very merry christmas for architects of the euro zone project i will explain but i want to get edward harrison into the conversation he's founder of the very well known website very valuable to us to hear a capital account the website is credit write downs and we're going to talk about all of this edward thanks so much for being in studio today it's good to have yes i see you again now of course despite the fact that these press releases i've seen coming out don't seem like there was anything earth shattering at this summit and it is an annual summit from what i've read from reports do you think there was a sense of this being an emergency summit due to the kind of you know the how large the magnitude of this euro zone crisis without a doubt i mean the u.s. wants to become involved in some way and what's happened over the weekend we got a flurry of activity i think basically what we saw is various parties try to throw something up to see if it sticks to the wall what the public reaction is and then based upon the we're going to narrow down the number of options to a limited number and the u.s.

of you guys for being on the show and clearing this up for both of us we will have more with edward harrison on that u.s. jobs report in just a minute. all right now time for the word of the day where i breakdown a financial term or concept for our very smart of your but perhaps not the financial expert in the crowd so edward you can stop listening right now today at word of the day unfortunately star as our deliverer is all tied up but lucky for you i found out ahead of time it is reaper and let me give you just one example of how it's being used in the news right now. we took two hundred billion from the top when you start to stabilize essentially devotional markets and we put these shadow banking systems are i'm sure you show me your. so they're talking about the repo market so let's talk about what are repo's and bring up the definition this is a form of short term borrowing for banks or for other financial institutions the party engaged in the repo sells securities together with an agreement to buy back those securities at a later date for a higher price in return for cash now and repur

downward spiral and markets also honored today it's going to look at more economic bad news with edward harrison and then did you know that almost one in four people to port of last year with a father or mother of a u.s. citizen that's right is deportations go up under the obama administration more children are being left behind and put into foster care because the government actually choosing families apart rather than bringing back together report give us some answers we'll have all of that i'm worth it and i couldn't get us of happy hour but first let's take a look at the mainstream media has decided to miss. all right so in between it's still obsessing over the herman cain saga the mainstream media has managed to make a little time for an economic story today i don't forget tonight there's going to be another republican presidential debate hosted by c.n.n. b.c. and the economy should be topic number one of course i'm sure that if you know herman cain's a dirty pervert and a liar dig will be slipped in somewhere but anyway what was the brilliant economic news that they reported on today all a

zone well there are so many different solutions that we've heard and as a guest i just spoke to edward harrison who's a great analyst was saying he thinks that everybody is just throwing stuff on the walls to see kind of what sticks and one example of this could be the rumor that the i.m.f. is going to bail out italy or that italy asked for a bailout for the i.m.f. now the i.m.f. denied this that they were going to bail out. only to the tune of six hundred billion euro sorry the other guards are going to billion or a billion euro but essentially the idea is that they're throwing it out to see if that would stick to see what the reaction was one of the kind of analyses about the meeting today at the white house is to see what the white house will get behind what they get behind that analysts i've spoken to say they don't think the white house would be behind an i.m.f. bailout now you have christine legarde though on the other hand in latin america going trying to sell support for helping the eurozone debt crisis so that could be one idea that is kind of being thrown around to see if that will st

what response to make a thought when you're discussed with me is edward harrison founder of credit right now dot com everything so much for being here and i mean just just doing gloom all the way around basically every little thing that i read there so what do you think is going to happen right after as i mentioned here if you look at these ten year bonds or about seven percent you look at what happened with ireland with portugal with greece because italy have to ask for a bailout at this point or have to default they can't be built as you were saying that the largest economy third largest bond market in the world and so you know the other countries are large enough to be able to build them so they have to make and the only way they can make agree is basically by having someone to sustain them until. they can figure out a permanent solution and the only entity that can do that is the e.c.b. because they print money right now the e.c.b. supposedly is now this is according to the european treaty basically the e.c.b. can support national governments that's forbid but what we have seen it is