made money ben bernanke you mean money everybody made money all the people that are sent to rescue us they actually plunder from us so the fact is over and over again the guys that were supposed to rescue us actually are allowing us to drown and you see that in the velocity of money chart it's not velocity hating. the saving that's why no money is circulating in haiti not everybody who need it well is it stolen and it's put in a bank account so that is what happened in america happens all over the world haiti is just a case study of a bigger global picture that's why we have plan b. which is big point and people are actually eating their own economy and financial system outside the crux why participate in this kleptocratic system right now let's take a break when we come back much more coming your way. and we're going to fulfill the repeated promises probably to the people come on you know we've all boxed the truth really. really really really well. now you want to work. no. law. coming coming coming but we've also discovered that there are genes in our bodies that protect us from a.

made money ben bernanke you mean money everybody made money all the people that are sent to rescue us they actually plunder from us so the fact is over and over again the guys that were supposed to rescue us actually allow us to drown and you see that in the velocity of money charge it's not velocity hating. the saving that's why no money is circulating in haiti enough everybody who need it well is it stolen and it's put in a bank account so that is what happened in america happens all over the world haiti is just a case study of a bigger global picture that's why we have plan b. which is big and people are actually eating their own economy and financial system outside the crux why participate in this kleptocratic system right out of state a break when we come back much more coming your way. to the kid same compensate the boy tonight by the. people. who are going to. get. me home. on the which i did. good showed up to move this because of i'm listening to. show. them we must. consider. welcome back to the kaiser report imax keyser time i have to get to chris martin said of pig prosper

sonali: does anyone agree with ben bernanke?kind of person would think this would be a good idea? >> i think there are sympathetic views on the others of the atlantic. some europeans. we know that northern europeans hate negative interest rates. we saw sweden move away from negative interest rate policy. i think the best course of action for the ecb would be for christine lagarde ripped the bandage off. negative rates are penalizing the banking sector. while it may be fun to eat up on bankers after the global financial crisis -- we certainly don't do that here. but a healthy banking sector is necessary negative interest rates do not foster a healthy banking environment. thatne: one of the things bernanke he kind of hinted at was that we should not be surprised if we do get to subzero or near zero. there is a sort of sinkers asian effect. if everyone is at or near zero, than the u.s. can't stay two points above them for long. >> of the rest of the pack goes into negative territory, i could not advise u.s. policymakers to follow s

made money ben bernanke you mean money everybody made money all the people that are sent to rescue us they actually plunder from us so the fact is over and over again the guys that were supposed to rescue us actually allow us to drown and you see that in the velocity of money chart it's not velocity hating is saying that's why no money is circulating in haiti not everybody who need it well is it stolen and it's put in a bank account so that is as happened in america happens all over the world haiti is just a case study of a bigger global picture that's why we have plan b. which is big point and people are actually eating their own economy and financial system outside the crux why participate in this kleptocratic system right out of state a break when we come back much more coming your way. understand that a cost of doing business is buying and building support in washington d.c. and that includes staffing up with former members of congress put them on your payroll you want to hire a chief of staff from a powerful senator or a committee. member get their chief of staff put them on your

he spoke on her new show "wall street week." >> ben bernanke gave a speech that i think was a kind ofast hurrah for the central bankers. he argued monetary policy will be able to do it next time. i think that is pretty unlikely in recessions we usually cut interest rates by five percentage points and interest rates today are below 2%. i don't believe that quantitative easing and that stuff is worth anything like another three percentage points. vonnie: you can catch larry summers and roger ferguson and others on bloomberg tv and bloomberg radio. every fridayeek, at six clock p.m. new york time. this is blue -- 6:00 p.m. new york time. this is bloomberg. ♪ vonnie: time for your bloombergquint take. the fda took steps at curbing underage vaping. they banned flavors blamed for getting millions of young people hooked on e-cigarettes. one fourth of american high school seniors say they indulge. now a debate about how marketing is attracting billions of non-smokers to hook a new generation. there have been 55 deaths animals 2600 people hospitalized for vaping related lung injuries in united

when i went home last fight, i read bernie ben bernanke commenr the weekend.egative rates what is wrong with them, make qe part of the tool box, a accommodative fed pouring tons of money into the economy as far as the eye can see. we never heard a fed official talk like that before. >> he was speaking at an economics conference. look at countries that used negative interest rates already, japan and europe. the fed with their existing tool box, the ability to bring interest rates down to zero or near zero the ability to do quantitative easing, the ability to use their balance sheet, those tools have been sufficiently robust in order to help ex-interest i kate the economy out of the great recession. i don't know why the fed would need to go negative here. bernanke said in the past not something we're going to do. same thing with yellen. same thing with powell. i don't know why he changed his tune today. charles: the guy from the ecb who quit. >> mario draghi. charles: draghi said the exact opposite, phil. he said negative rates worked supremely. the only thing h

somewhat well known in terms of the architecture involved there in 2008 with tim geithner and ben bernanke and all those president's men they decided to expand those pipes to be $23040.00 times bigger to accommodate much more money printing and we're still seeing the benefit of that because they went ahead and printed almost $20.00 trillion fresh dollars that they swapped with banks for their junk and they put that on the balance sheet of the fed which town has many trillions of dollars worth of junk as do all central banks around the world the question is how fat are those pipes can they another 20 trillion and joan and i posit that they can so we're this is not a long way to go in these wars only stoke the money printing which means much higher prices yes of course in the you know dropping bombs just waste money right there over 100000 each misao and that sends some of our inflation overseas but i think now that we're now officially in 2020 all he does is of course look at the stock market that's his entire gauge for all that he does so anything to keep the stock market up that's why you

i think the dividing line opining,ighing in, not not thinking about the expertise that chairman bernankedent kashkari have developed that might inform the public policy discussion. some people say that the fed should stick to its knitting. but the fed's knitting has always been public policy at large. said, i am going to hold town hall meetings and hold a constitutional convention to rewrite the constitution in my image, i would be one of his chief critics. wanting to change the laws, i think that is where it is more problematic. torlet: we did reach out neel kashkari at the minneapolis fed. he declined an interview. coming up, the world's fastest economy plunging into stagflation. we have got it covered in asia ahead, next. this is bloomberg. ♪ scarlet: india grappling with a two-pronged economic problem. what was once the fastest-growing economy has now plunged into stagflation. shery ahn is here with the story. was over 8%.owth right now, growth for this fiscal year coming in at 5%. you might be thinking, what is wrong with 5%? narendra modi promised a $5 trillion economy by 2024. $2.

summershat was larry dismissing the optimism of ben bernanke. said the central bank could likely fight off the next recession despite the low level of interest rates. watch more of that interview this evening. today marks the return of wall street week. this is bloomberg daybreak: europe. let's get to our morning call. dani burger has it for you. dani: this is the year of gold miners. bank of america says that last year's mega means there's a lot of assets absorbed by the smaller players. that extra liquidity will drive them to dealmaking. it is something they will have to do given years of underinvestment and the need to replenish reserves. bank of america says these miners have to do it or risk getting left behind. nejra: thank you. our guest is still with us. look to the gold price at the top of the show. we are back to where we were before the killing of cases omani. look at happen in gold and elsewhere if the markets worst fears come to pass in june political risk? kallum: the safe assets, government bonds. any dollar-based assets. these pr

. ♪ ♪ >> ben bernanke gave a speech out there which i think was a last hurrah for the central banks.hat monetary policy will be able to do with the next time. i think that is pretty unlikely, given that, in recessions, we usually cut interest rates by five percentage points and interest rates today are below 2%. i just don't believe that quantitative easing and that stuff is worth anything like another three percentage points. the former fed chair recently said that the central bank will likely fight off the recession despite low levels of interest rates. watch more of that interview on bloomberg's wall street week. p.m. every friday at 6:00 let's get back t to the bloombeg business flash. >> we have more information on the story francine broke. brevan howard shattering it's hedge funds. the fund had nearly half $1 billion. it never had a negative year. ryanair is raising its profit outlook for the year. that is after stronger than expected bookings over the christmas period. the carrier targeting earnings the 950 million to 1.0 5 billion euros range. 1.05 billion euros range. job is

charles: we vent brought up the notion that ben bernanke said stop playing a games. make the qe stuff part of the permanent tool box. there is talk, jamie dimon brought up the idea that the federal reserve should work with the federal government. they should coordinate. china does it. it would smooth out recessions and the business cycle. what about major changes at the federal reserve? >> i will beg to differ with mr. dimon. i don't want to see political meddling from the federal reserve. i want them to try to maintain their aye political stanes. i think that is critical to make tough decisions paul volcker used to when push comes to shove when it comes to the best interests of the country's economy. but i would say there is going to be a possibility going forward, if you want to talk about coordination, of the fed potentially coordinating with other global central banks as we see the potential, global economic fall out from this coronavirus. that would not surprise me. charles: so, in other words if china were to add stimulus to the economy the fed would as well in

somewhat well known in terms of the architecture involved there in 2008 with tim geithner and ben bernanke and all those president's men they decided to expand those pipes to be a $23040.00 times bigger.

somewhat well known in terms of the architecture involved there in 2008 with tim geithner and ben bernanke and all those president's men they decided to expand those pipes to be $23040.00 times bigger to accommodate much more money printing and we're still seeing the benefit of that because they went ahead and printed almost $20.00 trillion frash dollars that they swapped with banks for their junk and they put that on the balance sheet of the fed which town has many trillions of dollars worth of junk as do all central banks around the world the question is how fat are those pipes can they another 20 trillion and junk.

somewhat well known in terms of the architecture involved there in 2008 with tim geithner and ben bernanke and all those president's men they decided to expand those pipes to be $23040.00 times bigger to accommodate much more money printing and we're still seeing the benefit of that because they went ahead and printed almost $20.00 trillion fresh dollars that they swap.

somewhat well known in terms of the architecture involved there in 2008 so with tim geithner and ben bernanke and all those president's men they decided to expand those pipes to be $23040.00 times bigger to accommodate much more money printing and we're still seeing the benefit of that because they went ahead and printed almost $20.00 trillion fresh dollars that they swapped with banks for their junk and they put that on the balance sheet of the fed which town has many trillions of dollars worth of junk as do all central banks around the world the question is how fat are those pipes can they another 20 trillion and joan and i posit that they can so we're this is a got a long way to go in these wars only stoke the money printing which means much higher prices yes of course in the you know dropping bombs just waste money right there over 100000 each misao and that sends some of our inflation overseas but i think now that we're now officially in 2020 all he does is of course look at the stock market that's his entire gauge for all that he does so anything to keep the stock market up that's why y

though this price discovery was driven by a monopolist spreta tours shady bankers hedge funds and ben bernanke right just the worst character cast of characters you could possibly some bill in one place and not in it without it being actually the opposite of heaven and the result is predictably horrible so 120 rural hospitals have gone out of business in the last 3 years and most of them are in the loser states deplorable is all those places that hillary said are the losers again this is the cycle of. you know your policies don't work so blame the victim of your policies you know we put a leech on your on your financial system and we've destroyed it and we drilled a hole in it and it's all leaking out all your wealth all your life force is leaking out to manhattan and san francisco and l.a. and you're the loser for this according to the woman they're interviewing here from the government and affairs policy for national national rural health association the exchanges have never worked the way they were in visioned she said the goal was for you to go on your computer and it's going to be like bu

dimon because that's the eric holder doctrine that's the jimmy geithner doctor and that's the ben bernanke you doctor and that's the doctor that's a jay powell doctrine is forget all rule of law for people with a lot of cash from the food. in terms of fighting the fed and this war with the fed and this war with economics and business cycles for example. we're in this sort of benign totalitarianism is where they don't have to lock up short sellers for example remember during the financial crisis it always emerged that emerged in europe and the u.k. and the united states were going to ban short selling because the short sellers i.e. those taking a bet against the markets are the ones causing this well they don't even have to do that anymore they don't have to threaten to arrest anybody or ban anything or throw people in prison they do it themselves because they've been trained through years of abuse and that is nobody is short short sales and the s.p.d. r. s. and p. 500 e.t.f. trust known by its sticker s.p.y. as a percentage of shares outstanding fell to 1 point one percent last tuesday tha

the matter what happens they're just going to have enough room to print money but former chairman bernanke is recently quoted as saying we could go negative without causing harm so there you have it they could go negative well that's that's my point michael you differ. but i mean you know europe is this is not an experiment has never been tried were nice and beat your b. central bank has a negative interest rate and their banks are flow through it in a very short manner so i mean there's a 0 percent or negative interest rate killed anybody in the world as voters or economic growth is concerned no i mean how can a bank made money when they're paying interest on their deposits and essentially it would end with the spread between their loans but then there are causes and their loans are basically the same thing there's no more. net interest margin and there's no. no way to basically make money if they can't make money they don't lend so they keep their money at the central bank and pay them to do it because people are saturated situation i mean look at it i mean let's just look at the corpora

treasury secretary larry summers, dismissing the optimism of fed bernanke.id that the central bank could likely fight off a next recession despite low interest rates. you can watch more of that interview this evening. today marks the return of bloomberg's "wall street week." definitely tune in. anna: staying with the u.s., today's payroll numbers for december will provide clearer perspective on hiring, after skewing from a strike at g.m. let'talk about the u.s. john -- the u.s. economy with john wraith of ubs. what are your expectations for the jobs report? the adp number in the middle of the week looked strong. tone for set the something positive? john: it was strong and it might mean there is some upside expectation, but correlation has not been great, with a lot of volatility in recent months. is about right0 for overall payrolls. more interesting to us is where we go next. there was job creation last year, the weakest year in several, but enough to keep the consumer performing ok. but there are underlying signs of cooling demand. retail sales, people thi

we saw that with ben bernanke. the actual intention of those programs were to boost asset prices. intended, a qe program to calm things down in the repo market. i think the non-reaction is what he was up for. scarlet: discussion of the program has left equity indexes little changed on the day. we have the s&p and nasdaq each move in less than 1/10 of 1% even as volume, trading activity was higher than the 20 day average. romaine: we expect earnings including microsoft, faceless -- facebook, tesla. >> those three names all closing at record highs. we have got a pretty high bar. scarlet: let's dive deeper into our action. again, i have copper on my mind. this ten-day chart, copper now down for a tense day in a row, the longest losing streak ever on record for copper going back to 1988. more than 10%, a decline of more than 10% that is the worst stretch for copper. in more than five years, all of -- dr. copper, maybe not everything is as well. take a look at copper and copper in jan the s&p 5 -- take a look at copper in orange and the s&p 500 in white. since the start of the coronavi

market is linked to it and you may then experience something of a taper tantrum the way chairman bernanke did when he tried to roll it off? mr. powell: i'll just repeat that we think that -- we think we need to continue purchases until reserves are at a level in which they will not go below $1.5 trillion roughly during course of the calendar year. we know that the t.g.a. will move up and down. so they'll be much higher than that. but that's -- kind of the number and we think we'll reach that sometime in the second quarter. that's our estimate. but we'll know it when we get there. we'll know it because we'll be able to control the federal funds rate without use of -- without active use on, ongoing use of open market operations. you know, our intention of these -- for these adjustments is just to raise the level of reserves and to allow us to conduct monetary policy in an efficient and effective manner and that is our sole intention. i pointed out on our occasions, more than once, the differences, the really specific differences between this and the large scale asset purchase programs. we'v

in the meantime, we've had in bernanke say quantitive easing can provide the equivalent of about threeitional percentage points of short-term rate cuts. we talk about the limits of central-bank policy, but is this a direction that if the fed goes down, how would that impact the curve if what he says is true in replacing the rate cuts? impact inhink it has terms of stimulative the economy. you also bear in mind the central bank actions usually take two to three quarters before having an effect on the economy. we just need to look at the effect of the cuts that already happened and how they are likely to impact the economy. . it is appreciative strike. this is where central banks have been pretty good in terms of seeing the weakness in the data and reacting quite early as opposed to acting after the fact. this gives us confidence in the fact that this is most likely a recession and 2021 should be a pretty strong recovery. kokou stays with us. let's get the bloomberg business flash with annabelle droulers. annabelle: b.n.p. paribas planning to join jp morgan and citigroup, setting up an e

paulson, geithner or, bernanke, bush, obama, others. it is a fascinating account of what happens. happened, theyt had to bail out the banks. the financial crisis did not become a depression, but that bailout of the banks caused a tremendous anger. why are the banks getting bailed out when we as the individuals do not? that was a fair question to ask. the answer was of the banks went belly up, so with the rest of the economy. there would be huge collateral damage. they ended up paying back the tarp loans. that catalyzed a populist revolt. the tea party was very strongly limited government. populist. antiestablishment. that really drove the 2010 midterm elections, which were very damaging for the democratic party. presidentor to that, obama had control of the senate and the house and he lost control after the 2010 midterms. the tea party has really kind of petered out. what is interesting is donald trump is in many ways the antithesis of the tea party movement. is not by any standard a limited government conservative. he was the one person who ran in said he gop primary and would no

ben bernanke said we have to save the banks. you save the banks. i get that.t do we do for the people out there that are worried about fees? what do we do to help them get within society now? >> i think all of the pieces not just at citi, but that the industry is working on, are for inclusion in finance. we are getting ready to launch a program probably in the springtime with google, in terms of being able to bring more people into the digitization of banking. mindsetay, it is the and the mantra of being able to create for people best in life experiences. that is not best in banking. how do we create the best in life experience to bring more people in to have the access? if you look at what is going on at citi, not just in the u.s. come about around the world, we are bringing people, business, small business, women, all of those things to bear in terms of inclusive finance. >> i am going to ask the question i know winds up ceos on wall street at the moment, so forgive me. $18 billion. that's how much was saved by the four biggest banks on wall street last year

any event, they actually interview the key protagonists during the 2008 crisis, paulson, geithner, bernanke, president bush, obama, jeff bolton and others. it's a fascinating account of what happens. simplify dramatically, they had to bail out the banks of what was a very, very nasty recession. the bailout caused a tremendous populist anger and upsurge. why are the banks getting bailed out when we as individuals don't? that was a completely fair question to ask. the answer is the banks went belly up, so did the rest of the economy. there would be huge collateral damage. they ended up paying back the loans. that is what catalyzed this revolt. the tea part was a very strongly limited government movement, populist anti-establishment. and that really drove the 2010 midterm elections, which was very damaging to the democratic party. because obama retire to that president obama had control of the senate and house and lost control after the 2010 midterms. but the tea party is really kind of petered out. what's interesting is that donald trump is in many ways the antithesis of the tea party movemen

janet yellen, ben bernanke, the following comments -- i believe for the euro area there's some ri riskmeans a foregone conclusion they have to act comprehensi comprehensively. they have negative rates their structural issues haven't been addressed since the credit crisis or not nearly enough to have a positive effect on the economy, and his answer out of office is basically that what i did you need do in a better way. fighting this inflation may be a noble central bank cause but at what price and are they making a difference finally, maybe the biggest issue for 2020 as you look at three-day charts of twos and tens, how little they've moved since thursday jon fortt, back to you >> all right, rick before we let you go, congratulations. an entirely different kind of santelli exchange. your daughter got married to start the new year >> she did a new year's eve wedding thank you for mentioning it. congratulations to my daughter juliet and john fall thanks, jon fortt. >> your daughter made a gorgeous bride. your pictures are breathtaking congratulations, rick. >> thank you so much >>> coming

a short squeeze, easiest monetary policy coming out of jpowell with printing of money more than bernankees like this it is in a clim climb actic move now,i must tell you, today, it looks like will go higher there will be more pain for short sellers they will drink a lot of battles of tequila in coming days. kristina: a lot of stocks, but. we have to move on. before we head to break, we want to see what is coming on "evening edit," melissa in for liz, what do have you? >> no problem, president trump say that general soleimani of world top terrorist, now someone is the new number one threat , who is that? what are we worried about now? we'll ask a former army special forcing soler about this. and growing outcry over iranian-americans detained at the borders, we talk with former i.c.e. acting director about that and more coming up. kristina: thank you. >> melissa francis, 6:00 eastern time. >> carlos ghosn speaking out, giving details about a so call the plot against the him, do we and our viewers, do you believe his story? we'll have judge andrew napolitano next. >> not very difficult to c

powell is doing the bernanke dance times 10.harles: i was with a bull, that -- what made you jump into tesla? a few months ago it was 250, 260 area. everyone was pounding on it, elon was a bust. what did you see? >> that is what i like. i like everybody hating on something. something becomes of butt of a joke. you actually look at the company, with tesla products themselves, i bought myself a model 3 about six or seven months ago because with the full self-driving computer coming out, not full self-driving yet but the technology is burgeoning. the fact that the tesla model 3 is better, faster, much more fin to own than any other vehicle out there, it's a better product. buy the stock when the company has a product that is so much better than anybody else. charles: you bought it when no one wanted it but now everyone wants it. it has gone parabolic. the upgrade, high, canaccord 515 is there a point this is a good thing. to gary's point, it goes parabolic, do you take profits even if you love the stock, the company, maybe buy it b