just words saying and of course he just is there to promote the agenda of the central banking authority and the club talk r.c. and as a result we got economic armageddon in response to this jet blue situation we have this headline jet blue's c.e.o. barger pilot is a consummate professional so courts talk about the pilots approximate professional i shouldn't talk to always appreciate you saying. well of course he's trying to make sure that the passengers continue to fly jet blue and the same thing you see with the financial sector or the mainstream media they keep on tell you oh it's all fine yes the naked man ben bernanke you running up and down the aisle saying everything is ok you know in fact it is all ok look when bernanke is meds where of he's going to be like the kone guy corny twenty twelve guy running down the street buck naked slapping the ground like a gorilla going according to these of course the release of the ball that looks like a gorilla in a way old you know alpha gorilla sitting back there you know farting. i mean it's all he does he goes important congress and he star

just saying and of course he just is there to promote the agenda of the central banking authority and the club talk arcee and as a result we got economic armageddon in response to this jet blue situation we have this headline jet blue's c.e.o. barger pilot is a consummate professional so course you talk about the pilots a consummate professional a showman cocked always like a strange thing. but of course he's trying to make sure that the passengers continue to fly jet blue and the same thing you see with the financial sector or the mainstream media they keep on tell you oh it's all fine yes man ben bernanke you running up and down the aisle saying everything is ok you know in fact it is all ok but when the ninety's meds wear off he's going to be like that coney guy calling twenty twelve guy running down the street buck naked slapping the ground like a gorilla so i'm not going to do what this is about his goal that he looks going to get a relatively old you know alpha gorilla sitting there you know farting. but that's all he does he goes in front of congress and he farts anyway and you

just believe me were saying and of course it just is there to promote the agenda of the central banking authority and the car park our city and as a result we got economic armageddon in response to this jet blue situation we had this headline jet blue's c.e.o. barger pilot is a consummate professional so courts talk about the pilots a consummate professional he shouldn't talk to always or push things flying. but of course he's trying to make sure that the passengers continue to fly jet blue and the same thing you see with the financial sector or the mainstream media they keep going tell you it's all fine yes the man ben pretty running up and down the aisle saying everything is ok you know in fact it is all ok look when bernanke is meds where of he's going to be like that tony guy called me twenty twelve guy running down the street buck naked slapping the ground like a gorilla glue or do you think what it is about his goal that he looks like a relatively old you know alpha gorilla sitting back there you know farting. but i mean that's all he does he goes in front of congress and he starts any deba

central bank. the european banking system is currently being asked by the european banking authority to raise a good bit more capital. and, of course, their liquidity situation is being satisfied almost entirely by the european central bank rather than by private markets. >> sto that would explain. was a little confused about page four you continue to monitor the european xp europe european exposure of u.s. financial -- >> yes. >> how long have you been watching the exposure of u.s. firms to financial -- to the european financial -- >> the european situation was about -- came prominent about two years ago. so pretty much throughout that period. >> i guess my question is then about the new york fed that gave primary dealer status to mf global and so two years ago would be somewhere in the time frame that they were making application, february of 2011 is when they got the application done. that's when it was given. and so this watching of exposure mf global had gone up by $4 billion during that very time period. why didn't new york fed catch this exposure if that's something y'all were concerned about

central bank. the european banking system is currently being asked by the european banking authority to raise more capital. of course their liquidity situation is satisfied almost entirely by the european central bank rather than private markets. >> that would explain. anhow long have you been watchig the exposure of u.s. firms to the european financial -- >> the european situation became prominent two years ago. pretty much throughout that time. >> my question is then above the new york fed that gave primary dealer status to m of global. two years ago would be somewhere in the time frame they were making application of 2011. that is when it was given. and so this watching of exposure, m of global had gone up by $4 billion during the very time. why did it the new york fed catch the exposure if that is something you were concerned about? >> we were regulating banks. m of global was not a bank, and we were not there regulator. -- mf global was not a bank, and we were not there regulator. >> they met the criteria for size and experience. >> they have been turned down several times before. >> they met

bankrupt when you look at the banks over there been quite central bank bankrupt government also mourners bank how can you implement an authority package in these circumstances so everybody will see this rule this won't work and what i what i see is that spain is the last nail in the euro zone coffin so i mean we have two possibilities why the euro will be obviously not working well the first is that we will have kind of domestic insurrection in spain itself so we'll have to pull out of the rule in order to calm the people of the other one is the financial aspect that it is not possible to help spain with five hundred seven hundred billion euros in order to refinance themselves so if this if you come to this point and then i think the germany will pull out of the euro. i don't see europe struggles to create its own financial fire wall we ask why americans aren't ready to give up on the dollar. it's not just currencies it's news it's everything everything too many people in the us are just to us centered focus in terms of their outlook on the world the dollar is declining so our new york president asks people on the streets what

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more or less bankrupt when you look at the bearings bankrupt central bank bankrupt government also known as bankrupt implemented in authority package in this circumstances so everybody will see this rule this won't work but what i what i see is that spain is the last nail in the euro zone coffin i mean we have to cause abilities why the wall be obviously not working right the first is that we will have kind of domestic insular actions in spain itself so have to pull out of the euro in order to calm the people of the other one is the financial aspect that it is not possible to help spain with five hundred seven hundred billion euros in order to refinance themselves so if this if you come to this point then then i think the germany will call out of the euro. or is more stories news and analysis for you dawtie dot com that's a website and here's just some of what's love got for you miss our prayers not poor egypt ban sex sites for destroying religious feelings and moral values liberal activists say it's a step towards sharia law. going to extremes all red tear of the russian orthodox church plans to check the work of bolshevik

less bankrupt when you look at the banks over there bank about central bank government also mourners bankrupt how can you implement an authority package in these circumstances so everybody will see this won't work but what i what i see is that spain is the last nail in the euro zone coffin so i mean we have two possibilities why the euro will be obviously not working well the first is that we will have kind of domestic insular action in spain itself so they have to pull out of the euro in order to calm the people of the other one is the financial aspect that it is not possible to help spain with five hundred seven hundred billion euros in order to refinance themselves so if this if you come through this point there and then i think the germany will pull out of the euro. stay with us here on r.t. still ahead this hour homeless and hollywood. i think america's run around. the cap and say whoa whoa we're having cleaned up beyond backyard right here on skid row you've got the largest mall most popular in america you know where to go the city of angels homeless community growing rather government couldn't turn a blind eye or in a f

bankrupt or you look at the banks over there been quite central bank bankrupt government also mourner's bankrupt how can you implement an authority package in this circumstance just so everybody will see it is will this won't work i got i what i see is that spain is the last nail in the eurozone coffin so i mean we have two possibilities why the euro will be obviously not working well the first is that we will have kind of a mess to insurrection in spain itself have to do in order to calm the people of the other one is the financial aspect that it is not possible to help spain with fire from seven hundred billion euros in order to refinance themselves so if this if you come through this point them then i think germany will pull out of the euro zone had for you this hour here on our team that have homeless in hollywood. i think america's run around playing kapil sibal hole would have been cleaned up to your backyard right here on skid row you've got the largest most popular in america right nowhere to go city of angels homeless community is on the rise well authorities turn a blind eye a law that in just a few minutes here on our.

strengthen these sanctions with an amendment to the defense authorization act which sanctions foreign banks for doing business with the central bank of iran. this amendment became the basis for a negotiation with the obama administration on how best to sanction iran without causing a shock to global oil markets. senator marc kur, who is unfortunately not able to be with us tonight -- [ applause ] not able to be with us tonight, but thankfully is recovering well, was the primary author of this legislation. [ applause ] and i know he'll remain vigilant in ensuring that the administration does not lightly issue wavers to those who'd like to evade these sanctions. but the bottom line is this, because of the failure of negotiations by the administration, congress was forced to act. and the president [ inaudible ] against his original wishes. and now the administration is making candidly another mistake. just as it initially sought to rely prodedominantly on negotiations, it's now facing sanctions by the u.s. or the eu through its welcomed decision to cease iranian oil purchases starting in july, which is a step in the right direct

their central bank either a single mandate for price stability as we do or a primary mandate or for price stability with other goals clearly subordinated. among the 47 central banks in monetary authorities in major countries surveyed by the bank of international settlements, only the bank of canada and the federal reserve have organizational laws that give other goals e l call weight -- equal weight to price stability. so how should the fed pursue its mandate? according to the staff at stanford university, the choice between a discretionary regime and a rules-based regime, a discretionary regime creates uncertainty because it relies upon the subjective assessments of central bank policymakers. in contrast, a rules-based regime reduces uncertainty because it follows well established rules based on observable economic data with the clear focus on a long-term goal. inflation targeting is a rules-based regime under which a central bank establishes a target inflation rate expressed in terms of a broad-based price index of goods and services. a central bank tightens monetary policy when the actual inflation rate rises above its target and loosens monetary policy when the actual inflation rate

bankrupt when you look at the banks over there banquet central bank bankrupt government also known as bankrupt how can you implement an authority package in these circumstances so everybody will see that this will this won't work because i what i see is that spain is the last nail in the euro zone coffin so i mean we have two possibilities why the euro will be obviously not working well the first is that we will have a kind of domestic insurrection in spain itself so we have to pull out of the rule in order to calm the people of the other one is the financial aspect that it is not possible to help spain with five hundred seven hundred billion euros in order to refinance themselves so if this if you come to this point then then i think then the germany will pull out of the euro. so good to have you with us here on our team today and for you this hour homeless in hollywood. i think america has run around. but cap and they haven't cleaned up the own backyard. if you've got the largest mormons park in america but no where to go the city of angels the homeless community is growing i want to turn a blind eye i want that for you just

just too easy so what exactly will it take to stop the central banks trajectory and where is this already leading to fund manager damon vickers author of the day after the dollar crashes and the u.s. senate is set to take up the jumpstart our business startups bill that so far has been touted a bipartisan compromise the so-called jobs act. good jobs are all good small businesses and entrepreneurs entrepreneurs who are going to be doing by removing call silly regulations and making it easier for them to access capital great so then why would it also allow very large corporations to get around important oversight and disclosure even years after they go public will have passed to be our break it down let's get to today's complex. now with apple announcing it will pay out a dividend and buy a backstop with a good chunk of that one hundred billion dollars cash reserves war chest many headlines are going captured by the tech giant oh that oh yeah maybe broke new records with its latest i pad release friday that's what the c.e.o. was hinting at too now you take a company like apple and it stands out from corporations like ones we spent a l

central banks. they give their central bank either a single mandate for price stability, as we do, or a primary mandate for price stability with other goals that clearly subordinate. among the 47 central banks and monetary authorities surveyed by the bank of international settlement, only the bank of canada and federal reserve have organizational laws that give other goals equal weight to price stability. how should the fed pursuits' mandates? according to the staff at stanford university, the choice between a discretionary regime and a rules-based regime. a discretionary regime creates uncertainty. it relies upon the subject of assessment of central bank policymakers. in contrast, a rules based regime reduces uncertainty because it follows will establish rules based on observable economic data with the clear focus on a long-term goal. inflation targeting is a rules- based regime under which the central bank establishes a target completion rate, expressed in the terms of a broadbased price index of goods and services. its central bank tightened monetary policy when the actual inflation rate rises and loosens policy when the inflation rate falls below its target. the last four decades of u.s. monetary policy demonst

that was basically both greece and some of the other authorities rather than the ecb that was responsible for that. >> but isn't the european central bank somewhat the arbiter of whether or not they're obeying? who is responsible to prevent violations by theur the euro zo? they're agreeing to live within certain guidelines, which clearly nobody was watching when many countries just ignored the guidelines. at least as to debt. >> right. there was a stability in growth, which in principle was supposed to limit debt deficit. and it was violated and, for political reasons, there wasn't sufficient enforcement of that. they've try ied to strengthen tt now with the fiscal compact they've agreed to more recently. >> back to my original question, then. within the obligation we have for currency swaps, are they obligated -- notwithstanding political pressure -- to make us hold? hypothetically, if the euro were to fall to half, they would have to give us twice as many euros. is that within their grasp or -- >> that's entirely in the jurisdiction of the ecb. i have no doubt whatsoever that they would honor their obligation. >> that's the underpinni

there amongst the authorities in the european union over the impact on europe's woes on china and what are they prepared to do about it? >> reporter: as i mentioned earlier, the central bank officials commented earlier on this week they will be long-term investors and that doesn't fundamentally change this is probably reassuring to some of the european authorities there. i think the fact exports are slowing, the final demand has slowed for the european market, that was to be expected. i think most of the economists and policy watchers seem to accept this is going to be the case for perhaps at least the first half of this year. what i think is a long-term concern is about the rebalancing and how china is going to manage this away from an economy that is primarily investment driven, relying on exports and more towards consumption. i think the policy options, at least the viable ones, seem limited at this time. >> okay, thank you for that. reporting from beijing. >>> and still to come on the show, the bank of japan saying the way to ensure growth is kill defrustration. we have the details up next. choose control. introducing gold choice. the freedom you can only get from her

put in place in my defense authorization bill sanctions which the president and prime minister referred to. these are the sanctions that are going to work on the central bank of iran so it will not be the fancier --financier of the government oil sales in a few months. these sanctions should be given a chance to work and they're really going to tighten the squeeze economically on iran. i am on the optimistic side that there is a real chance that iran is going to change course because the price is going to have to pay would be such a serious price economically. i think they may decide they do not get enough of a benefit from having nuclear weapons. >> how much time do you give the sanctions? >> i believe they are already taking a big bite and a stronger impact will be seen in the next few months when the sanctions take full effect. parks is time running out for a preemptive strike? >> i do not think so. >> i think there could be significant damage. i know the answer to question and cannot tell you. >> do you think congress should debate authorizing the use of military force by the united states? >> now, no? >> sure the president asked congress for the autho

slowing chinese economy and the question becomes, when will the authorities take the next step to try to ease policy? we actually had the central bank saying in an unusually open statement that they have plenty of firepower, they have plenty of things they can do to underpin economy. we don't usually from from the bboc in quite such explicit terms. people are expecting the chinese authorities to act sooner rather than later to underpin the slowdown in the economy. >>> i'm going to go to michael houston, who is standing by for us. he's a market analyst at cmc markets in london. morning, michael. >> morning, charles. >> clearly, greece, we have to talk about it, at least for a moment, in terms of the european finance ministers later on. can we agree that actually the markets don't need to obsess with greece anymore and that hopefully this process will go ahead? >> i think that's right, charles. over the past six months it's been all about greece. certainly, the bond swap last week and the initiation of a credit event by easter, i think hopefully will probably draw a line under it, as long as the euro group finance ministers ratify the

and there is no authority to have a central bank.f all the mischief that would have been avoided if we had just obey that part of the constitution. we would not have the government sized this big. jefferson argued that the federal government should not be able to borrow money. if you want to spend, tax the people and then they will know how much government is costing. borrowing money is deceitful because you delay the payment and you build up interest and you can borrow it for a long time. then they said come what we want to institutionalize this principle of printing money through the federal reserve system. this provides the opportunity for those who like the government. and they are not all liberals. there are some conservatives -- at least they call themselves conservatives. i do not think we should grant them the title of conservative if they want more money. [applause] but unfortunately, the spending habits are bipartisan. they keep saying they do not have enough bipartisanship. for spending, we have had too much bipartisanship

in place in my defense authorization bill the sanctions which the president and the prime minister referred to. these are the sanctions which are going to work on the central bank of iran so that it's not going to be the financor of the government's oil sales a few months from now when it becomes really effective. these sanctions not only should be given the chance to work, but are going to really tighten the squeeze and have already have on iran. so i'm kind of on the optimistic side that there is a real chance that iran is going to change its course. not because it doesn't want a nuke. i think it does. but because the price that it's going to have to pay for that would be such a serious price economically i think they may decide that they should, they don't get enough of a benefit from having nuclear weapons. >> how much time to you give these sanctions? >> i would say that i believe that they're already taking a big -- having a big bite and that even stronger impact will be seen in the next few months when these sanctions take full effect, the ones that we already have in place. >> is time running out for a preemptive strike? >> i don't think so. i think the

authorization act included breakthrough sanctions with respect to iran by requiring foreign financial institutions to choose between maintaining ties with the u.s. financial system or doing business with the central bankiran, especially relevant to the purchase of petroleum and related products. president obama has appropriately focused considerable and determined diplomatic effort, quote, to prevent iran from getting a nuclear weapon, and he has repeatedly said that there are, quote, no options off the table to achieve that goal. general maddus has the task of conducting the prudent planning and assembling the military options for the president relative to iran, in case they are needed. i'm going to put most of the balance of my statement in the record, except for the following. the new strategic guidance and priorities the personnel, capacity building, and other theater security cooperation activities in support of the geographic combatant commanders. admiral mccraven, recent published reports indicate that you are seeking new authorities, that you believe would help socom be more responsive to the geographic it combatant commander's request for special operations personnel and the unique capabiliti

strengthen the sanctions with an amendment to the defense authorization act which sanctioned foreign banks for doing business with the centralof iran. this amendment became the basis for negotiation with the obama administration on how best to sanction iran without causing a shock to global oil markets. senator mark kirk who is unfortunately not able to be with us tonight -- [applause] not able to be with us tonight that they flee is recovering well was the primary author of this legislation. .. through its welcome decision to seize iranian purchases starting in july which is a step in the right direction. and the oil purchases starting in july which is a step in the right direction. now the administration has attempted to rely on this ambiguity of its military policy by claiming at every stage that it continues to keep all options on the table. we've seen a talking point will not detour iran. [applause] look, what is needed when it comes to iran is the one thing the administration hasn't yet provided and that is a clear declaratory policy that states what we will do and why. here's the administration's mistake. here's the a

strengthen the sanctions with an amendment to the defense authorization act which sanctioned foreign banks for doing business with the central bank of iran. this amendment became the basis for a negotiation with the obama administration how to best to sanction iran without causing a shock to global oil markets. senator mark kirk, who is unfortunately notable to be with us tonight -- [applause] -- not able to be with us tonight but thankfully is recovering well was the primary author of this legislation. [applause] and i know he'll remain vigilant enensuring that the administration will not administer waivers. and by the failure of the administration congress was forced to act, and the president, who initially oppose add strong sanction strategy, was ultimately forced to accept it against his original wishes. and now the administration is making, candidly, another mistake. just as it initially tooth rely predominantly on negotiations. it's now relying too heavily on sanctions, whether by the u.s. or by the eu, through its welcomed decision to cease iranian oil purchases starting in july, which is a step in the right direction

authorization act included breakthrough sanctions with respect to iran by requiring foreign financial institutions to choose between maintaining ties with the u.s. financial system or doing business with the central bank of iran, especially relative to the purchase of iranian petroleum and related products. president obama has appropriately focused considerable and determined diplomatic effort quote to prevent iran from getting a nuclear weapon, and he has repeatedly said that there are quote no options off the table to achieve that goal. general mattis as the task of conducting the prudent planning and assuming the military options for the president relative in iran in case they are needed. i'm going to put most of the balance of my statement in the record except for the following. the new strategic guidance and priorities emphasized the importance of special operations personnel for counterterrorism operations. the capacity building and other security cooperation activities in support of the geographic combatant commanders. admiral mcraven, recent published reports indicate that you're seeking new authorities that you believe would help socom be more responsive to the geographic combatant commanders

beginning of the week we had the european central bank may lower its rate, and india lowered its rate and all the support has come from the monetary authoritiesata. economic data will be the next thing to make it or break it as far as the risk trade going forward. the nfps concern me for three reasons. the index component of the fed survey was lower both of the ism's employment survey was lower and the small business survey said employment stalled. there's good reason to think that we may miss a little bit, i don't know if it's much, but it may be a little bit. it will put further pressure on the euro and strengthen the dollar. >> i have to think what you said to follow it around. the fed coming in with qe-2 could be more important than the miss so if we miss it could be a good thing eventually for the dollar? >> it could be a good thing -- if we miss strong and that really puts up the idea that the fed is going to come in and do q qe-3 in a sterilized fashion, it may be good for the dollar in the fact that the aussie dollar may rally. overall i think time has come to the point that the market wants to see economic growth. u.s. is the primary

authorization act included breakthrough sanctions with respect to iran by requiring foreign financial institutions to choose between maintaining ties with the u.s. financial system or doing business with the central bankof iran especially relative to the purchase of the petroleum and related projects. president obama has appropriately focused considerable and determined diplomatic effort, "to prevent iran from getting a nuclear weapon, and he has repeatedly said that there are, quote kono options off the table to achieve that goal. general mattis has asked of conducting the prudent planning and assembling of the military options for the president relative to iran in case they are needed. i'm going to put most of the balance in my statement on the record except for the following. the new strategic guidance and priorities emphasize the specialty operations personnel for counterterrorism operations. capacity building and other secured the cooperation activities in support in the geographic and combatant commanders. the reports indicate that you are seeking new authorities that you believe would help to be more responsive to the geographic combatant commander's request for the special operations personnel

central to the issues of a legitimate interaffiliate transaction was clarified. anti-evasion measures were added so that the exemption would not lead to abuse. language was adopted that made sure standard authority over interaffiliate banks was preserved and it does nothing to end that. this is a good bill, mr. speaker. i urge my colleagues to back this legislation and i yield back. . the speaker pro tempore: the gentleman from new jersey is recognized. mr. garrett: i thank the speaker and at this point i yield three minutes toe the gentleman from texas. the speaker pro tempore: the gentleman from -- three minutes to the gentleman from texas. the speaker pro tempore: the gentleman from texas is recognized for three minutes. mr. conaway: those swaps is an important tool for the companies to manage their risk. as a member of the house agriculture committee and the chair of the general farm commodities and risk management subcommittee, i want to commend mr. stivers and ms. fudge for bringing together a commonsense bill that will offer our businesses and agricultural firms certainty about a small and important dodd-frank rulemaking. it can yield economic benefits and reduce that firm's overall credit risk. in addition to cre