getting all this utility all this value from something that isn't being recorded in conventional g.d.p. system and as we saw advancing digitalisation and globalization makes it increasingly difficult to measure the countries real economy. a challenge and how much g.d.p. was generated by an economic entity that has no reporting mechanism in my country is an impossible question to answer let me just be clear i mean it's not the wrong measure for for measurement or for policymaking it's just not a measure that should be used in isolation the changes in the modern world are challenge to statistics like not. digitalisation are making g.d.p. less and less of the mirror of the real economy so it's g.d.p. an illusion well no but i see that it's no longer useful as the sole indicator for decisions that affect doesn't. well some decisions that had very real impact on people's lives were the ones that left to the financial crisis of 2008 karen anderson gave people a glimpse of a reality many had known about it is bestselling book city boy it's an insider's account of the heady days of banking in london f

g.d.p. is there are lots of transactions that you as a consumer benefit from that are not in the economic system because they're free but you derive value from them so you think well there must be something wrong because i'm getting all of this utility all this value from something that isn't being recorded in conventional g.d.p. systems and as we saw advancing digitalisation and globalization makes it increasingly difficult to measure the countryside real economy. a challenge and how much g.d.p. was generated by an economic entity that has no reporting mechanism in my country it's possible question so let me just be clear i mean it's not the wrong measure for for measurement or for policymaking it's a measure that should be used in isolation the changes in the modern world are a challenge to statistics like not. making g.d.p. less and less of a mirror of the real economy so it's g.d.p. an illusion well know. that it's no longer useful as a sole indicator for decisions that the fact. well some decisions that had very real impact on people's lives were the ones that left to the financial crisis o

violent riots a slowdown of chinese capital inflows and a tremendously over leverage banking system that is 9 times g.d.p. looks like it's going to crack that may now have to defend its peg and it's quickly burning through its reserves to do it this is now being questioned as the 2 economies are too divergent and it seems to make more more sense to peg it instead to the r. and b. with more in hong kong we got a fair amount to bring us the latest. protests continued over the weekend for the 11th straight week with 3 protests approved by the hong kong police on saturday alone. after last weekend's violent protests police had a water cannon vehicles on standby to use if needed so far over 700 protesters have been arrested. the demonstrations began in opposition of an extradition bill. which hong kong chief executive kerry lamb now claims is dead but for protestors this simply wasn't enough demanding the complete withdrawal of the bill and anti-government protesters are now including even more demands from their government hong kong police held a press conference in an effort to respond to the public many fe

group of people who are protesting in essence against the unfairness of the system you have a country that has the 8th largest g.d.p. per person in the world and it's one of the richest it's done very well with its trade as a open door to both sides into china and outside of china yet the masses of people in these young people cannot even think of affording a basic house their wages are basically stagnant in a country where they are forced to compete against the very wealthy expatriates who are coming in so the underlying issue here is the economic unfairness and you talk about this as if they have lots of extra money to spend on such for policies as gas masks hard helmets and signage it has to be coordinated they're not buying them solids and giving them out you didn't notice you know let go you can see gentlemen let me play many other things gentlemen they are leaving the let me just stop you there i'll give you tom in a minute a chance to respond because i want to get to steve because steve i saw you shaking your head so i want to see what your response is what i was saying but also i want to focus on one point

include the value of a well structured you know education system all we include are the the costs so the salaries of the teachers go into g.d.p. not the value of the product that they're producing if you divide it by the demand side as you can cut g.d.p. in different ways but on the demand side so all the consumption spending all the government spending the investment spending and that exports this country mainly grow. consumption led growth and that consumption is fueled by private debt and the ratio of private to disposable income is actually back at record levels to what it was just before the financial or that is you talk about apple the most valuable companies in the world so again by your meeting government. or government investment in these sorts of figures we arrive at the idea of up will be a great. company with a lot of her nurse garage tinkerer is that souter you say it's the government that well what i need in the case of the apple story in this kind of builds on my previous book called entrepreneurial state is that the state in again how we talk about an economy is just seen as fixing a problem economists say fix

group of people who are protesting in essence against the unfairness of the system you have a country that has the 8th largest g.d.p. per person in the world and it's one of the richest it's done very well with its trade as a open door to both sides into china and outside of china yet the masses of people in these young people cannot even think of affording a basic house their wages are basically stagnant in a country where they are forced to compete against the very wealthy expatriates who are coming in so the underlying issue here is the economic unfairness and you talk about this as if they have lots of extra money to spend on such for all of these as gas mounts hard helmets and signage it has to be coordinated they're not buying them solids and giving them out you know that to the motorists you know let go you can see gentlemen let me play many other things gentlemen they are losing the let me just stop you there i'll give you tom in a minute a chance to respond and i want to get to steve because steve i saw you shaking your head so i want to see what your response is what i was saying but also i want to focus

group of people who are protesting in essence against the unfairness of the system you have a country that has the 8th largest g.d.p. per person in the world and it's one of the richest it's done very well with its trade as a open door to both sides into china and outside of china yet the masses of people in these young people cannot even think of affording a basic house their wages are basically stagnant in a country where they are forced to compete against the very wealthy expatriates who are coming in so the underlying issue here is the economic unfairness and you talk about this as if they have lots of extra money to spend on such for all of these as gas masks hard helmets and signage it has to be coordinated they're not buying that of themselves and giving them out you know that to morrow to you know let go you can see the element let me play many other things in their living and let me just stop you there i'll give you tom in a minute a chance to respond and i want to get to steve because steve i saw you shaking your head so i want to see what your response is what i was saying but also i want to focus on one

however is destabilize china's banking and financial system which it's about time they had a little comeuppance for trying to run a 4 percent debt to g.d.p. ratio in a car i've got a background telecommunications as well let me just ask a question the rumor or the thought is that huawei is now the leader on global telecom and and what their latest technology the next generation mobile wireless technology 5 is that correct and i'll buy you know look ali is certainly a global force they certainly have a decent technology base they ripped off an awful lot of it but you know how reacquire still have it once you have rights it is saying is they are by no means the only source for 5 g. telecom equipment in your world today it would like to be a little cheaper yes but that's a different question and can you do it now we're just talking about markets right and so really when you get down to it i don't see the threat they are and what i do think is interesting is that they're you know they're putting their own employees like operating system out because we. google's essentially block be able to put google apps on your stuff now it's and that's ve

g.d.p. expansion and you have a super census. you are in a one percent cisco inflation rate it's just because do you are issuing more debt and more money into the system then your economy is growing so in real terms the consumer who the person who is using those funds is losing money every year. if you don't have negative interest rates on those government bonds what you're socially doing is creating deep excess space for the government to run that cisco deficit is just part of the same scam of running deficits in excess of g.d.p. expansion begin with wish nobody in any civilized nation should allow to happen to be an instant revolt when it occurs because it's test on a scale of that differential from everybody in the economy but you know if you let a tool or to read degree you know you would happen to greece right they ran huge fiscal deficits in excess of g.d.p. it's ultimately people who wrote their hands and said ok enough of this. in everything all came down crashing around their ears so to try to prevent people from having that reaction do the e.c.p.a. and then a j z g b and then these other nations are going to this other mechanism for a look u