and if banks go boss this is not the the banks go away is that the banks have a choice of 5 or adjusting to the central bank digital currency they don't get a super subsidy they they're no longer too big to fail because the central bank can just let them fail and there's a way of you know auctioning off all the debts and replacing money with a central bank digital currency so it actually drives banks to be more honest and if they don't. when they're not too big when then when they're not too big to fail they. have to compete with financial technology companies that will be building in this fee it will now all of. these different players that come along and they're all competing there is you know this exit opportunity which is that you can pay on the form of money which is to just use gas and can't be manipulated so i think that you're still going to see fraud i think you're going to see fraud where companies building on top of bitcoin like we have in the last all of these things don't necessarily go away but they look like a new form and the most important thing is the competitive forces

so if you have some money in a bank you can just get some central bank digital currency in the bank and go bust hence the banks writing in the story. so i think the but it's not backed by debt as well as another interesting point so it actually is a deal leveraging affair when central banks issue these digital currencies versus the digital currency those created by the private bank with regards to bitcoin gives people an oct out in the nexus because when central banks and governments create the digits digital currency is going to be all full effects on your privacy your freedom your ability to spend your money as you choose is going to be intersected with compulsory vaccines is going to be intersected with your ability to get on a plane in the future and the anti money laundering regimes and automated tax collections are going to be all intertwined and we're just going to have more and more into connection with the central bank digital currency so that's where bitcoin really comes in and then people lost well will they ban it we already have seen use cases we've seen that china and exch

huge great banking crisis office she came in she reformed the banking system. that was ready quite an achievement i think the policy on. the far as she has anything to do with it almost makes her a sort of pressure austria in the sense that she understands the for just say off someone else's paper currency that's an important point for the russians now fair enough all right alice mcleod i for being on the kaiser report that's my question our righty and that's going to do it for this edition of kaiser report summer solutions with back to stacey once again i want to thank our guest from gold money dot com if you want to reach us on twitter it's kaiser report it's all next time by all. those changed american lives but pharmaceutical companies have a miraculous solution. these drugs to people who are chronic pain patient and believe that their prescription is working for them in the remedy. to. prices at the. grocery dependence and addiction to opiates to long to use that really isn't scientifically justified in our study actually suggests that. the long term effec

banking and political have destroyed lebanon's economy people can't get access to their bank accounts billions have been moved out of the country. president trump wants to install his own man at the bank oversee latin america's recovery from the pandemic but some nations are opposed to the move. and the case of the gas power plant that wasn't built but the company was awarded billions of dollars nigeria goes to court to reverse that decision. lebanon is bankrupt it's been brought to its knees by the powerful banking industry and its ties to the political elite sometimes those times have been indistinguishable over 2 decades money flowed from citizens to enrich bankers and as the currency crisis unfolded they extinguished any hopes of a recovery by blocking reforms and restricting access to money ordinary citizens can't get hold of their money and are limited to taking out just $200.00 every 2 weeks and despite the controls in place to make sure money doesn't leave the country $6000000000.00 has been smuggled out astonishingly it's estimated some $29600000000.00 could see part of the c

piece which shows the extent of the dealings between for instance one bank bank audi and the central bank's governor so the they were there were embedded just pacifically as much as the politicians were in bed with the banking sector having people in each you know the board 'd of board of directors etc you know the same thing was happening with the central bank governor and the banks there were dealings there were he was the protector of the banking sector and some people analysts economists have even accused the central bank of running a ponzi scheme briefly what's your take on that. i think the banking sector turned into it massive marketing machine i mean it employed thousands of people you can see them looking like sales people like you know the r p r network which extended to. you know the live an easy a sports car africa central america cetera you know reaching out to any lebanese ex-pats of roads and asking them to bring their money and i mean you would be surprised to learn what kind of you know what to what extent they went. to get some of that money they went there and repr

a huge great banking crisis after she came in she reformed the banking system. that was ready quite an achievement i think the policy on. the far as she has anything to do with it almost makes her a sort of pressure austria in the sense that she understands the for just say off someone else this paper currency that's an important point for the russians now fair enough all right alice mcleod thanks for being on the kaiser report that's my question irit and ask you to do it for this edition of kaiser report summer solutions went back to stacy once again i want to thank our guest from gold money dot com if you want to reach us on twitter it's kaiser report until next time buy out. an entire village in alaska knows how to move if another country threaten to wipe out an american town. we do everything in our power to protect the. water then escaping climate change poses the same threat right now alaska has seen some of the fuss just coastal erosion in the world we lost about 30 feet. 35 feet of ground in just about 3 months while we were measuring. peanuts the river

the banking system. that was ready quite an achievement i think the policy on. the far as she has anything to do with it almost makes her a sort of prosecco austria in the sense that she understands the for just say off someone else this paper currency that's an important point for the russians now fair enough all right alice mcleod thanks for being on the kaiser report that's my question our righty and that's going to do it for this edition of kaiser report summer solutions with max and stacy once again i want to thank our guest from gold money dot com if you want to reach us on twitter it's kaiser report until next time . so seems wrong. just don't call. me world yet to see how does this come to cancel and against me because the trail. went something and find themselves worlds apart we choose to look for common ground. he. says if you. just look. at the connection problems laugh and ask for the last 70 and seeing and on monday for the match. commission. branches just shoot on disk in the. ocean among.

huge great banking crisis office she came in she reformed the banking system. that was ready quite an achievement i think the policy on. the far as she has anything to do with it almost makes her a sort of precious austrian in the sense that she understands the for just say off someone else's paper currency that's an important point for the russians now fair enough all right alice mcleod thanks for being on the kaiser report that's my question our righty and that's going to do it for this edition of kaiser report summer solutions with back to stacey once again i want to thank our guest from gold money dot com if you want to reach us on twitter it's kaiser report until next time . so what we've got to do is identify the threats that we have it's crazy foundation of let it be an arms race. spearing dramatic to follow only really i'm going to resist i don't see how that strategy will be successful very critical time to sit down and tom. what the pandemic know is that you know born is just blind to nationalities. the summary of the rupee we do look like seem. to be

banks with bad loans versus european banks.keaways is provision levels have looked very different country to country and bank to bank within those countries. there in mind each lender will have a different customer base, a different geographic mix. this is a little bit harsh to draw comparisons. what i think you will find is the u.k. banks were quite ,ggressive in the provisioning and that probably reflects a harsh economic outlook the u.k. is preparing for. that is manifesting itself in the shale price if you look at the u.k. banks trading at the lowest since 1992 on the back of those dire economic expectations. the expectations are pretty bad. ways, if you are an investor in these businesses, is the worst behind us? elisa: that would be the optimistic outlook. bear in mind you had a first half that was quite exceptional because notwithstanding the dire economic outlook, the trading businesses across firms in the u.s. and europe has held up and done phenomenally well. that is unlikely to repeat itself in the second half. you w

and yet has 86 banks only two banks headquartered in my state that are local banks have agreed to participate. so i really hope as we have this more g today we'll talk about that. et me turn and talk about the term sheet. it has implied leverage. in other words, it looks like a traditional bank loan. where is the higher risk component that was contemplated cares act section that encouraged help for particularly sectors of the economy, could you commend on rosengren? mr. rosengren: i think these loans already are going to be risky. in the middle of a pandemic, particularly if it's a where of the economy social distancing is difficult, hotels, retail have ll been badly affected by the andemic and there are large bankruptcies. i fully expect some of the loans we'll do over time will have a loss. we have a hy streshry -- treasury backstop. program has taken on a bit of risk. i think over time, as the grows, we'll will some significant losses. hopefully that doesn't occur. is able to erybody pay back the loan completely. but if the economy doesn't do ell, particularly if the pandemic worsens, it's

and standard shot back which are pretty sure banks and then if you go look at the chinese banks what we find that the big 4 chinese j 6 yeah share prices of all plummeted after no national rally from that march 23rd date which peaked on i think it was the 7th of july and since then it has just collapsed so we have banking and systemic problems in the making and nobody so far as i can see is paying any attention to it this is an exciting story but we pick up after the break allister you know you got me on the edge of my sea don't go away we'll be right back with alice macleod with the guys report don't go away. no team no crowd. no shots no. action well to be. going to wells track no arrests were. points your thirst for action. an entire village in alaska has had to move if another country trying to wipe out an american town. we do everything in our power to protect the. water then escaping climate change was the same threat right now alaska does seem some of the fastest coastal erosion in the world we lost about 35 feet. 35 feet of ground in just about 3 months while we were measurin

guy: back to that story relating to the bank of england. governor andy beshear lee says there is plenty of room for more monetary stimulus. he spoke at the fed's virtual jackson hole event earlier. he talked about what is in the box. >> we are not out of firepower by any means. vantage point, we were too cautious about our remaining firepower and our judgment pre-covid. hindsight is a wonderful thing when you've got it. strategist joining us now from principal global investors. area, a lot of people skeptical that the u.k. will actually deliver negative rates. this isskeptical actually what the bank of england wants to do. however, i suspect they will need to do more. you are going, if to open negative territory as an option, you are not out of firepower. the question is how effective it would be and what else they have. kailey: could fiscal help the boe hat scenthe monetary side? be -- i think the optimum scenario is when fiscal policy, just as we have seen in europe come and to some extent the europe -- the u.s., have stepped in to help t

a lot of money center banks were thrilled with this it's the community banks that like. yes i did support the community bank bill and i think when people mess with this service and what things are that makes it really hard over one last question you said the regional banks are doing very well thank you all right. are you concerned that the banking lobby bank lobbyists had influence over this bill that they have too much influence here on capitol hill absolutely i think the bank will. be the pharma lobby all have too much influence here in congress this bill 252500 1000000 in the kinds of things j.p. morgan so you think the kinds of things that talking about are not small banks so i don't know that anybody with a straight face can say this is an answer to that question this is. couching small banks in order to give big banks relief from these write necessary regulations here thank you so much take care. in response to obama's one effort to clean up influence peddling in washington lobbyist simply deregistered became more secretive thousands of lobbyist said we're not even

. >> when it comes to large banks, it's investor heaven this value investor heaven with big banks. we think banks are the place to be bank stocks have underperformed the market by one-third over the last six months. the only time that happened in modern history is during the global financial crisis when banks were the source of the problems, not part of the solutions. at some point, price itself is a catalyst you also get extra covid data with these bank stocks on any hint of any progress with the economy or covid these bank stocks out perform. today they are up 200 basis points versus the market it might be a dress rehearsal, whatever at some point over the next two years we get through this. the most important fundamental point which is what i work on with over 200 earnings models is we think second quarter earnings per banks were the bottom and that bank earnings increase by 50% over the next several quarters relative to the second quarter. banks have war chest they are the forgotten sector. >> justice of the peace more began is up 50%. my point is you need, you need the broad r

they moved his bank from the commercial side of the bank into their private bank. so why is deutsche bank, among all other major banks continued to do business with the president? deutsche bank has had a long history of trouble, including money laundering issues that drew the attention of investigators in u.s. and his assets for a long time. when we litigated, we produced a document in that litigation. when we litigated with trump. he sued me for liable over my biography, deutsche bank had an assessment of trump's wealth at $788 million at a time when trump was saying he was worth $6 billion. so the idea that trump is out there inflating his wealth isn't a new thing for deutsche bank. i think where this goes around bank fraud and insurance fraud and possible money laundering is the stuff that could really worry trump. >> andrew, let's talk about -- the southern district of new york having some independence from the department of justice, but it is still the department of justice. the manhattan da isn't. the attorney general of the state of new york got elected on a

banks.ncials are rising today. they are the best performers in the s&p 500 after chair powell said the fed will allow inflation to rise above 2%. if you go back since 2018, falling rates a been the story. it has done a lot of damage to the sector. no surprise -- according to the latest bank of america survey, investors have a net 8% underweight in banks. the sector faces a double whammy. 500. is the pandemic, s&p then you have the percent low interest rates. he looked at the fallout on financial stocks after the fed makes emergency rate cuts. believe it or not, since 1998, there have been eight cents cuts. time, it was six months under. as a result, these are cheap stocks and they trade below value. it seem like they kept getting cheaper. they are expected to stay around $.84 on the dollar and 2021. even warren buffett made big cuts to his bank holdings. he said banks are good business as long as they don't make big mistakes. -- hemmed his space in did build a stake in bank of america. he tr

these mega banks for instance j.p. morgan wells fargo b. of a they're being sued in class action tellingly for funding large or small businesses then smaller businesses with this paycheck protection program p.p.p. before that $350000000000.00 in federal funds ran out why has the smallest small businesses don't pay these banks as much in fees as the larger small businesses quote unquote this is yet another unsustainable contradiction in the modern economic system where clear socialistic government handouts are nonetheless being prioritized through private institutions foremost by their profit motives i mean all this stuff begs deeper questions yeah it's a man and you know i hear only a lot about democratic socialism and all that and i lived in eastern europe during communism and i know what that's about ok so i don't really want to go that direction you know but the interesting thing is here banks are picking winners ok i mean it is very socialistic in that way because it's not the it's not the market picking winners it

of the bank. and so, and we'll see, but as i said earlier, i think if cy vance is seriously investigating the way that the -- that trump and the trump organization presented themselves financially to deutsche bank, rosemary bradlick is going to be very high on the list of people that they're going to want to talk to. >> suzanne, i want to give you the last word. and -- go ahead. >> i just one of the things to remember that cy vance is trying to get, he's going to be looking at these two issues, but he wants to look at the whole thing and he wants to just put all of the pieces together, both with the tax returns and the financial statements. he wants to see the hush money. he wants to see, was there bank fraud. he wants to see, was there foreign money? he wants to see everything. this is what he's after. there's no question. >> and i guess, suzanne, the same question that i asked david was one i wanted to get you on the record on. do you think that we know if cy vance is only person looking at what

i would probably buy it all in one day, but away from that if i were to buy a bank, it will be bank of america. i do they they are best in breed. i don't think moynihan gets enough credit for the job he's done he's not as visible. he doesn't do all the conferences that jamie dimon does, but look at the execution. it's been nearly flawless, despite being tagged, if you do back to the issues that the government put it into in the housing crisis i would buy that however, i agree with joe. the headwinds are much too great. the fed is saying we're going to adjust or inflation targets, so you could see low rates for a long time. that's a headwind i don't think you overcome i think you're at a it right now, so i'm not there. >> can't get anybody excited about this at all. sarat, i chose you that buffett endorsed your ownership. he's been buying it for 12 straight days, you know, i guess so no one seems to be excited about it >> no, look -- scott, i like it when they don't like the financials, okay let them not like the financials i think there's value here when the value comes back, i think y

and the bank.re are conditions that a different bank may put on that same kind of loan and there are a lot of differences across both banks and borrowers and what these loan agreements look like. mr. ramamurti: in the interest of time, i'll move on. i will just note that even $535 million in the pipeline that's a tiny fraction of the total lending capacities that was created for this program. as i said in my opening remarks, i think this program has been a failure and the basic reason for that is that the fed can only offer loans. the data shows that companies, even distressed companies, aren't looking for loans. the fed released a survey of loan officers finding in second loans frommand for all companies went down. similarly, the most recent national federation of business survey found 3% of business owners found their borrowing needs were not satisfied. in the testimony they submitted today, the bank policy institute, which represents some of the biggest banks in the country, have seen a, quote,

bank was a cooperative bank in the vendor region for years that provided access to banking services for the real poor because conventional banks didn't serve them then corrupt management took over and 2 years ago the bank collapsed. this is what is left off the v.b. s bank and bend headquarters with the remaining a.t.m.'s insights but many shareholders and investors us still hoping to get back their money. for decades richard mouw who was a member of the funeral savings club together was $200.00 families in the village each family paid around 5 euros a month if a family member died the funeral costs were covered. the treasurer of the funeral club has a letter from d.b.s. bank the club had around $25000.00 euros and its account that we get from management. yes if in this graveyard they didn't get the terms through because the money was told by the b.b.s. because people are busy looking beyond the money for them so the central bank launched an investigation and published a shocking report 2 years ago the equivalent of around 100000000 euros went missing and more than 50 people are accused

banking sector. a result of the fact the sector is overbank. so many names, so many things for an investor to cover. that is a good side when you do have m&a and consolidation -- we need to have m&a and consolidation in banking. alix: i feel like we have wanted to see consolidation in europe banking for years. why do you think now it will happen? wanted to see fiscal consolidation in europe and waiting and waiting. i also thought wheat wasted covid crisis. a big check mark to angela merkel forgetting that european recovery fund through, which is very much positive. now it feels it is europe's time. and that i will put the fact that they have fiscal union, they have the unified bond offerings, so maybe we can see banking consolidation against that backdrop. i do feel for once europe is coming into its own. alix: let's wrap it up when it comes to the vaccine and drugmakers. everyone is trying to play the vaccine covid thing. how are you doing it? are you buying into it? katrina: we do not short so we d

the reason deutsche bank got into business with trump initially in the late 1990s is no other bank would. over and over again, the bank missed one warning sign after another and ranging from just the fact he kept defaulting on loans and suing deutsche bank to concerns employees had about possible money laundering and other suspicious transactions going on. prosecutors, regulators, congressional investigators have viewed deutsche bank as the rosetta stone for fully understanding donald trump's opaque finances. they have so much information on this guy that has not been in the public domain. it can be very, very valuable. >> but here's the thing. you said a moment ago, what do you expect? i would expect a whole lot more. banking is one of the most highly regulated industries. if president trump wasn't the president of the united states and had all of this attention on him, would all of this just go by, no big deal, we wouldn't notice? >> you know, i don't know if we wouldn't notice, but certainly there's a deep-rooted problem, not only the banking industry, but in the regulatory community

but we stop borrowing government money through these banks to do it and instead are our banks. and losers based on profit and loss and the problem is when you socialize losses through or through the government it's ceased being a profit and loss estimate reallocates resources efficiently so government i think is gumming up the works in this process now we need to get back to business as usual in order to go hard and that will mean some bankruptcies both the small and large firms the key is that you want to collect the labor and capital market to reallocate those assets to where they can best serve consumers as quickly as possible. but i but you know you know in looking at this entire saga over the last few weeks in i think it's absolutely shameful that congress goes on vacation you know will come back when there's an emergency that there's 26000000 a merchant sees out there right now ok i mean they were very quick to pad their own pockets and their friends and their special interests here and now they're still grieve thinking about how to continue dealing with the other parts o

banks by rotating capital out of them into go. to say that he sees significant problems in terms of growth in terms of return in terms of the overall economic outlook going forward as a result of the large scale monetise i thin that we've seen of the financial system over the course of the past 10 years christian lawrence in new york is this an indicator that the global markets are about to crash are we looking at a 2000 style 2008 style crash saying no i don't think it indicates that but i do completely agree with everything that was just said about this essentially being a debasement of fit currency you know we're talking about gold prices going up but really we could look at it through the other end of the telescope and essentially argue that the value of fit money has come down and that's why the price of gold it is heading higher so i think it just reflects this huge amounts of liquidity that is being pumped into the system by central banks around the world you know the expansion of the balance sheet is not just the fed's sto

the relationship is always between a national commercial bank and a national central bank the e.c.b. as like some sort of god like figure in the background. you know it's a running everything but the e.c.p.a. would like i think to have more direct control over economic events because these people believe that if you just inject money into an economy you will rescue it even though classical economics tells you that that is a lot of hooey but that is what they think and i think in a sense when it happens the central bankers will shock their shoulders and say well say the v.a. but at least we've got better control over events now and i think that's going to be the way they look at it these are summer solutions so for the ordinary person out there watching this how do they protect themselves what should they expect in the future is there going to be another post bretton woods sort of post agreement a little currency grade what's going to happen and what should they do i don't see sort of another bretton woods what i do see is a crisis that's evolving so rapidly that the web really be a c

bank.rcial banking amongst the customers in months, just over $2 billion of extensive credit losses. i think very big shift, negativt in terms of the economic outlook with the global economy in 2020. with the recovery in 2021. but not the sharper recession. yousef: you were expecting about $500 million in cost savings in the second half. is that program going to get accelerated going forward, and is the targeted cuts of around 85,000, but that still be sufficient or does that get changed? ewen: we went into the start of the year, anticipating costs were going to be flat. we are now signaling them to be down 30% this year. in thea 7% reduction second quarter. it was flattened somewhat by very subdued activity on things like travel and some of our head office costs. so we are on track to deliver what we announced in february, was a substantial cost reduction program over the next three years. that weith the progress have managed to achieve in the first six months. manus: you had that banner h

so people are not in bank people would have cared. for purchasing less jury than we used to buy earlier we will have to purchase one necklace instead of 2 and we also have to lower our budget for purchasing a culture change. that there are very few customers buying gold because everybody is focusing the survival rather than buying gold on luxury items because of the coronavirus pandemic everybody is trying to save their lives most are thinking about how to survive. let's bring in our panel in new york christian lawrence senior market strategist robert bank in london michael hewson chief market analyst at the financial firm c.m.c. markets and from new delhi our income a professor of economics at the institute of social sciences welcome to you all i'd like to begin in london with you michael hewson i don't own any gold why should i care about the price of gold what does what does it mean for me and the dollar the pound the ruble in my pocket. well what i think what the rise in the gold price tells me is there's an awful lot of people ou