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other central banks they are they are literally an agent if you like between other central banks in the market now we know from something that the austrian central bank said in an unguarded moment that yes they've been leasing gold into the market and it helped pay the for the storage. cos hold on a minute. they then withdrew that because they knew that they'd said too much but i also remember the bundesbank saying that the reason they withdrew go from london i think it was back in about two thousand or thereabouts was because the leasing expenses were to story the storage expenses were too high and therefore they took some some of their go back to the bundesbank so it seems to me and i may be wrong on this that the bank of england has a policy of charging storage fees which are expensive and then when central bank complains tell you and say well there's an easy way around this why don't we lease your gold into the market and make it work for you and that will pay for the storage costs and i think that's the general approach what if the countries that have been bailing themselves
other central banks they are they are literally an agent if you like between other central banks in the market now we know from something that the austrian central bank said in an unguarded moment that yes they've been leasing gold into the market and it helped pay the for the storage. cos hold on a minute. they then withdrew that because they knew that they'd said too much but i also remember the bundesbank saying that the reason they withdrew go from london i think it was back in about two...
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Jul 8, 2013
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other central banks. there's an annual general meeting every year where they discuss the way the bank is going and the govern mans of the bank. another thing which we should mention is also that the bank is still very euro centric. you can see the heritage set up in the 1930 essentially by the europeans and by them as well. after the collapse of communism, all the small country like estonia, -- the new countries they are emitted. i ended up the population it was something like 16 million people in the small countries. but in africa south africa, nigeria is not a member of the bis. that's kind of amazing that, you know, one of the biggest economy in the world is not a member. pac is not a member. kazakhstan is not a member. in africa, in asia, in central asia, there's big gaps there. i asked why, and they said the central bank has to meet certain standards of govern innocence and democratic transparency. there's questions about economic govern mans in russia, china, and other places. it's changing but slowl
other central banks. there's an annual general meeting every year where they discuss the way the bank is going and the govern mans of the bank. another thing which we should mention is also that the bank is still very euro centric. you can see the heritage set up in the 1930 essentially by the europeans and by them as well. after the collapse of communism, all the small country like estonia, -- the new countries they are emitted. i ended up the population it was something like 16 million people...
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Jul 28, 2013
07/13
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the other central banks. there's an annual general meeting every year where they discuss the way the bank is going and the governance of the bank to another thing which i should mention is also that the bank is still very eurocentric. you can see its heritage, that it was set up in 1930s a century by the europeans and buy america as well. after the collapse of communism although small countries like estonia, macedonia, slovakia, the new countries, they are all admitted and i added of the population, it was something like 16 million people in all of these small new countries. but in africa, only a jury in south africa are members. algeria is not a member of the bis. that's quite an amazing that one of the biggest economies in the world is not a member. pakistan is not a member. kazakhstan are not members. so in africa, in asia, in central asia, there's against it and i asked why, if they said well, the sympathetic has to meet certain standards of governance, economic transparency and the way the economy is run.
the other central banks. there's an annual general meeting every year where they discuss the way the bank is going and the governance of the bank to another thing which i should mention is also that the bank is still very eurocentric. you can see its heritage, that it was set up in 1930s a century by the europeans and buy america as well. after the collapse of communism although small countries like estonia, macedonia, slovakia, the new countries, they are all admitted and i added of the...
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where do you see the future in terms of central banks use of gold they want so much of it well. i don't know that they want so much of it where it goes a tiny market what they want to do is not have an influence or other markets like the bond market the dollar and so on they're desperately afraid how gold can affect interest rates i mean lawrence summers himself paradox in the gold standard about the relationship between gold and interest rates they're petrified of interest rates taking off right now some black swan event which could cause a derivative explosion so they don't want gold to go. too sharply and they really use it to. manage their other markets in terms of public perceptions possible that we'll ever see another return to the gold standard even a quasi gold standard where the central banks use it for international settlements in some way. it's possible i mean god is all about us for free markets which we don't have any united states the moment it could happen it would have to be revalued at a much much higher price and yes it could happen it could be why they're tryi
where do you see the future in terms of central banks use of gold they want so much of it well. i don't know that they want so much of it where it goes a tiny market what they want to do is not have an influence or other markets like the bond market the dollar and so on they're desperately afraid how gold can affect interest rates i mean lawrence summers himself paradox in the gold standard about the relationship between gold and interest rates they're petrified of interest rates taking off...
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where do you see the future in terms of central banks use of gold they want so much of it. well. i don't know that they want so much of it where it goes a tiny market what they want to do is not have an influence or other markets like the bond market the dollar and so on they're desperately afraid how gold can affect interest rates i mean lawrence summers himself wrote gibson's paradox and the gold standard about the relationship between gold and interest rates they're petrified of interest rates taking off right now some black swan event which could cause a derivative explosion so they don't want gold to go. too sharply and they really use it to. manage their other markets in terms of public perceptions possible that we'll ever see another return to the gold standard even a quasi gold standard where the central banks use it for international settlements in some way. it's possible i mean god is all of that is for free markets which we don't have any united states the moment it could happen it would have to be revalued at a much much higher price and yes it could happen it c
where do you see the future in terms of central banks use of gold they want so much of it. well. i don't know that they want so much of it where it goes a tiny market what they want to do is not have an influence or other markets like the bond market the dollar and so on they're desperately afraid how gold can affect interest rates i mean lawrence summers himself wrote gibson's paradox and the gold standard about the relationship between gold and interest rates they're petrified of interest...
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Jul 12, 2013
07/13
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along with stable prices, as part of its so-called dual mandate, earlier legislation nudged the central bank in that direction. for example, legislators -- the banking act of 1935 as follows, quote to increase the ability of the banking system and promote stability of employment in business, in so far as is possible within scope of monetary action and credit administration. the policy framework to support this new approach reflected the developers of macroeconomic theories, including the work of irving fisher, dennis robertson, and, of course, john maynard keynes that laid the foundation for understanding how monetary policy could affect real activity employment and help reduce cyclical fluctuations. at the same time the federal reserve became less focus on its original mandate of preserving financial stability, perhaps in part because it helped, superseded by the accretion of 1930s of the federal deposit insurance corporation and the securities and exchange commission, along with other reforms intended to make the financial system more stable. in the area of governance and accountability to
along with stable prices, as part of its so-called dual mandate, earlier legislation nudged the central bank in that direction. for example, legislators -- the banking act of 1935 as follows, quote to increase the ability of the banking system and promote stability of employment in business, in so far as is possible within scope of monetary action and credit administration. the policy framework to support this new approach reflected the developers of macroeconomic theories, including the work...
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Jul 1, 2013
07/13
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neil irwin's book is really a fascinating account of how the central banks, the federal, our federal reserve bank because and if you ask me, established monumental monetary policy is that with international markets over the years and probably kept as all from really major turmoil. likely for everyone the world is too big to fail. on a personal note as person of swedish descent, i love that the first central bank started in sweden. and, frankly, i'm tempted to put in a bill requiring that all books about history have a timeline just like yours. it's really terrific. and with that, i'll turn it over to mr. irwin. [applause] >> thank you so much. i'm so excited to be here in a together to book festival, which is a mouthful, and thanks so much for your interest in the book. so this is $20. you can use this to buy a couple of tickets to a movie and buy hot meal. you can take it over there and buy a book if you would like. but why? it's just a piece of paper. doesn't have much going for it. and has the treasury secretary signature but the important part is on the top where it says federal r
neil irwin's book is really a fascinating account of how the central banks, the federal, our federal reserve bank because and if you ask me, established monumental monetary policy is that with international markets over the years and probably kept as all from really major turmoil. likely for everyone the world is too big to fail. on a personal note as person of swedish descent, i love that the first central bank started in sweden. and, frankly, i'm tempted to put in a bill requiring that all...
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listen to america for us america said three central banks are history the first to disappear this you know the world can get along without central east central if we don't have central banks next we have a problem obviously good that he's central banks the worse than having no central bank at all what's in the sense of making so many states many mistakes at least in the us we're going to get rid of these are going to go bankrupt because there are so many of them then she the public just these guys got us into such terrible trouble let's get rid of the central bank as it's happened in the fat look at the japanese central banks that guy is hailed as a hero at the moment you know he is driven down the value of the currencies it's japanese in twenty twenty five percent now that's great for stockbrokers and people who won't stop but don't hundred twenty five million japanese max and every one of those people who are now stuck think that the price the cost of living is going up everything they bought just more and more inflation yeah he's helping a few people but he's not helping a hundred
listen to america for us america said three central banks are history the first to disappear this you know the world can get along without central east central if we don't have central banks next we have a problem obviously good that he's central banks the worse than having no central bank at all what's in the sense of making so many states many mistakes at least in the us we're going to get rid of these are going to go bankrupt because there are so many of them then she the public just these...
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Jul 10, 2013
07/13
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central bank.on whole for the rest of the year and then look for hikes next year? >> well, as our base case scenario we're looking for rates to remain unchanged through the rest of the year, i think given the fact that the central bank will be looking for slower growth in 2013, they indicated they will pull their growth forecast down below 5%, if we see even further weakness, i think all options are on the table in the sense that if domestic growth is weaker, they can cut rates more. but if the financial conditions deteriorate further, there might be a point at which the central bank will start considering rate hikes. >> when you've got a fed that is causing u.s. yields to rise, and the dollar to get stronger, and chinese policymakers that are trying to change the growth in china, we have a slower economy there. how much of those two factors combined making life difficult for the likes of indonesia and other countries in the region? >> well, i think it is a big challenge, but it is something that t
central bank.on whole for the rest of the year and then look for hikes next year? >> well, as our base case scenario we're looking for rates to remain unchanged through the rest of the year, i think given the fact that the central bank will be looking for slower growth in 2013, they indicated they will pull their growth forecast down below 5%, if we see even further weakness, i think all options are on the table in the sense that if domestic growth is weaker, they can cut rates more. but...
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now this week in the next two weeks millions hundreds of millions in china india russia and the central banks go up and say give us more physical give us more physical is it just b c was technically insolvent barclays is insolvent the bullion banks are insolvent and they would have to declare their insolvency they couldn't hide it any more correct yes it could be. insolvency if if people started to do it in their interest to do that if you want to get rid of these bad actors who are ripping people off blind like you just b.c. barclays royal bank of scotland you take physical delivery like we've been saying for a couple years but don't forget. if there's one gold failure it basically means the out is exposed for what it is you're more likely to see central bank gold coming to the public market to satisfy all of these gold obligations than a default but they've released already hundreds of tonnes they can't release there's a they can react papa kate their leases they release a lease and release and infinitely at least in lease and lease again by that but now we're at a point where there is comi
now this week in the next two weeks millions hundreds of millions in china india russia and the central banks go up and say give us more physical give us more physical is it just b c was technically insolvent barclays is insolvent the bullion banks are insolvent and they would have to declare their insolvency they couldn't hide it any more correct yes it could be. insolvency if if people started to do it in their interest to do that if you want to get rid of these bad actors who are ripping...
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in two thousand and eight the credit for those banks collapsed federal reserve stepped in other central banks they printed more money here at the i.b.m. a you've got a run of the bank but they can't print more gold so now when ben bernanke you for example they asked him in testimony what is gold explain gold you know what gold is and he put on his face like he had just swallowed a stupid pill i guess he thinks he can fool congress but he actually told congress that he was a functional you can use a lot of these words these days because they're not politically correct anymore but i don't know what the politically correct word is for someone of mentally incapacitated and he got away with it as if he had just been hit on the head with a frying pan and he struck it but he knows that if the price of gold starts ticking higher and people don't want paper they want physical gold there's a massive run of the on these on these buoyant banks like the problem real huge problem because whatever the reason was for the gold price coming down you know whoever did it you know it was for a particular reason b
in two thousand and eight the credit for those banks collapsed federal reserve stepped in other central banks they printed more money here at the i.b.m. a you've got a run of the bank but they can't print more gold so now when ben bernanke you for example they asked him in testimony what is gold explain gold you know what gold is and he put on his face like he had just swallowed a stupid pill i guess he thinks he can fool congress but he actually told congress that he was a functional you can...
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Jul 21, 2013
07/13
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banks, the central bank's. ere is an annual general meeting every year where they discuss where the bank is going. but another thing that we should mention is also the bank is still very eurocentric. you can see their heritage after the collapse of communism of the small countries, the new countries, they are all admitted the population is something like 16 million people. the small new countries. but in africa only algerienne south africa. not a member of the dis. that is quite amazing. pakistan is not a member. kazakhstan is not a member. so in africa, in asia, in central asia, there are big gaps. asked why. well, the central bank has to make sense. governance. economic transparency in the way the economy is run. have questions about economic in russia and china and other places. it is changing, but slowly. >> we have seen a similar dynamic to the imf for some of the country's that are not the usual suspects are being much more vocal, particularly ptl and the big brick countries. >> well, all i have heard is t
banks, the central bank's. ere is an annual general meeting every year where they discuss where the bank is going. but another thing that we should mention is also the bank is still very eurocentric. you can see their heritage after the collapse of communism of the small countries, the new countries, they are all admitted the population is something like 16 million people. the small new countries. but in africa only algerienne south africa. not a member of the dis. that is quite amazing....
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it's overcomplicate in europe we have a central bank like the federal reserve. we have. you have been in vestment bank which can be thought of as if you want. potentially a new deal agency or effecting public investment it's been doing it for twenty five thirty years very successfully and you talk about the infrastructure of the new deal like the tennessee valley authority i mean are you talking about this is what europe needs to be doing in order to invest in itself. so that if you look at the map of europe for instance you find that the eastern part. which is part of the european union. has infrastructure that dates to the nineteen fifties and sixties. there's no fast lane connecting let's say greece austrian german and if such a train were to be built there are lots of us train guess who would benefit the most would be greece and. it will be germany because it's interesting because doing it and that kind of investment would be mutually advantageous for the whole of europe all we need to do is simply allow the you're going investment bank to go ahead and make that inves
it's overcomplicate in europe we have a central bank like the federal reserve. we have. you have been in vestment bank which can be thought of as if you want. potentially a new deal agency or effecting public investment it's been doing it for twenty five thirty years very successfully and you talk about the infrastructure of the new deal like the tennessee valley authority i mean are you talking about this is what europe needs to be doing in order to invest in itself. so that if you look at the...
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would have to suffer the consequences of that well this is interesting so would we have fifty central banks or how would how would this decentralized monetary system work well basically anyone could start up their own bank print their own currency to have voluntary transactions i would like to see the federal reserve ended by not by force but through competition to the marketplace and what would we would do basically is abolish laws of legal tender so when you pull out your dollar it says this bill is legal tender that's by law basically saying you are forced to accept this and i think in a free society or the law is a fair economy where you want real growth stable prices then you want to have a decentralized currency so that no one bank can say well you know we're going to force you to put up with these inflation numbers so ok let's say we get a little we get rid of legal tender laws i mean how do people going to pay their taxes we still have a government infrastructure that has a lot of control over the economy and absolutely well if you start buying laws of legal tender what you do is yo
would have to suffer the consequences of that well this is interesting so would we have fifty central banks or how would how would this decentralized monetary system work well basically anyone could start up their own bank print their own currency to have voluntary transactions i would like to see the federal reserve ended by not by force but through competition to the marketplace and what would we would do basically is abolish laws of legal tender so when you pull out your dollar it says this...
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it's either complicated in europe we have a central bank like the federal reserve. we have. big european investment bank which can be thought of as if you want. potentially a new deal agency or effecting public investments it's been doing it for twenty five thirty years very successfully you know you talk about the infrastructure of the new deal like the tennessee valley authority i mean are you talking about this is what europe needs to be doing in order to invest in itself. so that if you look at the map of europe for instance you find the eastern part. which is part of the unit green. has infrastructure but they still the nineteen fifties and sixties. no fast lane connecting let's say greece austrian german and if such a train were to be built there are lots of us train guess who would benefit the most to be greece and. it will be germany because it's interesting because doing it and that kind of investment be mutually advantageous for the whole of europe all we need to do is simply allow the you're going investment bank to go ahead and make that investment you have been i
it's either complicated in europe we have a central bank like the federal reserve. we have. big european investment bank which can be thought of as if you want. potentially a new deal agency or effecting public investments it's been doing it for twenty five thirty years very successfully you know you talk about the infrastructure of the new deal like the tennessee valley authority i mean are you talking about this is what europe needs to be doing in order to invest in itself. so that if you...
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Jul 4, 2013
07/13
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it is an extended period of time. >> europe's central bank is keeping their interest rate at 0.5%, a clear sign they feel the end to the crisis is not inside. despite the doubts, draghi praised portugal and greece. >> with the european central bank leaving interest rates at a record low, markets soared. our correspondents send us the summary from the frankfurt stock exchange. >> an extended period of time of low interest rates. if this is what the european central bank expects, this must also mean that the ecb reckons only with a very slow recovery of the economy in the eurozone. the announcement of the ecb president was not only good news . on the stock market in frankfurt, stop rices moved upwards anyway. investors were happy that their business model remains intact. their investment strategy, which until recently had pushed the dax on to record highs. this investment strategy is mainly based on cheap money by the reserve banks. shares of comics bancfirst lost nearly five percent this thursday just to jump seven percent to the upside -- shares of commerzbank. >> let's take a closer
it is an extended period of time. >> europe's central bank is keeping their interest rate at 0.5%, a clear sign they feel the end to the crisis is not inside. despite the doubts, draghi praised portugal and greece. >> with the european central bank leaving interest rates at a record low, markets soared. our correspondents send us the summary from the frankfurt stock exchange. >> an extended period of time of low interest rates. if this is what the european central bank...
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Jul 4, 2013
07/13
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it is an extended period of time. >> europe's central bank is keeping their interest rate at 0.5%, a clear sign they feel the end to the crisis is not inside. despite the doubts, draghi praised portugal and greece. >> with the european central bank leaving interest rates at a record low, markets soared. our correspondents send us the summary from the frankfurt stock exchange. >> an extended period of time of low interest rates. if this is what the european central bank expects, this must also mean that the ecb reckons only with a very slow recovery of the economy in the eurozone. the announcement of the ecb president was not only good news . on the stock market in frankfurt, stop rices moved upwards anyway. investors were happy that their business model remains intact. their investment strategy, which until recently had pushed the dax on to record highs. this investment strategy is mainly based on cheap money by the reserve banks. shares of comics bancfirst lost nearly five percent this thursday just to jump seven percent to the upside -- shares of commerzbank. >> let's take a closer
it is an extended period of time. >> europe's central bank is keeping their interest rate at 0.5%, a clear sign they feel the end to the crisis is not inside. despite the doubts, draghi praised portugal and greece. >> with the european central bank leaving interest rates at a record low, markets soared. our correspondents send us the summary from the frankfurt stock exchange. >> an extended period of time of low interest rates. if this is what the european central bank...
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directly with the fed the government to make markets or to be the interface between fed policy or central bank policy and how those interest rates are played out in this commercial banking system so what you would be charge on a mortgage or what kind of interest rate you get on the certificate of deposit for example so these guild market makers these gems i guess are the u.k. equivalent but yes so they've been caught now a front running the fed or the bank of england and pocketing illicit games just like we found the exact. same thing in america the primary dealers are have been caught front running with the fed are in cahoots with the fed and you are right david cameron knows this information and yet he had a bald face lie to the public he stood up in the house of commons he pounded the dispatch box and he lied through his teeth and said there's nothing wrong with the banking system. and there's george osborne's there like i don't get it done i don't he can't he can't stop them so from line so the article no this is following on the heels of libel rigging and all the other rigging they've don
directly with the fed the government to make markets or to be the interface between fed policy or central bank policy and how those interest rates are played out in this commercial banking system so what you would be charge on a mortgage or what kind of interest rate you get on the certificate of deposit for example so these guild market makers these gems i guess are the u.k. equivalent but yes so they've been caught now a front running the fed or the bank of england and pocketing illicit games...
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Jul 30, 2013
07/13
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the central banks, read mr. bernanke's testimony, he didn't once refer to corporate earnings anywhere in his speeches or his testimonies as something that would guide fed policy. inflation, jobless rates, we know all that. not once did he mention corporate earnings. corporate earnings at this moment, in the macro picture, very relevant. >> you look at the tone coming through from some of the ceos in the bank reporting season and corporate reporting season, most are cautious. this is interesting because initially as we were starting out 2012, many people were hoping 2014 would start to look better. we have that in our eyesight now. on our horizon, yet confidence is not starting to return. >> confidence isn't quite returning yet. i think it is also very important, karen, for business investment. if firms are not finding any capacity constraints, if they're not finding any big increase or sustainable increase in consumer demand, then where is the incentive for business investment? i think that's one of the real con
the central banks, read mr. bernanke's testimony, he didn't once refer to corporate earnings anywhere in his speeches or his testimonies as something that would guide fed policy. inflation, jobless rates, we know all that. not once did he mention corporate earnings. corporate earnings at this moment, in the macro picture, very relevant. >> you look at the tone coming through from some of the ceos in the bank reporting season and corporate reporting season, most are cautious. this is...
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tons of gold but it's hard to reconcile where the supplies coming from and he reckons that the central banks themselves are lending the go. to the bullion banks like j.p. morgan h.s.b.c. who in turn are dumping it into the physical market and then it's being snatched up by eastern investors but it leaves these central banks short gold and the bullion banks like j.p. morgan sure gold and silver. so that means at some point during a price rise you have to cover correct well this is this is where everyone is saying is when is that when does this breaking point occur you know because this this discussion of central banks having a bit of gold t.v.'s larger banks and then it's you know has been going on for a while and a lot of ways and i got a particular time he's come in it's sort of is there a breaking point other words can they simply continue to dump paper contracts on to the market ad nauseum without any reconciliation coming or is it a foregone conclusion that at some point the goal vigilantes will come in and they'll force some short covering and then you're going to see some explosive pri
tons of gold but it's hard to reconcile where the supplies coming from and he reckons that the central banks themselves are lending the go. to the bullion banks like j.p. morgan h.s.b.c. who in turn are dumping it into the physical market and then it's being snatched up by eastern investors but it leaves these central banks short gold and the bullion banks like j.p. morgan sure gold and silver. so that means at some point during a price rise you have to cover correct well this is this is where...
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Jul 11, 2013
07/13
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after bere bernanke strikes a dovish tone, stressing rates will stay low for now, even if the central bank begins to wind down its asset purchases. unemployment is still high and inflation is low. >> both sides of our band-aid, the employment side and the inflation side, are saying that we need to be more accommodating. >> tapering inside japan even though they decide to trot out a new r word, citing recovery, while sticking to its ultra easy policy. and all's well that ends well. shares of deutsche addington trade above the issue price. we'll speak to the ceo first in 45 minutes. >>> warm welcome to you. plenty to get through today on the show. we kick off with the iea, predicting global oil demand growth of 1.2 million barrels a day in 2014. u.s. production will rise 530,000 barrels a day in 2014. nonopec by 1.3 million barrels a day. so the u.s. oil boom to erode opec market share, is essentially what they're talking about this morning. the north american share open will leave one of the biggest rises in nonopec supply growth seen in the last two decades, which will help meet global dem
after bere bernanke strikes a dovish tone, stressing rates will stay low for now, even if the central bank begins to wind down its asset purchases. unemployment is still high and inflation is low. >> both sides of our band-aid, the employment side and the inflation side, are saying that we need to be more accommodating. >> tapering inside japan even though they decide to trot out a new r word, citing recovery, while sticking to its ultra easy policy. and all's well that ends well....