pull the plug on quantitative easing and all the rest of this stuff because my sense and i think the b.o.'s a sense is that the positive benefits being derived for aggregate demand are going down over time whereas the unexpected in undesired consequences medium term consequences are going up over time and these two functions cross of a certain point in time it which point you have to conclude that the policies are doing more harm than good and we should we should think seriously about stopping them now on our show we've had a number of economists who have come on and referenced hyman minsky and that's the way to qana mr coined the phrase the instability of stability so to what degree has the work of time in minsk informed your view on debt cycles. well i think herman minsky is is a very important figure in the history of economic thought and certainly i've read a number of his things although i'm not an academic you know like when you're at the b.o.'s you're preparing one hundred meetings a year and you've got so much to do you don't really have time to sit down and read a lot of economi

certainly i've read a number of his things although i'm not an academic you know when you're at the b.o.'s you're preparing one hundred meetings a year and you've got so much to do you don't really have time to sit down and read a lot of economic history but certainly high minsky and the idea that the banks could really get you into trouble that instability could breed sori stability could breed instability. the medium term effects of ponzi schemes and the rest of it all of that really resonated with us but in addition i mean you have to go back to other thinkers too like vic's in the high. richard coo for that matter there's a lot of people who saw that there are a lot of different ways in which things can go role and. i think in a sense what people find it hard to very really understand is that there's no magic bullet in all of this stuff if the economy is really a very complex adaptive system it can break down in a lot of different ways it was actually at the time we were in hell i'm sorry to cut you off but i'm being told that we have to go to break but please don't go anywhere beca

pull the plug on quantitative easing and all the rest of this stuff because my sense and i think the b.o.'s a sense is that the positive benefits being derived for aggregate demand are going down over time where is the unexpected in undesired consequences. medium term consequences are going up over time and these two functions cross of a certain point in time and which point you have to conclude that the policies are doing more harm than good and we should we should think seriously about stopping them it is actually not a good tool to find terrorists and the problem is we're looking for extraordinarily rare events in a massive sea of communications and whenever you have those sorts of systems false positives completely overwhelm anything you're fighting we see that the united states the data we know we know about different n.s.a. programs that send tens of thousands of tips to the f.b.i. all of those are false alarms there are programs that try to find suspicious of events all of those are false alarms the boston bombers we know the n.s.a. had data about them in their database they didn'

pull the plug on quantitative easing and all the rest of this stuff because my since and i think the b.o.'s a sense is that the positive benefits being derived for aggregate demand are going down over time whereas the unexpected in undesired consequences medium term consequences are going up over time and these two functions cross of a certain point in time it which point you have to conclude that the policies are doing more harm than good and we should. overwhelm anything you're finding we see that the united states the data we know we know about different n.s.a. programs that send tens of thousands of tips to the f.b.i. all of those are false alarms there are programs that try to find suspicious of events all of those are false alarms the boston bombers we know the n.s.a. had data about them in their database they didn't know they were more important than the millions of other people in the n.s.a. database a data mining just surveilling everybody is not a cost of affective way of finding terrorists because it's too easy to hide in the noise what finds terrorists is all owing the leads

show me the next b.o. or the next element that we have.d 11:00 yesterday morning nato releases this, and holds a news conference, and puts out five different satellite images that says, they say showed russian combat military troops invading the sovereign territory of ukraine. again not using the word invade. saying 20,000 troops on the border, 1,000 absolutely within ukraine. what we're waiting to see is, will there be more sanctions ultimately? there's going to be an eu summit on saturday. angela merkel said yesterday that they are going to consider more sanctions. and then one other hot spot, besides the situation with syria. besides ukraine, italy this morning is in deflation. their inflation numbers came out, crisis fell in august year over year, 0.2%. they're now not disinflation, which is a slowdown in inflation. but deflation. full-on deflation. which is a big scary thing for the european union. >> i'm a bit worried when we come back from labor day people are going to wake up to what's going on in the world. do you find it bizarre

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