central bank like what you were just talking about with bioneers doesn't that risk having a central bank involved in currency which seems to be the problem in some places that have currency crisis right now. yes so in the countries where we see in political crisis this is actually where we've also seen a bigger uptake so where there's political turmoil where there's actually some sort of instability or high levels of inflation in those countries you actually see them naturally gravitate towards crypto currencies as earlier adopters and they've actually already been able to adopt it from the perspective of spending saving receiving and sending. only in friends and so this is something that's quite key that probably doesn't actually get solved with a central bank digital currency if there's a lack of trust in the institutions but where there is trust a central bank digital currency does make. now if we're looking at the surface level of this we notice that central banks are looking at quote digital currency is rather than quote crypto currency now this is a big distinction that our fri

the governor of the french central bank announced the organization will start the pilot program soley for financial institutions before the end the 1st quarter of 2020 according to a tweet for the bank of france the country hopes to be the 1st to issue the so-called c.b.c. it appears that the central banks are trying to get a head start with the likes of facebook which hopes to launch their own digital currency libra very soon during her 1st press conference as a president of the european central bank christine lagarde even said that she sees a clear demand for stable coins while a new survey from the bank of international settlements showed 55 of 63 central banks are unlikely to issue a c.b.c. in the near 3 years nearly 70 percent of central banks are looking into issuing their own at some point in the future. and what more. were caught up with alima job managing partner of the block found us fun who brought down the subject with artie's job or we began by asking him about francis move to explore a digital currency. so according to the bank of international settlements as you mention

funds back in the days which was long term capital and then we had in 2008 as you point out the central bank they bailed out wall street so we have a name and brothers and then we have. j.p. they were also on the prank and so now in 20182900 with all of these banks now pumping money and now in massive debts who will bail out the central bank when it comes time. it's welfare for the rich you know if you're rich that want to need help and you'll call up the central bank and you'll say it's western civilization you must save me the central bank doesn't know what to better their bureaucrats and academics and so they'll save their friends or wall street if you're a problem or into lido and you call up the central bank and say you've got to save us they won't take your call so yes the central banks and the government to some extent have some power left and what will happen is when things get really bad then the central banks will try to do something or cause a big rally but. the market's going to say we don't care we're not playing this game anymore and that will be the big big big collapse and it

we went into 2019 talking about central bank normalization the feds cut interest rates. ecb went back to their old tricks even the bank of england are turning more dovish. are central banks stuck here >> what we've been hearing is that from the ecb, there needs to be fiscal stimulus that compliments this policy where the governments have the space to do so that will potentially free up the central banks. i think those two things go hand in hand. there are still ways to go that central banks can deploy i don't think they are in a position where they are weary of normalization without the review >> in 2020 and beyond, how much will we be talking about central banks. >> certainly china is leading the charge but what about other central banks? >> port of tart of the review ik at that. just left the ecb to move to the bis to head up the innovation unit he's also very keen on europe having a payment system. this will only be a more grounded conversation. you are looking at wholesale rather than retail, central bank digital currencies and maybe not using the current framework. i

including the european central bank and the bank of japan are still holding on to negative rates before let's cross over now to our financial markets correspondent in frankfurt and i hope he can hear me because i can see him and there is a comma why her sweetness and now you want to yeah good why why is sweden strikes bank changed its rate policy. well monica the 1st reason reich's bank is naming in its report is that inflation is on target just like the european central bank here in the euro area the mandate of the rykes bank in sweden is to provide price stability and that is defined at the inflation rate you know an increase of consumer prices of 2 percent on average or slightly below that. but unlike in the eurozone in sweden this target has been met for quite a while now what's more the rykes bank is concerned about the negative implication the negative consequences of negative interest rates as well namely the very high prices on the real estate market in sweden high house prices and the high amount of debts that swedish households are sitting on also credit card debt this

well central banks have come under plenty of heat in recent years most notably in the u.s. and europe and this is cause some uncertainty for the future of these institutions but what would this scenario truly look like kristie i managed to catch up with international investor jim rogers in singapore a while back and asked him about this issue. so if you take a look back at history of quick in 1908 we had wall street they actually bailed out . one of the main hedge funds back in the day which was the long term capital and then we had in 2008 as you point out the central bank they bailed out wall street so we have a name and brothers and then we have. and then on j.p. they were also on the prank and so now in 280-200-1000 with all of these banks now pumping money and now in massive debts who will bail out the central bank when it comes time. it's welfare for the rich you know if you're rich that want to need help and you'll call up the central bank and you'll say it's western civilization you must save me the central bank doesn't i want to better their bureaucrats and academi

central banks are not geared up to be the people who extend credit. that is the job of banks. to think how that will work in practice. then you have to also ask why there is a demand for central banks to issue currency. quite different from retail. i think, this is probably less of a monetary policy question than a political one, if people need to have a digital equivalent of cash, with all of the properties of cash, the two most important being anonymity and finality, what do i mean -- anonymity means today i make a transfer to your account, it is confidential, but if the authorities suspect some wrongdoing, they can actually lift and look into the transaction. that is how we detect money laundering, tax evasion, because there is a digital trail in the transaction record. when we go into digital payment, you lose that absolute anonymity of cash, there's no way that can be traced. haslinda: that takes us to libra. we have had the g7 sounding a note of caution. where do you stand on that, because facebook says that regulators are delaying regulation, and that is tantamount to p

all of this is central banks. maybe the prop themselves up the just print print print print print but that's failure because if the currency goes to nothing or goes down a lot you and i are not better off so it's a lost of confidence and money so where does that leave us then we go back to something such as the orderly pivot towards something more modern such as crypto currency well throughout history when people lose confidence in governments or money they've always turned to gold and so it doesn't matter whether they should or not they always have and they always will or already turning to crypto currencies crypto currency is are all going to 0 in the end in my view but some people are rushing to them no. fun but they're in my view i rather own gold and silver because it thousands of years of all of us who buy gold and silver when things go wrong. actually i have a different opinion i do believe that. gold and that is the way of the future a good coin is the one bit coin institutional gold the correlation right

central banks are not geared up to be the people who extend credit. that is the job of banks.eed to think how that will work in practice. then you have to also ask why there is a demand for central banks to issue currency. quite different from retail. i think, this is probably less of a monetary policy question than a political one, if people need to have a digital equivalent of cash, with all of the properties of cash, the two most important being anonymity and finality, what do i mean -- anonymity means today i make a ransfer to your account, it is confidential, but if the authorities suspect some wrongdoing, they can actually lift and look into the transaction. that is how we detect money laundering, tax evasion, because there is a digital trail in the ransaction record. when we go into digital payment, you lose that absolute anonymity of cash, there's no way that can be traced. haslinda: that takes us to libra. we have had the g7 sounding a note of caution. where do you stand on that, because facebook says that regulators are delaying regulation, and that is tantamount to

the central bank maintained its target for rates and asset purchases. can reach the end of the year without having to go deeper into its ammunition. party provider was supplying audio to other clients. use is beingzed investigated further. in sweden, set to swim against the tide of global easing. ofing almost five years negative rates. a slight uptick in inflation last month will provide justification. it may signal caution for the years ahead. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. nejra: thank you so much. russian president vladimir putin is gearing up to give his end devere marathon news conference in a few hours. it will mark 20 years since he first came to power in russia. let's take a look back at his time in charge. manus: indeed, he spent billions of dollars to bring russian gas to markets including europe and china. 2005 and isdeal in weeks away from completing a second pipeline. his time in power includes a dispute with

investors turning cautious to a central bank meeting and also u.s. ahhhh! -ahhhh! elliott. you came back! ♪ alix: no more capital. sewinge bank's christian savings.on't cut speaker plus he says great progress has been made -- strong earnings trends, hiring plans, and a tight labor market. chiefak to david kostin, u.s. equity strategist at goldman sachs, for his 2020 call. welcome to "bloomberg daybreak" on this tuesday, december 10. is it trade or central bank in terms of market sentiment over the next few days? s&p off by about 0.3%. the fed kicks off its two day meeting today. sterling continues its climb higher as you inch towards that election on thursday. is it buy the rumor, sell the news? in the

central bank she's in bed with paul saying our job is to work together she's now at the e.c.b. but indeed she was at the i.m.f. when they were negotiating the other central bank and she is in bed with paul singer and the same mentality it's a coup let's talk about foreign intervention because of course the currency has fallen by over 50 percent here inflation is raging have seen numbers between 38 and 55 percent inflation rate here's a tweet as we were flying down here so trump restores tariffs on steel and aluminum shipped from argentina and brazil citing concern about both countries devaluing their currency now usually this sort of intervention of tariffs in order to fight devaluation of currency is that when they devaluation is done intentionally i really believe this is not done intentionally this was in fact they've thrown 22000000000 dollars of an i.m.f. loan and to stabilizing the currency so this is how ever acting like a tough guy with out any real information again argentina's been a punching bag for american empire as is all of south america and it's all accomplished

he explained how he would like the nation's central bank to adjust its policy. uld like the central not only to work on controlling inflation, but for it to be thinking about growth as well. >> can you give us more about growth? >> we are talking about with the central bank is doing. they are more cautious about inflation. this is not a bad thing. no, this is not the wrong thing to do. i am not saying that. but it's important to lower the rates to encourage growth. this is an issue i am leaving for the central banks to decide. trust we are not just going to be able to grow, but also to develop. not only growth and development, because growth, that is what we want to change. and create new paradigms. growth is creating wealth, but not necessarily distribute in wealth. -- distributing wealth. development is growing and distribute in wealth. -- distributing wealth. what it is now doing is better than before, distributing income. scarce, growth is little growth, there is a better distribution of wealth. that is there is more well-being. viviana: the year in conversat

moderate expansion of the economy off the rise in consumption taxes in october majority of the central bank governors meeting in tokyo voted in favor of its current easing policy doing the buying of government bonds and the goal of the 0 percent return on benchmark 10 year bonds bank says there is no increased risk of a downturn in japan's economy. boeing's production stopped for its 737 is affecting hundreds of supplies making critical parts for the airline though boeing has said it was not layoff any of its $12000.00 employees economists fear smaller suppliers may be forced to cut jobs. dozens of fuselages waiting for wings but grounded indefinitely this is the headquarters of spirit aero systems in wichita kansas spirit's biggest customers boeing spirit supplies not only the fuselages but most of the parts for the 737 max aircraft it's which it has largest employer providing more than $10000.00 jobs but many wonder for how long. could be way off could be for. good. i also don't know it's about it. all i know is it doesn't work too good. boeing's woes are also being felt here at french co

european central bank boss christine lagarde heads a growing list of women in top business jobs. but men still dominate global boardrooms. plus — cheap money's here to stay. the fed keeps borrowing costs on hold after three cuts this year and signals they'll remain that way throughout 2020. and on the markets: those comments from fed chair jerome powell boosting stock markets in the us and asia. all eyes though now on today's election here in the uk. we start with gender equality — and the rising number of women at the top levels of business and finance. today christine lagarde oversees her first policy meeting at the head of the european central bank. she'll be named later as one of the world's most powerful women by forbes magazine — alongside the bosses of general motors, ibm and banco sa ntander. let's put this in context though. this year the number of women running america's top companies hit a record high of 33. but that's still only around 6%. the number of female board members of companies around the world has almost doubled in the last decade — but still, on average jus

the european central bank sees rate policy unchanged at christine lagarde's first meeting as presidentthe bank. words forfamiliar first, while seeing the policy review since 2003. risingarde: protectionism and vulnerabilities in emerging markets remain tittle to the downside come up -- remained tilted to the downside, but have become somewhat less pronounced. vonnie: we saw european yields react as well to those statements. back with us now is chris ceoing, longview economics and chief market strategist. i'm curious as to where you see european yields go following this obvious sort of announcement that the european central bank continues to be very supportive. chris: it's good they are supportive, but it is also good she talked about the risks somewhat dissipating, i think is somewhat the tone of the clip you just showed us. i would agree with that. globally, the economy is picking up. we see that in u.s. yields, and bund yields will follow that sort of trend. don't seem to trade up with as much volatility as treasuries, so i think that gap will widen the bit, but you see bund yields m

i am max kaiser this is the kaiser report we're getting ready for the global showdown central bank that being the i.m.f. in this case versus bitcoin the venue argentina that's why we're here we're here now we're witnessing historic epic proportion of the vote yes of course when we booked to come here the currency crisis was not in such a full swing now it is we have a new president elect here and he has turned down the last $11000000000.00 payment from the i.m.f. but i just want to say on our observations i'm here with the national color here i look i feel like i look like lionel messi gomez 6 gold bowls must be having. i would have been a little bit surprised about how. how would you say posh. it's hours and hours of walking across the city in all sort of directions that it feels probably even more prosperous and living in paris being in paris it is kind of odd to see this situation and i think part of it is that they're so used to currency crises here that it's almost like they're so prepared for it that when it comes it's like oh great everything's discounted for us well the argentin

but let's go to this a little bit more detail stacie it doesn't matter if they have a central bank the fact is they are under the control of i.m.f. and the u.s. dollar so it doesn't matter or regardless the individual however could always have their sovereignty that is something that why we're here we're going to europe why in a few days and we're going to speak at a big conference between is pretty huge here and just to remind people we are in argentina even though max is wearing a coat and tie it along looks like a tie for of the flag of colombia and just to remind people that the g.d.p. in 2018 here was $518000000000.00 down from $637000000000.00 in 2017 that's mostly due to their currency falling they took a $57000000000.00 loan out from the i.m.f. of which about $44000000000.00 has been paid they did also issue in june of 2017 a 100 year bond and it was oversubscribed they sold $2750000000.00 worth at a 7.9 percent yield all those people are down by over half and into this situation so you know we are outsiders we're trying to observe what we see here and just be aware that yo

but the story is around central banking. no change from the bank of japan. waiting for news out of the bank of england. infrastructure spending and fiscal spending in the case of japan are part of the conversation as we move toward the end of 2019. let's leave the markets there. we will deal further with impeachment, certainly. with that in mind, let's get a first word news update. >> president donald trump has been impeached. it sets the stage for a trial in the senate, where he will almost certainly be acquitted. the vote in the house was mostly along partisan lines, not a single republican vote to a huge . -- two impeached. -- to impeach. orest johnson will lay out his priorities today. he intends to put the nhs at the heart of his program, along with delivering brexit. in october, the queen will arrive by car instead of by carriage. the bank of japan leaving policy unchanged, amid a government stimulus package. the central bank maintained its target for rates and asset purchases. the boj has now reached the end of the year without having to delve deeper

he explained how he would like the nation's central bank to adjust its policy. >> i would like the centralk not only to work on controlling inflation, but for it to be thinking about growth as well. >> can you give us more about growth? >> we are talking about with the -- what the central bank is doing. they are more cautious about inflation. this is not a bad thing. no, this is not the wrong thing to do. i am not saying that. but it's important to lower the rates to encourage growth. this is an issue i am leaving for the central banks to decide. because we trust we are not just going to be able to grow, but also to develop. not only growth, but development, because growth, that is what we want to change. and to create new paradigms. growth is creating wealth, but not necessarily distributing wealth. development is growing and distributing wealth. our administration, our government, what it is now doing is better than before, is distributing income. although growth is scarce, little growth, there is a better distribution of wealth. that is, there is more well-being. viviana: the year in co

a lot it has to do with central banks today. bloomberg mliv is standing by. what do you see as the biggest -- i mean, you tend to focus not really on the equity picture, but i guess that is driven more than anything else by expectations on trade, day in and day out. so what do you see in terms of debate right now on whether or not donald trump implement these tariffs on sunday night, on china? laura: it is hard to speculate on whether we will actually see a delay to the tariffs coming through. if anything, i would say good news is already priced into the market, and so we could potentially see equities, may be a 1% to 3% bump if we do see the tariffs coming into play, sorry, if the tariffs are avoided. if we don't see that and do see tariffs coming in, we would expect to see quite a significant downside market reaction, at least in the near term. nejra: and that downside market reaction, is it likely to be exacerbated by the fact the fed clearly said it was on hold for 2020, eight i've are from what markets were pricing but perh

to replace the french central bank controlling economies and to build up the african unified currency gold base to play with to replace the dollar and to build the internal organic. african economy and he wasn't just dreaming these things up he was hard working on them and the agreement of many would african leaders and he was in the process of actually achieving these goals like for example the 1st african satellite was launched in 2008 and the 1st stages of the african central bank were initiated the african union itself was founded in the very city of sirte in september of 1999 in the same city that khadafi had to lead his last battle against the very forces that hated the establishment of the african union was a very well stop you there was almost of this break. brothers see you i believe in the room light of them so little. my limited role more than i was for it is to die in prison by the exposure love my life. take a stick grab some media attention i mean it's a shooting in a 16 year old's 16 birthday party found something the police are telling a lot of pressure chill close to

it also gives central banks regionally room to ease monetary policy should they need. we should be positive for those markets. david: the question is, does that continue? is there more room to ease and do equity markets listen? those are questions we will try to explore on the other side of the break. jeffrey halley is sticking around with us. japan is entering a six-day new year break and we will look at why worry over a possible flash crash. haslinda: is carlos ghosn on the run? the former head of nissan is said to be in lebanon while still facing charges in japan. this is bloomberg. ♪ david: welcome back to the program. you're watching bloomberg markets. jeffrey halley is still with us. it is a good time to talk about this since last year, we were staring at earnings projections which were pointing up and if you believe that, you got burned. in 2020, the forecasts for etf's across the region, which do you think -- what looks achievable and which markets does it look and where logically, does it seem too much? jeffrey: i do feel the united states is still going to ov

was more likely the result of domestic criticism, and when we look elsewhere, we don't see other central banksates, meaning the ecb look like j -- boj, they will move because of criticism. from has been criticism germany and german banks about the negative interest rate policy but they seem to be standing pact. the economic conditions in the euro certainly don't warrant any monetary tightening at this stage and largely the same for japan. sweden is likely to be a case that is not repeated elsewhere in the foreseeable future. the: what do we expect from bank of england and andrew bailey this coming year? david: the bank of england will be a bit like the fed and ecb. will probably be on hold for most of 2020. been u.k.., we have leaving the eu at the end of january, and there will be a transition in place, and that is good news for the economy. that should reduce some of the uncertainty related to brexit that has been weighing on the --nomy, but there is a still still a trade deal to be negotiated by the end of the year and in the face of that uncertainty, the bank of england is likely to leave

to replace the french central bank controlling african economies and to build up the african unified currency gold base to play with to replace the dollar and to build the internal organic. african economy and he wasn't just dreaming these things up he was hard working on them and he got the agreement of many would african leaders and he was in the process of actually achieving these goals like for example the 1st african satellite was launched in 2008. the furthest stages of the african central bank were initiated the african union itself was founded in the readies city of sirte in. 1999 in the same city that qaddafi had to need his last battle against the ready forces that hated the establishment of the african union was able to will stop you there was almost a nervous break. joining me every 1st week on the all excitement chill and i'll be speaking to get a little the politics sports business i'm show business i'll see you there. brother see below the look in the room light of. my limbs drawl more than i was for this to die in prison by the expiration of my life. case to grab some

next, we've got central banks. central banks have been supportive and accommodative here in the u.s. and overseas. next, we've got earnings. earnings are looking like they are going to improve not only in the end of this year, but into next year. finally, and probably most importantly, short-term, we've had improvement on the trade front. it looks like we have that phase one trade deal ready in the not-too-distant future. vonnie: you say what a difference a year makes. obviously, a lot could happen in the coming year as well. what are the greatest risks for 2020? jeff: the greatest risks we see are policy risks. central bank policy errors, and then trade issues. on the central bank side of that, we believe those risks are very minor, and that's because central banks have been in this easing and accommodative mode here in the u.s. and worldwide, and if you look at worldwide rates, global rates have really fallen this year. 2019, 67ird quarter of rate cuts worldwide. that is the most since the great recession. we mov

steve keen joins us from amsterdam to break down the banks move and the central what central banks have come under fire around the globe we have a packed show today so let's get right to it. the trombone ministration is considering reviving a plan to kick qual way out of the u.s. banking system this proposal was previously is considered by the white house national security council as a nuclear option to sanction the company but was ultimately shelved due to the aggressive nature of the sanction this plan would put quality on the treasury department's best so it actually doesn't need a nation's list and make. virtually impossible for the company to complete transaction in u.s. dollars the administration instead place fall way on a trade blacklist which forced suppliers to obtain a special license to sell to it the plan has been brought back up to the decision table in order to quote impose maximum pressure we seem to hear and be hearing a lot of that these days but placing huawei on the s. and d. list is a double edged sword this would create logistical diplomatic and economic difficulti

. >> central banks saw their role expand as the economy slowed.e may combine various monetary tools. >> the important message is these interest rates are low for a prolonged photo. >> political leaders deal with challenges internal and external. investment is being reviewed to attract investment and provide jobs. >> how long are you willing to wait before you take legal action? >> we are patient. >> the world's top investors shared perspectives in a turbulent year. china -- iy like wish america had better industrial policy. >> all the central banks around the world are moving towards lower rates. >> the headlines, the trade war has put americans on their heels as far as investing in china. juliette: while hong kong has suffered political unrest for months financial leaders have faced the economic future. >> medium-term outlook for hong kong in the region continues to be positive. juliette: it is all straight ahead on this special edition of "bloomberg best." hello and welcome. i am juliette saly. on this special edition of "bloomberg best," we wil

bruegel a brussel based economic think tank good to have you with us let's start with the european central bank itself what kind of band is legard taking over critics say that the bank overstepped its mandate under mario druggy is that correct the word overstepped in my ears sounds like they said he has done something wrong so he has done something illegal this has not been the case has not been proved so in other in other words i think has not done something that it was not supposed to i would argue however that they say he has overextended its actions it has taken. a lot of important measures to try and tame down the economic shocks that we've seen in the past 10 years and they were very big shocks so it's not surprising that they said we had to take extreme shocks to try and tame the economy i think they were necessary and we will see some of that as we move forward but i would not agree with the fact that the city has done something that was wrong so it's like god now . being the new head of the e.c.b. where do you see room for change or improvement even. well i certainly see continuity thi

everybody seems to think central banks are pretty much out of dry powder, unless you ask a central bankerhink this plays out as far as the ecb holding negative territory and being a big player in the bond market? anna: i think it will continue -- bob: i think it will continue. there are worrying bits of data out of germany. inflation is nowhere near the 2% target. if they still have a 2% target, they will need to cut rates further. they will have to push people out of financial assets and using them more productively in the real economy. the problem there are questions as to whether that really works? maybe it encourages saving. bob: that's the big question. how do you know if they had not done these things? you might be in a severe recession and inflation may be deflation. anna: yeah. matt: how low do you see rate scale? we are at negative on bunds at -80, we have come back from that. do you see it dip lower? bob: i do. problems on the trade front, brexit, or they see inflation expectations dive. i want to know, is this the kind of thing lagarde will respond to? will she cut another 25 b

, more about emerging central banks.et's jump off their at the first proposal. >> that's right. you have to remember, this comes off 2019, the most coordinated easing in central banks around the world since 2009. a lot of people walked into 2019 expecting central banks not to be particularly active. they did not have any policy ammunition. this is a narrative has been around for a number of years. it did not stop the global central banks having a thatinated cutting cycle in the back end of q3 this year was down a 10 year high in terms of that cycle. >> it is interesting isn't it that in q3 it took that sort of to get looking swarm ugly, i.e. trade. political and policy response. that adding hugely to equity market values. to propagate those values, let's say from markets in 2020, you are going to need something that is supplanting gains. by benchmark has been set japan. is that a fair estimate? is that the benchmark for fiscal stimulus 2020? >> it is the benchmark, but it is also the geography that is going to be easiest

to replace the french central bank controlling african economies and to build up the african unified currency gold base to play with to replace the dollar and to build the internal organic. african economy and he wasn't. dreaming these things he was. hard working on them and if you got the agreement of many would african leaders and he was in the process of actually achieving these goals like for example the 1st african satellite was launched in 2008 and the furthest stages of the african central bank were initiated the african union itself was founded in the very city of sirte in september. 1999 in the same city that qaddafi had to lead his last battle against the very forces that hated the establishment of the african union was able to will stop you that water was a break. in brazil. it's awesome it's beautiful it's gorgeous take if you were running a country that is an amazing pristine rain forest what would you do it. right to go wrong laurie. drawl more than i was sentenced to die in prison by that regime my life. case to grab some media attention and it's a 16 year old's 16th b

later, she moved to the world of central banking at the bank of england.did she learn about how policy can reduce inequality, and what do today's central banks need to do to prevent the next crisis? minouche shafik is still with me. what does the boe need? would you have been at the boe had you known about brexit, or is it becoming much more politically difficult to be an independent central bank? minouche: well, i think it is a much tougher time to be a central banker, partly because central banks' roles have grown. and, say, in the case of the bank of england taking on things like supervision and financial stability, which were the right decisions, but it means you're more visible, the central bank'' balance sheets have grown. all of them have grown enormously. and that means you are taking on more financial risk, and you are much more active in the markets. so i think it is a tough time to be a central banker, but there are three things i mentioned -- the ability to pull together the talent and staff in the central banks, the ability to manage the polit

it gives visibility on central banks. the central bank risk is low. the political risk as of now is low. i think next year, a lot will be about the fundamentals, the macro risk. we see the situation stabilizing in the u.s. and europe, which is also what has been said about central bank heads. for the next six months, we see positive growth. less uncertainty on the political agenda. valuations are high, so perhaps one bad surprise could have an effect which is more than expected in the markets. fiona, because it is prime minister boris johnson and because there is a sense of continuity, do think there will be a bank governor appointed quickly? would that appease currency traders a little bit? fiona: i think so. also the fact that there is discussion about a fiscal plan. obviously, that will appease the currency traders. i think that a lot will be next year about macroeconomic risk. negotiatione brexit , although we know that is the plan now, could be perhaps more bumpy than what is said to be by mr. johnson today. there could be some surprise there. ho

central-bank bonanza over the last few hours. in the markets, we are still looking ahead to position for 2020. jp morgan says you are going to want to buy some risk, like equities and emerging-market's. equities totally flat after that more dovish surprise yesterday from the fed. euro-dollar flat as well. a teeny bit of selling in the backend.et on the for the first half of next year. time for today's global exchange. from dubai to frankfurt, to brussels to london, to rio de janeiro and princeton, new jersey, our bloomberg voices are on the ground with this morning's top stories. in turkey, the lira is gaining against the dollar following a 200 basis point cut. joining me with more from dubai is paul wallace, bloomberg emerging markets reporter. is this going to be enough president erdogan? paul: that is a key question. the lira has barely budged despite that 200 basis points cut being more than markets expected. analysts were expect and about 150 basis points. the lira has had to endure a lot in the last six months. erdogan has

on central banks, don't worry about central banks not turning if market start to panic.here is no inflation in wages or prices for central banks to worry about so i would expect them to step in if markets started to roll bad like they did this year. what central banks cannot do anymore because of political wrist and low interest rates is stimulate the real side of economy. central banks are important because they can contain financial markets risk. that is largely why financial markets have benefited and become risk on over the course of this year. is on hold,he fed the ecb is on hold and its economic data worsens they will step up that it will mean a big improvement in economic data of inflation and credit risk for central banks to sound hawkish. with the one exception of the u.k. where, if boris johnson wins the majority in december, we get an orderly brexit and a fiscal stimulus, i think they may surprise the market by turning hawkish. vonnie: hiking later next year. i guess we have to get through a few months before then. in the meantime, what happens to the dominant

the central banks have 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 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's 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. you agree? james: normally what we expect, the age-old sayin

currents ins central banking. we have the risk bank story showing this move out of negative rates.ne year out. we are expecting in europe and north america a lower interest rate picture a year from now than at this point. that is not what the fed or the ecb is saying openly. what is your expectation for the global narrative around central banking? anticipations an you will have easing going forward. rates are already at historic lows. if they go 75 to 50 basis points, that will have an impact on what happens in markets. what will be interesting to see the discussion about the fed before, a shift away from the theation target, and discussion around fiscal policy. mario draghi, when in charge of ecb, was clear when he spoke to the press that monetary policy has its limits, and governments need to come through. you may see monetary policy accommodative. movesi have a chart that -- that shows a move and they are finished with negative interest rates. we have plenty of central banks in negative territory. me where we are in japan. there are negative rates out there. do we know enough ye

to replace the french central bank controlling african economies and to build up the african unified currency gold base to play with to replace the dollar and to build the internal organic. african economy and he wasn't just dreaming these things up he was hard working on them and who got the agreement of many would african leaders and he was in the process of actually achieving these goals like for example the 1st african satellite was launched in 2008 and the 1st stages of the african central bank were initiated the african union itself was founded in the very city of sirte in september of 1999 in the same city that khadafi had to lead his last battle against the very forces that hated the establishment of the african union was a very well stop you there was almost of this break. you . i'm going to fulfill the repeated promises apologise to the people i promised to be you know we've all but be. ready for a. little. bit. now you want to work. no. cut. taxes are not going to do it you have to go right to the root of things it's assets and debts at the balance sheet balance sheets tha

and she has already made some firm commitments for the central bank professor of economics on page one and steve keen joins us from amsterdam to break down the bank's move and how central banks have come under fire around the globe and as we go to break here are the numbers at the close. up. seemed wrong but old old just don't hold. the old beliefs yet to shape out just to come out to. and engage with because betrayal. when so many find themselves worlds apart. just to look for common ground the. up until recently politics were about policy preferences and ways to implement them that is not the case today your political views are now what define you as a person and there is a moral dimension bias against those who are not politically correct is the last acceptable form of discrimination this is the end of politics. creating the special effects something we can benefit at the end of the. book to get us to the but also if. you talk to home don't be going to russia think was over forget it. to talk about truly are completely sure we have them all still some of the muscles of the. russian