from the chaos of the powell fed, making it up as we go, back to the cadence of arthur burns, of alan greenspanback? and if not, how do we move forward out of this crisis? afsaneh: what is really interesting is i don't think it has been so chaotic get the fed has been giving us a pretty good indication of where it has been and where it is going. obviously the times of the pandemic, which killed more than even in 1918, is something the federal reserve with alan greenspan or arthur burns or jay powell thread very easily. but no question, the meeting tomorrow is going to be very critical. people will be listening very carefully about the way they used to listen to alan talk, not just what he said, but how loud he was. tom: i want to speak to you about the famed greenspan granularity, the way the gentleman look at every data. do you have a confidence that we can shift to a service sector prosperity with this technology overlay we are all talking about? afsaneh: the interesting thing is that he does these daily forecasts. he was a forecaster before he was a fed chair. he has continued doing that. in

i remember irvin king coming over and he met alan greenspan.rnor of the fed in washington. we went into the white house and met the chief adviser to the president that we used as our text books. ministers came over, but so did mervyn king. that was an amazing opportunity. you've only had this job since may. you haven't got long as i said in the introduction to persuade people. are you good at saying no? in thisjob, you have to, and every day, colleagues will come with really good ideas. everything i say we will do, how we would fund it? that means you do have to say no to people because you've got to prioritise. what would our priorities be as an incoming labour government around schools, nhs and jobs of the future, particularly in those green industries? what's the best advice you've had. of the chancellors said to you, is there is one thing i could do? i spoke to all of them when i was appointed to thejob, and gordon, who i admire a lot, he said you have to have the discipline, but you've got to have something worth being disciplined for. tha

back to the markets in china is acting in a paul volcker style now in the america starting with alan greenspan. and continuing with bernard k and janet yell and now j powell, they believe that they, it's up there their purview to reinterpret the role of the central bank and grand pianos said greenspan has said that they don't try to manage the economy anymore. and they, they're only there to clean up the mass when bubbles pop by printing more money, which creates another bubble. so the question is, who's a better central banker? is that china because they're acting as a central banker because it's all amalgamate or into one office the ccp they're doing the banking in the politicking. it's one, it's one communist call a bureau, or is it the federal reserve bank, or is russia, you know, elvira not the law is raising interest rates aggressively. and proving to be the best central banker of the mall, either us china or russia. and i know i mispronounced her last name as i always do, i get her 1st name, right. the elvira. well again, this is the fashion of this episode is new york. so new york is l

because of manipulation that, that obviously this is what central banks look at the gold price. alan greenspan had admitted that in f m. c minutes that were released. you know, everybody knows that they look at the price, the goal to see if people are going to keep on buying into that scheme and accept the money printer go better. and, and this is that adjusted the growth trajectory on the same scale. this is bitcoin, this is the s a p 500 and the gold versus the m to money supply. so, big point is i is going up. you can search online for a film, the max of safety made called as good as gold proximately, 16 years ago, which outlined this exact same thing. and so this is not new. and this is the fact that we've been living with bitcoin changes everything. and we're going to take a break, and when we come back, what's more coming your way? the coin change is everything worse over if you want it. the me ah, in the wake of biting humiliating exit from afghanistan, there are those in the gentry class again, revisiting the possibility of a pan army. also, why does washington stay in syria? after bei

the gold price. alan greenspan had admitted that in f m. c minutes that were released. you know, everybody knows that they look at the price of gold to see if people are going to keep on buying into that scheme and accept the money printer go better. and, and this is that adjusted the growth trajectory on the same scale. this is bitcoin, this is the s a p 500 and that's gold versus the m to money supply. so big coin is i is going up. you can search online for a film that max essays you may call as good as gold proximately. 16 years ago, which outlined this exact same thing. and so this is not new. and this is the fact that we've been living with bitcoin changes everything. and we're going to take a break. and when we come back, much more coming your way, bitcoin changes everything, wars over if you wanted the me, ah, ah, the me, the news. the media a reflection of reality in a world transformed what will make you feel safer? tyson lation, whole community. you going the right way or are you being direct? what is truth is faith in the world corrupted. you need to defend t

the gold price. alan greenspan had admitted that in f m. c minutes that were released. you know, everybody knows that they look at the price, the goal to see if people are going to keep on buying into that scheme and accept the money printer go better and, and this is adjusted the growth trajectory on the same scale. this is bitcoin. this is the s a p 500 and that's gold versus the m to money supply. so big coin is i is going up. you can search online for a film, the max of safety made called as good as gold proximately, 16 years ago, which outlined this exact same thing. and so this is not new. and this is the fact that we've been living with bitcoin changes everything. and we're going to take a break and when we come back, much more coming your way the coin change is everything war is over. if you want it, the me ah, ah, the ah, ah. the the me welcome back to the kaiser report. i max guys are time out to go to michael panto. yep. news. the money manager down at the pen to port dot com, whose latest commentary is titled the great deflation of 20. 22. michael. welcome b

the gold price. alan greenspan had admitted that in f m. c minutes that were released, you know, everybody knows that they look at the price of gold to see if people are going to keep on buying into that scheme and accept the money printer go better. and, and this is adjusted the growth trajectory on the same scale. this is bitcoin, this is s a p 500 and that's gold versus the m to money supply. so big coin is i is going up. you can search online for a film that max to stacy may call as good as gold, approximately 16 years ago, which outlined this exact same thing. and so this is not new. and this is the fact that we've been living with big coin changes everything. and we're going to take a break, and when we come back, what's more coming near way? big coin changes everything. wars over if you wanted the me, i the, the, the, the, the, the, the, the, the, the, the i have often said transfer fee for the household for the palace, cares about privacy. what people care about is power. julian, a son just become a symbol of the battles of brevity,

it has since alan greenspan and has become more so.f you see credit spreads going up, i think the fed will step in. that is a different matter. given where real interest rates are and where credit spreads are, you are not going to see incremental liquidity help. the ability of liquidity to swell valuations i think is done. we are probably at a global minimum for real interest rates and credit spreads. for 20 years, we were at a minimum on both premiums. the ability of liquidity to inflate from here is limited. if you see significant downside, i think the fed will limit the downside through financial conditions tightening and adding more liquidity. much slower market of earnings gains. typically the gains in that situation are 80% slower than in a valuations driven market. alix: it seemed like a lot of investors were adequately hedged so they could take this kind of selloff. it feels the risk is with negative earnings revisions. you're looking at rising wages, labor costs, energy inputs, a host of things. when do you think we might star

economies from the oecd, and the greenwich form will include speakers including ray dalio and alan greenspans to a u.k. story and banking story, jp morgan has opened a digital retail bank and the u.k. as it seeks to expand its consumer business overseas. joining us is our u.k. finance editor. why now for j.p. morgan? >> it is an interesting moment, i think the main thing is they don't have a retail presence outside the u.s., so i expect the executives are looking for that business, which is something like 50% of their revenue in the u.s.. we have a big investment bank in the u.k., one we see what we can do on the retail side? but there are a lot of questions in a notoriously competitive market. manus: we have just been debating goldman sachs, their retail proposition, markets, which i must say is an enviable deposit rate, does it go head-to-head in terms of grabbing market shares, because at think -- i think out one point they had to stall what they were taking in. >> that is right, in the u.k., they stop taking deposits because they came up against regulatory limit. that has been a successf

also alan greenspan, and major forecast for the economy.n it is all about race decision from japan and the u.s. on wednesday. thursday, d.o.e. -- boe, and friday, quad leaders summit. a lot to watch out for, the risk of evergrande emanating out into markets. that is it for us. the european open is next. ♪ (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible results. with over 2 million satisfied customers, golo is the new way to lose weight. this is the only program i have ever done that i have never deprived myself of any

and you saw the response was that the federal reserve back then under alan greenspan did not -- knock heads together among -- to make sure that it got through. and then cut rates thereafter. and i think that is a more likely scenario. that it messes up the markets for a while. but that the chinese authorities are not prepared to let it go. let evergrande go in the way that lehman went there. more determined to make sure that the markets continue to operate. and take the risk that that will boost moral hazard as a result. shery: a lot of debate when it comes to china watchers, people that are starting to look at this now from a western perspective, say that if you're comparing this to lehman you're fundamentally misunderstanding the role of the party and what they're trying to do in china and how this system works, right? are we looking at potentially a long-term drag on growth as opposed to a short-term -- short-term spectacular implosion? >> yes. that would be my -- that would be my response. i think -- i think everybody knows that china is run differently than the u.s. was 13 years

it was a kind of decision that i was involved in more than 20 years ago when alan greenspan came up forment under president clinton. now, powell has done you might say a reasonable job in responding to the pandemic. has not gone the way you might say hard money person worried about inflation, but that is a low bar. almost anybody reasonable would have taken the kinds of measures that the federal reserve took. the hard questions on the macro economic side are, what happens when we get starting to recover? how soon do you increase interest rates? how do you see that trade-off? one of the things that we know is that the only time that we bring into the labor market minorities, disadvantaged people, and the only time we get wage compression is when we have a really tight labor market. to me, it is worth risking a little inflation in order to address some of the grave inequalities in our society. i wonder whether he will be the right percent in the right person and at a critical moment. moreover, one of the critical issues going forward is, are we going to have another financial crisis like

i always believed in alan greenspan and his theories of how to control recession. then several years ago it came out with the fact that he was -- what he did was wrong. how come it looked as if it was working and then he declared it to be invalid? >> want to answer that one? he is a personal friend of mine. >> we have a little caption about greenspan in our book. he gave an interesting talk in 2002, i believe it was, to a bond convention in which he said, with all these surpluses we have been running, the united states was running four straight years of surpluses in the late '90s, we can envision a future in which there's not enough government debt for the fed to continue its open market operations. the cascade downward in the ratio of debt to gdp was getting that fast. i'm ready to believe, actually, that some of the economic stagnation that arose in the mid 2000s was a survival mechanism in a darwinian sense on the part of some of the governmental institutions. i remember visiting the imf in 2008, early, that spring, and everyone was scared to death because nobod

. >> we probably made assumptions that their portfolio behavior was like alan greenspan's.accumulated a decent sized portfolio. it was all fixed income and he didn't touch it much, but my next question is does it really matter what they own if they've got their finger on the trigger? we've seen what the bond market has done for 30 years now. obviously it's been very good for bonds and it's been even better for equities. and 27 transactions over the course of a year, that sounds like a lot for people who aren't that active in the markets, but kaplan has a big portfolio that's two transactions per month. i think a little bit of perspective is warranted, but you would think somebody in his position as guy pointed out, would understand that the optics of this are not great. >> i like that point that mike is making, dan it doesn't matter what you own because in this environment, everything goes higher >> just seems like a needless headline i would say this i have a lot of friends in funl r fin financial institutions they can't trade single stocks there's just too many potential

he came over and he met alan greenspan and i got to go to that meeting.adviser to the president he read the textbooks that were used at university. it was an amazing opportunity for me. you have onl had amazing opportunity for me. you have only had this — amazing opportunity for me. you have only had this job _ amazing opportunity for me. you have only had this job as _ amazing opportunity for me. you have only had this job as shadow— only had this job as shadow chancellor since may. we haven't got long to persuade people, are you good at saying no? in long to persuade people, are you good at saying no?— long to persuade people, are you good at saying no? in this “ob, you have to. every * good at saying no? in this “ob, you have to. every day, t good at saying no? in this job, you have to. every day, colleagues - good at saying no? in this job, you have to. every day, colleagues will come with really good ideas, but what i say is everything we say we're going to do, i ask, how do we fund it? so that means you have to say no to people because you have to p

he says why didn't they just do something like alan greenspan where everything was held in a blind trustw could powell own munis and approve a muni bond asset facility for the first time? i understand if the fed is going through an unprecedented crisis and needs to respond to it and not be ham strung in doing so, but there was still a year and a half between the time the programs began and we had these revelations. it feeds into the timing leading up to his renomination or lack thereof. senator warren came out against it today i just wonder if there's going to be more of a drum beat actually for him not to be renominated in the wake of all of this, more so than we might have thought even a week or two ago? >> reporter: yeah. let me clarify, kelly, that warren's objections are different, right as you know, warren feels like powell has done too much to deregulate the banks or amend dodd/frank just to be clear, powell roundly rejected those criticisms from warren saying that the banks, indeed, had a lot more capital than they've almost ever had she had said he is a dangerous man and that sh

i will never forget when alan greenspan, when bill clinton was in office and balance the budget and wee on track to pay off the national debt, alan greenspan said it might not be a good idea to pay off the national debt. why, i don't know. it made no sense. the national debt was raised by the republicans many, many, many times. trump raised it almost a trillion dollars -- $8 trillion. it is crazy. that is pretty much my comment. thank you. host: idaho, independent. caller: the thing that bothers me is there is a scripture that says the love of money is the root of all people. another one says you're not supposed to covet. so you have a corvette, that's not good enough, i want a lamborghini. i bought this house in idaho because the average price of a home in california is $800,000. i bought this home brand-new for $160,000 and have been here for four years. i would have to pay -- we look at where we are right now, the congress started the morning saying the pledge of allegiance and the prayer, they should have in the background there is a right going on song by the coasters. it is the c

the oecd issuing that and the greenwich economic forum, like ray dalio, and alan greenspan featured.dalio going to tell us cash is trash? i feel like we could turn it into a drinking game at this point every time he says that. it seems like a pretty reliable viewpoint. mark: i think a drinking game for the dalio speech is probably the best way to use it. [laughter] always very smart and very informed, but unlikely to change what he has said. for me, it is that gas tech conference which is really important. when the fomc passes, we will go back to still having a gas crisis in europe unless the weather improves materially very soon. dani: let's get over to the first word news with laura wright. laura: the canadian prime minister is poised to win a third term. two networks say they are projecting the governing liberals will win the most seats, but fall short of regaining the parliamentary majority he was seeking. u.s. house democrats of unveiled legislation to fund the government until year end and suspend the debt limit until december 2022 as part of a must pass spending bill to keep t

and former fed chair alan greenspan. we have the oscd. lit be updating wednesday.the rate decisions from japan and of course, the u.s. we have b.o.e.'s rate decision will be on thursday as well. we will get the uk and uspmi. biden host it is quad leader submit. and we also have suga of japan. mark, it's so difficult to know what is going to be the volatility nevin week. i kind of feel like if i want to take the easy way out, i just say the fed that's what the market is going to care about. but this morning, i mean, people aren't waiting on their hands. they are selling. maybe that has more to do with asia. >> look, i hate to agree with you you, dani, but you've nailed it perfectly. the big calendar seventh the f1c. but markets are generating enough excitement. it's about what's going on in china and european gas price surging again today which show that is this european crisis is very much front and center as well. i think we've got a couple of things that are market relevant. obviously, the afluency is going to direct talks the bank bank of engelland is the one --

at the same time, neil, i see so much of that to borrow a phrase from alan greenspan, irrational exuberancely air, nothing. consumer confidence numbers while high, i should while still down are still high compared to where they have been in the past. neil: right. >> so people are very exuberant. they have a lot of money to spend. that makes me cautious, a contrarian bet. neil: i hear you on that, jonathan. when you look at other numbers of the number of bulls to bears, when everyone is one way, that worries them, there are still a good plurality of bears out there. that the capitulation a lot of people look for to bring on the development you talk about not yet there. are we missing something? >> yeah. you're absolutely right, neil. there are still a lot of bears out there. that is why the market seems to keep going up and up and up. we talked about gail dudack, 20 years ago. she was famous, only when she finally gave up did the market ultimately fall. there is a great saying about liquidity and cash. liquidity is like oxygen. you never realize how much you need it until supply is cut off.