ray dalio had interesting comments earlier gary gensler, s.e.c. chair, on the network as well, made comments about crypto. you're looking at a crypto bull. you'll hear from him next. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, crafted by lexus. which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. >>> welcome back i'm rahel solomon and here is the news update at this hour experts at the food and drug administration are not ready to make a recommendation on covid booster shots because they they haven't been able to carefully review the data yet. in a briefing document ahead of the advisory panel meeting fda say some protections from the shot decreases over time and others don't the administration wants to offer boosters but many scientists they are

ray dalio says don't miss out on china.ounder of bridgewater associates says there are too many opportunities for investors to ignore. walmart is selling $7 billion in debt including its first evergreen bonds. we will talk about the appetite for credit. and as the nfl season is set to begin, we will talk to the president and interim ceo of vandal. -- fan duel. amanda: we're looking at a down day across the markets. we are about 1.5% of record highs. for the toronto market, we are still close to record highs. -- all-time highs. yesterday, it was the leadership of the market that brought us to the record levels. today, they are the week spot. -- they are the weak spot. industrials are back in favor today. corporate earnings very much and focused. we are watching what we're hearing from companies about their outlook and the various factors at play. one big factor that will remain on the table for many will be supply chain issues, shortages are dogging many. that will show up in third quarter. too much of a good thing perhaps f

ray dalio with bridgewater.pact with principles years ago and look for the new book in the coming weeks and months. so much to talk about over the next number of hours at their greenwich world economic forum. kailey, i believe the markets are open. did dalio move the markets? kailey: we are still seeing the buy the dip behavior, but with -- but not with as much vigor as earlier. the s&p futures up about .7%. the bond market has taken a round-trip. yields were high earlier now they come in flat on the 10 year yield, right at 1.30. it is a weaker dollar story across the g10 space. the euro stronger against the greenback, up to 1.17 $40 on the euro. -- 1.1740 on the euro. tom: thank you. barry ritholtz joins us. once again, by the dip. did we buy the dip yesterday at 2:00 and up we go? barry: this was an overdue correction that has been out there since last november, the last time we were down 5% on the s&p and it was june and's had a down 2% day. i do not think we finished down 2% on the s&p. there is tons of capi

a bit of context for ray dalio and his experience for the best in that country.n to him on this question. he has visited china many, many times. there's also the other part of the context. he has skin in the game, manus. manus: he absolutely has. you are either in with a reasonable view and this depends on what your view is. they knew it was coming and there's more of it. i think it is a regime change in terms of how they deal with the interest payments to the external and in -- internal bondholders. 53 billion dollars is onshore and therein lies the point. who takes the pain and who takes the haircut? investors will be stung. tom: absolutely and to what extent will the pboc continue to come in and add liquidity to ensure that this does not become that systemic risk that s&p and others have pointed to? that is the bottom line for china's regulators. a systemic risk that feeds into the rest of the economy. the pboc injecting $14 billion today. some of these concerns reflected in these market, manus. manus: a backstop until we see what the real interests are. a qui

ray dalio speaking to bloomberg's tom keane.kets reopen in mainland china today after a two-day holiday. during that time, evergrande contagion fears have rolled stocks in hong kong and around the world. so what will investors see today? let's bring in our asset editor andre. should we expect some catchup to the losses that we saw in hong kong? >> hi, shery. look, that would be the obvious reaction. but keep in mind this is china. and anything is possible. and it is really not clear at the moment how -- how that is going to play out. although yes, we could see some pullback. i think what will be interesting to watch today, though, is the pboc daily open market operation. there's little liquidity in the market after that two-day holiday in china. and that will be very closely watched for a hint of how beijing plans to deal with this debt crisis. if we do see a large net injection, that suggests that the -- that beijing wants to reduce any chance of systemic stress after evergrande as you said roiled the market. the same time, we

dalio, i don't agree with him on this point and bitcoin is not going anywhere. maybe within their right to do it's here to stay. >> you mentioned you offered high yel savings accounts. >> yes yes, custody with abra among other cryptos. >> this is probably the area of most uncertainty, if you want to call it that gensler referred to it as stable coins and others employ more need for regulation. whatever happened they have a wells notice now how are you able to offer the yield that you are offering? what happens if they regulate stable coins like money market mutual funds and what's the future of crypto centric banking if that happens? >> let's unpack that on the abra earn account itself, when you sign up for that account you're signing up for an account at prime trust, you go through their onboarding or bank kyc, know your customer process, and they approve or reject that application. then you can deposit or purchase in terms of where this is going for other folks who don't issue through a banking system, it's like chairman gensler has said himself. you have to l

we will talk to ray dalio about underperformance. we will talk to him about the struggle of the zero bound. jonathan: no doubt we will find some time for a little bit on china as well. how many times have we heard it is not lehman? kailey: our colleague did a story count on lehman. it will be interesting, whether we see china intervene ahead of that thursday deadline for china ever grand -- china evergrande. will this have ripple throughout the property sector in china? is the rest of the world going to feel it? jonathan: certainly on the economic front. on the financial front, most likely, too. barclays says, "is this a lehman moment? not even close." it is a market that is fascinating right now. the economy at some kind of inflection point, and evergrande really up against the wall. yields higher to 1.32 77%. this is what a little but of relief looks like. euro-dollar positive by about 0.1%, euro-dollar, $1.1734. kailey: we are still at 1.32 percent on the 10-year gilts. we have been within this range for a very long time. i wonder

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ray dalio set to speak at 2:00 p.m. u.k. time. tom: coming up, is china un- investable. the global stock route continues in asia over evergrande angst. we will look at the story next. this is bloomberg. ♪ >> there has been a lot of discussion about whether china is un-investable. i am one who believes it isn't. the property rights are not there. it has gotten worse over the past year, as we have seen. evergrande is just the latest negative for investing in china. manus: chipping in on china. one of -- where to the major players sit on investing at the moment? ray dalio, kathy would, -- kathie wood. our guest joins us. let's set the stage, ever grand. there is a lot of debate whether it is an isolated, contained, not systemic, non-global impact event. containable and how do they do that? >> for us, it is a containable event. the situation with evergrande is a difficult case where the government and authorities have to choose between a dilemma which is on one side fighting a moral -- and on the other fighting contagion. if you take into account the importance of the real e

dalio in a bloomberg radar event saying it's a part of the world will neglect not only because of thetunity provides but you lose the excitement if you're not there. damien, there's been some excitement in china that's for sure. let's talk about with happening in credit. >> we have to focus on the largest property manager in terms of debt outstanding in china and effectively downgraded to double see which puts it into almost default. you 13 million in cash on hand, -- have 13 million in cash on hand. they will be spending interest payments on bank loans that are due on the 21st of this month. effectively the default is in the works and that's not a good thing. we see the spill over in china credit specifically. all of those bonds trading at a significant discount in the case of one's own it some -- nowhere near ever ground which is trading at $.25 on the dollar. jonathan: this is a century planned economy. the questions you ask about what happens in china are not questions you typically ask another country. -- other countries. what are looking for the policymaker. >> we expect a lot m

that is the view of ray dalio. he was speaking at a bridgewater event.uld not be too reliant on cash. it is trash. what do you think? rishaad: went on to talk about bitcoin and other crypto currencies becoming too successful. that regulators and governments would really essentially shut them down. he took issue also with kathy wood from ark investments, you know, saying really, essentially, that her forecast for bitcoin does not really make sense here so there's a bit of two and fro place with regards to cryptocurrencies as usual. let's just move and have a look at christine lagarde. she has also been the latest to chime in on the crypto space. the european central bank president saying they remain highly speculative. christine: crypto's are not currencies. they are highly speculative assets that claim their fame as currencies possibly but they are not. they are not. i think we have to distinguish between crypto's that are highly speculative, suspicious occasionally, and high intensity in terms of energy consumption assets, but they are not a currency. o

it was energy and materials and utilities the biggest outperformer still to come, larry fink, ray dalioital's kyle bass who will weigh in on the comments and give us his own china strategy >>> plus, minutes away from earnings from lululemon, gamestop and rh. we'll break those numbers as soon as they cross josh brown from ritholtz wealth management is here and gabrielle santos is joining the conversation as well >>> first, mike santoli, we go to you and your take, especially given the fact we have had some commentary, particularly from some of the industrial names over the last couple of days raising further concerns about things like inflation and supply chain issues and then, of course, after the bell today, another focus with some of these names on retailers as we come into the holiday season and there's concerns there, too, about supply chain issues. >> yeah, morgan, it's reinforcing a little bit of nervousness. strictly around profit margins, whether we've seen the peak not just for earnings growth rates but for the upward earnings revisions that have been so strong and siupportive

california's orange county may be falling out of love with ray dalio. bloomberg. ♪ ritika: this is bloomberg markets. i am ritika gupta. coming up, the ceo of bm technologies. this is bloomberg. ♪ ritika: let's check in on the bloomberg first word news. a law on abortion in the u.s. will stay in place for now. the supreme court refused to block the law. maybe paramount pictures waited 35 years for top gun's sequel. the opening has been pushed back to 2022. there are concerns that the coronavirus will hurt the movie theater business. paramount also moved the pamir of another tom cruise film to next september. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than globe bravo -- 120 crunchies. -- countries. alix: i re-watched the trailer for top gun. it looks good. that is my type of movie. guy: what is not to love? the first one was great, which is my only concern. the second one has a lot to live up to. there is a point in my life where i could deliver a lot of quotes from that movie. alix: you can still do that. guy: in a s

rishaad: now we will move on to ray dalio.ncerns about investing in china, but he is still committed to doing business there. this is from the bloomberg radar event. >> one way or another, we have to move more to an environment of equal opportunity, hopefully to produce greater productivity through equal opportunity, but also to reduce that wealth gap, that is opportunity gap, as well, and that redistribution is in the swing and that will happen. and then there is how an individual feels about philanthropy. you have to go to what you feel about philanthropy. i'm reluctant to say there should be something. ideally, you follow your passions. but in one way or another, philanthropy i think is a good opportunity to redirect it. it is preferable to having the money taken from you and paid in taxes, but i hope people will follow their passions. >> you set up a family office here in singapore. what is top of mind for your family office here? what are the priorities? >> well, first of all singapore, the region, china, the whole region

. >> jeff, howard and -- and ray dalio, all of them have been very concerned about a deflationary bustwe agree with them in this respect, we think it is going to be balanced by a deflationary boom. but where we agree is that there are companies who thought the world would never change and have been catering to short-term shareholders who wanted that extra penny or two, so got it by having the companies leverage up and take more debt and shrink shares. they have also been focused on dividends. they are probably saddled with product and services that will become obsolete because of the record-breaking amount of innovation taking place today. in order to service their debt, they are going to have to cut prices. and move those goods and services that are on their way out anyway. i am concerned about that. i think there is going to be a lot of around it as well. so, that's why we keep our eye on the innovation ball because that is going to balance these issues out to a great extent. it will also mean the traditional gdp numbers we are going to be seeing are going to be very low. growths wil

[over talk] jon: ray dalio coming up with tom keene little later. tom: we will open up bridgewater.ve from ubs coming up shortly. stay on top of the markets right here on bloomberg. ♪ here on bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrai

why do you think ray dalio doesn't think it has intrinsic valui value?s a $100 billion plus for others, $100 billion defi is $200 billion clearly, the use case is not the same as everyone else. >> there's bitcoin and things are talking about. gensler has it all to think about. we'll have you back, john, as a tiger offshoot i know mark was early as well on bitcoin. i'm not sure he feels the same way anymore. we'll talk to you again, john. thanks >> thank you >>> you're welcome coming up, spacex launching the first all-civilian crew from kennedy. coming up, a live report from the ground when we come back a corner to build a legacy. a vision for tomorrow. a fresh start. a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet. the most popular place to find a space. competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i

is ray dalio going to tell us cash is trash?like we could turn it into a drinking game at this point every time he says that. it seems like a pretty reliable viewpoint. mark: i think a drinking game for the dalio speech is probably the best way to use it. [laughter] always very smart and very informed, but unlikely to change what he has said. for me, it is that gas tech conference which is really important. when the fomc passes, we will go back to still having a gas crisis in europe unless the weather improves materially very soon. dani: let's get over to the first word news with laura wright. laura: the canadian prime minister is poised to win a third term. two networks say they are projecting the governing liberals will win the most seats, but fall short of regaining the parliamentary majority he was seeking. u.s. house democrats of unveiled legislation to fund the government until year end and suspend the debt limit until december 2022 as part of a must pass spending bill to keep the government open past the end of this month

i think people need to push back hard on people like dalio.e on way too long to have champions of the people's republic of china in the west on wall street. it's just wrong and soros has taken that up and he's been right and i think that's been an important battle of of the titans there to see a bit of a rift there in the thinking. so clearly not everyone on wall street is on this page but it's really time for americans to start pushing back on those who are advocating china. and as for the quad -- maria: we've got an article in the journal out of singapore, u.s. and european countries operating in china are feeling the effects as the country increasingly turns inward. so you've got american companies readying to go operate in china. what do you want to say to those companies who are about to go look at that 1.4 billion person population as a big opportunity to sell their wares but are they missing a major national security risk for the united states and also missing the fact that they're not going to be prioritized by the ccp being foreigners

says now is the time to be greedy >>> plus it's george soros bernie sanders black rock and now ray dalio. some say it's a threat to national security. others say you can't ignore the economic power house we'll have the latest. >>> and speaking of green, when it comes to the next wave of ipos, green is out and do gooding is in. is it a strategy that will pay off for investors? let's get to dom with the numbers. >> the numbers are very much in the red today, but not by that much considering we're a stone's throw away from record highs in the overall market the dow is down just about 100 points 35,000 on the level. that mark for the dow industrial the s&p about 4,500 right now. and the nasdaq composite, the real decliner of the day, off three-quarters of 1%, 15,264 the last trade there maybe a little bit of mini or baby rotation they were talking about on "squawk" earlier this morning. the two best performing sectors so far, the utilities trade is up 12% year-to-date. consumer staples is down 7 they're the worse performing sectors is the s&p 500 so far in 2021, but they are markedly outperf

shery: bridgewater cochairman, co-cio ray dalio.ou need to know in today's addition of daybreak, berg sue approach subscribers go to -- subscribers go to your terminal, this is bloomberg. ♪ shery: prices still below that $100 level, china continues on its environmental push. we heard from president xi jinping they hope to achieve neutrality by 2060. prices averaging almost half, copper also we have seen concerns over evergrande. gold has been bid up because of haven manned. cost futures higher as brazil's harvest fell to a 12 year low. haidi: the ceo saying the company is bullish on oil. >> when you look at our 10 year plan, this is the greenest -- we were very interested, when it came to the market, we were pleased to be able to do that. >> the deal did coming higher on a per barrel basis. i appreciate that oil prices are up, but some are saying it is too high. be you pay too much. how did you come to the right valuation? >> we didn't even look at today's prices, we make sure it fit our supply framework and we felt like we paid a f

we will hear from bridgewater founder ray dalio, live from the bloomberg radar event.re about to start trading. this is bloomberg. ♪ ♪ shery: welcome to "bloomberg daybreak asia." from bloomberg world headquarters in new york, i'm shery ahn. haidi: asian major markets have opened for trait. our top story, wall street dips on concerns the economic recovery may have. china property growth alarms analyst as president xi's, and prosperity drive triggers a rare public debate. and the coin tumbles after el salvador's crypto rollout. shery: japan, south korea and australia all coming online. the nikkei under pressure, this after seven consecutive sessions of gains, the longest run in 10 months for the nikkei. topics under pressure after its best run since march for the broader index. this comes at a time when we saw gdp numbers for the second quarter, final numbers, outperforming expectations, growing 1.9% annualized. we are also getting news that perhaps we might see covid restrictions being extended. the japanese yen holding at the 110 level. we are watching the japanese yi

i love the peace by -- piece by john officer. >> ray dalio has long exposure to china.ear to the ground. but in terms of the economic impacts, you do get a sense from the likes of bank of america that you are looking at a growth schedule for china. i wonder what the reach is for europe when you have companies very link to what is happening -- linked to what is happening in china. >> investors will be exposed to headwinds from china. the question is, do we see the 2015 scenario play out? probably not. the western consumer, u.s. european household, record net wealth, all the key drivers of this business, with any work, even through a slower period of chinese demand, it will be the strongest -- the strong european and u.s. demand which will ensure exporters continue to enjoy fairly strong growth. china will probably take the edge of it. what we have seen over the past six months will fade a little. tom: we are going to get the decision from the fomc. is it communication around the taper? the dot plot? the new forecast? >> the new forecast will be interesting. all major cen

and now, christie, we also heard this week from ray dalio, the founder of the world's largest hedge fund. he said that if big coin gained too much, mainstream success, us regulators will take control thing. they have ways of killing it. that sounds ominous, of course. but what do you think he means by that? and is that the fear? no, i don't think so. re dahlia. isn't a true crypto hobbler? yes, he's an investor. he owns quite an invest in it, and a lot of it put significant capital into it. but now he's not a hobbler, as he doesn't understand the technology or the true purpose of bitcoin. he literally said in the same interview that bitcoin has no intrinsic value. so that statement alone shows how little he understands about bitcoin, because bic with intrinsic, is the value derived from the control. it gives the users to own the asset. its non confiscated bowl has unprecedented levels of financial freedom and as censorship resistant, what is the and what is the intrinsic value of the us dollar? it's not backed by gold anymore. so what dahlia means that the u. s. will try to take control

bridgewater, hedge fund, associated with ray dalio, a california county is considering exiting bridgewater's off of "weak returns." that is breaking. we will see if we see that more. maybe sonali basak has wisdom on that as well. one of my favorite people, ambassador pickering at the 12:00 hour. stay with us. thank you to our technical team for making it happen today. this is bloomberg. >> i have an exclusive u.s. open update for bloomberg tv and radio from tennis channel. three major champions where the headline makers on day three at flushing meadows. sloane stephens famously lifted the trophy in new york four years ago and the 28 looks back to her best. she outplayed the teen phenom who hit 25 unforced errors and managed to generate just one point. three breaks and 11 winners, enough to put stevens into the third round for the eighth time in her career. she will need to continue playing at the top of her game. she could face defending champion naomi osaka in the fourth round. you can watch all of the action from the open every night on tennis channel. ♪ (announcer) back pain hurts, and it

i want to say i will focus with ray dalio at zero bound. it is a summation that comes to the zero bound. jonathan: five basis points on 10s, much more so on 30's. we are -1.55%. you see it in fx. commodity currencies getting knocked around. the aussie near the bottom of the pile. tom: when was the last time we had a bond bear market? price down and yield up in a persistent way. to multiple -- tumult in the markets today. i love your note, the summation of academics. you say the diversified portfolio structure of bonds makes this bond market and this bond bear market different. >> it could be different. i think certainly we have to consider the extraordinary circumstances that have brought us here. we have to keep that in mind. just relying on long-term constructs in the global financial market linkages, we need to be a little bit in the wake of the pandemic and policy both monetary and fiscal over the past 18 months. jonathan: let's focus on china. property developers dominate the high bond yield. we have seen it start to bleed to other pro

a lot of different situations, and of course we talked about bridgewater performance, they echoed dalio, talking about china's ripples. this is something we have seen, the marginal growth of the china engine is tangible. we are looking at a 5% slowdown in global growth. the ripples are many. it's not as clear-cut as boats out of shanghai. jonathan: we see germany in particular and when we have this shakeout on monday, the dax was hit hardest, down by 2%. it got beaten around. tom: it's a global system. i'm going to go to that and the tensions with submarines and where china ramifications go up the pacific rim to japan. i would not leave the japanese out of the discussion. kailey: we do have to consider that china represents 18% of global gdp. wednesday -- when china sees this, the rest of the world get sick. there -- there is -- that china will restructure, they also expect policy to ease in october to contain the ripple effects. you could have the regulatory crowd in the property sector, but policy could come into offset that. >> bad news, good news. tom: that does describe surveillanc

ray dalio told everyone here, don't buy bonds. what are you telling your clients?our fixed income business, what he is referring to is different from our assets. most of our credit is corporate and asset-based, higher-yielding, a lot of it illiquid. what he was getting at, not seeing the interview, was telling the same thing that we are telling our clients. with such low yield, it is difficult to be in cash, difficult to be in low yielding government mortgage bonds, and probably high-grade corporate's, because of the duration, outlook for the fed. it is difficult to earn any return at all. sonali: how sensitive are parts of the? credit market to what the fed says kipp: they tend to be less sensitive. the rate influences a lot of the shorter side of the curve investments. that is not where we spend our time focusing on alternative credit and other areas. what we do is more fundamentally driven. a lot of the fun that we manage are taking longer term bets. we feel less sensitive to maybe a change in policy tomorrow or even a short-term coaching from the fed about wher

we heard from ray dalio, whatever you are doing, do not stick with cash. he says cash is trash.easy for him to say.

guy: ray dalio was making the point that each economic cycle we go through, interest rate speak at aower level. we've gone from volker all the way down. qe every time we have used it has gotten bigger and bigger. are we at a point where that is going to stop, i.e. the inflationary point we have just been having will cause peak rates to be higher this time around, as a result of which we will come to use qe again, and terms of where rates are going to end up? where do you think peak rates will be? iain: the difficulty here is the debt burden. we've issued a whole load of debt area you do not want rates to be particularly high. you do get this sort of financial repression which keeps rates low. although we've had this huge acute program and we are going to step away -- this huge qe program and we are going to step away, basically that is stealing from investors. if you know what the bond market is pricing at the moment, that it's exacted with the bond market is saying. we've got these breakeven levels , yet we've got those deeply negative real yields. the bond market is saying rates ne

canada has a snap elections today, tuesday you have the greenwich economic forum that begins with ray dalion greenspan, and major forecast for the economy. dani: then it is all about race decision from japan and the u.s. on wednesday. thursday, d.o.e. -- boe, and friday, quad leaders summit. a lot to watch out for, the risk of evergrande emanating out into markets. that is it for us. the european open is next. ♪ (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible results. with over 2 million satisfied customers, golo is the new way to lose weight. this is the only program

lauren: ray dalio says that regulation when it comes and it comes down really fast he says that's goinghe crypto industry. would you agree, yes or no? >> no, no. it's not going to kill the industry. worst case what will happen is it will harm the american side of the industry and be worse off for the american business segment and american consumers. lauren: last question for you, amc says yup, we're going to accept bitcoin and cryptocurrencies when you go to buy movie tickets and popcorn. okay that's fine and great, but do you think people really want to own cryptocurrencies to use as legal tender or is it more of a investment or something that you trade to make money because prices are so volatile you can really capture nice gains or losses? >> i think there's a lot of use cases and corporations are using as a signaling mechanism, for customer acquisition or retention on marketing, gimmick in some cases but there are real users who are using it for its utility purposes even corporations are seen putting bitcoin as their treasury reserve as a settlement mechanism and it's certainly more

it was everybody, to ray dalio with or scott gottlieb sfl crypto is hot. it's a great lerntive, frank, as you know i would say since the end of august the vix jumped from 26 to 21 the main reason for that, frank, is yeah we did have a little disappointment in the recent jobs report but also september 22nd looms next wednesday i think we'll be trading sort of -- or meandering more or less back and forth, up or down one or two% until the 22nd i mean, on a rumor that something -- that the fed is leaning one way or the other, some of the fed speak that comes out ahead of that meeting, that could be a trigger for an up move or down move. but other than that, everybody is just waiting to see that the taper indeed does not start september 22nd instead it's going to be the november meeting that jay powell on the fed will make that move if that's the way it plays out i think you'll see a lot of stocks continue to go back to work, the vix go back down franke, real quick, when the vix is high that's great for people like me or anyone selling call options and so forth

crypto madness ray dalio, the fund manager, says if bitcoin is successful governments will kill it areng the gas. group 1 automotive buying up dealerships amid record high companies and record low inventory. we'll ask if prices will ever, ever come back down. show me the money. new analysis shows skimping on salaries is bad for business and companies that pay up have higher stock prices. >> where the markets are this hour the dow up 247 points. similar gains about three-quarters of a percent. oil prices are also higher after industry data showed a larger than expected drawdown wti crude is approaching 73. natural gas was the first to pop. crude is following close behind here look at some of the names benefitting from this increase in cruise prices today all up between 6% and 7% going the other way shares o

apparently others think like like ray dalio that cash is trash. you're mr. all in i guess there are a lot of others too. >> i think we have had quite a few on the show. adam parker or dubrovka from jp morgan we are mostly seeing the same thing. what we're seeing is a massive inventory restocking going to occur soon and i can't tell you when. that may be part of the problem. i can't tell you when. nobody can tell you when the chip shortage will end nobody can tell you how quickly the performing block ajs in l.a. and lange beach last but it feels comfortable to say they will not last forever and when gm and ford and everybody gets chips they crank our cars that economic activity will filter through the entire national economy let me burt treys my point more. look to it economic indicators, jobless claims, factor in kids back to schools so parents go back to work think about the retail sales from this past week. i could go on and on what i'm trying to say is this i feel like i'm looking at a different set of circumstances than the market is looking at. that's o

but ray dalio, jamie dimon, you know, you picture a leader in new york, they see a very different china that they want to benefit from. jamie dimon, i think, deserves a lot of credit for his courage. he says we americans have to get used to being number two. we'll be wealthier on a per capita basis. both bide season and trump have said china's not going to surpass america, quote, on my watch, unquote. but everybody's thinking about beyond that 5-10 years in advance when china either will be a major adversary that's stronger than we are or not. i think that's where the daily confusion that affects the market so much comes from, liz, basic ambiguity about chinese intentions that allow this debate to go on in america. liz: isn't it a better idea that we somehow figure out how to engage in business dealings with china but somehow keep the upper hand on that business dealing? i mean, surely we do a lot of things better than they do when it comes to create i.. i remember speaking to the ceo of electronic arts years ago, and he said, you know, i go to china for manufacturing, but i come to the

says now is the time to be greedy >>> plus it's george soros bernie sanders black rock and now ray dalioonal security. others say you can't ignore the economic power house we'll have the latest. >>> and speaking of green, when it comes to the next wave of ipos

as number one superpower blackrock expanding funding of that doing this-billionaire investment ray daliohina friend of this program, and a scholar good to see you gordon thanks very much for being here. >> thank you, maria. maria: your thoughts on this on this honey pot ccp giving sell products the chinese citizens you can have a footedhold in this country. selling to 1.8 billion people, with no regarded whatsoever of the national security concerns, your thoughts on blackrock's move. >> well george soros is right we are involved in life or death struggling with china, it is a struggle over values, and as soros said it is authoritarian, it is totalitarianism versus democracy china wants to skroi our country declared people's war on us he came within an-of raft month call us quote/unquote enemy people's daily most thoroughtative publication in china actually said we committed barbaric acts quote/unquote china is warning us they are going to strike we know about coronavirus, about fentanyl all other things they've done strengthening china right now means weakening united states. so larry ra

ray dalio has become the apologist for the chinese communist party.problem investing in chinese companies, no problem in this major property developer. i saw those comments yesterday and i thought wow, this is becoming a regular thing, he's apologizing for the ccp. let me bring in keith fitzgerald, looking at the evergrande story, joining the conversation. keith, your thoughts on the worry around evergrande and whether or not the big risks have been seen. >> well, i tell you what, maria. , this is as serious as itgets,% give or take of all asian high yield debt, talking about $300 billion. the interest rate payments that everybody in the west is saying is no big deal is 0.003% of its outstanding debt. so the risk of contagion are 121 banks, 128 nonfinancial institutions, cross default. this is a big deal if they cannot contain it. maria: well, we'll see. i mean, at this point we've got a rally underway i guess because of that negotiation over this upcoming bond payment. but you're right, there's another one on the horizon. we're watching the federal r

. >> just like howard marks and ray dalio.en very, very concerned about a deflationary bust. we agree with them in this respect. we think it will be balanced by a do flay sherry boom. it's where we agree is there are companies who thought the world would never change and have been catering to short-term shareholders who wanted that extra penny or two in earnings and got it by having the companies leverage up and take more debt and shrink the number of shares, and they've been focused on dividends. they are probably saddled with products and services that will be obsolete because of the record breaking amount of innovation taking place today, and in order to service their debt, they are going to have to cut prices and move those goods and services on their way out anyway. i am concerned about that. i think there is going to be a lot of confusion around it, as well. that is why we keep our eye on the innovation ball because that is going to balance these issues out to a great extent, but what it will also mean is the traditional

you have speakers like bridgewater ray dalio. and former fed chair alan greenspan. the oscd. lit be updating wednesday. we get the rate decisions from japan and of course, the u.s. we have b.o.e.'s rate decision will be on thursday as well. we will get the uk and uspmi. biden host it is quad leader submit. and we also have suga of japan. mark, it's so difficult to know what is going to be the volatility nevin week. i kind of feel like if i want to take the easy way out, i just say the fed that's what the market is going to care about. but this morning, i mean, people aren't waiting on their hands. they are selling. maybe that has more to do with asia. >> look, i hate to agree with you you, dani, but you've nailed it perfectly. the big calendar seventh the f1c. but markets are generating enough excitement. it's about what's going on in china and european gas price surging again today which show that is this european crisis is very much front and center as well. i think we've got a couple of things that are market relevant. obviously, the afluency is going to direct t

cathie: jeff gundlach and howard marks and ray dalio, all of them i think have been very concerned abouty bust. and we agree with them. in this respect. we think it's going to be balanced by a deflationary boom so that's where we differ. but where we agree is that there are companies who thought the world would never change, and have been, again, catering to short-term shareholders who wanted that extra penny or two in earnings, and so got it by having the companies leverage up and take more debt and shrink the number of shares. and they've also been focused on dividends. they are probably saddled with products and services that will become obsolete because of the record-breaking amount of innovation taking place today. and in order to service their debts, they are going to have to cut prices, and move those goods and services that are on their way out anyway. so, i am concerned about the. -- about that. and i think there is going to be a lot of confusion around it as well. so, that's why we keep our eye on the innovation ball, because that is going to balance these issues out to a great

tom: bridgewater founder ray dalio on beijing's regulatory climbed downs and xi jinping's push for commentis trying to ease concerns that the crackdown will hurt investors. the people's daily said that supporting the development of the nonpublic sector of the economy has not change. bloomberg's chief asia correspondent joins us now from hong kong. the significance from this people's daily editorial, the mouthpiece of the commonest party? >> i mean -- communist party? >> i mean, obviously on the front page, that's a very powerful message in itself. it is sending a very deliberate signaled that china is still somewhat open for business, it is welcoming for investment, and the role of private business and the private sector will continue. i think the issue will be, while of course it is clearly coming from the top, it is also a measures that global investors will say they have heard many times before. i think it is coming at a time when the outside audience who want to be in business with china are looking from the outside in trying to get clarity in terms of what is going on with its massive

and some of the names out there ray dalio was talking about taper being another round of qe.here fundamentals are out the window, valuations out the window, and the market is really run, unfortunately, not on fairness or merit, but on the fed. and that's the expectation. neil: all right. carol, we'll see what happens. again, a little after 2 p.m. when this meeting wraps up. then jerome powell speak toes, but it is uncanny, like i said, the market runs up ahead of that period. as soon as he starts speaking, boom. sort of like myfect. [laughter] when i start speaking, it goes to hell. connell mcshane has been following the united nations, of course, the president's promised parade, i call it, connell, because he's committing a lot not only to help deal with the virus around the world in providing doses and vaccines to everybody, but now trying to up the ante when it comes to addressing climate change issues as well. what are you hearing? >> reporter: you know, it's interesting when you spend opinion a few days here at the u.n., neil, listening to the various speakers from vario

we heard ray dalio say if the u.s.nment decided to kill it, they could kill it. >> if they decide to monitor no usd goes into crypto, that's where it lies, if you have u.s. citizenship, green card, you own bitcoin you go to jail, that's going to be against the freedom, right, against constitution. you can say this is my currency, you cannot convert it. that's the beauty of bitcoin, it's bottomless, what happens if i convert my euro to bitcoin and then live in u.s.? >> thank you appreciate it. >> thank you >>> always seems to come back, even, you know, it's up today headed for almost 44,000 again, at least bitcoin thanks. >>> when we come back, tesla rolling out more access to its self-driving software. the details on that next. >>> then later, the take on the markets this morning with just four trading days left in the quarter. >>> and you can watch and listen to us live any time on the cnbc app. stay tuned you're watching "squk x.awbo oul. it could be the day you welcome 1,200 guests and all their devices. or it could

investors they need to take their allocations chinese stock up by three times three times then you had ray dalioning i believe, investors about stunning that is how it works, by the way, all of this is not just an investing story this is national security issues yet joe biden, did not even address china in his speech at united nations general assembly this week, senator. >> i don't -- i haven't seen that in terms of con fronting these issues a priority for this administration the first point is that one you are talking about a lot of people made a lot of money, investing other people's money in china a lot of people a lot of companies that made a lot of money gaining a small percentage of very large market a, they want that to continue, for a lot of people not what is going to happy ten years from now they won't be here 10 years from now want to know much can they make for finds investors company next two the three years by the time this crashes whatever terrible thing happens they are long gone in many cases money they are risking but a risk for the country, a risk for the country because what