so the banks are regulated by the central banks by the financial conduct authority, sort of people. and they're, it's a revolving door. they all their friends, their mates. they don't wanna put 3rd me and jail, nobody wants to do that. whereas big coin is regulated by the users and there's millions of them by the nose, by the miners, by all participants. if you're a bit coin or if you have, once a toshi, you are a regulator. big coin, right? we're all in the consensus algorithm is regulation by consensus. so that's already built into that protocol. so let's look at some of the headlines. you know, max mentioned, you know, all the scandals that of the pass, bernie made offs. fraud went through their a i g scandal there. defrauding went through their m f global. went through there. and i want to call your attention back to repo one o 5. early days of kaiser report, we covered repo $1.00 oh $5.00. and that was lehman brothers. used that. so did m f global bo lehman brothers? did all their a lot of their hidden debts? remember, if you have nothing to hide like bad debts, if you use repo

so what does this tell us about the world bank and it's other reports, and if the mighty world bank is vulnerable to political and financial pressure, what should we say about smaller institutions in governments that are trying to fight corruption? they were talking with unit kelly, dean of the sanford school of public policy at duke university and author of score card diplomacy, grading states to influence their reputation and behavior. and for greece, who to are a former officer at the world bank and the office of the un high commissioner for human rights and currently the managing director at our leadership. thank you both for joining me today. and let me just start with unit. can you help us set the stage for what has happened in terms of the accusations that have blown about the world bank doing business report? sure, so the bank started publishing this report, you know, 2004. i became quite an influential report. many countries of trying to, to move up in the rankings that you said. and over time, countries work with the bank on what kinds of reforms can be undertaken. and the pr

after the latest scandal at the world bank. should that institution be trusted and should its plug be pulled? let's get to the bottom line. ah, once upon a time the world bank had an annual publication that ranked every country in the world according to the ease of opening and running a business. and it became a hugely successful and influential annual report. while now it's dead. the doing business report was supposed to be a useful tool for businesses and investors before jumping into uncharted waters. but as it became more important for governments that wanted to attract foreign direct investment, it also became more crucial to be rank highly. plus, there was that prestige element to big rank, highly as an attractive place for business. then boom, a recent investigation found that countries such as china, saudi arabia, and others, were pressuring the bank to increase their scores. while other countries like chile and azerbaijan were having their scores pushed down for political reasons. so what does this tell us about the wor

the bank says the turnaround story at deutsche bank is working. r thing you played on the clip which caught my eye was he was very clear the macro picture in europe is changing and will benefit banks. he says just the conversation around inflation, perhaps monetary policy and a more normal rate guidance into the future is going to make us a lot more competitive. over the past 10 years, we have been competing in a negative rate environment which puts us behind u.s. banks and that is already changing in a way that can be much more profitable into the future. francine: where were they started growing? the corporate banks unit and retail division both suffering because of the environment. apart from things that are not out of their control, what can they do better to make sure they are not cutting anymore? maria: when i asked that question, what does the future look like for deutsche bank? he says it really is about making strategic operations but strategic hirings which feeds into the conversation we are seeing on both sides of the atlantic in terms o

in china, it's the central bank, the people's bank of china that's leading the effort. it technology -- most people pay through why the central bank has stepped in and said we are going to control how people pay for this. all those countries, the banking system, the commercial banks, chase, bank of america, wells fargo, they are equivalent to china in terms of here's what you will do for the banking system. you are not going to make a ton of money on this. you are not going to get wealthy through the system. you are going to facilitate what we tell you to do and that's how this is going to work. the system and the uss decided, we don't play that. we don't want this thing to come about and they put a lot of lobbying efforts to making sure that it does not. the american banking association put out and testify before congress that digital currencies are a problem. they say they it can do more harm than good. they said things like, another large banking organization has come forward to say they don't even think the federal reserve has the power to do this, that it could onl

the bank would offer them elaine, the company would go on, it would pay back the money. it was, everything is interest. and then the bank would suddenly called in a very, very short notice and not even allow some of the companies to pay back the money which they had. they would then immediately put that in value into a company value, the company as a fraction of what it was really worth. they put in their own insolvency practitioners. they would send, sold a company off a fall this and it was worth. and then gave for the personal guarantees of the owners of the company with who was driven by drink shaped by centers. some of those with in in who dares sinks. we dare to ask in when i see black and i was growing, no black america spoke to me with white australia did not those who say black, my magic is a movement we are importing from america. no, nothing is who we are. i lived in a world where white lives mattered, and i was not wide like missing. and i wasn't known from black america. i learned how to speak back to whitefish aboriginal people here, outlaw every day. we ar

they were brought in within 24 hours of me raising issues occurrence with the bank. and our prius forced key pm, jeez, forensic accounting team upon the business. then the point to keep m g as corporate finance advisors. then the point to keep m g is tamara and specialists. and then 4 months later, when the business had gone up for sale, the appointed key p, m g on the other side of this as the court appointed administrators. so our key pm g orchestrated this, executed it for our base all the way through me. why do funded sally extort k p n g? who order to the h for costs and fails and ages apparently 40000000000 pond heard? is there a cause? 40000000000 ponce's one hell of a lot of money and also managed able look a 1000000000 pond, nearly 1000000000 controlled in that reading office, which they were told about. what will say the auditors of the co operative bank, where they seem again to have missed a hold of several 1000000000 pond. and just immediately, recently, we're also the oldest since of caribbean, who also seem to have a massive home in their cars. they see

the u. k, which is pushing banks on a pedestal. here is of the capitalist system who are paying such a huge amount of tags and he were providing so much wonderful credit to fuel the wheels of the economy that they were revered and molly coddled and almost worshiped ah, the individuals who the authorities could be looking at include people like nathan boston, who was the director of restructuring unrest. quanel. this was going on. the intense period of, of abuse with georgi happened on his watch. he now is chief executives of santana, u. k. derek sage, who was the global head of global restructuring group, lower barley, he was the u. k. head of the globe restructuring group at the period of peak abuse of 2009 to 2013 and there are others as well, including the head of west register, a man called aubrey aubrey adams. he came from salvos and there's, there's even like people low down the tree in scotland there's, there's a couple of individuals who every single person i've spoken to says behaved in a very abusive, potentially criminal

how can you ever trust the bank that created fictitious bank accounts? this did the baton i think, justifying the bribes the defense witness. as in my case i really haven't learned a lot about how this came about historically. but the thing that really does upset is what it's done to the united kingdom. but it's done to great britain because it frightens me for the future this country. because there is a high level deep corruption and i cannot see a bright future full person unless something pretty cataclysmic happens. i think that despite the effort, so parliamentary committees and working groups looking at solutions such as a new tribunal system and changes to contract law. these are all things that are useful and there needs to be changes to regulation, to stop this ever happening again. but i'm concerned that politically, we're deliberately diffusing the whole situation. we're deliberately losing sight of what's the only important thing here, and that is justice and compensation for the historical victims of what was recently described as the larger s

that's important underlying precept around public banks and the creation of a public bank for the people is so important. i think there are so many neighborhoods that have been cut out of banking in part because banks just are not there. >> i agree and i'm concerned your chair that i think you know i'm concerned about that shift towards a capital economy placing more power and more data in the hands of unaccountable technology companies. google has access to 70 percent of the nation's credit and debit card transactions are very scary. in 2019 amazon integrated with role-playing, a company that had processed 1.7 trillion in payments annually . these companies then saw the biometric data that had selected to other third parties with little to no regulation and as corporations leverage their market power to keep consumers within their ecosystem , consumers deserve public accounting. >> i'm so sorry. >> you may place your comments in the record. the gentle lady time having expired the chair will recognize the gentlewoman from texas for five minutes. >> thank you so much for bringing this top

the bank would offer them the company would go on. it would pay back the money it was airing is interest. and then the bank would suddenly call in the land a very, very short notice, and not even allow some of the companies to pay back the money which they had. they would then immediately put that in value into a company. the value of the company is a fraction of what it was really worth. they put in their, in insolvency practitioners. they would send, sold the company off a fall this and it was work and then gave for the personal guarantees of the company. the oh, ah . i'm sick of the sick, 2016. my children. what? hi, malone. and sudden they, they had shouting at the door. they didn't go to the door. and suddenly it got more, more aggressive, banging at the door, saying that they would bailiffs. so my daughters were absolutely petrified doctor, you would imagine. i want that. he was about 2 men posing his bailiffs. cro bought the door all and just burst into the house. they then said that the children had to leave the house. they ma

for the bank. in the midst of these headlines, noris moves in the bond market in the u.k., spreading to the u.s. and has now catapulted with the bank of canada being more aggressive with their rate hikes at the front end of the yield. francine: the u.k. budget, a lot of earnings, and inflation concern. central banks around the world will be hawkish. this goes back to supply chains but the bank of canada repricing not only the loonie but a lot of bonds we are seeing across the world. i was looking at the german 10-year yield because it is a little symptomatic of what we heard in germany. downgrading their overall forecast for growth. stoxx 600 down .3%. if you have to look at earnings, they are not as bad as expected. it depends on whether margins delivered or not. the focus is going forward, folks saying they have little visibility on when the supply chain gets better, so weighing on stocks are commodity prices. metals are down, impacting mining and energy. alix: iranian nuclear talks re-starting in

so i see your, you have a duty of care to tell the banks that helping lending the business money of any concerns you have. so i went to our b s. who were the lead to bank of 5 banks that lent money to tor x over the years they were the agent effectively and i met with them. i explained that as an as a non account. and i was just concerned with historic records and all what i wanted to do the right and proper thing to do was to bring in some specialist forensic accountants to audit and review the patios or codes. so i informed the bank, i told them what i was going to do about it. they agreed to that. and within 24 hours of that, i b. s. had suddenly brought in these restructuring specialists who business didn't need. we structure refinanced or we anything. there was a historical problem. ah, but within that 24 hour period, another 24 hours passed. and then i find that the business is basically being ah lever. been to pushed into this thing called g r g, the global restructuring group. and when i quito dis, repeatedly, i was repeatedly told or so restructuring unit is like an intensive c

the grit house pay for more one terabyte hard drive. there's all rule of banking emails on in there because who do you see on the claim? the thing. so today i have available to you today off receiving the people and i think it's 12345 laptops, not computer one through the office. one during the road. i know foolish john it becomes there is a cancer, you know, it becomes part of your life. takes away your life and it means that you can do anything. you stuck me will we have had thousands of businesses coming to the m p. 's trying to deal with disputes on the back of things like r b. s is global restructuring group. and obviously the h ball threading fraud is a much more extreme example of, of this kind of misconduct. but still essentially what we've identified between all the financial institutions, where perhaps they were trying to pull in loans quite quickly in order to recapitalize the banks that conduct fell by the wayside. ah, so you push the small business over the h pushes me right to the edge, bankruptcy and i was picking myself up again. and while i'm at c

and then the bank would suddenly call in the land very, very short notice. and not even allow some of the companies to pay back the money which they had. they would then immediately put that in value into a company. the value of the company is a fraction of what it was really worth. they put in their own insolvency practitioners. they would send, sold the company off a fall list, and it was worth, and then gave for the personal guarantees of the company. ah, financial survival guide. daisy, let's learn about the allowed. let's say i'm a joy and your great grief on banks of the site. well, 3 prod, thank you for helping ah, joy, that's right, fail. waivery. ah, ah, it's almost basically gross. you douglas go, he did. who bought? i bought a diode from our company who did on your way, but i know from politicians to athletes and movies. does the musicals, does it seems that every big made in the world has been here. let's your facebook music markups, grocery store. oh i wonder why she wasn't really difficult, but i used to live with me a global new school, but he

mm oh, my relationship with the bank of scotland went back to the 1900 seventy's. when i started to become successful with the b, b, c. and i think the way that these things normally come about is your accountant says all of this, a really good bank manager and the bank manager recommends a good service to you and that sort of thing. and i had a great relationship with the bank of scotland that was built on trust. and you trusted the bank manager because he was the person who signed your possible application. he was the pillar of the local community. i never assumed that my popularity would continue. i never assumed bbc would keep offering the shows. so when in the mid eighties i got the opportunity to earn some money. at one of my 1st labs which was flying helicopters, i then set up a helicopter company helicopter management. and that was the beginning of unique asian we moved into providing brokerage management of aircraft, including private jets, things wasn't making a fortune, but it made money. in fact, in the 80s i was probably earning a pound doing corporate

i referred to the under banked in the on banks. some of home are still cashing checks at these check cashing places thatey cost them money. but they do not have banking accounts they are under banked. they are not banked at all. but in a addition to that do you unknow there is an underground economy where we have the so-called handymen i would like tody think of handy man and handy women who are taking care of communities all across this country. they are doing odd jobs they are painting, taking care of lawns, et cetera et cetera and they want cash. they want to be paid in cash. i and a lot of other people do that we pay them in cash. these are people taking care of their families, these are people who have children. these are people who depend on the cash they make on a daily basis in order to have a decent quality of life. now i do not want to be in a position where we all move so heavily against p cash as a form of payment. as a matter fact of course i have credit cards. and of course i use the database system in order to pay bi

the crisis was central banking. the coin is a response to says right there in the genesis block, a chancellor on virgin 2nd, bail out for banks that makes direct reference to the central banks, malfeasance and crisis. so, but you know, they'll learn and they'll get the price they deserve. you know, they don't want to buy big, quite a half a 1000000. they want to buy it at a 1000000. they'll stumble in a 2000000. god bless them. now j. p. morgan and jamie diamond, probably the poster child for big coin idiocy recently reported that their institutional investors are buying big coin rather than gold as a hedge against inflation. so neck, this is a growing talk and talking point is that, you know, people are now actually beginning to recognize that big coin and not only kind of competes with gold, but it does actually, it's actually vastly superior perrier to gold. and what's your thoughts? yes, now a lot to impact your firm. it's another remarkable capitulation opinion. i mean g, p. morgan in these banks, they live off

the pboc drains cash from the banking system. eland is ready to sign up to a 15% corporate tax deal, removing another hurdle to an unprecedented global accord. we speak exclusively later to ireland's finance minister. welcome to the "bloomberg markets: european open." it is friday morning. mark is with us to tell us what has caught his eye. what are the markets sing to you? mark: it's a positive friday. it's been an anticlimactic reopening in china. quiet ahead of nonfarm payrolls data later on. asian equity markets are higher and commodity prices are higher. i think we are going in with slightly positive sentiment into the european session. i expected to be relatively quiet before that jobs data in the u.s. anna: let's check the futures in europe and into the united states ahead of the jobs report. an hour away from the start of cash equities trading in europe. we see that positive session in asia. you will have more on that in a moment. these are the futures in europe. a bit of a holding pattern but with a slight downside bias.

, the bank of england died. it just hasn't been buried yet. and the whole banking establishment is going through the 5 stages of grief. i believe the 2nd one is anger. soon they will be dealing with trying to make some kind of trade offs with coin. then they're going to eventually capitulate. as you say, this is the process. everyone goes through. it just so happens it outside the door because it's run by the george washington of the 21st century. mister president, bill kelly got to the promised land 1st. and because going back to this all region in the latin american region, argentina, which is a country, you know, very, very well they've, how are they currently on their what 18th or 19th default nick? oh it's, it's, it's, you know, i've lost track of counting, but you know, something interesting about argentina. it's because they've had so many financial run polls in there in the living memory. people don't trust the banks, they don't trust the currency. so actually very fertile environment for people to learn

definitely a higher front in the yield. bank of america kicking off today's bonanza of earnings. we are looking at loan growth, telling quincy's, interest income. the fact that bank of america is up more than 40 percent year-to-date. same with morgan stanley. wells fargo of more than 50% year-to-date. citigroup up 16%. how much can they outperform? will this be the underperformer of the group trying to catch up, or will this be a shift in market share? 11 :00 a.m., i am close. u.s. is planning to release crude oil inventory data, one of the biggest stories. oil prices at the highest level since 2014 as the iea comes out and expects a deficit in total oil supplies through the end of this year. deepening more than they expected. how much can the u.s. compensate for that? you say cpi continues -- ppi increases for september following what we saw in china. the biggest increase in factory prices going back 26 years. this is commodity prices biting and their ability to pass on to the consumer is bleeding into some of the economic prod

the bank would offer them the company would go on. it would pay back the money. it was airing is interest and then the bank would suddenly call in the low, very, very short notice. and not even allow some of the companies to pay back the money which they had. they would then immediately put that in value into a company. the value of the company is a fraction of what it was really worth. they put in their, in insolvency practitioners. they would send, sold the company off a fall this and it was worth. and then gave for the personal guarantees of yours, the company. ah, ah, ah, ah. when i see black, i was growing young black americans spoke to me. why destroyed you did not. those who say black lives matter is a movement we are importing from a marriage up. no, nothing of who we are. i lived in a world where white lodge mattered. and i was not watch watch. mm. and i was a new from black america. i learned how to speak back to y. aboriginal people dear, i'm laurie diary. we're out now with the police. we're out with 2 seats. i'm scared that more children are going to

so not only did the banks get bigger, the big banks got bigger since the financial crisis, thus tightening the screws of the sanctions. essentially on credit and liquidity to the ordinary person, because they don't want to deal with a deplorable with, you know, $10000.00. so their name, they want to deal with the elite with 10000000000 to their name because that they don't have to get out of bed work for that right here at the same thing. it's like they these, but the money printing went to the ordinary person and they're spending on all these durable goods. there's, there's a supply chain disruptions all over the world because a lot downs. and now the biggest of the retailers need supply for christmas. so they're chartering their own container ships and going to get the goods and then bring them to smaller ports. i like, you know, new york in long beach are all like there's a 6 week long lines or 10 week long lines to get in. so you're not gonna have supply for christmas. the small and medium sized enterprises aren't the small retailers, the big retailers. they're circumventing that. righ

the kbw bank index up 40% this year. what is priced in? the raise and beat model will go by the wayside if we try to take into account demand and input costs. this is the 10-year bond futures index. a little bit of selling. yields pushing higher. we will be talking to the ceo. aluminum up 2.8%. we have not seen these levels in 13 years, continuing to grind higher. i worry at some point this will bite margins. you wonder how long demand will hold up. guy: we will talk more about energy in a moment. the industrial sector worried about the lack of availability of energy. we will see what happens. it is a risk. it is something the bank of england is monitoring closely. the inflationary narrative becoming more part of what the bank is talking about. over the weekend, andrew bailey warning about damaging inflation unless policymakers take action. michael saunders also suggesting investors were right to bring forward bets on rate hikes. here with more on the story is ben. the market has been out in front. it has looked to what the market has been

any access to the infrastructure. and with 1900 bankswn in low income areas that is emblematic to embrace as art cashless economy. >> my time is expired and i back. >> the chair now recognizes the gentlewoman for five minutes from north carolina. c>> thank you chairwoman waters into our witnesses for your testimony. since joining congress in 2141 of my top priorities it's heartbreaking to me over 177,000 of neighbors north carolina who are food insecure over 42 million americans are struggling with food insecurity. and those forgr access to food and food deserts. >> thank you for that question. as we talk about the cashless economy and the impact of the economy the idea that one cannot use cash or legal tenderer it is absolutely devastating. and with greater access you have to leave opening avenues for people to do that with what they have if i they have in their pocket is cash that is the method. what is really interesting is talking about people they are not asking for it for free and to use your money as a form of economic exclusion a

david: the bank of england and sterling, do think the central bank moves this year? do think markets are thinking they might actually move? sean: that is probably a good example of a currency that might have more sustained gains on the back of monetary policy tightening. a month or two ago, there wasn't much going in in terms of guidance for the bank of england, but the commentary the past couple days indicates that a 0.1% benchmark rate is not suitable. so long as the job market comes out from the end of the furlough support program at the end of september, i think we have tightening ahead. that will be supported for the bank of england. there aren't many central banks actually raising rates, so the reserve bank of new zealand would be joined by the bank of england in that regard. rishaad: good stuff, sean callow. that's have a look at what is going on with the imf, then issuing the statement of support for the managing director g eorgieva. this is after allegations she manipulated china's ranking, and this data was altered in china. yvonne: we saw that earlier when

what you do with the banks now? michael: i'm still a big fan of the banks. till sitting here with his low interest rate environment where we are going to see higher interest rates in the future. i think that reflation/recovery trade is still ahead of us. we had about 50 years of massive growth outperformance. then about a year ago we saw the relationship bottom where values start to come back. then they hiccup of the past six months after you mentioned how treasury yields peter -- how treasury yields peaked as rates came back in. the banks and other value trade components came off and underperformed growth. i think they're ready to outperform again. we will see when we get the bank numbers but i'm optimistic going forward. jonathan: did they do well on higher rates regardless of what is driving higher rates? michael: the fact that they have done very well, very flat yield curve environment where we start seeing meaningful steepening emerge, i'm excited to see that. before i came on we talked about policy. you had jan hatzius talking about the slow down to 2%

the bank of america investor. ey hitting the wire. -- investor survey hitting the wire. >> guests tell us there is a lot of cash. a lot of dry powder that can be put to bed. a lot of that has been put to play in the european markets on the back of this rokeach and -- rotation for cyclicals of value. i was off, i missed it today. the stoxx 600 essentially flatlining. the dax is flat. the cac slack. the ftse 100 as well. gilts edging higher. broadly, it is the lower yield picture. you in play in hong kong. basic resources gaining 1%. a mixed picture when it comes to commodities. u.k. gas prices lower. brent and wti comfortably past $80 a barrel. that momentum seems to continue. in terms of technology, that is part of the slightly softer yield story. telecoms, health care, and insurance. that is the shape of play 30 minutes into the trading session. >> that dreaded unch on some of those indexes. boris johnson says he does not want to turn away investment despite concerns of his own lawmakers. he spoke exclusively to b

the lira. dietrich us central bank has to burn ash the turkish central bank has to burn through its access -- thetral bank has to burn through its excess reserves. jonathan: tightening rates elsewhere in chile, colombia, mexico, brazil, singapore. typically when something happens in emerging markets, the pros like yourself come out and say you don't understand the nuances on the ground. this is idiosyncratic. this doesn't feel idiosyncratic right now. damian: no it doesn't. i know how much we love that word, but the reality is there are three things driving em currencies to depreciate. one is the developed versus emerging market growth differential, which is actually expanding. developed markets are growing more quickly. it is the inflation impulse or get obviously, it is the term premium buildup in developed market yield curves. look at the u.s. yield curve, the steepening therein. higher yield curves forces central banks to hike, and that is typically not a very good environment to be in emerging-market assets. lisa: how perilous is it in certain parts of the emerging markets complex? we heard

we are seeing a big change in direction from the bank of england, an acceleration from the bank of englandour other banks want to follow? -- are other banks going to follow? >> it is a quite brutal repricing. i have been convinced that central banks would keep a cool head. i would like to take a step back for one second. we are going through a messy recovery. get to the fact that vaccine coverage is completely unequal with only 30% of emerging markets having received one dose and 5% of low income countries. things are not going well and supply chains are being hampered. what is happening right now? inflation. prices are adjusting and we need these adjustments for signals to be transmitted so that the supply and demand can figure out what is best for the economy to do. central banks can keep a cool head. one is emerging markets, we do need to anchor expectations, they are importing that part of the global supply chain. the second is the bank of england. u.k.. u.k. is not just going to -- it is also caused by labor shortages and a need to increase wages which have not been renewed. as a resu

gerard: the big banks, including j.p. se and citi are examples of companies that have high levels of expenses, expense growth, that is relative to revenue growth. also the investment banks, goldman sachs and morgan stanley. it will be interesting to see how they handle this expense rate of growth versus revenue growth over the next six to 12 months. jonathan: what are we learning in terms of the leading indicator for loan growth? do you see anything over the last 12 months that gives you a nice subtle signal that things will pick up? what is the leading signal you look for? gerard: there are two areas, jon, and you touched on one, the monthly data, the trust data, the credit card trust dated that comes out every month is a great leading indicator. the federal reserve data on consumer lending out of new york, the new york that, another good indicator. but number one, what we are focused on, because it is the largest loan category, and it has not recovered yet, is good old-fashioned commercial lending. what we are watching c

public if bank for the peoplee p. access is so important. i think there are so many neighborhoods that have been cut out of banking this part because banks just are not there -- >> no, absolutely. i agree. you know, or i'm also really concerned, mr. chair, and as i think you know, i'm very concerned about that shift toward the cashless economy placing more power and data in the hands of unaccountable technology canes. for example, google now has access 70% of the nation's credit and is debt. very scary, y'all. in 2019 amazon integrated with world play, a company that had already processed more than 1.7 trillion in payments annually. these are companies then that sell the biometric payment data that have collected to other third parties with little to no regulation. and, youou know, as corporations leverage their market power to keep consumers within their cosystem, consumers deserve -- >> gentlelady's time has expired. >> thank you, mr. chair. i'm so sorry. >> you may place your comments in the record -- >> thank you,