any a consensus issue? harry force it, i'll just euro jeanine in the occupied west bank mourners. her farewell former algerian presidents sub there as these both flicker have a state funeral and is senior officials dornbush family and the loki event. flicker was out there is longest serving president. he spent down for office in 2019 falling mass protests of his bid to run for a 5th term. despite his success, restoring peace in algeria in the 900 ninety's. many blame with the flicker for the country's economic growth in recent years. he died on friday, aged 84 gunman in jerry a have released another 10 children, abducted from their school and could do the states in july. officials had confirmed the gun. they were paid ransom 3 days earlier. in total, $120.00 children were taken from their hostels at the bethel baptiste high school in north central nigeria. 21 students are still missing your estimate that a 1000000 nigerian children could miss school this year of arise and kidnapping center insecurity on kong. val just opposition trade union is going to disband of debating, intensi

simply intermediaries for the reserve, the transfer money to the bank, to make sure that the banks don't lose any money on the mortgage loans which take up about 80 percent of bank lending in the united states. to talk about your book super imperialism outs. coming on to 3rd edition sin, it's a classic, but it's a great book. so you right, quote, in 1949. the united states held 3 quarters of the world gold by 960 and had become a debtor nation. and yet the united states is built history is most powerful and apple an empire. ok. how did they do that? that's exactly the point. how is the united states can rule, is a creditor against the 3rd world countries that american bondholders and yet control europe and other countries by being better. it controls them by saying, well, all of your foreign reserves are now held in the united states. for instance, layla held us bold and united states and reserves. united states simply brand, and it's doing the same understand almost always reserve the united states said, well, we don't wake up, so we're going to grab all of your reserves. now you can have it. an

simply intermediaries for the reserve, the transfer money to the banks, to make sure that the banks don't lose any money on the mortgage loans which take up about 80 percent of bank lending and the united states. talk about your booked super imperialism. that's coming out in the 3rd edition sin. it's a classic but it's a great book. so you right, quote, in 1949. the united states held 3 quarters of the world gold by 960 and had become a debtor nation. and yet the united states is built history is most powerful and apple, an empire. okay, how do they do that? that's exactly the point. how is the united states and rule is a creditor against the 3rd world countries that american bond voltage control europe and other countries by being better, it controls them by saying, well, all of your foreign reserves are now in the united states, for instance, held us gold in the united states and reserves, notice they simply grabbed it and it's doing the same thing. understand almost always research united way. so we're going to grab all of your reserves. now you can't have it. and the united states and other co

meanwhile, china's central bank declared any transaction involving cryptocurrencies illegal effectively banning bitcoin and others. it was already in the midst of a major crackdown: bitcoin and other ritual moneys disruptive to economic and financial order. mining and direct trading have been banned in china since 2019. the announcement appears to drop the final curtain. we have the details. >> china's central bank didn't mince words on friday furthering its offensive against cryptocurrencies. it accused them of disrupting financial order, breeding money laundering, fraud, permit schemes, and other criminal activities. it is unveiled a host of new regulations. >> the people's bank of china has announced a new series of policies and measures. to clarify, the currencies do not have legal tender status. >> china has taken a dim viewn crtocurrency since 2019 when it create- made the creation and trade illegal. it's hard to regulate. that's a serious issue in china which strict rules about the outflow of capital. elsewhere, it has banned the mining of cryptocurrency. beijing is still plannin

i haven't had time to look into these changes at bank of america. any bank that is thinking about the future is thinking about the right thing in making changes directed toward that. lisa: this raises an issue of bold moves. do you want to see ranks making bold moves? they try to adapt to the new normal in banking. is that something you would reward? >> it depends on the individual company. when our teams are looking at companies, they are looking at the balance sheet, what has been their growth rate? sometimes, you want to see a measured response, thinking about current conditions and the business you have at hand. you don't want to lose the customers you have with the business you have today on your way to the future. most the time, it's measured. especially for mature industries. there are times when you have to accelerate, especially at the peak of the business. the banks have gotten very far behind in technology. they have outsourced a lot of it. that is not surprising coming out of 2008, the financial crisis and the other things they had to focus

i'm going to go back further than you did, in the 19th century, wildcat notes were issued by banks without any underlying assets, and eventually the banks that issued these notes failed and public confidence in the banking system was under mined. the federal government stepped in, taxed these notes out of resistance, and developed a national currency instead. in theory, a currency backed by a central bank could provide the advantages of cryptocurrency without those risks. the federal reserve, a trusted institution could provide a digital version of cash to the public that is secure, stable, and accepted everywhere. so let me ask you, what role could a central bank digital currency play in reducing these kinds of risks to financial stability? >> so a well designed cbdc could serve as a public alternative to these cryptocurrencies, and potentially crowd out their usage. in contrast, a private digital currency, cbdc's would be sovereign, nondefaultable money. >> that's very helpful. thank you. there's reason cryptocurrencies are popping up like weeds, our current banking system offers bad service

and i also must stress whether a bank or any other lending institution with the forgiveness has no bearing on a borrower's opportunity to get their p.p.p. loan forgiven. many banks and lenders have already set up their own forgiveness platforms that are complementary to s.b.a. and having really a -- so let me ask you, mr. fisher, i agree with your testimony that the f.b.a. should not force lenders to opt in to the direct forgiveness port and with a high number of review requests from the f.b.a. which requires lenders to put resources aside to provide documentation, what should we expect if s.b.a. decides to proceed with audit on lenders on top of all these review requests? and how shah going to divert your attention in serving your customers properly? >> just it diverts resources away from my mission of serving our local community and our customers and helping small business if i'm trying to provide documents and trying to deal with auditors from s.b.a. it becomes problematic for us. >> sure. mr. fisher, you also said in your testimony you mentioned f.b.a.'s -- s.b.a. like 7-a and 504, the

it's a difficult situation for any central bank to be in a situation where the two goals are intention. that paragraph tries to address that by weighing the equities, how long will that take, how big are the gaps? we are sort of in that situation in a short-term way, but we do expect because of the covid shock, you are seeing this temporarily. reporter: thank you mr. chairman. with corporate debt, is ever grand a preview? what is your level of concern right now, and would you consider the evergrande group issue a warning signal? chairman powell: no. corporate defaults are very low in the united states. corporate leverage built up over the course of the long expansion that ended with the pandemic, we were very concerned in the last year or so. we were very concerned at the beginning of the pandemic that if you had a highly leveraged company and revenue stops for an uncertain period, as things happened at the beginning of the crisis, we were very concerned. it did not happen. to a significant extent because of the cares act and the response we undertook in all about. it was a much strong

sba must be careful not to vilify lenders moving forward and i also must stress that whether a bank or anyer lending institution opts in or not, it has no baring on a borrowers opportunity to get the ppp loan forgiven. many banks and lenders have set up their forgiveness platforms that are complementary to sba and have been really highly efficient. let me ask you, mr. fisher, i agree with your testimony that the sba should not force lenders to opt into the direct forgiveness, and with a high number of review requests requires lenders to put resources aside to provide documentation, what should we expect if sba decides to proceed with awe fits on lenders with the requests and how is that going to divert your questions in serving our customers properly. >> it diverts resources away from our mission much serving our local communities and customers and helping small business if i'm trying to provide documents and trying to deal with auditors from sba that it just becomes problematic for us. >> mr. fisher, you say in your testimony, you mentioned sba's lending programs like 7-a and 504. and the

banks are doing well and any concerns about ever grand's part for now and health care is having a good well. in the retail space, really big problems in terms of the supply chain story and that is manifesting itself down by 1.6%. let's talk about our stories today. nike was significantly downgrading it's a that stations -- it's expectations. you want that you wonder how much inventory is out on the water i had of christmas because demand is still there. it's rippling into other stocks as well. rolls-royce got a big up great, up right 4.2%. it's one of the factors in the ftse 100 providing some lift. it's a supporting factor on the upside as we are getting a little out performance. astrazeneca, a big factor for the ftse 100. is the biggest way to the stock and positive news coming through on its prostate cancer therapies giving the stock quite a big boost. it's been an incredibly turbulent week. we are up at the end of the week but i think the volatility has definitely got everybody paying attention. alix: the fed chair dave powell -- jay powell said he's never saw these supply chain is

the company, which has most employees of any u.s. bank bringing back staffers who have been working remotely starting october 18. apple has resolved the wrong letting dispute with -- long-running dispute. many developers will no longer have to pay an app store commission up to 30%. the change is part of a settlement with the japan fair trade commission. apple says it will be implemented globally early next year. that is your bloomberg business flash. anna: thanks very much. the latest ftse makeover has been announced, reshuffling the u.k. benchmark index following the quarterly review. two targets, morrison's and meggitt will join the ftse 100. booted out are just eat takeaway and weir group. what did the changes tell us about london stock market as it seeks to expand post-brexit? tim craighead joins us now. a bit of a strange reshuffle, isn't it? some odd reasons behind this. what is your assessment of these changes? >> i would agree with you. there is odd stuff going on. this is a bit of a football analogy. relegations are going to happ

banks. gov. olsen: well, obviously, any central bank targets the rate based on considerations related to domesticmy, to the norwegian economy in our case. we have the oil still. we have had to can and fiscal policy. when things are normalizing, to make a link to the recent fed decision i think it's quite interesting. they have more monetary policy tools than we have. they have these asset purchases which they are about to start tapering, and it is also interesting if you take the dots which are presented from the board members and go-ahead three or four years, they are actually indicating that they will start perhaps next year and ending up with a level of the policy rate which is actually very similar to ours. lisa: do using that is dangerous for your fellow central banks in the developed world to not be raising rates sooner? to be signaling a tepid move to getting to a point where perhaps they can start thinking about it, but not taking the steps you did today? gov. olsen: no, we are in a quite different position. we have not gone into the area of unconventional policy, although i should add th

has frozen reserves and most local banks remain closed. >> no one has any money right now. e savings are stuck in the banks. people are being using cash. >> i needed money for groceries. the exchange rate is not good. the currency rate keeps on fluctuating. i pray that god brings stability to the government. reporter: the afghan economy has been heavily dependent on international aid. what laws they enforce. governing afghanistan is going to prove a bigger tout -- challenge for the taliban and taking control of it. they have been holding meetings with senior political figures. many doubt if they are willing to share power. their elusive leader may be declared leader of an islamic emirate. these new pictures of some of the final u.s. troops to be withdrawn from afghanistan the focus now is ont they have left behind. anchor: refugee agencies in the u.s. are working to resettle thousands of afghans. some republicans in congress a the u.s. should not let into many afghan refugees. a pentagon briefing today addressed these concerns. >> some of these courageous afghans fought alon

balanced approach paragraph because it had those words, so it's a very difficult situation for any central bank to be -- pardon me -- to be in a situation where the two goals are intentioned. and that paragraph tries to address it by saying we would sort of weigh the equities between the two, how long will it take, how big are the gaps and that kind of thing. we don't really think we're many that -- we're sort of in that situation, i'd say, in a short-term way, but we think, we do expect that this is sort of because of the covid shock and the reto opening and all that -- reopening and all that you're seeing this temporarily. >> great, thank you. we'll go to edward lawrence. >> thank you, michelle. thank you, mr. chairman, for taking the question. so on corporate debt, what happened with evergrande that we've been watching, is that a preview of what could happen with the amount of corporate debt that's out there? in the past you've said you're watching the level of corporate debt, so what's your level of concern right now? and would you consider the evergrande group issue sort of a warning state

sally may the way they gave this money, the banks, they would buy existing loans off of the banks books so any time the bank made a loan to a student sally may would slip in really quickly and buy the loan off of the bank and then hold the loan or sally may would also make just loans to banks and so sally may had all of the powers, almost all of the powers of the treasury department but none -- but it was a for profit corporation and this was the mother of moral hazards, of everything congress has ever done i think this is one of the ten most weirdest things congress has done. guess who owned sally may, banks and schools. it's like the fox living in the hen house, not just watching the hen house. the institutions that, you know, needed to make money and want today make money suddenly had access to all of this treasury department money, no risk whatsoever, called sally may. ly stop there because it's a long story and i'm curious if you want to know more about them. >> yeah, yeah. we are talking about moral hazards and independent consequences and just to catch us up, federal government wants to

>> well, mathematically bank of america is the most sensitive to higher interest rates than any other and enhanced leadership when it comes to esg. i think they are a trifecta when you are thinking about cyclicly, structurally and societal. >> final question, mike. so many different individual stories, but i'm going to go with steven sher stepping down at goldman sachs did that surprise you? >> yes, it did goldman sachs, a short career at cfo. the tenure seems to be getting less and less. having said that, it is something to at least monitor. >> goldman finishing up, 2.6% today. mike mayo, thank you for jumping on the phone on the big rally today. >>> an unexpected profit helping stitch fix today the ceo joins us next on those results. and why the company is taking a stand against the controversial texas abortion law >>> and tomorrow we will get another read on the consumer when nike reports earnings that stock has been outperforming the dow over the last year. find out what to expect from those results, later on "closing bell." [slow electronic notes fade in] [fast upbeat music begin

i also must stress, that whether our bank or any other lending institution deals or not with the forgiveness program, it has no bearing on were always opportunity to have their loans forgiven. many banks and lenders have already set up their own forgiveness platforms that are complimentary to sba. and have been really highly efficient. so let me ask you, mr. fisher, i agree with your testimony that the spca should not support lenders you opt into the direct forgiveness. and with the number of review requests from the sba which requires lenders to put resources aside, what should we expect if sba decides to proceed with auditing these landers on top of all of these requests? and how does that spar with your attention for helping these lenders? >> i think it takes resources away from helping our community and customers, in helping small members. and trying to provide documents and deal with auditors from sba. that just becomes problematic for us. >> and mr. fisher, you also said in your testimony, you mentioned the sba lending programs. seven a and five out for, they rely bank underwriting an

bank decisions. maybe we are still opining for that earlier in the week. are there at least any decisions that could be interesting or consequential? mark: because i am a bit of a nerd, i am interested in all of them -- most of them, maybe. i think the bank of england will be interesting. the fed was slightly more hawkish than expectations last night to talk about finishing tapering next year, bringing more hikes into their dot plot. with the bank of england, that might disappoint people expecting guidance for imminent rate hikes. sterling might be soft i will also watch the turkish central bank decision were nothing is expected, but every turkish central bank decision is always interesting, and there will be movement after. if you want to punt on the day, it is the turkish central bank decision to watch. dani: certainly the lira is not known as a common currency. in terms of sterling, jane foley said they are prepared to lower their forecast for sterling depending on what comes out of the boe. i cannot help but feel more important is the direction of the dollar. the greenback s

>> i think any central bank governor would keep the goal of stability at the top of his agenda.'t blame them for it. that is the right way to go. i will follow that as well. what i would like to see happening is to ensure that the message of stability goes through because sometimes the expectations as well as the concerns people have can also bring the stability. with that, we have to ensure that each stakeholder is kept aware as to what they should be doing. here i talk about the borrowers, the lenders, the government, the people. those who are receiving money. all these people have different interests. we have to ensure that those interests are satisfied in some way. not all but we will find there is a certain expectation. i think stability comes from the expectations they managed as well as certain steps being taken by the central bank. this shows we are in a way putting money where our mouth is. you mentioned money printing. all central bankers know that that could be a situation we move back on. we have also been looking at the way that could be done. i don't want to see a

this is, according to bank of america, coming from any conspiracy theorist is actually bank of america, relating fed money printing purchase of assets, an increase in global tech stocks, and they have a chart here. you could see the central bank liquidity is a darker line where that light line is. market cap of amazon, apple, facebook, google, microsoft, netflix and tesla. right? like i was saying, sometimes the simplest answer is the correct answer. and a lot of people ask, why are these text back so high? why is the stock market so high? and the simple answer is that it's a transfer payment. the federal government is transferring the paper money that they print into the pockets of the tech executives. it's as plain as the nose on your face, and you can see it in these numbers. you know, for those who get transfer payments, like food stamps and other government relief programs, they understand how this works. the government prince money and they give them the food stamp and then they go buy food here. the federal reserve bank prints the money they gave it to tim kirk or the guys a goo

this is, according to bank of america, coming from any conspiracy theorist is actually bank of america, relating fed money printing purchase of assets, an increase in global tech stocks, and they have a chart here. you could see the central bank liquidity is a darker line where that light line is. market cap of amazon, apple, facebook, google, microsoft, netflix and tesla. right? like i was saying, sometimes they, the simplest answer is the correct answer. and a lot of people ask, why are these text back so high? why is the stock market so high? and the simple answer is that it's a transfer payments. the federal government is transferring the paper money that they print into the pockets of the tax executives. it's as plain as the nose on your face, and you can see it in these numbers. you know, for those who get transfer payments, like food stamps and other government relief programs, they understand how this works. the government prince money and they give them the food stamp and then they go buy food here. the federal reserve bank prints the money they gave it to tim kirk or the guys

banks. you don't have any money with the central bank. neither do i. those are reserves. only banks have them. what we need for actual money creation is for banks to actually create money. there is not money demand for it. when that happens, i will worry more about it. jon: marvin barth, good to catch up with you. going into the weekend and coming of the weekend, the focus is on a federal decision next week. the summary of economic projections which no doubt the federal reserve chair will tell you not to look at. tom: i will say more than in recent years, september and december are combined meanings. i remember was september was a nonevent. jon: we had a survey out this morning, the wonderful steve matthews with a team in d.c., suggesting november is the one to watch. november could be decision day at the federal reserve. tom: november 3, you are right, early november and then six weeks later they squeeze in december 15. i made a mistake because i am already to the weekend. what is great about this, there was a guy in a car -- and thank you so much for listening on bloomb

. -- is it desadario, if we could start with gieyou, are you familiar any of this money from federal home loan banks going to any of the tribal communities for housing? >> thank you for asking that, and just to point out, the federal home loan bank has reached out to get native representation from senator smith's home state. chief benjaminard. jury trial is band of ojibwe is serving on that board, and they have had limited outreach to a cdfi technical organization, but in general, i don't know if i can answer the question on how many buthe it really has been very limited haoutreach. if you look at the potential of the i federal home loan bank. they have two different areas. one is on being able to reassure,on provide liquidity t banks. there's a lot of native american banks that could benefit from that. on the other side of that, if you look at the plans, and limited plans, they're notis addressing the real needs of indian country. meetinggde with a cdfi technica adviser is not enough, and doesn't go to the understanding of the tribal issues and capital needs the tribe iss faced with. bringing up th

and i also, must stress, whether a bank, or any other lending institution, with the forgiveness portal has no bearing on a borrowers opportunity to get their ppp loans forgiven. many banks, and lenders, have already set up their own forgiveness platforms that are complimentary to the small business advocate. and, having, really, something highly efficient. so let me ask you, mr. fischer, i agree with your testimony that the small business advocate should not force lenders to opt into the direct forgiveness portal. with a high number of review requests from the small business advocate, which requires lenders to put resources aside to provide documentation, what should we expect if the small business advocate decides to proceed with audits on lenders, on top of all of these review requests? how is that going to divert your attention and serving your customers properly? >> i think it diverts resources away from my mission of serving our local community, and our customers. helping small businesses as i'm trying to provide documents, and trying to deal with auditors from the spca. it just b

start them, you've got to show where it almost cuz i don't store or which is going to meet me banks and me use any of them in here store because it was you guys are still booted ah the the thing in the koran attributed to the brother mohammed the dreams of threefold. sometimes they represent divine guidance, sometimes sorrow from the devil, and sometimes there about the conflict of daily living and past events. this applies also to women's rights in afghanistan, today, encouraged in the past to live out their dreams of being fully fledged human beings, african women. and now being told that this amounts to satanic possession when they turn to. and i'm, what can they count in this time of existential struggle? ah, when i would show the wrong, why don't i just don't. i mean, yes to shape out. the thing becomes the after an engagement, it was the trail. when too many find themselves worlds apart, we choose to look for common ground me the pacific leg around the world, expedition 5000 miles round the clock in the wall. instead, cobb miss wilson in michigan as every country close by like the crew. gavi

the peoples bank of china called for increased power to be given to local governments in order to monitor their regions and report any activity. the bank valgy crackdown on what it called illegal financial activities related to crypto currencies and to go as far as investigating, investigating employees of foreign crypto currency exchanges inside china, along with those who advertise or provide crypto related services. so joining me now to break down mr. nelson or boom, bust co host, an crypto analyst bent on and kristi i kristi, we'll start with you here. so the statement from china central bank isn't exactly a huge revelation. so why did crypto markets react to it? the way they did? or markets react the way they do because of the same reasons as the equity markets because of the massive amount of bots and algo that pick up on key words. i mean, it was literally only a few months ago that of a rally to all time highs near a 1000 because a bunch of crypto trading algo picked up that all of it was trending on twitter. but unfortunately for them are they on twitter actually stood for african american vernacular, englis

>> if there is a non-bank lender that said any of those words, i would be surprised. >> they have. as a former regulator, should that not concern you? >> i am not aware of anyone who has publicly said that. >> i understand. i am telling you they have. i appreciate that. i am making you aware of it. i assume you will be concerned about it. isn't it true that the fdic has not proposed a similar rule? >> that's not quite right. there are three laws that all work together. there is the valid when made rule which is what this whole discussion is actually about. it's not about payday lenders. the ftse did adopt that rule. >> let me ask you this. because you are going to talk this to death. i appreciate that. as former attorney general, i have to be concerned about those individuals who are out there who are using it to skirt around state laws. you know it and i know it. it's happening. i appreciate where you are coming from. you were the controller when this law was passed. let me ask the attorney general. general stein, based on this new rule that the bank name on the paper is in contro