talking about recently there was a discrepancy in the amount of gold reported to be held by the bank of england one page of the official website reported that the bank held five hundred five thousand gold bars and another page featuring an interactive web app reported just over four hundred thousand bars so chris powell co-founder of the gold antitrust action committee e-mailed the bank of england and he questioned about the discrepancies the bank of england officially responded saying quote the number of bars mentioned in the ad cannot be used to and for a change in the amount of custodial gold held by the bank of england as a figure is deliberately nonspecific so basically the information provided cannot be relied on earlier i spoke with chris paul and here's what he had to say. and he transparency in central bank. gold activities like this would disclose an enormous effort by western central banks to rig the market this is a very sensitive figure if you know how much gold the central banks have in their custody in their vaults then you can tell whether they're intervening in the market that

and he questioned about the discrepancies the bank of england officially responded saying quote the number of bars mentioned in the ad cannot be used to and for a change in the amount of custodial gold held by the bank of england as a figure is deliberately nonspecific so basically the information provided cannot be relied on earlier i spoke with chris paul and here's what he had to say. and they try. parents even central bank. gold activities like this would disclose an enormous effort by western central banks to rig the market this is a very sensitive figure if you know how much gold the central banks have in their custody and their vaults then you can tell whether they're intervening in the market that the bank of england refuses to account for itself the bank of england can tell us in february how much gold they have in custody before you fuses to tell us today that signifies that they've been doing something in the last few months that they don't want the public to know let me ask you about that because we saw a huge price drop in the in ap

where you liar sack of poop all you need to do actually throw the banks under the bus instead of the population and just raise minimum wage were you get the money for that the bank of england at zero percent interest rates what was told the people have a bank that they can call their own why only bank fraudsters like lloyds h.s.b.c. royal bank of scotland barclays one they only have a pet central bank in the don't bet mark carney. i got the deposit of the. why don't the people have a central bank why so here we have a situation with the lloyds the government owned bank is seeing an increase in earnings because the government loaned money to banks to lend to mortgage holders now we have a situation again where the straw person comes in because remember the stop person is buying for somebody else who is unwilling or an able to actually for it themselves so now we have to help to buy scheme what is the help to buy scheme these are people who cannot afford the twenty percent deposit so the government george osborne is sending a check directly to the house builders for the twenty percent deposit for people on able to afford the deposit so the way says this is a great thing beca

and the bank of england gives them money half a percent or near zero percent there's an unholy alliance if you will between the bank of england and the too big to fail banks there's there's a few ways that the banks can avoid being held accountable and they've done a fantastic job in avoiding being held accountable h.s.b.c. of course was caught laundering drug cartel money they paid a small fine banks have been quite misselling products involving fraud involved in scandal there doesn't seem to be any legal framework in place at all that the banks have to adhere to there are no laws that apply to banks at all your thoughts in britain i think we're a society that believes in fairness and the problem with the banking system is the people who can charge the banks people to be responsible for money have not been treated equally with anybody else if earth those of us who've been trustees of a charity or been directed to small businesses bill cohen some of this activity will be put in jail or coming laxman have been taken and there's a real sense

only runs a bank of england. well over in canada as we know the housing bubble is getting ready to burst its. well it carry blue big bubble in canada now it's crashing it's not hard to blow big bubble if you like it makes buy something about humans and dogs if you leave out of dog food eat themselves to death if you jack interest rates down to zero percent they'll speculate themselves to death and the bubble will pop that's not it's it's not so what you get paid on the amount of dogs you murder the amount of consumers and lenders you destroy that's how you're getting paid that's a business model based on a genocide it's environment it's interest rate sensitive genocide there's an interest rate apartheid mark carney is the doraine psychopath from canada who blew an enormous bubble in canada and now it's your show to blow it all up on this show well the c.m.h. c has notified banks across the candidate that they're going to lower their maximum guarantee for these mortgages and that decision comes in the wake of unex

>> we are going to kick off with the bank of england. times are changing in london ahead of the bank of england, mark conni, he has given a statement. he said the bank will not even consider raising its interest rates until unemployment in the u.k. goes below the 7% mark. the bank also saying that will not probably happen before 2016 were the current rate is at 7.8%. this is called forward guidance and a radical change in how the bank of england does business. mark conni says this is an formpt to bring clarity households when they make investment decisions. it is to recap -- kickstart the u.k. economy when it is a little bit lackluster. >> a renewed recovery is under the way in the united kingdom and it appears to be broadening. that is certainly welcome. it means the recovery remains weak by historical standards and there is still a stigma begin margin of spare capacity in the economy. of-- a significant margin spare capacity in the economy. >> he is taking a page out of the playbook of the u.s. federal reserve, as well as his former emp

this as markets await forward guidance from the ecb and bank of england. en shares are higher in paris. the retail banking is behind the strong performance. >> i'm very happy with business performances on the french retail, strong growth of revenue, plus 3%, good monitoring of costs, improvement. that's very positive. >> shell admits to a disappointing second quarter performance. investors agreeing. they sent the shares lower in london. >> we have a complex kind of results because we had impairme impairments, market effects like foreign exchange movements, but also we have a situation in nigeria which is giving us some concern. >>> right. another strong set of economic data out in the uk. manufacturing growing at its fastest rate of more than two years at the start of the third quarter. the market 54.6 in july from an upwardly revised 52.9 in june. the fourth straight month of expansion. the strongest since march 2011. it beat by a wide margin. even the most optimistic forecast, reuters poll of economists and the latest, edging close to sustainable growth,

since march 2009, the only people who whave bought them is the bank of england and overseas investorswill they stand to gain? the rest of the market, professional investors, they have not seen a single gilt for over ten years now. the banking industry has increased that exposure slightly, but you go back to june of last year, banking sector of 120 billion pounds worth of gilts, that's below 90 now. >> who is going to buy gilts without qe? >> i mean, there is a buyer price. the impact is yields have to rise from here. certainly the case that the big buyers of gilts had been the overseas buyer and bank of england. you have a shift in the kind of dynamics of the gilt market. issuance is going to remain somewhere around 150 billion per fiscal year type level. you are going to have to have a stepup from the domestic investment base, which traditionally has been uk insurance companies and pension funds and they will have to return to the market and they will but has to come at a price and that price is higher yields. >> okay. what do you think they're going to -- i mean what do you think th

so we have the central bank most of the united kingdom that holds the united states sell silly recapitalizing the banks through a kind of carry trade keep from the bank of england lend to did to some poor businessman in the in the midlands who's got some big idea which may be risky but it may be amazingly innovative so you tucked in fifteen percent and that way you clean up your rotten balance sheets you know and i do and i'm in favor of the banks keeping up to their balance sheets but why a civil servants and why is a nationalized bank the bank of england doing this for the private sector and not for the rest of us so there's a real not so i think you'll apartheid phrase here is very very powerful because it's about discrimination is discrimination between the make. because and those who just shake the tree and collect the borrowers that are always a speculator are given free money essentially the part the savers and workers have to pay through the nose yet for the credit but this idea of a carry trade i want to focus on this for a second because you've described one where there's an enormous interest rate spread between the out there the midlands who are mayb

continues to go higher and by borrowing more money from the bank of england to channel it through the banks to give to speculators to create a housing bubble just for the sake of an election does not reduce that debt the debt is continuing to increase and therefore the austerity measures will need to be increased and the scapegoating will need to be increased these poor people are there in danger that woman in the hole that i mentioned who's joining the prostitution she says she's in danger for her life because the states coming after her and they're not going to stop well so she's literally able to outstrip inflation and that's what she's doing up there in whole but others around the u.k. are facing deflation and there is no way to outrun that as we see. in this headline u.k. wages fall among sharpest in e.u. figures show real wage value has fallen five point five percent since two thousand and ten more than in euro zone crisis countries such as spain and cyprus wages used to provide the capital that feel the capitalist economy but sense the capital so-called that's fueling the specu

united kingdom but also the united states sell silly recapitalizing the banks through a kind of carry trade keep from the bank of england lend did it to some poor businessman in the in the midlands who's got some big ideas which may be risky but it may be amazing the innovative so you didn't fifteen percent and that way you clean up your rotten balance sheets you know and i do and i'm in favor of the banks cleaning up the their balance sheets but why a civil servants and why is a nationalized bank the bank of england doing this for the private sector and not for the rest of us you know so there's a real not so i think to apartheid phrase here is very very powerful because it's about discrimination is discrimination between the make. because and those who just shake the tree and collect the borrowers that are always a speculator are given free money essentially the the savers and workers have to pay through the nose yet for the credit but this idea of a carry trade i want to focus on this for a second because you've described one where there's an enormous interest rate spread between the out there the midlands who are ma

we you want wages that are tied to the free money that the bank of england is giving why can't the bank of england go and three trillion pounds into debt to finance wages to create exports why are they only going into debt to finance speculation to create bubbles well that's a very good point it would be i think that's one of the criticisms of quantitative easing and artificially low interest rates and all the rest of it is that the money hasn't made its way into the real economy it's ok i want to stick on housing adam posen who writing in the financial times he said quote the cult of housing is an economically disastrous one and we've scammed the middle class and are placing highly leveraged bets on a volatile asset on the promise of building equity episode come around back to housing and it's a bubble and adam posen in the f.d.a. i mean you can argue at this sentiments no i couldn't agree more we're just so reliant on housing and it's absolutely crazy in the housing market in this country is insane let me just give you a couple of steps is a very good book by a gentleman called kevin

editorial from the financial times by adam posen a former member of monetary policy committee of the bank of england the cult of home ownership is dangerous and damaging so in the us in the u.k. we have homeownership rates of sixty five to seventy percent and we're told over and over that we need to have more more greater percentage of ownership because seventy percent is enough we need one hundred percent and this will grow the economy but if you look at economies he points out like japan germany and france their home ownership rates are only thirty to forty percent and yet we can all agree that these economies are strong and populations have high incomes so he says start with the distortion to savings behavior that mortgage subsidies and high loan to value ratios encourage for many american and british households their home equity is their primary financial asset in other words we incentivize middle class households to leverage the bulk of their savings into a highly volatile difficult to price asset which is subject to disaster risk both idiosyncratic fire tree falling on the roof and general flo

you we need you to take all of our should crap mortgages and put it on the balance sheet of the bank of england in exchange for fresh pounds that will put on our balance sheet and we'll say we're solvent so in other words the option of the aristocratic class is to simply take all their bad day whenever they make a mistake swap it for good stuff at the bank of england and then declare themselves solvent so if the same option were available to council estates around britain using the same technique they would be able to take all their wanted debt and they could go to george osborne they could go to mark karr you know bank of england and say you take my i want to get a low yeah you take my longer debt i want a fresh patrick treasury bill in pounds why is it again this is interest rate apartheid why does the scroungers in the city of london get to have this option of money at a half a percent whereas everyone else is paying these extraordinary rates and they don't have their relation was a bank of england only serving a few people why isn't serving the country as a whole what exactly what we go wit

but that is still well above the seven percent target set last week by the bank of england. mark carney says he will keep interest rates low until the target is reached. a reaction from the british business community. >> they have welcomed the certainty given them by the bank of england dramatic break with tradition. the producer of pumps and motors and oil installation around the world is investing this your one and a half million dollars, much of it through loans knowing the cost of cash is critical. >> businesses plan years ahead. we have the knowledge that interest rates will remain low for 2-3 years then we have the opportunity to look at what we can afford and that all helps in terms of the certainty for the business. >> they probably -- the problem with unemployment is that it is a moving target. the slack in the economy, these people will need to borrow and they need the confidence to borrow. one of the workers hear simply do more overtime. that won't bring down an employment rate. which could throw bank of england estimates on when the economy strong enough for an in

the governor is expected to defend forward guidance in his first speech at the helm for at the bank of england. good morning to you. u.n. secretary-general ban ki-moon is delivering a speech from the hague to mark the 100th anniversary of the u.n. peace palace. reports that u.s. and allies are preparing for a potential attack. we'll keep our eyes on that. also coming up on today's show, we'll be out in berlin in a few minutes. we'll hear from a senior met of the social democratic party after angela merkel says greece should never have joined the euro. blamed her spd predecessor gerhard schrader for the mistake. have the gloves come off on the german campaign trail? our latest offering of south korea is an exclusive interview with ceo of samsung. why they're betting big on wearable technology. and tune in at 10:40, we'll learn how the french government plans to plug a euro deficit. at 11:05 cet we'll set aside some brazil and be joined by a guest who says the country's central bank could hike rates as they struggle with a weakening currency and imported inflation. jpmorgan's list of legal chall

this as the latest bank of england minutes revealed a unanimous vote to hold rates. eale, descented on forward guidance, considered a signature policy of new governor mark carney. with more on that, helia ebrahimi joins me in the studio. this is a big setback, actually, for mark carney. one member dissented. we were expecting this unanimous vote. >> yes, so much for mark carney's beguiling ways in diplomacy. but, yeah, there is nothing in the minutes that you read that suggests that interest rates are going to be held until q-3 2016 as was the headline date in the inflation report. in fact, martin weale has come out as more hawkish as the rest of the members. remember the knockouts we saw in forward guidance kind of watered down forward guidance, and yet we see here that martin weale saying it didn't go far enough. you could have a situation where you have three camps in the mpc. those who -- when you go to quantitative easing, actually, within the minutes you can see that there are some members who still think that it is possible that we need more stimulus to be adde

the first rape threat came through the day after the announcement from the bank of england. they have been coming through ever sense. >> a string of women have been abused on twitter. journalists were threatened with bomb attacks. on saturday, twitters uk boss responded, i personally apologize to the women who have experienced abuse on twitter. received isey have simply not acceptable. it is not acceptable in the real world and it is not acceptable on twitter. there is more we can and will be doing to protect our users against abuse. that is our commitment. another is a plan to rollout a report abuse button. there have been some arrests in these high-profile cases, but the police cannot get involved every single time. the question is how effective the police can be. the police can get involved, invest time and resources and try to catch these people. anybody, anytime, anyplace along as they have some ford of -- some form of internet , this can send a tweet whole game of digital cat and mouse is on the way once more. in almost every area of crime, the internet has changed the

you've got the bank of england which is a gusher of free money we don't need anyone else we don't need their wages we don't need their taxes so they can all just die and that's the message from cameron wake up and die you sorry ass mo fo that's david cameron matters to you the united kingdom good luck with that. drinks go bottled water take some beating it's being scenes of purest of the pure something up images of mountain passes and fresh springs but there's more to the multi-billion dollar industry especially where the environment is concerned the situation has details. going a day without water is hard to imagine. but so was paying a lot more money for the same thing that comes out of a tap so. americans are the number one consumers of bottled water in the world but why are people paying so much more than they have to could the bottled water industry simply be tricking us part of the wire is a huge scam you know when you buy bottled water you're paying hundreds if not thousands of times the cost that you would be paying to simply access have already flown is almost half of bottled

you've got the bank of england which is a gusher of free money we don't need anyone else we don't need their wages we don't need their taxes so they can all just die and that's the message from cameron wake up and die you sorry ass mo fo that's david cameron matters to you the united kingdom good luck with that. and some other world news in brief for you now that. more than twenty people have been killed in a string of brutal assault on a storm ten workers were shot dead as taliban militants to the sort rifles of type to vote construction crew just followed by a roadside blast in a suicide bombing at a private clinic in the knives balances increasing across afghanistan and sometimes scramble to gang territory nato pulled out in. the midst of a little known scottish defense in the march through edinburgh to demonstrate against islam is the u.k. over anti fascist left wing groups they used to rival dr evil most three times as many participants hundreds of police were deployed to keep the two apart from people right. stood. in the philippines bad conditions of forced rescuers to suspend t