instances of the word " helicopter money," your white line, and the instances of ben bernanke in the ge line. kind of a fun thing to look at. clearly this idea is very much at the forefront of the conversation here after bernanke made his trip over to japan and aidesd talking to abe there about how to get their economy john started. there love how it shows are these bursts of this idea as people get excited about this new thing, this technique that could come, and maybe we could see fiscal monetary coordination in japan. matt: the bloomberg story was amazing. i don't know if you tweeted that out. somebody tweeted this morning about ben bernanke's first trip over there, talking to one of abe's advises, and that is when people start talking a lot more about helicopter money. honestly, you see the yen weakening. joe: and bernanke over his career has written a lot about avoiding the inflationary traps. the significance of bernanke going to japan at the time they are trying to pursue invigorated stimulus is not lost on people. oliver: you mentioned the biggest story this week has been the

something that ben bernanke has talked about quite a bit.asts are not exactly the best picture. they have a lot of work to do. do.y: they just to remind you, tonight they are talking about china. stephen roach will be joining us. matt: what time is that happening? betty: 7 p.m. eastern time, 7:00 a.m. in hong kong. oliver: china, fading out of the picture. bring it back. [laughter] at 7 a.m. in that hong kong, 7 p.m. in new york year. coming up, what you need to know to gear up for tomorrow's trading day, next. ♪ this.don't miss jpmorgan earnings out tomorrow at 6:45 a.m. the street will be watching these like a hawk. joe: don't miss this, tomorrow at 7 a.m. eastern time, doe, not be oh z for the first time in a while. oliver: tomorrow new york time, don't miss that. joe: that's all for "what'd you miss with all due respect to donald trump, the search for a running mate has become kind of confusing. donald trump: i am narrowing it down. at three, potentially four. in my mind i'm thinking about two. ♪ mark: it would not be the quadrennial the

we have no working, direct or indirect relationship or communications with ben bernanke or the campaign apparatus -- bernie sanders. from the outset we've been independent. that is where we are now. that's where we continue to be. at this point as i speak, we have 1250 sanders delegates in the bernie delegates network. in other words 2/3 of all the delegates are in our network. something else i want to emphasize that the bernie delegates network reflects, it does not direct. we do not tell anybody, we do not try to instruct any delegate what to do or what not to do, other than our commitment to non-violence. what does the bernie delegates network reflect today? >> i think it is a really good idea because this is the beginning of our convention. now that you're all seated i will ask you all to rise for a pledge of allegiance. i pledge allegiance to the flag of the united states of america, and to the republic for which it stands, one nation, under god indivisible, with liberty and justice for all. >> thank you all, very much. i want to wish good morning to all of the delegates. to all of

ben bernanke in japan. more talk of fiscal stimulus. the biggest driver has been the european situation. particularly the u.k. falls back. sterling and yen are at opposite ends. many have referred to the yen as being almost bipolar. the biggest weekly drop since 1999. volatility is reflective of what happens if you go back over to the far side of the curve. are you expecting more volatility as this the new -- as the stimulus is lateraled on? guest: another big stimulus is not going to make a lot of difference. the key for the yen is what has happened with asset markets. and what happens to the global bond bubble which is dominating everything. anna: we have seen these events taking place in the south of france overnight. saying, this is making europe look even weaker at a time when europe does not know what it stands for. you have made the reference between what is happening with the yen and what happens in europe. with geopolitics looking so fragile, that that longer-term drive people to the japanese currency? don't think anybody is co

i can only assume that ben bernanke is saying go out and do fiscal stimulus, and take advantage of theery low cost of capital by issuing perpetual bonds. where you never have to repay the capital, so that is not such a big problem in terms of the debt to repair, you will have to pay the interest. and since interest rates are so low, that is all great. but it depends on what you do with the fiscal stability. let us face it. japan's track record of doing fiscal stimulus which ends up being invested in productivity enhancing products is abysmal. i think that is a problem. i am far less concerned about fiscal stimulus or monetary stimulus, far more concerned about the absence of reform in japan. that is a real issue i think. manus: paul, let us talk about that. there is a line in our story this morning, talking about it is time to reboot abenomics. i have heard everything from reboot, arrows, this is a man who came to power, and he has delivered 50% of the growth of germany and the united states of america under abenomics. it has not worked. paul: i agree. i have to say i have always been

may 31, 2003, ben bernanke, some thoughts on monetary policy. there is a chart.emand by governor japan grow up and briefly. he wanted them to move along the green arrow to briefly back thatds the glide path their deflator showed over the years. it did not happen. oft is the scope and scale combined fiscal and monetary stimulus japan needs to get back along that green arrow? this is a political question. the scope to blend easy money with fiscal policy. helicopter money, the colloquial term for this, it is fiscal policy by another name. what happens is the central bank directly finances public expenditure or tax cuts, or both. scope for fiscal and monetary policy, to create a much more aggressively reflation airy environment. it is pretty big. whenheld the japanese back bernanke made that exultation and still, we continuously are bombed by that. political decision to allow that to happen. workcan helicopter money in an age of oversupply? we talk about oversupply , but the two-handed economist will always tell you oversupply is inadequate demand. in and of itself,

considering helicopter money and ben bernanke has an idea of issuing contractual bonds. 27% jump in they company raised a billion dollars in the biggest tech ipo of the year. spoke with bloomberg from the new york stock exchange floor. >> i'm very happy. we are very happy. we're going to strengthen our service. service is everything to us. >> see you are the numbers man. tell me where the investment is going to go. we will be focusing on four key countries. japan, indonesia, thailand and taiwan. we will use money with investment opportunities to strengthen that. at all of the investment opportunity for technology. >> what might that look like? growingtries that are 2-3 times, what investments are we talking about? acquisitions, organic growth? we are making a joint venture. we can do investments also. >> how about the u.s.? how important is the u.s. market going to be? it is a small part of your business. >> the u.s. market is our dream. terms of service. service, -- we need the u.s. market. next, singapore's environment old minister wants to see that hates free city. what is being done

perpetual bonds was one that was brought word here when ben bernanke was in town where you are.ofink the that are? would that be a signal that the boj needs to send? that they need to start tapering bond purchases? >> i think that is the current problem. they all have to address sustainability problem of the current program. and what might happen when the boj decides to exit from the current policy. at interest rates, quantity, and quality of expansion. they can add another dimension and make it four dimensional easing. like eventual bond or a 50 year jgb bond might add a time dimension. it that is a possibility in the future. view, thingsin my will have to get a lot worse first. yvonne: a lot worse first. the government was quick to deny the reports looking into the 50 year bonds as a solution for japan. seeing as they crush the 40 year bond market. do you agree with that? can it lead to that? i think the japanese government and the boj have then been surprising the market so we can't know in advance what they really mean. i think that is probably one concern. if they do expand

comments on helicopter money were made before ben bernanke visited.a topped at 308 yesterday. that state of emergency for 3 months has been declared. we are seeing the two year yield at 70 basis points straight it was only 78 basis points before the brexit. major averages, very little movement. the dow jones industrial average down. unchanged,pretty though i'm sure abigail doolittle will have some stories for us. abigail: we do have yet another market for the nasdaq after a big rally yesterday, taking a breather, more in line with the market action we've seen prior to yesterday. this flat market today is a reflection of a tug-of-war between earnings winners and losers. before we get to a few of those stocks, yet another successful ipo has gone off at the nasdaq this morning. you makes this notable is can see shares are up 26.6%. stock price yesterday at $14, a week ipo. nonetheless a successful ipo. to one of the big tech losers, in fact the biggest drag on the nasdaq today. the biggest drag on the nasdaq. this is after the company reported better-tha

matt: ben bernanke, ron paul asked him in congress the currency and he said no. the fed does have gold listed in the foreign exchange reserves. >> if gold was not a valuable commodity, why do they have all that protection around? >> let me jump onto matt's comment about central banks here. how big a role as it played in , is thatd for gold something that will be sustainable? >> banks are buying, you change over the last 20 years. china, big buyers. , the only way the dollar became the reserve currency of the world was with the permission of the european --ions, that only those held quiet for a while but the important part of the reserve base. shares, in addition to gold itself, the price of gold futures, what are the other driving factors? plus i own 25% of the company. i got a raise this year after 10 years. i get one dollar a year. not get any debt, royalties, we give all the upsides of the shareholders, a conservative, disciplined approach, and what we want to deliver shareholders. >> you had an upside to your stake this year, not bad. wondered what miners thi

former fed chief ben bernanke floats idea to one of the shinzo abe's aides. kick it off with our market minutes. we're looking at a number of differas

for the last few days, this market has been moving on a theory of helicopter money fro big ben bernanke. there's rumors he's having conversations with bank of jaap and developing a system for helicopter money. it was a belief that japan was going to have a major intervention. tomorrow you have four fed heads talking. this market is being driven, and it's exactly what the central bankers want to have happen. they want the money to be spent. for some people fear of risk, they fear maybe it's inflating or bubbling some of these markets, but no one has asked me if they should be selling the treasury holdings. i would be doing that, but you know janet yellen hasn't called me. keep an eye on the central banks, that is the motivation, it's not really in the headlines, because it's a rumor between what ben bernanke is talking about -- >> it's never a good idea to have a business with an unlisted number, i keep telling you that. kathy, interest rates you don't believe they're fundamentally based. however, you do think we are going to see this for the foreseeable future. how much lower do you thi

which mcconnell said the fed share will be here in a few minutes listen to what he has to say ben bernanke roxanne and says we have 72 hours to do something or the global system may collapse. so when i sit down to write the book that one too fact check the story i said this is my recollection he said it's alright except the last sentence he said if you don't do something it will collapse he is not an alarmist so we were really close there is a story about the bill of northern rock he was called out of the meeting his staff said the have to figure out what to do what if i don't do anything to say you haven't left me much choice and locale that it was. >> with the economics in general when it comes to money and banking a psychological creation even under the gold standard to have a nickel on hand so any currency with a completely wrong headed rumor so it is extraordinarily important but it is also true i would argue discipline has gotten much better that people are automatons to embrace of shakespeare that were jealous and shortsighted so that is the greatest developments of psychology and e

bonds, looks like ben bernanke floated that idea while he was in japan. we will see how that goes. how did it look on wall street? betty: it was another rally we saw on wall street. it looks like big time risk on trade is here to stay. su keenan is here with more. su: the longest winning streak for the s&p for four months. up 134 points., high.sdaq hit a six-month a big push for a lot of those that beat the street. most in fourp the months. delta flies high, takes the whole group with it. betty: you mentioned jpmorgan. the banks were in the spotlight today. su: one of the big messages coming out of j.p. morgan chase, the consumer is stronger. jamie dimon leading the company to health. interesting question, what we will hear from citigroup tomorrow. tonegan setting a positive for the banks. citigroup ceo warned their outlook is ripe for risk. betty: we are talking about risk on. someone flipped the switch from safety to risksu. . su: we have a great chart for you. what you see is blue, the weekly numbers. on the far right, the green is what you had in the last week. it shows a compl

friedman came up with the concept of helicopter money in 1969 and the idea was made famous by ben bernankehe referred to it as governor, arguing as central bank -- follow the-- financial crisis stop short about printing money and handing out to consumers. supporters of helicopter money argue that it is the financial equivalent of injecting a general into the heart of a patient in cardiac arrest. lesssay it might also be risky than quantitative easing, blamed for fueling what some see as -- global bond markets. printing more money devalues the buying power of what people have in their accounts. aboutn read more helicopter money and all of our quick takes on the bloomberg. that is your bloomberg business report. had a line for more stories. mark: fiscal first-quarter earnings after the bell and particular interest will be sales of the iphone, two thirds of apple's revenue. some analysts downgraded the company saying apple may have peaked under chief executive tim cook. others are optimistic. bethis is a time to particularly optimistic. what is unique about owning apple going into the next co

ben bernanke met with government ministers. helicopterion was money was put forward. idea of potential bonds. hard work tolways second-guess what the bank of japan is going to do are not to, but you can see in the move in dollar-yen markets are expecting something significant now. the bank of japan has been wanted to get the yen weaker for some time without success because of its safe haven status and all these other risk events with beng as you say bernanke and going to japan, speculation is growing is something major is any offing. get somethingn't at the next meeting on july the 29 -- there has been quite a lot of reaction in the eyyen -- are expectations building up? john: absolutely. we have been disappointed. the reaction tells you what the markets make of that. dollar-yen will go backward came from. the confusion about why they are not doing anything and why they are sending out mixed signals. mark: thanks for joining us. the head of u.k. rate strategy at ubs. up next, president hollande holding an emergency meeting in paris following the attack in nice. prime

mervyn king, ben bernanke.n, there are a series of people who are very interesting -- who retrospectively go outside and then they have a new branch of research. they try and look at the data in a different way. hopefully, they are not cautious. this is something i concern myself with. cautious with trying to provide that information, that new insight back to their successors in central banks to challenge the preconceived theories on, say, mac or economic forecasts. -- macro economic forecasts. the samey went to schools, read the same books, they have the same groupthink. they are all academics. peoplee you not got setting monetary policy the front businesses? francine: they tried with the latest appointment. he is coming from a hedge fund. mark: he has not had to make payroll. i would love to have richard branson on the mpc. we will look back and say why did we have academics running an economy that depends on businesses? simon: i have would caution that we saw during the referendum campaign this devaluation o

other talk about former chairman ben bernanke think this is overdone.graphics are hard to dismiss. shery: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com along with all the latest in business news and analysis 24 hours a day. that will be all for "bloomberg best" this week. i am shery ahn. thank you for watching bloomberg television. ♪ ♪ >> the contemporary art world is vibrant and booming as never before. it is a 21st-century phenomenon, a global industry in its own right. brilliant ideas but that the artists at the heart of this. they have a unique power to inspire, astonished, provoke, and shock. to push boundaries, asking questions, and make the world fresh. artists like simon denning.

expectations in the market have become so elevated with all this chatter about helicopter money since ben bernanke went to tokyo a few weeks ago. there was also a risk of disappointment. we thought they might not do anything. they've done something small. i think it really still shows the fundamental problem the bodily injury has, which is ultimately has regioned or is very close to reaching the threshold in terms of the limits of monetary policy and that means they have to be cautious in terms of timing. anything aggressive that it does from here going forward. >> so derek, are they in a los - lose situation across all time frames, not just today. >> certainly going forward there is scope for some increase in quantitative easing through a an increase in purchases. yes, to answer your question, whatever they do from here, it certainly not going to have anything like the impact that we had after the first phase of quantitative easing or the second phase. so really it's about convincing the markets that over time, they will become successful. of course that's not just down to the boj, that's down to

others, including former chairman ben bernanke, think it is overdone.s demographics are hard to dismiss. shery: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com along with all the latest in business news and analysis 24 hours a day. that will be all for "bloomberg best" this week. i am shery ahn. thank you for watching bloomberg television. ♪ ♪ announcer: from our studios in new york city, this is "charlie rose." charlie: tom friedman is here. he is a three-time pulitzer prize winner and columnist of the new york times. he is known for tackling big ideas and wide-ranging subjects from foreign policy to globalization to the role of technology. recently, he turned his focus to the 2016 presidential election, the british vote to leave the european union, and the applications of emerging technologies. for all those reasons, i am pleased to have tom friedman back at this table. the new book comes out in november with this one as the

other economists, including former chairman ben bernanke think this is overdone.d demographics are hard to dismiss. shery: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com, along with all the latest in business news and analysis 24 hours a day. that will be all for "bloomberg best" this week. i am shery ahn. thanks for watching bloomberg television. ♪ innovation, technology, the future of is this. ♪ cory: i am cory johnson, in for emily chang, and this is the best of "bloomberg west." we bring you all of our top interviews from the week in technology. coming up, the brexit vote. we'll find out what it means for investors. plus, our exclusive sit down interview with billionaire investor mark cuban. his choice words on everything from brexit to donald trump. and we will sit with the ceo of box and ask how his company is preparing for a european split. but first, to our lead global

i think what people appointed to since ben bernanke was at the head of the fed is that some of the researchersery critically upon the hill and talking to people and making clear to the american public, i know that's been ben bernanke's income could open up and demystified event and let him understand why it does what it does and opened it up but they've all had their own style and all of the beleaguered some people are better at working with others and it depends on whether or not they think monetary policy is the appropriate way to handle whatever the crisis is with a sector of the treasure might think fiscal policy is or is not. you have a shift in policy in the american government between the federal government wanting to control the economy through tax and spending policy, shifting to federal reserve a larger and larger role in monitoring the economy. if we go back to previous recessions there have been this sense that in the george w. bush administration we had almost mastered the recession, the business cycle, the we've gotten so good at it at the federal reserve was so able to handle th

don't think we're going to see ben bernanke helicopter money, but i think we're going to see abe pulling out his third arrow using it as much as he can. caroline: give us a sense for where we treat this, what you are looking at. the yield is crunching lower. we've seen a spike in the debt. how do you trade this, given we're seeing ever higher yen? they seem to be fighting a force they can't win. luke: they run into this problem of a haidi lun and lower inflation -- high yen and lower inflation like we were talking about. 10-years isese something i really have trouble doing. it is the same thing you seeing from a lot of japanese clients. looking overseas, getting mandates for european assets, sterling assets, dollar assets, right across that fixed interest spectrum. that is the sensible thing to do. keep pushing the boundaries and hopefully we can find some way of geeking out a few games -- eking out a few gains. anna: bob parker told me there is a five times multiplier on infrastructure projects. it makes the question why we haven't seen more infrastructure investment. sticking to the ja

connell: other big story of democratic party involves ben bernanke.llary clinton are likely to join forces. they will campaign tomorrow up in new hampshire. peter barnes joins us with the latest on all this. peter? reporter: connell, tomorrow morning bernie sanders is expected to finally suspend his campaign for president and endorse hillary clinton for the president which she won weeks ago. until now sanders resisted endorsing clinton. instead continuing to campaign to win concessions on his agenda and he got some of that in the meeting of the democrats plat committee which wrapped up its work in orlando last week. for example, sanders got port in the platform for $15 an hour minimum wage. clinton supported $12 an hour. he endorsed other sanders priorities, government-run public option and health care health insurance, a step toward universal coverage and funding for more rural health centers but he hasn't gotten everything he wants from clinton. for example clinton has not fully embraced his proposal for free college education for everyone. she woul

others, including former chairman ben bernanke, think it is overdone.mographics are hard to dismiss. shery: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com along with all the latest in business news and analysis 24 hours a day. that will be all for "bloomberg best" this week. i am shery ahn. thank you for watching bloomberg television. ♪ nejra: this is bloomberg. these are our top stories one of the high-profile brexit campaigners left as the head of his political party. nigel farage is stepping aside as they head of the independence party. u.k. construction contracted at the fastest pace since 2009 in june as the impending brexit vote held back residential building. a purchasing managers index slid to 46 from 51.2 a month earlier. economists in a bloomberg news at 51.7.d it

>> i would argue that the central banks inspired by ben bernanke have really taken things probably toothink that's the concern with european banks because when you go to negative rates and you do things we haven't done in hundreds of years ever. it makes it harder for lenders to lend. i agree about the u.s. banks being well capitalized. we're an environment where the tral bank are acted to depress volatility. make interest margins and less incentives. if you make a loan, my fear is that should things weaken, then you'll get more qe, which is more damaging. >> so, i'm a devout reader of d research. we're basically at the highs of this thing even though sub components have maxed out. but you ultimately you explained a lot of interesting things to say it could be significant any less in 118 months, but said we think is 1-% this year, 2% next year on gdp. it's difficult for a lot of people to way these mixed signals. not saying you're sending them. we've been hearing recession from everybody for a long time. >> here's the thing. it's just, the thing it comes down to not if, but when and i

i am not saying ben bernanke would say that what you have two esteemed academics questioning the secondhird round affects of so called helicopter money. david: second or third round effect is the political process, in theory, in all of these governments, we have an executive branch which is elected -- om: it signals a desperation by a government about how to jumpstart an economy, opposite of that is what we saw from governor carney of the bank of england who said we are here and we are stable and we will be measured and not cut interest rates, that was a signal we saw 10 minutes ago. david: take a deep breath and see what the numbers rather than anticipate them. tom: will you do a pop quiz on helicopter money? david: i have been studying it. is that it is unconstitutional in this country. tom: when in doubt, go with the unconstitutional card. a surprise decision by the bank of england, the majority of economists expected a rate cut that they did not get. i want to bring in the bloomberg news editor and chief, rates unchanged, where they have been since 2009, a surprise to you? >> it was

former fed chief ben bernanke told prime minister shinzo abe today that the b of a still had economicwth and fight deflation. kevin o'leary, are you a buyer of japanese stocks? >> yes. i took advantage of the auto sector that got crushed. if you want to look at auto stocks that have been decimated, japanese's toyotas, et cetera, got whacked when the currency moved. you have to be able to stomach a lot of volatility. but i see opportunity in the asian markets because currency is compressing p/es permanently there. so i'm finding some interesting names. singapore tech, jardine mathson, names no one ever heard of showed up and yet large fat juicy dividend payers and they've been decimated. >> yeah. >> so i picked up a little bit. >> are they decimated for all the right reasons? are you buying these and they're not going to go anywhere? >> you know why i'm encouraged? it goes back to brexit. i was buying more of my british names on the friday. and then with a heavier heart on the monday saying uh-oh. and then got rewarded on tuesday. and now i'm back up all the gains back. so i'm thinking

. >> guess who will talk to ben bernanke supporters? bernie sanders.ing all the people they respect and they come away saying you know what i'm too pure to vote for hillary clinton. i don't know that hillary meeting with them personally would do the job but fact of mat matter -- >> that's a problem. >> it is not a problem. harvard law school and devoted his career to helping people who weredown trodden. that's what they want. liz: that was unrealistic. tim kaine has done a pro bono work. >> he is a great guy. >> it will not happen, virginia. liz: t-minus 15 minutes. we took a live picture of the wells fargo arena. people are filling in. richard goodstein gets to be there. he is democratic strategist. tammy bruce, conservative radio. our camera crews walking through these crowds. it is starting to get a little bit busier as you can see but it has got to pent up momentum superimposed over the drama that happened over the weekend with email tranche that made it look like it was rigged. that hillary clinton was pushed in front and that bernie sanders was h

even recently come at the end of july, when we had ben bernanke visiting japan and the furor around mores coming from japan, we saw some weakness. but no, forecasters remain bullish. that is a look at my last commodity i wanted to show. i'm looking at oil. we are forecasting oil down 2.6 percent. inventories are in no way coming down. the driving season is almost over, but still, we see supply on the higher side. this is a chart showing the supplies continuing to remain high. 2-for-1 is where your number is. the beauty i oil, just managing to cling above the $44 mark. inventories are remaining resolutely high. u.s. crude and gasoline supplies are at the highest seasonal levels in at least 20 years. manus: thank you very much. uk prime minister theresa may has been told by french present along that britain faces accepting unlimited immigration from the eu or losing access to the single market. her first overseas trip to france saw her reiterating that article 50 of the eu treaty won't be triggered this year. as the u.k. leaves the eu, we will have to determine how to maintain the closest

already has it and there is now a speculation of helicopter money with ben bernanke meeting with japanese. is that concerning? whener: helicopter money, it is used by people, it is often a scam. it is not just helicopters dropping money, it is a larger fisca deficit. the important parties a fiscal deficit, where the eufinance by money or bonds -- whether eufinance -- whether you finance by money or bonds, when bonds face year. the important thing is fiscal deficits. if people said, i want a larger fiscal deficit, that is a discussion i am willing to have. the notion that helicopter money is an additional match of ingredient -- that is false advertising. tom: we appreciate your comments. here is a chart that shows the distortions i see. plus standard deviation difference in yield between the united states 10 year and of the german 10 year. german reunification on the left. we go through some cycle and we are wider now. that is a sense of the great transatlantic distortion. would you recommend chancellor to be the solid foundation of a recovering europe? right, you i am showed a graph about

jane: the reason being that ben bernanke is associate with that is that leaving japan is what we havese discussions. but it is difficult to determine what precisely is helicopter money, and how do you precisely make that different from quantitative easing, etc. e told, with a net fiscal status package, maybe some more bond issuance, for the first time. so there is likely to be a lot coming from the government.now i think it is fortuitous if you like, that we have this rally in the stock markets generally. have the rb government, the coalition, that really stole victory in the upper house election. that really strengthens this haveopinion that we get this fl stimulus package. and altogether, that really has improved and weekend yen. the japanese authorities are so clever they will ride this out, they see the market optimism, but whether or not that can really turn japan's fortunes around, 25 years old. anna: the more structural reforms perhaps, around helicopter money, it is difficult to pin this down. when they use this term, they talk about different things. it seems to have a life o

consistently making these large surprises, but the key reason this meeting was a disappointment was ben bernanken in tokyo and there was a lot of talk that the bank of japan would move to the perimeter of unorthodox helicopterlicy, money financing, and i think we any seen the boj doing what central bank would do in such a circumstance. it has made an incremental policy response to the downward revision to its inflation outlook. that left the door open for further policy action and for the coordinated action. we are notfact seeing a huge reaction out of currency markets, does that tell you that this was perhaps the right decision and we are not going to see market turmoil from this? i would be hesitant about saying whether it was the right decision. as we move into this very on orthodox area of monetary policy if the bank of japan and government does go down that way, there is no precedent for it, so how should markets react? i think the market reaction and lack of volatility perhaps reflects the fact it was the correct decision for the boj to make. betty: let's look ahead to the rba. yvonne: we

there is some speculation out there that helicopter money could make an appearance in japan with ben bernankeh japanese officials. does an actual form of helicopter money actually matter to investors or is this enough to keep the yen moving lower? guest: i think in the short-term, until we get to the to lookting, my bias is at the top side in dollar yen. hugeou are building such a expectation that japanese policymakers will be delivering massive amounts of unique stimulus that we have not seen before and we are not sure how that is going to filter through into markets and i would be concerned that short of delivering that kind of chopper money, the markets might he disappointed. you could see dollar yen collapse, but for now, respect the top side, particularly given that we have seen over the last couple of months that you have seen yen long, say washout position needs to take place. more top side in the near term but my concern right which the extent to expectations can be disappointed. thank you so much for joining us. the senior ethics strategist there. up, will brazil acting president be

it was made famous by ben bernanke in 2002. to it while arguing that the central bank can also have inflation when needed. the nickname helicopter ben stuck. during the recession that crisis, they stopped short of printing money and handing it out to consumers. helicopter money argues that it is the financial equivalent of injecting adrenaline into the heart of the patient in cardiac arrest and may be less risky than quantitative easing, which has been blamed for fueling what some see as a bubble in global stock and bond markets. they point out helicopter money is not free. it devalues the money of what savers have in their accounts. quick onread more at ni the bloomberg. go to bloomberg.com for more stories. ♪ amanda: this is "bloomberg markets." i'm amanda lang. scarlet: i'm scarlet fu. when you want to compare currencies, one option is that they can mac index. there is one way to look at it introduced by a economists in 1986. it is a purchasing power parity index due to the purchasing power of the big mac. this was frank is o

he says he will spend money on transportation and told ben bernanke today that he wants to accelerateapan's exit from deflation. manila, hundreds of demonstrators gathered outside china's embassy to protest the claims over the south china sea. the philippines is waiting for a u.n. tribunal to roll on a lawsuit and they want it to end its -- evaluate all of bernie sanders will appear with hillary clinton, raising speculation he will endorse her for president. he has not officially ended his run for the democratic nomination. goes to dallas to make with families of five white police officers killed last week by a black man, and .ill meet at a memorial service it is the 11th time in his presidency he has spoken at a memorial from violence. global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. i am nejra cehic. tom: let's look at our risk on data set. continue to advance. year, change in the 10 call it 10 basis points. oil finallys and catches a bid after a week of saw guinness. the vix -- saw guinness. iness.g 12.92 is pretty done good for t

he said, i quote, ben bernanke and i tried to work as a team and prevent a lehman failure. no legal authority which would have been successful in saving lehman. he called it an insolvent investment bank in the midst of a run. on "squawk box" this morning, the fed governor during the crisis, he was in the room. he said ball has it all wrong. the global financial system, he said, was already tipping into chaos, even before lehman. >> i don't even believe lehman was lehman. i think by the time we got ourselves to lehman weekend, this di he had already been cas. >> every conversation about the financial crisis ends in a debate over lehman. this paper is among the strongest attacks on the accounts of the big three who made the crucial decisions. >> what did the professor say about the financial crisis not having to be so bad? that's just merely on the projection that if they had bailed out lehman, then therefore xyz wouldn't have happened? >> first of all, we could never know. but if lehman had been saved, you wouldn't have had the meltdown of the global financial system. to whi

speaking at the london school of economics in january 2009, ben bernanke called it an emergency policyourse of time. if the central banks truly do adjustment and structural changes are taking place, i will be all for it. what happens as it becomes more like a drug addiction. , theyever want to give up make pronouncements on monthly statements which make very little sense to me like they have been saying for the last months they are going to raise rates to times or three times, and i said, why not 10 times? the whole thing is meaningless and why taxpayers pay them to do that? they have to have a small adjustment process and immediately after that the central banks need to back off. we should have increased interest rates in the united states three years ago. if it causes a market correction that is because a structural change has happened and the markets need to correct. you cannot prevent that with more and more monetary easing. banks cannot really do anything to stimulate actual demand. they can stimulate the supply of loans but not necessarily the demand. are we looking at a situatio

ben bernanke was in tokyo. some people are reading this as a signal that perhaps they are for guidance on what to do in the future. jonathan: thank you very much. and occur in from hong kong. david: you would like to hear about that conversation. jonathan: i would like to be a fly on the wall. david: we will come back to the united states, we had surprising jobs numbers come out on friday. we are joined now by yelena shulyatyeva to talk about those numbers but the yield didn't come up at all? and looking this morning at w.a.r. p in the terminal, there ina 4% raise chance coming july. what would it take to move the numbers? yelena: the payroll report for june was clearly an encouraging development. but if by no means puts the july meeting back on the table. it comes back after significant deceleration in the previous few months in a payrolls. and it might not be sustained. i think that it still shows us that the pressures remain limited and it should give the fed some comfort that they will proceed very cautious

former fed chairman ben borrow nancy is in japan this morning. officials say bernanke discussed what they can do to end deflation and achieve sta sustainable growth. i'm surprised joe, did you not read this in the times today, no ignoring the alarm bell sounding over bonds. commentators with breath less over stocks yesterday, but smart people know you have to look to the bond market. >> where do you hide from the brexit? >> anywhere. >> i don't know. stocks might be one -- might be one idea. in corporate news shlgs the securities and exchange commission reportedly investigating whether tesla breached security laws. looking into the auto maker's failure to disclose the fatal crash in may involving one of the vehicles with self driving technology. according to the wall street journal, the investigation is in an early stage. no world on whether regulators were watching "squawk box" for the last three weeks as we talked about whether a ceo is in an position to say something is not material. it's not -- and then go ahead with the secondary offering and all the other stuff t

ben bernanke encouraged england and bank of japan to put down the pedal to the metal on that. >> larryummers and greenspan were on the cover in 2005. do we finally know that -- they thought they were flying for the first 39 floors. >> i'm just asking the question. >> we may find out that the fed has got us in -- >> we may in just the last ten years. we have to look at the last 15 years. this is the third bubble in 15 years in my opinion created by easy money. >> thanks. >>> john harwood's coming up after the break. it's a drone you control with your brain, which controls your thumbs, which control this joystick. no, i'm actually over at the ge booth. we're creating the operating system for industry. it's called predix. it's gonna change the way the world works. ok, i'm telling my brain to tell the drone to get you a copy of my resume. umm, maybe keep your hands on the controller. look out!! ohhhhhhhhhh... you know what, i'm just gonna email it to you. yeah that's probably safer. ok, cool. >>> donald trump about to meet with house and senate gop members today. james comey is headed to c

ben bernanke, tim geithner and i worked as a team and tried hard to prevent a lehman failure.find no legal authority which would have been successful in saving lehman an insolvent investment bank in the midst of a run. i stand by every word in "on the brink," his book about the financial crisis. they say the proof is in the market. they failed to step up and take lehman's assets in the crisis. they say aig was different. its subsidiaries offered better collateral. if lehman could have and should have been saved as ball argues, it can't happen now because congress has eliminated the fed's ability to do such bailouts while geithner, bernanke, and paul say they couldn't legally have -- >> 200 pages to tell us this? >> it's a detailed look at lehman's finances. it's part of every conversation that you have about the financial crisis ends up in a debate over the lehman weekend. >> look. there were a lot of things that were happening. did they examine very closely the collateral? probably not they didn't have time. >> they did. we don't have to have this discussion. you know why? be

ben bernanke's in japan and still talking about more helicopter money. literally wrote checks to people of a certain age and gave it to them. didn't work. so there is this monetary experiment that took place. that's the anchor of the monetary system. we've had some relatively weak economic growth. particularly in europe. they're trying to spur those economies. we are the beneficiary here because we see money coming in here. janet yellen gives a speech in new york and says we can lengthen the duration of the fed's portfolio to accomplish more accommodation. they have a huge portfolio. they own 20% of the federal debt. haven't had to do it. because you look at negative interest rates elsewhere, where do you come? you come here. >> what i hear you saying is that the low rates, low yields -- historically low -- are not a sign of something ominous out there for the u.s. economy. they are merely representative of what's happening elsewhere in the world and fed policy. clearly there's a long history here. and i was proud to be part of it for ten years. but we h