multi hundred year history as the bank of england mervyn king went so horribly discredited doesn't the end even the back of international settlements the central bank of central banks is waving their finger at these other central banks and saying you guys need to stop committing the fraud isn't that worrying john oh yes it's all fraud governments lie all the major statistics that it really is you know in the us obviously everybody knows about them or unemployment inflation numbers being distort and interest rates of the same thing you know that they're they're lying to us about the fundamental reality of the economy in order to be able to keep interest rates lower than they would be otherwise because you know the bond markets actually understood what was happening you'd see interest rates spike around the world. just because they are in the peripheral euro zone countries you know people are figuring out that spain and italy can't pay their bills but we in the u.s. are just as bad a shape except we've been able to to maintain the fiction. that we're in better shape than a lot of these o

granted, ending six weeks of protests and violence. >>> we've got minutes coming up from the bank of england's last meeting. >> any minute now. >> european stocks are firmer today. and certainly we've seen some reaction for spanish bond yields from the bank of japan action as well. let's bring you those minutes right now. a number of things to get through. bank of england september minutes, they voted 9-0. the decision is relatively straight forward. some saw a likely need for more stick lus in due course. one member saw a good case for more more qe in september. they talked about the growth being uncertain and substantial risks from the eurozone for some time to come and can't discount the risk of sharper slowdown in emerging economies. they said they can expect uk measured gdp to rise sharply in the third quarter. the data suggests modest underlying growth and inflation to fall less rapidly in the near term than they had thought in august. they suggest there's an encouraging sign on lending rates from the fls. the funding for lending scheme. interesting comments there. sterling slightly up o

saying pensioners must give up benefits no nick clegg pensioners must revolt against a corrupt bank of england that's stealing all their money with your help mate clay explain this while you're out there calling badgers well max if you could hand me the financial times of their excited like to point out you say that nick clegg says pensioners should give up benefits and this is an important thing related to this headline here bankers yield role in setting of libel or now the positive spin from the financial news has been that mortgage holders benefited from this crime so let's all be happy now nick clegg they're saying pensioners must give up benefits well these two have minds go to gether bankers pensioners didn't give up their benefits when line bore was manipulated down and their pensions were defrauded blue but all the same oh it's cool bankers not beggars all right ses ever thanks must be

obviously appeasing the terrorists he knows full well that if you raise interest rates of the bank of england you would insert a five grades to make loans that's their business then of course you already have a demand because people want to grow people want to have mortgages people want to see. all businesses total global supply right here in the business of this rag the evening standard total dog will speak on job tony doublespeak well the article is called why drop piles of cash out of helicopters when q.e. is delivering the goods is delivering the goods to the government is not delivering the goods to the capital that is required to develop capitalism it's not helping entrepreneurs or retire or anybody else like that black hole of debt is growing ever wider if you're in the business of creating black holes of debt then you are succeeding however obstructing. the economy into a black hole becoming completely out of mars and then fractionalized and then zero four five into absolute the cops are coming you didn't hear them do you write little street looking for mervyn king so you've got to lo

these kinds of financial lives would be considered crimes and you go to jail for it but if you're a major bank or the head of better reserve or the head of the bank of england you somehow can get away with this and b. because it's seen as macroeconomic policy or monetary policy where where lying is basically accepted as a way to help you help the people that you're you're in office to help ok and obviously that that's the fundamental flaw in the system now with you've got to get away with it and the question is how much longer you know do we end up putting these guys in jail and i you know i hope so. but right now the people who would have to prosecute the criminals are the criminals and so we won't see it until we see some kind of regime change or some kind of dramatic change in public sentiment here presents the odds that that movement ron paul's pet project. is the first step in the public taking back. control of the mechanisms of more material is good policy and you know should we discover actual crimes there you know blatant. undeniable criminal activity that could open the floodgates know maybe we point out . that we're doing things which you know we

the the the banks offering these rates and the central banks offering these rates to keep the speculators happy but in the case of the bank of england barclay and barclays and the library rate setting in the u.k. they're actively engaged in fraud and market manipulation to keep interest rates at an artificially low level to help out speculators so the fraud has now jumped to the institutional level the bank of england has been clearly implicated in a wholesale fraud probably the first time in its you know multi hundred year history as the bank. this and. policy or monetary policy where lying is basically accepted as a way to help you help the people that you're you're in office to help ok and obviously that that's the fundamental flaw in the system that with these guys get away with it and the question is how much longer you know do we end up putting these guys in jail and you know i hope so. but right now the people who would have to prosecute the criminals are the criminals and so we won't see it until we see some kind of regime change or some kind of dramatic change in public sentiment here presents the odds that that movement ro

you there is going to be no changes to the monetary policy and that's because the gulf and the bank of england loving king has said he's awaiting what's going to happen in europe today i think is about fin them because the european debt crisis is starting to grip the previously saw the currency duty in the small export orientated economy of finland fell over one percent in the second quarter that's because of weakening to manon the country's products from all the eurozone members villain's economy is expected to shrink again in the third quarter to moderate growth only when the euro crisis it says polenta going on today and i'm going to have to be taking over in the next day and i thought and all the european. very good thanks. and then i was on the.

it's the same argument the bank of england made and of course the bank of england basically had to adhere to the same treaty. so they have to justify on inflation and the e skrchlt b will have to do the same. >> i think that's quite funnily you talk about the bank of england because while they've been printing qe, inflation has been above their mandate for a very long time. so sort of their target, they've missed much. we've got to go unfortunately. but good to see you. >> well get into more of the situation in britain later on in the program given larry summers has an op-ed. look up the larry summers op-ed where he talks about how britain is still vulnerable and then we'll have a discussion about the pound a little bit later in the show. first, though, aeds is preparing to give germany job guarantees in a bid to gain approval in a merger. patricia is following the story for us. should we take aeds at its worth here? >> they're not commenting. we must not just thrash ahead. but one thing we did it know is that they're going around the government of course trying to schmooze them into acce

it's an issue for bank of england as well. looking at what they've been saying, it's much more of a credit issue. if credit growth starts to improve and bank borrowing costs start to come down, then that reduces the prospect of stimulus. >>> appreciate your time and thanks for getting us out to the boe. kelly. >>> well, our next guest says the u.k. government must focus more on helping small businesses in order to get growth moving again arguing that small businesses and startups account for most of the economic growth and new jobs in britain. we're joined by doug richards which helps small businesses get off the ground in our studio. doug, thank you for joining us. >> good morning. >> so tell us why you think it's so important that britain perhaps invest more in startups and what you're in particular trying to do about it. >> i think the economic case is pretty clear. if you look at the data over the last 30 years, almost all the net new jobs in western economies have come from young companies, startups. therefore, our growth

>> governors of the bank of england telling governments -- maybe i should apply for the job. s a sort of sigh of relief. i think one can fairly say in retrospect that it was widely expected that we indeed saw the constitutional court throwing out the injunction, and adding some strings attached to how far the german government can go down the road. but first of all, relief that yes, it can go ahead. the devil is so often in the details. the strings attached to it, that's no peanut, so to speak. we have to wait and see how far carved in stone this $190 billion for the german -- essentially for the german share of the esm liabilities is beginning to be. but if it is, then it could turn into a problem, because if tomorrow or the day after, spain and/or italy applying for some bailout protection, then of course, they drop out of the -- essentially out of the liability cake and the german share goes up. at that stage, already, the esm would be hamstringed and god knows what happens to the program then. so it remains interesting. but today, i think relief is the buzz word of the mom

this group of central banks that are that have the printing presses on on overtime to make up for what you say fiscal agents are all of the major industrial central banks here at the bank of england the swiss national bank the bank of japan and the e.c.b. and the fed all engaging in one form or another of money printing q.e. or financial to the system the swiss national bank has kept the currency to the to the euro one twenty and there are limited amounts of reserves in order to keep that from going above that ok so you have central banks on overdrive is there any kind of broad trend or if not a broad trend what are the key trends what fiscal agents you believe are doing that they should be doing that central banks are making up for well before. into the whole fiscal side it's interesting to think about the fact that two years ago we had this whole thing with the finance minister from brazil talking about currency wars the currency wars and yes exactly on pain of what's happening happening again that he was talking about he was talking about the fact that all these industrialized countries were printing money they were adding reserves to their systems etc and this was having a ne

the latest, the bank of japan, that is going to add to the 70 trillion announced in -- make that 80 yen around 1 trillion u.s. dollars. bank of england expected to follow suit. we have had news from the ecb that is it going into the markets to keep rates low. elsewhere, in corporate news, bank of america is speeding up the job reduction program. they are going to cut 16,000 jobs by the end of the year. that's ahead of schedule on a longer term plan to trim the size of bank of america of 30,000 jobs by the end of next year. the lack of market activity and new regulation as well. at a corporate level, we are seeing the reaction at an international level. back to you. >> steve, live for us in london. thanks. >>> still ahead on "way too early". how can it be? the orioles up late again playing extra innings in seattle and pulling out another one. >>> steven colbert and a check on weather when we come back. >>> miss king has been staying away from much of the hoopla. he showed up in a semitopples outfit. he claims it will psych out mrs. king and she will crumble on the court. [ woman ] ring. ring. progresso. i just finished a bowl of your

. >>> help wanted, a governor to run the bank of england. they announced they will run advertisements to look for the central bank chief for the first time ever. the finance minister said the successor to mervyn king will be chosen through fair and open competition. the application requirements are expected to include work experience at the central bangor managed experience at major private banks. local immediate ya say foreigners who make the requirements may also be eligible. the advertisements will be placed in business magazines and other media at the end of the week. the government plans to name the new governor by the end of this year. king's term will end next june. thats all for me. i ll lve youith the maet figures around the world. >>> farmers in northeastern japan are trying to get their fields back. the tsunami soaked the land with salt water. damages topped more than $10 billion. cleaning up the soil is one option. farmers are also working with scientists to find crops that can grow despite the pollution. >> reporter: he has grow

of england. the effort is out today in the economist. governor of the bank of england. >> not something you see every day. >> it's not. demonstrate management policy skills, advanced understanding of the equity markets. strong communicator. this reads like your cv. >> do you think i'd have a fighting chance? >> that's the point. you can be anybody. >> i have tried to go on the website this morning, admittedly before 9:00 in london, and i couldn't find the application. so maybe they were waiting until 9:00. >> it could even be a canadian. it doesn't have to be someone is britt pish, but a person who is a person of undisputed integrity and standard, so i'm not sure you're qualified. >> i was going to apply until i read that final paragraph. but if you have any thoughts or comments about that please write to us, worldwide@cnbc.com. or tweet us @cnbcwex. and the rest of it, you know where it is. on today's show, we'll also be in cypress. very nice place. europe's finance ministers are planning to push madrid to take a full bailout. >> and we'll also see anger ov

having kind of a general framework, instead of principles they adhere to. >> i think this is the bank of england having a level show which is he can quit to assets which was in the 80s was bank of choice and has gone away over the years. i dond that. i think that is too simplistic. of course, we were discussing this yesterday, you have this whole calculation under basel 2.5. i have to say, i find it difficult to get my head around that. >> what's the point? >> when you have certain instruments on the books where in the good old day you could say loan has 100% of going bad, some have up to 1,250%. you're looking and saying, what are the implications of one of these falls? the whole of the actual -- the issue its supporting could fall. that's the problem. i would love it to be much more simple because i could see how much more simple that is but the reality is the business is not simple. it's the back end we must consider. >> curious when we look at moving towards european-wide banking supervisor what the real point -- what the practical implications are. we spoke with thomas wieser but it's to cl

so-called poverty barons that run consultancy firms like the one behind me now in recent days the bank of england has one struggling british households to brace themselves for further price hikes in food and fuel with poverty here in the u. . u.k. predicted to increase over the next eight years many struggling households are going to be left wondering whether all that money spent abroad on what many call questionable foreign aid might be better used to home. stories waiting for you on our web site. for the latest play straight silicon trunk show why a double amputee was shot dead by police due to a danger that that mobile is. going on and a journey they will never take the seven people died under the wheels of a drunk question who slammed into a bus stop in moscow at almost two hundred kilometers an hour and then all that storage also called. is the. download the official all to publication so choose your language stream quality and enjoy your favorite. t.v. is not required to watch all it's here all you need is your mobile device with more thought see any toy or. tension is escalating between be

we'll get minutes from the bank of england and plus the bank of japan policy decision. and on thursday, look out for the all-important flash pmi data for germany, france and the eurozone. and on friday, spanish prime minister rajoy meets mario monti in rome. >> now, after many stops and starts, traders in malaysia and singapore can directly exchange stocks. cross trading starts today in fact. head of securities says it's all part of a bigger trading link. >> this is the first step in the process. on the trading side, it's trying to allow more people to invest into asean as a group as well as more people getting exposure to exchanges cross border. >> more countries in the region are expected to join thailand next in line. so what sectors are worth considering? joining us for more is equity analyst at cinb. david, thanks for joining us. first of all, how significant is this move snd wheand where is t opportunity? >> will is long term positive for equity trading. but the near term, i don't see much impact. of course if you look at it, as see a as see ann asean exchanges is

ninety percent tax in the form of artificially depress interest rates thanks to mervyn king the bank of england and bernanke you know the central bankers around the world when they artificially bring down rates to zero near zero zero or zero interest rate policy like giving the savers of the world the people who actually are the backbone of the system and ninety percent tax hike now you're saying not only did we increase taxes by ninety percent. clegg over here in the cold running the governor. right behind me can see the towers and all the small flora and fauna of this wicked government they are going into directly you know it's like m.f. global they went right into the account to steal money for jamie diamond j.p. morgan and they stole it from customer segregated money as a new unprecedented ripoff here nick clegg is saying go into granny's account go into grandpa's account just take that money put it down on this overpriced housing market while and then let the free market do this job let housing reflect the true supply and demand her the prices would come down to the point where people coul

so-called poverty barons that run consultancy firms like the one behind me now in recent days the bank of england has one struggling british households to brace themselves for the price hikes in food and fuel with poverty here in the u.k. predicted to increase over the next eight years many struggling households are going to be left wondering whether all that money spent abroad on what many call questionable foreign aid might be better used to home. it will see the rest of the day's international news and much more is heading your way right after this short break. at. the ride that takes your breath away leaving across the sky as it was a mohnish could you know the biggest salt lake in europe and more than two hundred species of birds but also it is them are on the verge of extinction on these islands in the south of russia they find shelter before migrated to other parts of the world. here we see the great white pelican and several species of the tao mation pelican which are both in the red dates of birth but there are only forty to fifty couples left in the region your palate can use as well as

so-called poverty barons that run consultancy from like the one behind me now in recent days the bank of england has one struggling british households to brace themselves for the price hikes in food and fuel with poverty here in the u.k. predicted to increase over the next eight years many struggling households are going to be left wondering whether all that money spent abroad on what many call questionable foreign aid might be better used to home. you're watching our team the rest of the day's international news and much more is heading your way right after this short break. i never thought i could earn a living this way. natale issue of oil is the norm or should test small arms so those photos to machine building ploy and not obvious lost count of all the weapons she's fired over the past twelve years. i got so used to it sometimes my friends ask me to join them at the rifle range and i say no wait i'm so tired of shooting. the planet's history goes from making firearms doing world war two to ballistic missiles from nuclear submarines during the cold war the bulk of the soviet industry was mov

so-called poverty barons that run consultancy firms like the one behind me now in recent days the bank of england has one struggling british households to brace themselves for further price hikes in food and fuel with poverty here in the u.k. predicted to increase over the next eight years many struggling households are going to be left wondering whether all that money spent abroad on what many call questionable foreign aid might be better used to home. plenty more stories waiting for you on our website home had that the latest. like a token drunk show find out why a double amputee was shown by police gz a danger that never was. drinking for two days and leaving seven people dead the owner of the wheels up in the north that store at all. is. the. download you. so choose your language stream quality and enjoy your favorite. t.v. is not required to watch all its all you need is your mobile device to watch are to any toy. almost thirty percent have been arrested in bahrain following a government. that's just days after the authorities promised to improve the treatment of political acts of it so the

so-called poverty barons that run consultancy firms like the one behind me now in recent days the bank of england has one struggling british households to brace themselves for the price hikes in food and fuel with poverty here in the u. . k. predicted to increase over the next eight years many struggling households are going to be left wondering whether all that money spent abroad on what many call questionable foreign aid might be better used at home. and always plenty more stories waiting for you on our website to. have that for the latest. like plato conjuncture find out why a double amputee your child died by police due to the danger that going. to bounce journey they will never take the seven people die under the wheels of a trunk russian driver who slammed into a bus stop in moscow almost two hundred kilometers per hour more back story. the legal the shocking prison abuse video in georgia has left the government squabbling to save phrase but the rolling way of approaches does only gaining momentum had a chance to talk to the man who filmed the videos and he claims the president was entirely

so-called poverty barons that run consultancy firms like the one behind me now in recent days the bank of england has one struggling british households to brace themselves for further price hikes in food and fuel with poverty here in the u.k. predicted to increase over the next eight years many struggling households are going to be left wondering whether all that money spent abroad on what many call questionable foreign aid. might be better used to. china plans to use unmanned drones to increase its presence around the islands that are at the center of the volatile dispute with japan right now they set the conduct marine surveillance of the area three chinese patrol vessel still remain very close to the uninhabited but strategic archipelago and have briefly entered waters mr patten considers its territory now the conflict seen large scale protests in both countries turn ugly the road could be further complicated as taiwanese boats are now heading to the islands to reassert their fishing rights in the area while all the u.s. is increasing its military activity in the region investigative journalis

like a double here because on the one hundred euro you know the bank of england this is quantitative easing so it's basically printing money to give to the banks were not technically printing but if you see it like that so that's increasing the claims on wealth that are in the banking sector one of the same time the treasury is you know implementing austerity so it's depressing the real economy so control over wealth is increased in the financial sector it's. decreased in the real sector which leads to job losses which leads to all sorts of things and the point is that . it's on accident it's a toe or coherent policy but you can imagine individual bankers just thinking oh i'm just doing my job i'm doing what i'm told the c.e.o.'s you know the. their lifestyles they it's kind of easy not to care they can look at looks like people are you know running around like headless chickens you know you can rationalize it you can say well you know these people are not working hard enough and of course it's kind of like a self. justification it's like you know it's like it's like any so any disco

so-called poverty barons that run consultancy firms like the one behind me now in recent days the bank of england has one struggling british households to brace themselves for further price hikes in food and fuel with poverty here in the u.k. predicted to increase over the next eight years many struggling households are going to be left wondering whether all that money spent abroad on what many call questionable foreign aid. might be better used at home. still ahead for you in a few minutes europe's last dictator under fire both president and the ruling elite of bella reuss are once again accused of both working after opposition members failed intolerably to win a single parliamentary seat. and the parliamentary vote is still ahead for georgia where there is no and to be anger over footage of prisoner abuse arrests and staff shake up in the detention of system stay with us for that. i never thought i could earn a living this way. the issue of i as a lawyer should test small arms so that's what i was to machine building plough and a lot of the source talent of all the weapons she's fired over the