it was the disaster but i think it was then that it took before we the pounds he said from. january two thousand and eight when we enter you are the only other side who will see upside down so slowly so you were about to these kind of situation so now we have such. a situation to have to wait but. today because it's going to take so long and for now cypriots are forced to wait for banks reopen for c

and i would i would move to independent competing currency said the banks of banks effectively banks are going to have a duopoly all money i would remove that and if the bank over leverage is itself and the bets go against it and the bank goes bust then the bank goes bust and that's the end of the story but it seems you bet that the banks are just creating zombies and all the other things we talked about have been i me say is why we have that's not a matter of regulation that's a matter of deregulation of anything else because regulation is protectionism effectively for the banks is it stand as a matter of law and order their banks are regulated but they're not a bank the regulations whether you know they don't or regulations that's not the case or deregulation interesting existing ones in the process that we have would never happened that's right yeah ok so first of all why i can no one's gone to jail . and first of all why would i as i was born supporting them white quantitative easing something about to support the bond portfolio of a corrupt banking system so why why can they get

the bank of cyprus according to the deal will function as the good bank it will take all deposits of less than one hundred thousand euros from like it will however also absorb the debt nine billion euros in loans which like you receive from the european central bank as an emergency funding assistance a detail that angers them. what is this is like that they want to push. and while this employee he worries about the health of his bank other cypriots worry about when their banks will reopen if at all we have no cash we just choose. behind him waiting to get some cuts for hello and while this year a group approved. a complete banking meltdown for many cypriots their feeling towards europe is one of frustration but it's about the power of the time we get to . it with the desire. for us it wasn't. just before with the pounds. from. january two thousand and eight when we had three you're the only other side. to this kind of situation. where it's such. a situation i have to wait. because it's going to take so long and for now cypriots are forced to wait for banks reopen for cash to start fl