dollars and euros and fake currencies around the world all of it actually may blow up because alberto gallo from r.b.s. says drag us for entered in eighty nine billion euro loans to banks at one percent for three years the l t r o is having all kinds of toxic effects which is disturb and giving that the financial times splashed a headline that the banks may draw down another trillion euros at the second l.t. are in late february well what they're not taking into consideration is that all of this debt is off the balance sheet and all the income is used immediately to pay off bank and near and germany so germany has effectively to seize control of grace they've seized control of portugal they will soon be totally in control of spain and they're totally in control of the earl's own it's all legal remember they put all that bad debt off the balance sheet as keep interest rates at zero percent interest rates were to rise through three four five percent of course the game was over but that's never going to happen because there's no stopping the creation of credit default swaps and other derivativ

the countries that are not germany germany doesn't have a political risk because they are europe alberto gallo from r.b.s. goes on to say that he expects five trillion euros more indeed leveraging by european banks before it's all over so anybody who thinks there's inflation is wrong however this is massive deflation which is often the predecessor to hyper inflation massive deflation which is used to keep interest rates at zero percent william flay should come along though because there is no. the tolerance for that in germany they don't like inflation the member wymore republic their anti inflation so they will continue to run the entire game with they own all the pieces home of board in the europe zone and when the dollar crashes then germany's going to own the dollar as well germany is the true superpower here not china china is apple's keep manufacturing hub power per se germany is a natural powerful country but this five trillion euros deal leveraging in a deflationary environment cash is king if you have money you're happy many germans have huge amounts of gold many chinese have a lot of

alberto gallo joining us. robert sticks around. >>> a posted record earnings for the ninth year running. profit up 11% to just under $6.8 million. they were in line with the estimates a estimates. carolyn's got more in zur rick. >> we knew that hole sum was going to. mainly on its south ak friday can investments. now, as you say, the net loss that holeson did report for the fourth quarter, that was slightly faller than expected. revenues were also stronger than expected at 5.3 billion swiss francs. it was surprisingly strong because the weather conditions in the fourth quarter were more favorable. in terms of the outlook, very optimist optimistic. a rise in building materials in asia, slightly more in the u.s. and stable in europe. ross. >> japan's manufacturing outlook hat jumped. plus we have the latest credit data out of the uk.  >>> this is "worldwide exchange." the headlines from around the globe. the ecb opens the tap once again. it's offering the eurozone bank's another unlimited round