the central bank said the rate cut was necessary to support the u.s. economic expansion. let's look at how banks across europe are fairing spanish bank santandar not performing well. exposure in hong kong and deutsche down 3.7% to make sense of some of this, dan scott is with us today is this about negative rates >> you would think so. i think in the rates perspective, it was clear that fed is open to the fact that it can't move or set rates in ice lake when europe is in negative territory. when japan is in negative territory, it's clear the last 25 basis point hz to come. now it is up to debate we'll get another cut before year end. we don't think so. we think in 2020, we'll get another 25 basis points. the economy doesn't need another rate cut of course, it would be skpeedent for trump to heat up the economy before the elections that's understandable but the u.s. economy doesn't need another rate cut at the moment >> do you think it is rational for some of these asset markets to react the way they do to the latest of what president trump may or may not make? >> that's th

the new president of the european central bank, christine lagarde, is pushing for climate change to berts. the paper says ms lagarde believes global warming should be a "mission critical" priority. president trump has signed democracy legislation backing protesters in hong kong despite angry objections from china is on the front page of the new york times. we have of course mentioned this story. variety are reporting that star wars actorjohn boyega has admitted that he was the one that left a top secret script under his bed which then ended up for sale on ebay. and the independent devotes half of its front page to the broadcaster and critic clive james, who died yeaterday at the age of 80. with me is inga beale, from london first, a not—for—profit group made up of business leaders from across the city. and of course in the uk you would expect a lot of politics on the front pages. the times, looking at the u gulf bowl, which has been done for the

the european central bank is looking at its own cryptocurrency and china is launching another crackdownso can regulators really control them and what difference would it make? also in the programme: social media showdown — china owned tiktok apologies to a us teenager for blocking her controversial videos as the us steps up its surveillance of hong kong. and the price of village life. we'll find out how one couple is making a business of selling entire spanish villages, and who is buying them. every day, thousands of people take on the responsiblity of caring for a loved one who's elderly, ill or disabled, but how do you cope with giving up a career and everything that goes with it, so we'll speak to one group trying to help the helpers. as we hear from the woman who is selling remote villages in north west spain to encourage investment, if you owned a village in rural galicia what would you do with it? let us know — just use #bbcworklife. send us your top tips and ideas. we start with the world of digital or cryptocurrencies. since bitcoin arrived a decade ago, the market has exploded

measures of slack poses a big challenge to the monetary policy framework currently used by major central banks like the fed which uses the phillips curve as a key building block. so when i look at the bank of england, we ask the question, how does this connect between inflation and measures of slack, really pose a challenges to the monetary policy framework. and the answer is no. on the contrary, the disconnect between inflation and an employment, or the output gap, is actually what a new framework, like the one used in central banks, with the phillips curve, and a central bank has a dual mandate, fr that the fed w actually predict. and let me make my argument, as a simple version of the framework using the center bank. so the central bank has a dual plan date, with an agreement of achieving an inflation target, and full employment, or output at its potential. and this is presented here by this simple formula that says the central bank, the deviations of inflation, from its target, you know, to here by t, and deviations of output from its potential, xp. and from here, it captures the relative

so there's a few main central banks run by individual he runs the central bank so there's a few main central banks run by individuals and they're committing fraud crime starts at the top as would say intervention and they're committing fraud crime starts at the top as would say it trickles down that's the trickle that the system itself is rigged and closed down that's the trickle that the system itself is rigged and therefore anybody who has a job within that system or functions in that system will therefore anybody who has a job within that system or functions in that system. will become corrupted by that fundamental layer that is the corrupt model become corrupted by that fundamental layer that is the corrupt monetary system and here for example in chile and why people are protesting here why terry system and here for example in chile and why people are protesting here why i believe they are genuine protests and sure outside actors may intervene as i believe they are genuine protests and sure outside actors may intervene at some point or perhaps they are whatever but one and a

haveyear, central banks been putting liquidity back into the system. especially in the last month. again. that will squash and we have seen some easing of interest rates. banks are prepared to cut rates further. switching back to quantitative easing. that also helps to lower volatility across assets. matt: you asking the question on the blog -- how will aramco's ipo affect other assets? basicallyo me like what the saudi's are doing is all of those billionaires who were treated to an extended stay at the ritz-carlton, they will be called to the table for money. are goingthe saudis to let their bank extend even more credit to locals to raise money from a small stake scale and the grand scheme of things. what is your take on the saudi aramco ipo? mark: a bit of a split view. small stake. this is why some people are saying -- this is a very hyped story that is irrelevant. many have been quite negative on this. that there was an excessive valuation. another sign like the big ipos or possible ipos that have failed this year including the wework one that failed. others think the signaling

the central banks of got our back.hink we see the demand coming in and we have more overseas demand coming back as a some of the hedging costs that were so painful to european and japanese investors over the last year are coming down as the fed has been easing policy. i think there will continue to be strong man for anything with yield, and triple b is in an ice a nice bucket for a lot of people. ian: for a while we've been focused on the notion that we should see some widening of the credit spread market, especially as the expansion moves on and on. we have not seen it yet. it is a grab for yield that will persist until we see something break, whether that is a specific credit event, a broader slowdown on the consumer side, or business spending. it will be a 2020 story. until then, i think it is a key issue, people need to add any type of yield they can. lisa: james, it seems like they are saying momentum is more to outperformance by triple b until something breaks. do you agree? james: normally we expect, the age-old

nejra: what does this mean for other developed market central banks?hether developed central banks in general are hitting the pause button. is that your base case scenario if you see the fed cutting in 2020? >> very good question. zealand, they new would not be pushed into easing even if market expectations were firmly upon that. the new zealand dollar was very oversold. got a great rally there. think those three cuts are enough for australia and new zealand. more, thatcuts 25 should not force them into more cuts. if the u.s. does slow in a benign way and there is one more fed rate cut, that should be a fortunate environment for risks. more negative global growth expectations. nejra: thank you so much for joining us. that's it for bloomberg daybreak: europe. the european open is coming up. when you are traveling to work, tune into bloomberg radio. we didn't get a whole lot of direction from president trump entree. we could see a deal. if we don't, tariffs could be a hike. futures on the back foot along with u.s. futures after the s&p 500 closed shy of

we still have cash with a 0% return which limits how low central banks can go. haps setting some inverse incentives for savers who are liability driven, who need a certain .mount of pensions , thee balance sheets space ecb will probably run out of bunds to buy. overall, monetary policy is starting to hit the limits in more and more jurisdictions, so people are looking elsewhere for support. where people are not looking so much at the moment is how can it be made possible that central , can you abolish cash altogether? what can you do for central banks to lower the rates? what can you do to do more from the monetary policy side and if not you have the fiscal policy debate. francine: you were mentioning volatility. this is the chart, euro volatility. will we see a lot more into 2020? huw: this chart tells me is the market assumes there is no vol and it is an unhappy thanksgiving for an fx trader. i like to think about what are the risks and surprises for next year? if there were to be a reflation trade in europe, the market is not pricing it in so it is probably ch

it's day one for the new chief of the european central bank but it will probably be the start of a new era christine legarde has little choice but to continue on mario drug use because of loose monetary policy she promises she'll listen to the markets and to the people. and yummy insects prove it hit as a snack in thailand right silk worms anyone. and how to be good at south african health insurer tracks customers lifestyles via their smartphone and office rewards for every visit to the gym. business d w business i'm down to office welcome from today the european central bank has a new boss christine lagarde no stranger to international finance the former head of the international monetary fund at the helm of one of the world's most important central banks finds herself in a difficult situation and many expect she will continue maya drugs cause of highly we did see and super low interest rates but that won't please everyone. the new head of the european central bank hasn't given too much away about how she intends to proceed in her new job but she has given some indication of what she

on snowed surface and snow and so these central bank policies so these central bank policies they blow all the money into the pump pockets of the top the top. 110th 10th the one to one percent percent and they leave everybody else without anything right and they leave everybody else without anything right and they do this with financial engineering and. then they do this with financial engineering and policy initiatives so it's not an accident it's not these huge loss of income policy initiatives it's not an accident it's not these huge walls of income gaps don't happen because of some odd accident apps don't happen because of some odd. accident by design and you know we've shown on this show for 10 years like ok we design and you know we've shown on this show for 10 years like ok we said jamie diamond was engaged in racketeering to to fix prices in the gold market to said jamie diamond was engaged in racketeering to to fix prices in the gold market to manipulate prices and to ingratiate and to you know manipulate prices and to ingratiate into you know. a lot of people and then it's fi

central-bank efficacy is certainly something the central banks themselves are talking about.ian: eventually that stimulus has to go somewhere. marvin: absolutely. so is the future now, where all of debt doesn't have the effect on the real economy? it certainly has had an effect on assets, and terms of what we deal with on a day-to-day basis, but the concern with trade is eventually, it does make its way into the numbers. the disparity between income as a result of trade potentially collapsing makes its way into numbers. vincent: you will have to ask yourself, if it doesn't make its way into the real economy, it is only making its way into asset prices, at some point a reversion has to happen. i the economy needs to float higher -- either the economy needs to float higher to where the asset prices are, or asset prices need to fall. alix: i feel like we've been saying that for a decade, and we are at the point where the market just once to move higher. this brings us back to moore. when you have a bull run for over 10 years, any pullback just keeps getting absorbed, and more ca

emerging market central banks show they still have capacity to cut rates further.ncome investors, looks attractive, particularly in the local rates space, where you can get relatively high real yields on a relative basis combined with this continued easing policy from the central banks. anna: good morning to you. i wonder what this does. if we do see emerging market central banks cutting interest rates, maybe that is positive for their domestic economy shoring up growth but it eats away at the yield differential if developed world central banks are not doing cutting and finding other ways to stimulate their economy. what does that do to the relative attractiveness of em debt? marika: we do still think it is attractive. if you look at the overall em local index at the broad complex level, real yields are less than 2%. that does not look outrightly attractive. there are individual countries where you can still get yields in excess of inflation of 3.5%-4%. you compare that to where we are in the developed market world with significantly negative real yields. that look

in fact, it was the new zealand central bank that was the first central bank to cut interest rates thisr. at the beginning of the year, a lot of concern about where brexit was going to go, but the new zealand central banks were the first to go. i do not think it is all over, because i think as we go into phase two of the trade talks between the u.s. and china, i think we are going to see some very significant stumbling blocks in phase two, and i do think at that point, the rba may have to cut again. manus: yes. what is it? jane, we have got a lot more to get to this morning. k strategists is with us -- strategist is with us. this is bloomberg. ♪ manus: "daybreak: europe". i am manus cranny in dubai. guidance for range of 800 to 900 million euros. a warning over further delays in the delivery the max 737, third quarter profit rose 8% when the revenue was is to from xers like speedy boarding and reserve seats outweighing the impact of lower fares. the ceo of lion air joins me now -- ceo of ryanair. i helped your numbers this summer. i took a couple of your flights. give me our sense, mich

we saw the central bank was forced to intervene for the third time in two days, so central banks having some people are talking about this as a latin american version of the arab spring. thed that be to overstate unifying theme between these different countries? justin: perhaps it does go a little bit too far. the comparison here is that there are lots of people on the streets complaining about government. but if you thick about what happened in the arab spring and certainly in latin america in we were talking about protests in pursuit of greater freedoms and democracy, and that is not what is happening in latin america. dissatisfaction with economic circumstances that are prevailing. comparisonrhaps safe is to say this is happening in one region, if you discount what is going on in lebanon and significantly in hong kong, of course, it is largely limited to south america, and i suppose that is why people are making that comparison. but it has not appeared in several countries. if you put argentina and venezuela, which have very different issues to be with, we have seen venezuelan protes

christine lagarde, european central bank, what are you changing? on? banks tou need central continue to be a steady hand. we can debate all we want whether negative rates work. that is where we are. if you are a central banker, it is unlikely you will mid or think about the idea that you don't have enough bullets. you want to watch for central banks to continue to guide markets, they are there and can do more although they may not do a lot in the future. tom: the single best pie chart. brian weinstein has put together a chart of all the equity returns year to date, the total returns with emerging markets failing, developed economy here and spx up high as well. that bar chart includes bonds. where is the opportunity now in fixed income when you look at those returns? brian: fixed income has outperformed. if you told me at the beginning of the year equities are where they are, i would not expected. the return from fixed income this year has been from duration. that opportunity has played out. tom: where will it be forward? brian: there are still place

the pension fund and insurance companies don't like the monetary policy status of the european central bank because it's very difficult for the negativity posit rates and the 0 interest rates to operate being profitable in a bad environment but not as a person as such is actually acknowledged to be a good choice to be the night of the new e.c.b. president and this is the e.c.b. earlier this week said that it's all true loose monetary policy could actually in danger of these stability of the financial system why is the e.c.b. likely to stick to that. because the c.b. has a mandate and the mandate is inflation and the c.b.d. and its policy makers to think that the only thing they can do to spur inflation is to keep the interest rates at record lows because anything out dampen inflation expectation that's why they doing that of course at the same time they are seeing that for example real estate prices are rising equity markets booming on the back off their policy and they are saying clearly there are risks building up in the system and they need to monitor monitor them very carefully now the

this is the dog your business i'm going to office welcome from today the european central bank has a new boss christine legarde no stranger to international finance the former head of the international monetary fund now at the helm of one of the world's most important central banks finds herself in a difficult situation many expect she will continue mario drugs cause of high liquidity and super low interest rates but that won't make everyone happy. the new head of the european central bank hasn't given too much away about how she intends to proceed in her new job but she has given some indication of what she thinks the institution needs to do the zeevi needs to listen to understand markets need not be guided by market but it certainly needs to listen and understand but it also needs to listen and understand people because a currency is after all a public good that belongs to the people we can go it is widely expected to maintain the loose monetary policy spearheaded by her predecessor mario draghi the combination of super low interest rates and a massive bond buying program help stab

the new head of the european central bank hasn't given too much away about how she intends to proceed in her new job but she has given some indication of what she thinks the institution needs to do the z.b. needs to listen to understand markets need not be guided by market but is certain is to listen and understand but it also needs to listen and understand the people. because a currency is off the role of public good that belongs to the people we can let go and is widely expected to maintain the loose monetary policy spearheaded by her predecessor mario draghi the combination of super low interest rates and a massive bond buying program helped stabilize some of the euro zone's weakest and most indebted economies in the wake of the financial crisis but those policies have of course been bad news for savers who feel there is no longer an incentive to park their money in the bank and fear they could soon be even punished for doing so christine legarde previously served as finance minister of france before taking over as the head of the international monetary fund both jobs demanded some

starting in symbolic way where cash shortages are said to be a thing of the past the country's central bank was set to officially release new lower denomination bank notes and coins to cover the cash shortfall it's part of a drive to shift the country back to its own domestic currency in 2009 zimbabwe entered dollarization as a way to counter hyperinflation the government says the currency is now stable enough to reintroduce the local currency but critics say confidence in the economy is waning. and for more i'm joined by g.w. is a privilege of most of and here e who is standing by for us and so about his capital harare bridge 1st of all have those bank notes and coins arrived we heard that there was some kind of a delay. monica we can see that thing to the streets and the banks today in terms of the new currency that is expected. people were eagerly waiting there were messages coming from government officials saying is that machines are going to be dispensing cash today but the money did not come into the banks or even this truth is we always see that when a new currency is introduced we s

also coming up lebanon is not on the verge of bankruptcy he says the country's central bank governor but protests continue anyway. and people in australia are dancing in the streets because it is finally raining. i want to get johns and this is the you business welcome. asian stocks have risen slightly after signs that the united states and china may be inching closer to a trade deal shares in tokyo shanghai and hong kong all made modest gains after the financial times reported that washington was mulling a plan to roll back an levies on $112000000000.00 worth of chinese imports that followed a solid performance on wall street where investors were a boy to buy strong u.s. jobs data. meanwhile french president a man where marco has delivered a vigorous defense of free trade the opening. an import fair in shanghai on tuesday he said current trade tensions between major countries are hurting the global economy mccaw is leading a european business delegation keen to strike lucrative deals with asia's number one powerhouse. at the international import expo in shanghai mccraw and she raise

environment for 40 years now all over the world there's been over $600.00 rate cuts by various central banks and the money if you're on the right side of interest rate apartheid is not only free it's less than free central banks pay jamie diamond to borrow money that's how easy it is for j.p. morgan to make money but they still have trouble making money because what economists euphemistically call moral hazard when you give a dog and unlimited amount of dog food to that dog will eat itself to death if you give jamie diamond an unlimited amount of quantitative easing to gorge on over there j.p. morgan he will bankrupt the economy. so people who feel as though there's no roads and tunnels being built the life expectancy in america is dropping infant mortality is rising the millennial is in jazz they are going to face a bleak future. that's denial that's denial being fueled and funded by this wall paper money led by donald trump who is the perfect president at the perfect time in new york city real estate developer part of the wall street property developing a link here is wrong here is america

snowed surface so these central bank policies they blow all the low. into the tops of the well and the 110th of percent one percent and they leave everybody else without anything wrong. and they leave everybody else without anything right and they do this with financial engineering and they do this with financial engineering and policy initiatives to see it's not an international accident it was but executed well so that's going to get these huge walls of income gaps don't happen because of some. big because of some. accident by design and you know we have shown on this show for 10 years like ok we sit by design and you know we have shown on this show for 10 years like ok we said jamie diamond was engaged in racketeering to to fix prices in the gold market to mend jamie diamond was engaged in racketeering to to fix prices in the gold market to manipulate prices and to ingratiate into you know prices and to ingratiate into you know oil in. a pool ball and that and then it's. finally finally he's now being investigated and prosecuted under racketeering r

is not a crypto having said that china's central bank said it will guarantee cash like levels of privacy but admits that it will retain the ability to track down crypto users if it's suspects illegal activity like money laundering. while only a week ago the markets were cherry and roaring to new all time highs over a break through an 18 month long trade war between china and the u.s. today at looks like we are back again to square $11.00 with more downside risk as the market optimist. it has been now over extended president trump in a speech tuesday said that phase one could happen soon but warned that he was ready to raise tariffs on chinese imports very substantially if that fails trade talks appear to be stagnant again as china insists that trump roll back some of its punitive tariffs imposed after all china had agreed to repurchase of such stansell amount of x. quid pro quo etiquette would dictate that china get something in return however trump denied rolling back the tariffs and instead is threatening to slash more tears right in time for the busy holiday consumption season

the central banks have got our back.starting to hear more overseas demand coming back as some of those hedging costs that were so painful to european or japanese investors over the last year or so are coming down as the fed has been easing policy. i think there is going to be content new -- there's going to continue to be strong demand. collect for a while we have been focused on the notion we have been seeing some widening in the credit market as the expansion moves on and on. it's a grab for yield that is going to persist until we see something break. whether that is a broader slow , until the consumer side then i think the key issue is people need to add any kind of deal they can. >> it seems both are saying the momentum is out perform, more gains there. would you agree? expect isy what we the fed kills the recovery, the age-old saying they don't die of old age. we are not going to have that and to the cycle this time. the other side is to say the stock globally has gone up measurable that gone up measurably. and it h

now let's talk central banks. chicago fed president says they are in a good place and no further weight changes are penciled in. charles evans gave his first public comments since the fomc delivered a third consecutive cut. >> i am not even sure what neutral is anymore. i think it may have moved down. we need to make an adjustment. i would say moving from leaning toward a restrictive stance as a path or leaning toward an accommodative stance. that is pre-much what we have engineered with a third rate cut. now, in my own mind, i am searching for something that was definitely accommodative, not hugely, but definitely on the accommodative side of neutral. on a long-run basis, my assessment of neutral is 2.75%. when westill below that paused. i think we are definitely accommodative but i am not entirely sure that the short run neutral funds rate is not a lot closer to two. nejra: that was chicago fed president charles evans speaking to bloomberg. a new york fed official says monetary policy has its limits, calling on

another asian central bank is taking the spotlight today. to cut again as it battles to keep the surging baht at bay. the strongest performance in of periodicdefiance intervention by the bank of thailand. still with us is carrie craig, j.p. morgan global market strategist. isn't it true that there is nothing much they can do to rein in baht strength? down to what is happening in the rest of the world when it comes to currencies. that means what is happening with the u.s. dollar and the federal reserve. central banks are taking the lead from the fed. there has been a significant amount of easing. central banks are taking a breath as they see what the ramifications are from trade. my view is that there will be further rate cuts to come. you will see that softness in the economy probably continue. the question is, what will that deliver on? they are not going to drive that growth and it really is coming back to thinking about more fiscal spending to see that growth and those inflation expectations. it has a lot to do with thailand's current acc

today sees a new era began at the european central bank.istine lagarde is now the president of the ecb and the first woman to hold the position, and despite a glowing resume, she faces a lot of challenges as she inherits a dismal economic outlook, negative interest rates, looking at fiscal spending, a governing council that seems pretty split. joining us now is a senior multi-asset strategist, steven fixed global ahead of income at hsbc. he is still with us. what do you think christine lagarde's first task should be? task would be to press the case for more fiscal stimulus, or fiscal stimulus to take on more of a role in helping the euro zone in this slump, and i think she would be focused on that. on the monetary policy front, she will not upset the apple cart. with thee, she will go council recommendation. it would not be much of a change. your thoughtsven, on what christine lagarde would have to do, and there was a lot of talk about the tier system that mario draghi put in place. withn: they will continue the same policies. so much has b

i think all of the central banks will look at australia.hey had close trade links to china and the economic structures mirror that of the em central banks. whatwill look at not only kind of shape conventional policy will take, but what is the trigger point? david: what criteria -- what criteria would you use to determine which em central bank would be a candidate to take on qe or something like qe? >> simply just rates. when you look at policy rates, it is that a historical low. any further rate cuts would stimulate the economy very little, you start to think they would need to go to unconventional. david: is that the only option for the thai central bank? [laughter] rishaad: i was getting to that. >> i don't think so. thai, they do have the option to intervene more aggressively in the fx market. currency strings have been a key issue for thailand. rishaad: why? >> the key is that people have been talking about the persistent surplus cuts and thailand, but i don't think that is the only reason. if you look at korea and taiwan, they also hav

morgan stanley under assumed the robustness of quantitative easing and central-bank action. as we sit in the closing embers presume moreld i asg for my central-bank buck i going to 2020 than i currently think at the moment? jim: it is probably the opposite. you are right. if you look back at this time last year, there was a lot of negativity around asset markets. it had been a very tough time. i think, heading into next year, the lesson is that central banks have had an incredible ability to move asset markets in 2019 but this could very much be the swansong. they are running out of ammunition. they are sounding more reluctant to cut rates further and i think this will be the big story for next year. nejra: a big story for the rest of the year is where we get to with these trade talks. i pointed to a couple of strategists at the top of the show who made the link between trade talks in the yuan and treasury yields. do you make any link between those things? jim: certainly the yuan. if you look at the yuan performance, it pretty much go step for step with the level of tariffs.

the central bank chief signaling interest rates will probably remain on hold. th jim read of deutsche bank and gene frieda of pimco. the chair of the fed -- basically saying the u.s. economy is only good footing. but there is some uncertainty, 12, 18 months down the line. what does that mean for what he should do now? jim: i have never heard a central bank governor anywhere around the world that wants to think the economy might move into recession well ahead of time, so it is not in their interest to highlight that. .here are many risks powell has made a relatively confident approach and he has made it in a good way and is trying to persuade the markets in a good way. gene: i think he is right to say it is half-full, but half-full of what? that is really the question. at the moment, they have said something about they are on hold until there is a material deterioration in the outlook and we are asking ourselves, what constitutes material deterioration? we get immaterial deterioration between the first quarter and the fourth quarter, and then there is easing agai

i think lending rates would have been different even with instructions from the central bank.perfect by any ipoure, but pulling and after that i think was a tall order. it was the crown prince's decision to proceed with the ipo in this timing, and of course oil prices are really not high and are looking at a challenging first half of 2020. a difficult one to achieve over here. at the least they will pull a half success, but good enough for the time being. paul: do you think maybe they should have happened a few years ago? things have changed. climate change, growing distaste for pearl -- for plastics. are the best days for oil now behind it? ayham: we probably have one more cycle for oil over the long-term. still think there is various demand there. should this ipo have been done a few years back? i think that is part of the tension between the leadership and the former energy minister, who really insisted on a longer timeline. so, i would say that probably two years would have been good enough because the environment really has not changed specifically in terms of oil prices.

rates close to zero and balance sheets having expanded to unprecedented levels for most major central banks i'm a big fan of what christine lagarde has done and what she said today i think it terrific in focusing on the tough structural issues of whether it is demography or trade tensions both of which she worked on effectively when she was the head of the imf. can monetary policy address those tough issues the answer is no all the monetary policy can do is to stay accommodative and hope that the policymakers charged with dealing with these tough issues will address them not clear they are willing to do that so she's level with little choice >> interesting she also talked about the side effects of the policy and unorthodox measures they've taken. we've heard from the vice president of the ecb the vice president telling us, in a way it is our fault we are limited the banks responsibility and limited the risk taking. what can the ecb do about that, if anything? >> that's a really tough question i think the side effect issues of swoelen balance sheets raises a lot of concerns that many have wi

and i'm all for that but you'd have to include if the central bank as long as a central bank is being manipulated by bankers and there's not a free market in money the price of money is fixed to encourage this type of aberrant behavior then there needs to be organized labor that's the that's the flywheel bus the counterbalance to the central bank is organized labor the irony is that organized labor is the last group to understand this they they should get their act together and tie their wages to the percentage of money supply printing but also in this case martin luther king jr whatever been able to warn the population of today what this is and tailing i.e. we are divided conveniently for i believe the elites into red team and blue team you're either in the partisan talking points of the republicans or the democrats so of course the entire democratic media is way bigger than you know there's just fox news in this c.n.n. and most n.b.c. and all the others they they nobody discuss this they're not talking about this and that they're unified in the same way they're being they're being e

haidi: a big central bank meeting this week. kathleen: nobody is expected to move. 's interesting with the reserve bank of australia, what they will be looking at. mr. lowe has led the rba in three rate strut -- late -- rate cuts in a row it and they are worried if things are weaker, will the government be able to provide fiscal stimulus? things have looked up recently. to the bloomberg library, you can see unemployment came down 1/10, 5.3 to 5. 2. inflation ticked up. getting closer to the target. that is why the rb is expected to hold tight and a what happens next. progress on the trade war will not hurt them at all. the central bank of malaysia, they potentially will keep their rate on hold. they have been lucky. the trade war does not seem to have damaged their economy as much as others. reserve bank of thailand, they are dealing with a lot. will they decide how to curb that bought rise that can be problematic? most people say no. they have fx tools they can use, they will wait and see. i think the reserve bank of thailand is one we will watch very closely. shery

credit expansion and central bank printing that's a waste of time and money as well is going to the consumer and the consumers now max dose i mean how much of it actually goes into genuine production of goods and services that we're prepared to pay for it seems to me i mean i don't know the figure but it seems to me there's a minority of all 255 trillion and we should worry about us right well to your point doesn't go to goods and services because goods and services are too costly to produce right if i'm a factory if i make cars why would i want to expand my car factory using real money when i can just give the free money from the government to my cash desk and they'll go speculating in the carry trade market to make me money right so it's just too expensive and some however even though it's too expensive to manufacture stuff we're still drowning under the plastic i guess i guess plastic i guess the you know the engine egyptians left pyramid. and we're going to leave plastic that's it the future allianz will find plastic and that's all they'll find alister i did think x. to originally saw pl