so big that not just one central bank could make money cheap enough could create enough artificial money by itself and so the fed did collude did work together with the you. pm central bank with the bank of england with the people's bank of china later those kind of separate stories with the bank of japan and so forth to create enough money to put into the financial system to keep it safe for itself and ultimately what that did is a transferred all of that money into the banks into financial assets into burgeoning stock markets like like a ton of sort of crack into an attic up it up and never took it away and that meant someone else was going to pay on the other side and the people that paid on the other side as everyone else in. the. dream agreed to pretty. old must remember that it was most of the family were poor working. there wasn't it was bit much worse objectively. but there was an expectation of the things were going to get better. there was a real sense of hope. there isn't today today's america was shaped by the turn principles of concentration of wealth and power. reduced democracy attack solo duo engineer elections manufacture consent and other p

have the mpc of one of the most important central banks in the world, you say their credibility is being questioned, how do you trade that? is there any way as a pmu know involved in the fixed income space, that you can take them at their word in the future >> i think, you know, the central banks, they are run predominantly by economists. they're prone to look at models. the u.s. is an interesting consolation of data. markets are still strong, wages are growing at a reasonable clip those tend to be the data points central bankers look at. it's not surprising they maintained a more optimistic tone as a market participant we look at the sentiment surveys and that's painting a darker picture for the uk economy for us it's just taking in all the fundamentals, being willing to take a position that may be counter to the bank's current view but which we expect the bank will come around to providing those surveys and forward looking indicators are confirmed in the hard data >> you talk about the potential for weaker growth out of the uk, but also we had this plunge in the pound. the last time that happened there was a pass through on to inflation. we saw

you some business journalese, the federal bank is the central bank of the us, there will‘s most important economy. at7p most important economy. at 7p pm cut it by a quarter of 1%. what is confusing about this is that actually, the us economy is performing pretty well right now. but the fed obviously seeing trouble on the horizon. it has nothing to do with the president from telling the fed that it should cut interest rates. let's cast now to the us federal reserve in north america, where our business correspondent awaits news. the economy is strong, unemployment is low. why on earth is there a rate cut coming? i think that is the question many people are asking themselves, why move now. part of this has to do with donald trump, not so much the bullying or the kind of choice words he has had, that more to do with donald trump's policies on trade. that is something that those inside this building are concerned about, the impact of america's trade was, whether with china or europe. the other thing they are concerned about isa other thing they are concerned about is a potential slowdown in the global economy, as they look at europe, and c