cannot print dollars they can print euro's but for them to get dollars they have to go to the fed so they have a swap line so interesting from the fed's point of view they're looking more and more like a hedge fund they've got longer maturity the u.s. government obligations they've got more euro denominated obligations they're doing it with more and more leverage so the fed is in a very risky position probably technically insolvent at this point in the fed is insolvent sure how going to be insolvent because where they have sixty million of capital sixty billion of capital and about three trillion of assets that are legacy assets if you took the intermediate sector and just mark them to market and the mortgages they've got bear stearns out says if you mark this stuff to marc. you know we don't know for sure if they're nontransparent but there's a good chance that the losses would be greater than sixty billion dollars which would wipe out their capital now they're not going to say that they're not going to put on the balance sheet but that if you march at the market i think that's the

but ultimately the guarantor in the source of those dollars is the u.s. so you might ask the question is the u.s. essentially getting in need deep in a talian in spanish debt are we ultimately becoming the guarantors and i think we are but it's really hard to kind of trace to the follow the money path there you can assume though that that it's today actually speaking the world is one interlocking directorate and the u.s. is sort of has come in to help suppress the borrowing rates of italy and spain right while they money markets in the u.s. are vast the primarily an euro sovereign debt and it was a parent that credit was freezing up and saw the fed extended this line of credit to europe in order for the money markets not to repeat what happened in two thousand and eight when there was a here a repeat of two thousand and eight when the actual money markets were threatened freeze up but what do you make of the m.f. global story rick ackerman what rules regulations and laws have been broken why is john cores seen yet to be arrested what's your take on that w

they didn't get back a penny on the dollar they're still waiting to get back the first penny of a dollar and yet this guy just perpetuates these ridiculous notions in the public domain that somehow his boy obama is faultless and all this when he sanctioned the theft by paulson a continuation of this theme of the mafia racket that is has become the federal government and those connected to the federal government here's the spin on the hank paulson story the positive side paulson hedge fund chat business as usual says william d. cohen of bloomberg he asked was it nothing more than crony capitalism as a rolling stone and janet have a koli said or was it just paulson doing a difficult job as argues william poole a former president of the for. all these are bank of st louis who said it seems to me you've got to cut the guy some slack even if you tipped his hand how do you prepare the market for the fact that policy has changed without triggering the very crisis that you're trying to avoid what do you see supposed to say without misleading these people right well then and use the term liquidit

you look at every time you spend a dollar. and whatever return. we're getting nothing back by spending millions of dollars on salmon and-- >> turning from social security and medicare. >> i think a higher return than these programs. >> based on your logic, two bad arguments equal each other out. that's not right. there's a process created again, by the moral ambiguity at that this is had a process we should go through and i'm saying that process leads to sloppy money here and on the big things, too. >> no offense, sir, you didn't answer my question. >> at the bottom of the hour, who neil was making answer tough money questions and why the responses could reveal how to put americans back to work. >> first, what china just did to u.s. companies that's driving the donald crazy. and enough to fire off a letter to president obama. this you got to hear. and in 1942, of course, they were sent away. after the war, as a japanese coming back from camp, he started a little store on main street in seattle. of course they needed some money, and bank of america

dollar. i am paul stekler and i know about politics and i found both of these books fabulous. two quick introduction. i loved it when i began searching the web trying to figure out who david was and in the background on david graeber the author of debt:the first five thousand years who wrote a sequel, the next 5,000 years the first description i found it wikipedia stated he is an american anthropologist and an anarchist. i am not sure how anarchist's get together to write those books but i like the idea. he currently holds a position of reader in the social and apology and goldsmith, university of london. he previously taught at yale. he was the author of a number of books and essays for the new left review. he did dissertation work we were talking about on the legacy of slavery and the endlessly fascinating island of madagascar are which partially dealt with in this book. in 2006 he delivered the malinowski memorial lecture at the london school of economics and honored outstanding anthropolo

people who earned a dollar now have an additional ten dollars in debt that's the difference between a kleptocracy and a plutocracy so once again proven to be more of a observer of social phenomenon than francis fukuyama who's an overrated time. i said this is not a plutocracy it's a kleptocracy and who is right me again yes but the biggest story of two thousand and eleven max was re hypothecation it came into the public domain in the collapse of m.f. global but you are predicting that there you are saying that for every dollar that a banker steals from you they actually leave you with ten dollars of debt because of their leveraging up on it well let's look at this for a second because there is a myth out there called fractional reserve banking that a bank will have a dollar of deposits and they'll issue ten dollars in loans that's not the way it's done anymore banks have zero in deposits they've all put their deposits outside of their balance sheet because it's considered too much of a liability and they just make loans and dodgin asli from nowhere and they create a ponzi scheme of

a billion dollars in tax deductible donation for a malaria vaccine and maybe make ten billion dollars in. profits off of. selling a medicine that every five years the patent has to be renewed on because the malaria develops resistance to all of this yeah it's amazing how we're seeing this patent and trademark laws change in ways that are just destroying economies and people around the world in the united states for example there are about two hundred twenty five thousand people who work in the hollywood film and t.v. industry but they're get their forcing or the lobbying congress in the us to impose copyright restrictions and to destroy the architecture of the internet in ways that will completely obliterate its ability to create jobs going forward as it has without the intrusion of the m p a in the our i am so here in africa and of course bill gates being a technologist using the same track coney and patton and copyright laws to destroy the agriculture industry and to impoverished africans another name we're less than a cherries bob geldof who stood in front of a bag of monsanto corn

what was inside.../// áá10áá thousand dollars...// dollars...// pilbert says "when we opeeed it...youtouch... wiih the owner -- / ááaáá greatful..// el paso... man...// áásometimesáá it's... tough... doing the right thing...//. ááespeciallyáá in... sin city.' --"uh oh"---- oh"---- uh oh... is right----/// áábadáá day... for the parents ...of this.../ oklahoma city... tot.... / who... doesn't know... how to read.../ yet... /// áábutáá... is... already.../ very... tech savvy...////. áátheáá parents ...of.../ 20--month old... london hall.../ say.../ she downloaded ...some... very pricey apps.../ on... their i-phone...///. áá200áá dollars worth. ..../// áátheáá parents.../ shocked... when their bill came...////. ááoneáá... of... london's... favorite games- / "frisbee forever"...// áájuutáá 99 dollars...//. áátheáá halls ...were able... to get apple .../ to... remove the charges ...//// windd and cold out there today... but it was better than all that rain we got yeste. &pyesterday.what's in store for tomorrow... let's check in with meteorologist emily gracey... 3 3 mitt romney's the guy r

not a dollar of this. the underlying problem if you're too much in terms of client funds is because you've got a huge clicquot to the problem. to have been something that the c.e.o. would have been dealing with i'm not just on a daily basis but an hourly basis so he doesn't buy it and you don't buy it if you were on the hill today you being a customer who's had their money frozen and put in a claim doesn't know what's going to happen what will you want to say to these guys to john corazon and the other exact and ask them well again you see this isn't the forum to do it he should have been indicted you know they should have had pros on those job really grilling him and questioning him and that's not what's going on so regardless of what questions you ask on this forum without an indictment nothing is going to happen the guy is free to do is eat pleases and is also another bunch of information out here that's not being put out for example it was only until a month before the the company crashed that moody's

dollar. and able debt players because that would be a guarantee a repeat of the hyperinflation days well exactly i don't think they could promote it other hyperinflation similar to the twenty's the the mechanisms or in place to did that. but it cut it could come about in another way you know already that i've been kind of a hard core deflation is still over the years but at this point i expect the argument that it's some point we would have a hyper inflationary spike ok so if the arrow is not as bad as people are making it out then i would say the flip side of that the dollar is probably not a strong as people think the dollar has been and i use this word in quotes a safe haven and it's really a matter of the whole world's money hot money piling in and out of what they call the risk trade and when the dollar looks strong relative to other countries you know we've got problems all right now let's talk about the relationship between the dollar and the euro markets react to the wildlife oriented

a good portion of every dollar has approximately 68 cents on every federal dollar. every federal dollar is used to pay for military expenses. that is something that we cannot tolerate much longer, as a nation. it is important that we are able to speak, on a local level, up to the federal level, on the conditions that we are facing. trying to maintain the levels of service that our residents and citizens need in san francisco. i do believe that these resolutions, from time to time, are important, sending a message to the federal government that we need to be doing something different in order to have a future for generations ahead of us. i want to thank folks for bringing this forward. you can open this up for public comment. i have a few cards i can read as well. if you are in the north court and want to speak on this item, item number 7, please come upstairs. i will begin by reading the names on the cards. michael, [reads names], amber, abdul, amber rose, -- if you her your name, please come forward. looks like debbie guy. joannie [reads names], kathy, will scott,

dollar recording contract to melanie amaro.(nats)) coming up.... seven rrvens are named to the all star teaa...we'll tellyou who they are... and whose leading the list. ((break 3)) 3 [ snoring ] [ thunder crashes ] [ snoring ] [ thunder crashes ] [ snoring ] [ male announcer ] vicks nyquil cold and flu. the nighttime, sniffling, sneezing, coughing, aching, fever, best sleep you ever got with a cold... medicine. ♪ ♪ [ male announcer ] vicks dayquil. defeats 5 cold & flu symptoms. ♪ coming up in our 6 o'clock hour... staying safe... while staying warm... information on a silent killer that could be lurking in your home...and tips to keep your family safe... while heating your home this winter. ú

at a staggering 15-trillion dollars.haps the biggest passing in "the world of business" this year.... tte death of steve jobs. the apple founder died of pancreatic cancer in octobee. coming up in ur 6 o'clock hour... nats of song song lady gaga ssould probably get her "pokerface" ready for court...a former employee is suung tte poo star for unpaid work..how much they're looking for... and what ladyygaga's reps have to say about it. it.it's bad news for avens kick returner david reed...how long he's going to miss with his knee injury... nexttin sports. ((break 3)) punnnngham hhs fox 45 morning s. sports. comiig up in our 6 o'clock g-o-p presidential hopeful newt gingrich is doing damage control... right before the skeleton in his closet ... e that's haunting him now.

governor martin omallly got 7 thousand dollars from stewart.still hasn't said what he will do with the money. his spokesman says they haven't discussed it yet. there's a new form of gambling making its debut in baltimore. buttsome public officials... are questioning...whetherrit's really legal. gamblers.. pay money up front... usually around 20- dollars and then they log-on...to computers that resemble slot machines.one state lawmaker believes those gambling parlors... are illegal.but a city councilman says he see's nothing in- appropriate. (reseigner) "they are internet sweepstakes, pre-determined what i've seen and they did have a permit from the city of baltimore where they paid for their license for threeemonths and then it'ssmy understanding for the new year they'll apply for the license." license."one state lawmaker saysshe plans to introduce a bill that would "outlaw" those "gaming" parlors. retail giant target becomes a parget itself... of mothers angered that someone was apparently told to go elsewhere to breastfeed. ninette sosa has t

about a billion dollar deal.ion tonight on the major development involving the frainers. >>> and the plan to dress up the bay bridge for its 75th birthday bash. what it will take to make the span sparkle. >> those stories and more coming up in 1 hour on 7 news at 11 oe over on channel 7. mr. biel is here. sharks on the road. >> yes. something wrong with the shark but nobody sure what is wrong but clearly out of whack. shark avalanche met. men in teal dramatic come about a in the final seconds of regulation only to fall flat in the shoot out. hard to play with broken stick. just ask jason. second period game tie. shoots dan boil. with rae bound. second goal of the yea year. san jose the lae. colorado scores a pair of third period goal to go in front. matt found and 3-2 to the final minute. shark empty the net. feeding marlow for the tie 22 seconds up. the toe drive after the move and they go on to over time then the shoot out to round 5 gabriel beats him. brad binge hit the post. 4-3 the final. sharks lost 3 strai

needs dollars to settle a transaction yes you have to get dollars first but if you have gold getting dollars is very simple because you can sell your gold very quickly. ok just that going back to what you were talking about with debt deficit and debt and the problem there with the united states as well of course and europe you have the o.e.c.d. coming out warning that industrialized governments borrowed ten trillion dollars more than that actually this year it's expected to grow more in two thousand and twelve therefore these governments will continue to face the quote animal spirits markets as they threaten their ability to refinance but just looking bigger picture at this system you have bankrupt governments essentially that are trying to borrow from bankrupt banks that are bankrupt because they lent money to the same governments that want money from them and don't need those bankrupt governments to bail them out when they run into trouble so how does this even work it doesn't that's the point i mean what everybody was is for the federal governments to print money so they can print

dollars from the 9ers. hotel tax 35 million. redevelopment money 40 million dollars. in the san francisco chronicle this morning mayor lee is throwing in the towel on this one. a planning commission member suggested that perhaps he should get a back-up plan on paper architectural design of a new stayed that can be built in hunter's point the mayor says he needs 100 million dollar in financing it -- the mayor does seem interested. terry mcsweeney, abc7 news. >>> 5:05. >>> san francisco police warning muni riders to beware using cell phones. two more robberies over the weekend. four suspects are on the loose in the first case. the suspect in the second case has been realized. these are the latest in a recent string of robberies targeting mobile phone users. anyone with information is asked to call police. >>> people who ride us -- uc sf shuttles will notice seat belts. changes come in the wake of a july crash in which a 52-year-old ucsf psychiatrist was thrown if the vehicle and killed. >>> thieves that hit o

brant blend is that over one hundred and two dollars per barrel. and asian markets extend losses up to reports north korean leader kim jong il died be consequences for joe political stability strike equity markets already dampened by concerns about europe's debt crisis south korea's cost could drop four percent japan's nikkei is giving up over one of the quarter because sand and hong kong is losing one point three percent the sell. here in russia markets dropped at the start of the trading session pricing in the european dell be use energy stocks weighing only in the season the price of oil comes down that's not a look at some individual travels otherwise it's our banking stocks among top losers with largest lender dropping over two percent energy majors are also in the red while snapped one percent down and food retailer are holding heading lower might be needed is dropping two point three percent. now with little sign of christmas rally trading volumes are beginning to drop towards the end of the year. that the coming week is unlikely to deliver

] to build a one billion dollar stadium. three lenders have agreed to loan the money to the stadium authority and the 49ers. officials say if the stadium authority can't pay the loan back the 49ers will. some are still not satisfied. >> our grandchildren and great grandchildren will be burdened with this massive debt. santa clara residents have been betrayed and deceived. >> they have the 49ers behind them and the nfl behind them. i don't see this as a risk at all. >> next month the utility lines will be moved and repaving the goal to open in 2015. >>> this morning there's fallout from pg&e's decision to take full financial spwopbs ability for last september's deadly -- responsibility for last september's deadly san bruno explosion. one attorney says it is a legal smoke screen. pg&e heads to court friday for a hearing. >> reporter: on the spot where his previous home was incinerated and his new one is being built ed wished the legal liability could have come sooner. >> i'm joyful we know who is responsible. it should have be

postal service 6 1/2 million dollars. but, it says it needs to trim 20 billion dollars from the budget by 2015 in order to remain profitable. this month the postal service is expected to default on its paper to the u.s. treasury for health benefits for retirees. it will record a record loss of 14 billion dollars next year. you are not going to make up those kind of dollars by raising the price of stamps that is happening as well january 22nd, going up one cent to 45 cents. katie marzullo, abc7 news. >>> 5:03. governor brown is expected to replace details of his tax hike ballot initiative including increasing the state's sales tax by half a cent for four years people making more than $250,000 a year would see their income tax go up extra 1%. that tax hike would rise slightly as people made more money the governor wants the initiative put on next november's ballot for voters to decide it would raise seven billion dollars a year to help reduce the state's budget deficit and prevent further funding cuts. >>> mission district

so that's a one hundred sixty million dollars. the just of the shares that wells fargo americans imagine you know just in general the amount of money that they're making and on top of that we think that slavery ended in the united states of the civil war but you suggest we have a clip but i'm not going to play the clip here i'd rather just get your take on this you suggest that slavery is actually making a comeback thanks to these harsh immigration laws and prison labor tell us about this. well this is what will happen and what we're seeing with georgia and alabama particularly alabama as of late as we know the particular anti immigration law there are fifty six. the worst in the country and it really criminalize is not only your status but it criminalizes your transaction interaction with a person that is that doesn't have documents and that creates a huge problem in fact one of the things that we saw as part of this segregation that is happening is that you know if you want water service is you have to prove that you're in this

or about 300 dollars per vote. david chu collected 570,000 dollars.0 first place votes or just over 31 dollars per top vote. john avila received 4 5 50,000 dollars more than 37,000 first place votes. about 12 dollars per vote. >> public finance program itself works very well. that's what it is intended to do. >>reporter: he heads up the city ethic commission now considering changes to the public finances. under the current law any candidate who wanted to drop out of the race would have to pay back all that public financing so some may have stayed in reluctantly becoming zombie candidates. political consultant clemens believe several long shot candidates fit the bill. >> in the last race we had several candidate truthful with themselves knew a month before election day they had no hope of wing. >>reporter: tonight the ethic commission will consider modification. >> we are thinking that if we wait until we start dispensing funds to later in the year early enough that candidates still viable but not so early that they might waste public dollars. >>report

sayss..// 12-million dollars ...in debt.../ is... capital"...a baltimore investment firm.it's operations... of the grand prix. but with mooeethhn 12-million....in debt... itt puts theeprospect...of next year's grand prix...in doubt. 3&pbbltimore racing ddvelopment... &powes the city... beeween 1.5- - milliinand 1.9-mmllion dollarr. but several companies...that provided equipment....andother services... are also owed.... stephanie rawlings-blake... says she was n-aaare oo the 122million dollar debt.but phe's given raciig &pofficials...untiltte end f december...to re-pay the city. 3 p((aaor) "thee rand prix brought lmost $50 million in economic impact to the city, i'm not willing to just toss ttat away, but we need o mmke sure that therre's a trong team that's eel capitalized & that has the experience to make this continue to appen." 3& several lawsuiis...have alsobeen filed byy rivate vendors...in efforts to get racing officials...to pay their bills. john rydell, fox 45 news at 5:30. 3 it.../ was.. .a... messy commute.../ for.. driver

brenton's blend is at over one hundred two dollars but the. asian markets extend losses after reports that north korean leader kim jong il died the consequences for geopolitical stability strike equity markets already down by concerns about europe's debt crisis south korea's cost to drop four percent depends nicky's giving up over one percent and hong kong's hang seng is losing over two percent this hour. here in russia markets drop at the start of the trading session as well pricing in european downbeat news guesses moving point four percent why is it is over half a percent lower energy stocks are weighing on the indices as the price of war goes down bag stocks are also lower. now with little sign of a christmas rally trading volumes are beginning to drop towards the end of the year . troika dialog believes that the coming week is unlikely to deliver an early yuletide gift. the global picture again is very uncertain and many already took positions till the year and so i don't expect much activity but i still think that there is some hope for