it's an account directly with the federal reserve. it would be a direct account and that is not what we are proposing. you would go into your bank app, open it up there is a bank account with your commercial bank a digital currency and right below that. all that happens is the bank is holding a stock if you want to make a payment they would simply say to the central bank transfer one unit to this other bank. that is it. that is all there is. there is nothing revolutionary where it works different than the standard bank account which is a revalue to it stable coin is kind of like a commercial bank with the claim to a dollar. as long as that claim is honored they would circulate like money. the thing with stable coins is what is the business model that supports it? what are you trying to do with that? how are you going to make money? there different models but in order to be successful you have to tell me why you do it. every large bank i talk to they said has no interest they seen no value process. but at the end of the day if you did

well, as i began to study this more and more, i began to realize the age that the federal reserve was really not a federal government agency. the federal reserve was a banking conglomerate that was literally owned by the wall street banks. and as i began to investigate this further and then got into the origin of the federal reserve system, more and more began to see the creation of the federal reserve in 1913 as a, almost an insurer rection by the month of the money trust against the congressionally mandated for variety of, of, of congress, an n and a federal executive branch to create and manage the monetary system of the u. s. and i began to realize it was this whole federal system that was a federal reserve system with the banks being increasingly due regulated lead to the catastrophes that we've seen over and over again over the decades of what's the monetary system. recruiting the see normal financial collapse of 2008, 2009. and so when i began studying this, i began to realize that the monetary authority of the united states have been taken away by wall street and the big banks

same with the federal reserve. the federal reserve was a treasury fiscal agent. and that means they handle all of the ex journal funding relation, fisher treasury, including the sale of, of treasury bonds to bills all that and to manage the federal government debt. well, as i began to study this more and more, i began to realize the a's at the federal reserve was really not a federal government agency. the federal reserve was a banking conglomerate that was literally owned by the wall street banks. and as i began to investigate this further and got into the origin of the federal reserve system, more or more began to see the creation of the federal reserve in 1913 as a, almost an insurer rection by the much of the money trust against the congressionally mandated for variety of, of, of congress, an n and a federal executive branch to create and manage your monetary system of the u. s. and i began to realize it was this whole federal system that was a federal reserve system with the banks being increasingly due regulated lead to the catastrophes that we've seen over

it's the federal reserve, the federal reserve to create some money. there's no limit on his ability to create marvin today is just a digital thing, right? touch if your key. so the keyboard. so the federal reserve can create endless amounts of money. i would say that most of them in american history of not knowing what they were doing. we have had a couple of spar guys that have headed the central bank in the us. but most of them are political people who are good at politics and not knowing what to do the, the 19. so the teen congress forced america independence slavery to the federal reserve. now the fed has the right to print dollars. it has complete control of the economic system of the united states, the, the, the take a fresh look around his life. kaleidoscopic isn't just a shifted reality distortion by power to division with no real opinions. fixtures designed to simplify will confuse who really wants a better wills, and is it just because it shows you fractured images, presented as fast? can you see through their illusions, going underground ca

it's the federal reserve, the federal reserve to create smart. there's no limit on his ability to create moments. today is just a digital thing, right? touch if your keys on the keyboard. so the federal reserve to create endless amounts of money. i would say that most of them in american history of not knowing what they were doing. we have had a couple of spar guys that have headed the central bank and us, but most of them of political people will go to politics and not knowing what to do the 19, so a teen congress forced america and to death slavery to the federal reserve now the fed has the right to print dollars and has complete control of the economic system of the united states. the the so good or the 1st wish little what i mean, the close i build with the mean good will which which one will you please look forward to new cool. my solution. you would have them. i really look for the short notice to move one piece, you just simply do a phone call if you can. so little was, i mean you source of the, which is the good. can you point me up? i'm

, the federal reserve to create smart. there's no limit on his ability to create money. today is just a digital thing, right? touch if your keys on the keyboard, so the federal reserve creat endless amounts of money. i would say that most of them in american history of not knowing what they were doing. we have had a couple of spar guys that have headed the central bank and us, but most of them of political people who are good at politics and not knowing what to do the, the 19. so the teen congress forced america independence slavery to the federal reserve. now, the fed has the right to print dollars and has complete control of the economic system of the united states. the sometimes nature throws us for loops. this place, for example, beyond the natural beauty of the baltic region. this place is unesco world heritage site where i currently am a split at some national park. and today we're going to find out what makes this place so unique. moving since dancing trees for its bridges, the creation of the baltic seas winds and

is this not the president or the treasury, the prince martin, it's the federal reserve, the federal reserve to create somebody. there's no limit on his ability to create mining. today is just a digital thing, right? touch if your keys on the keyboard. so the federal reserve can create endless amounts of money. i would say that most of them in american history of not knowing what they were doing. we have had a couple of spar guys that have headed the central bank in the us. but most of them, of political people who are good at politics and not knowing what to do the 19, so the teen congress forced america into debt slavery to the federal reserve. now the fed has the right to print dollars and has complete control over the economic system of the united states. the, [000:00:00;00] the so to the search was little, what i mean, the close i filled with the mean google, which was the monthly police look forward to giving you cool a solution to cooking. you would have them a video for the short notice that would be just simply to a phone call if you please for so little was, i mean, you source leve

it's the federal reserve, the federal reserve to create. so there's no limit on his ability to create moments . today is just a dentist bill saying, right touch if your keys on the keyboard. so the federal reserve can create endless amounts of money. i would say that most of them in american history of not knowing what they were doing. we have had a couple of smart guys that are headed, the central bank in the us. but most of them, of political people will go to politics and not knowing what to do the 19, so a teen congress forced america into debt slavery to the federal reserve. now, the fed has the right to print dollars. it has complete control over the economic system of the united states, the as casualties, mountain god. so the issue of international humanitarian law is essential. the west claims to defend the rules based order. however, it would appear this does not apply to the people of gaza. the west is now complicit in more crimes and worse of the so the last not putting it the most dollars a piece to do it. so to not them go to f

we begin this hour with interest rates — because the us federal reserve has left the cost of borrowinged at a 22—year—high at their latest meeting. it's the second straight meeting that they have held rates steady after 11 consecutive hikes. the central bank's job to tame inflation was complicated by unexpectedly strong growth and consumer spending. while fed chairjerome powell said a painful economic downturn can be avoided, he also said reducing rates is out of the picture for now. our north america business correspondent michelle fleury reports from new york. after aggressively raising interest rates for the last year and a half, the federal reserve believes it's in a place where it can leave rates, where they are to cool the economy and to slow inflation from its current 3.7% on a yearly basis to closer to 2%. but even though america's central bank opted not to hike right now, fed chairjerome powell suggested officials are prepared to do more if inflation flares again. the idea that you wouldn't would difficult to to raise again after stopping for a meeting or two is just not right

so to not them go to federal reserve. ok, does that point figure it out and a detailed message to me in the soaps, think of bunker and you probably around to those lashania at assess that susie just conflicts. i would space the can bunk of got the your let's assign the army for my team or national citibank. so 2000 shares. jason national bank, 6000 shares. national bank of commerce. 21000 shares. first national bank. $15000.00 shares were the dominant financial group, of course or tar, the united states and u. k. bikes. their objective is their head to me. they basically control the national international financial system, their means of control or the federal reserve bank. ragland and of course, world bank and the international monetary fund is basically american based because the dollar is the world reserve currency at this that convey is financial power. you know, there is nothing, nothing beyond our capacity, nothing we can't do. we are the united states of america. why do the americans need so much money? problem of

it's the federal reserve, the federal reserve to create smart. there's no limit on his ability to create learning. today is just a digital thing, right? touch if your key. so the keyboard so the federal reserve can create unless the amounts of money i would say that most of them in american history of not knowing what they were doing. we have had a couple of spar guys that have headed the central bank in the us, but most of them are political people who are good at politics and not knowing what to do the 19, so the teen congress forced america into debt slavery to the federal reserve, now the fed has the right to print dollars. it has complete control of the economic system of the united states, the the, the, for the last not putting it the most, don't just these to do it. so to not them go to federal, but is there a fox because i couldn't figure it out, and they to 0 in the system. and even the soaps, think of bunker and you probably dropped those lashania at the cassettes like susie just conflicts. i would space the can bump of got the your let

what if the federal reserve raises rates once again -- i don't know if they will or wot, if they do like 2022, then growth isoing to struggle. thjury is still out on the direction of theed really reserve. >> the fed is not going to raise rates like they have been. what do you mean? >> if we get ather rate hike in 2024, is that a surprise to the market? thanswer to that as we all know is yes. >> would that be tt great of a surise? >> growth is going to struggle in that environmental. there are people suggesting we could get further rate hikes. i'm not one of them. i'm givi you the scenario. >> i'm patently disagreeing with you that small cap or valu stocks are going to work in a differt economic environment. >> that's the environment in which they're going to work. >> why? >> okay. it'snergy, it's health care. where do youind small cap value? the overwhelming majority of the small cap index is health care. 2023?has health care done in health care in 2023 has underperformed. what did health care do in 2022? >> value stocks like a lot of cyclical names are going to do much better than a str

that is a primary responsibility of the federal reserve's discount window. when do -- when you do not have those agreements in place, home loan banks end up being the lender of last resort. the home loan banks are established to provide liquidity, but when an institution is in trouble, or when markets are challenging, then we need to have a process in place where the home loan next work -- home loan banks work with the federal reserve banks, primary federal regulator, and fhfa to make decisions that result in stability in the financial system. when the home loan banks have collateral, they have superior l iens, if they bank it gets in trouble and fails, and these events happen quickly, in rapid occurrence, and there needs to be a lot of coordination and collaboration between all interested parties so that we can make informed decisions. it cannot just be the home loan bank and the member, especially if you are a troubled institution. you have to have a conversation with the primary federal regulator who has updated information on the initial condition of tha

and paper money is a liability of the federal reserve. i think it's like us in kenya or argentina that are the only countries on earth that do that. it also expands why we don't have dollar coins in america. the fed doesn't make money on that. i see others had a really interesting paper about the treasury playing a more interesting role in the mint book you talk about a digital coin as opposed to a digital dollar. i want to ask about the federal reserve and see bdc, central bank digital currency. we have see bdc america and we have for a long time. do you see a place for the treasury to explore as opposed to the central bank? why does it have to be a central bank visual currency versus a treasury or government act digital currency? >> i actually find the entire conversation very confusing. it doesn't divide up the key design let's. what part is issuing it? what is the technological specification when it comes to privacy and tracking? if you think about it? my physical coin, probably the most private way, there's no serial number on it. th

, the federal reserve to create smart. there's no limit on his ability to create learning. today is just a digital thing, right? touch if your key so the keyboard so the federal reserve can create endless amounts of money. i would say that most of them in american history of not knowing what they were doing. we have had a couple of spar guys that have headed the central bank in the us, but most of them are political people who are good at politics and not knowing what to do the 19, so the teen congress forced america into debt slavery to the federal as of now, the sand has the right to print dollars. it has complete control of the economic system of the united states. rush, it was a country of great achievements. today, we're making scientific discoveries. why not children study instinct of the classrooms? we're creating new cultural values and of course, discovering new thoughts. fascinating attractions, discover uh, countries or treatments come to the russian international exhibition for him. the the, the, [000:00:00;00]

it's the federal reserve, the federal reserve to create smart. there's no limit on his ability to create marvin today is just a digital thing, right? touch if your keys on a keyboard, so the federal reserve creat endless amounts of money. i would say that most of them in american history of not knowing what they were doing. we have had a couple of spar guys that have headed the central bank and us. but most of them, of political people who are good at politics and not knowing what to do the, the 19, so a teen congress forced america into debt slavery to the federal reserve. now the fed has the right to print dollars and has complete control of the economic system of the united states. the russian states never is as tight as i'm one of the most sense community. most all sense of the same assistance as being the one else calls question about this, even though we will then in the european union, the kremlin media mission, the state on the russians cruising and split the r t spoke neck. even our video agency, roughly all the band on youtube tv servic

is use this kind of appropation as the default when funding financial regulators including the federal reserve board, the office of the comptroller of the currency, the federal deposit insurance corporation, the national credit union administration, the farm credit administration and the federal housing finance agency. the cfpb's appropriations tha squarely in this unbroken line of the historical practice. in fact, congres exercise significantly more discretion and control overhe beau's funding by cping its annual appropriation in an amount that is far lower than many other agencies budgets. respondent argued the combination of features in the cfpb's state violate some previously unrecognized constitutional line. at the bureau's appropriation is materially identical to the numerous funding statute i just listed, and respondents concede the statutes are constitutional. this cou to reject respondents attempt to gerrymandered able to fit the cfpb alone without providing a coherent theory about to interpret and apply the appropriations clause. i welcome the court's questions. >> general, other tha

it's the federal reserve, the federal reserve to create smart there's no limit on his ability to create and learning today is just a digital thing, right? touch if your keys on the keyboard. so the federal reserve can create endless amounts of money. i would say that most of them in american history of not knowing what they were doing. we have had a couple of spar guys that have headed the central bank in the us, but most of them are political people who are good at politics and not knowing what the 1913 congress forced america and to death slavery to the federal reserve. now the fed has the right to print dollars. it has complete control over the economic system of the united states. the in 1943 at the height of world war 2, bengal was hit by famine a year before jeff and he's groups drove the rate is out of neighboring bermount and came close to the indian possessions of the british empire. london's response to the threat was completely inadequate. the british actively used the scorched earth policy. while retreating, they turned everything around them into an uncouth deserts, having

relying heavily on communication rails built outside of the federal reserve system. at first these networks mostly were facilitating short-term borrowing. largely through charge cards and credit cards. over time, modern-day debit cards grew into a massive portion of those network's traffic. and general-purpose reloadable prepaid cards, where funds could enjoy pass throughrivate insurance, and other projects also ride these rails. more recently we have seen new private gatekeepers emerge. some are mobile payment apps th enormous asers. here at home, paypal, venmo, and cashback are among the most popular, especially when it comes to facilitating personal payments between friends and family. there are also bank-owned apps that travel within bank ras like zell. others are big tech firms. as i mentioned in china, alibaba's alipay and wechat's wechat pay bame dominant in retail payments. in the u.s. and across the globe, apple and google traffic glow -- a growing number of payments through their digital wallet. starting in late 2021, the cfpb began to study these payment p

we will wait for the federal reserve to start lowering interest rates. once they do that, they will say the coast is clear and inflation is back and some -- and everyone can feel more comfortable. when that happens, i think we can breathe a sigh of relief and feel like we've gotten to the other side of this. the risks have receded. if we go back a year ago and you looked at the possibility of recession, i probably would have said close to even. now i would say 25%. still too high but clearly receding. host: inflation rates at 3.2% in october, the chart i can show viewers shows the direction and you know it's going in the right direction after going sharply up last year. when the history of the federal reserve efforts on price stability is written, what will it say about the federal reserve and the tools it used in its ability to achieve a soft landing which was the talk for so long about what the goal here was? guest: i think they will get a fair amount of credit for putting pressure on the economy but not breaking the economy, making sure the economy sl

that is a primary responsibility of the federal reserve's discount window. when do -- when you do not have those agreements in place, home loan banks end up being the lender of last resort. the home loan banks are established to provide liquidity, but when an institution is in trouble, or when markets are challenging, then we need to have a process in place where the home loan next work -- home loan banks work with the federal reserve banks, primary federal regulator, and fhfa to make decisions that result in stability in the financial system. when the home loan banks have collateral, they have superior l iens, if they bank it gets in trouble and fails, and these events happen quickly, in rapid occurrence, and there needs to be a lot of coordination and collaboration between all interested parties so that we can make informed decisions. it cannot just be the home loan bank and the member, especially if you are a troubled institution. you have to have a conversation with the primary federal regulator who has updated information on the initial condition of tha

>> , the federal reserve to follow existing law. it's not too much to ask, it' very reasonable. [laughter] >> i get holiday wages. >> that's all the time we have, thank you for joining us and thank you to our panelists. we have an excellent program the rest of the day but we will have a quick break before the. just stay seated and we will get you started. >> if everyone could take their seats, we're going to keep the program rolling. rolling, rolling, rolling. it is -- that was a lively and fantastic first panel that cover the waterfront, from credit card reward points to cryptocurrency, from payment nerds to real life, what do you do when you need to access your money. and real life is really the focal point of our next speaker. rector rohit chopra has been running thefpb. and i like toay whether you agree or disagree with what the cfpb is doing, they are doing. and that itself is a massive accomplishment in washington which i think is often underappreciated. timen government is finite. the ability to effectuate change is one metric th we ought to judge public servants by. we c

there were two republicans on the federal reserve board who voted on this. you got one of them and not the other. >> there are three republicans on the federal reserve board and two of them voted. >> thank you for correcting me. so when you think about this now , we want to have a rule that's going to last. if there's a change in administration and there always is eventually. the pendulum doesn't stop swinging. we want this work to continue. how did that factor into your thinking and do you think you got it right? >> i think we have a terrific rule. not everybody loves every piece of it. any rule involves compromise and adjustment. i think the rule is going to be really durable. i think the rule we have put in place will last many years. it's designed to be flexible, it's designed to be able to adjust as the financial services sector adjusts. it's a balanced reasonable rule. we heard lots of feedback in the comment process that we took on board. there were lots of changes between the initial proposal and the final rule and i think it's an approach that is re

a5 from the senior figure at the federal reserve as that maybe intere5t federal reserve as thative for the markets. thank ou for positive for the markets. thank you for your — positive for the markets. thank you for your time _ positive for the markets. thank you for your time this _ positive for the markets. thank you for your time this morning. j now let's talk about women's sport because new figures from deloitte predicts that women's elite sports will generate global revenues of us $1.28 billion in 2024. this is the first time that annual global revenues for women's sport will have surpa55ed us$1 billion. it follows on of course from the huge success of the 2023 women's world cup which attracted record television viewing figures and ticket sales. i'm joined now byjennifer ha5kel, insights lead for deloitte's sports business group. lovely to see you. in some ways i'm not surprised to hear this, i'm not surprised to hear this, i loved the women's world cup but that is not the only sport where women have done so well in this year. talk u5 where women have done so well in this y

we begin in the us where a two—day meeting of federal reserve policemakers is under way.sets the stage for a wednesday decision on whether they'll hike interest rates, or leave them unchanged. our business correspondent erin delmore reports from new york. what do you get when you add strong consumer spending? a tightjob market and remarkable growth. you get a resilient economy, an economy that defied earlier predictions of a recession and one that's not buckling under the weight of the fed's interest rate hikes. see, raising interest rates is the fed's best tool to combat persistently high inflation, which consumers have seen reflected in higher prices for nearly everything. and while inflation has fallen by half from itsjune 2022 high of 7%, it's still higher than the fed's target of 2%. earlier this year, federal reserve policymakers hinted that they may hike interest rates once more before the year is out. they'll have a chance this week or at their last meeting in december, or they could not do it at all. investors and economists are predicting that policymakers will

the federal reserve gives it back.ls like they take money out of one pocket, put it in another, put it behind their back. what does it mean? is this a real system or a ponzi scheme? >> a way to pull money into the economy. in the end what it is all about. charles: where does that money come from. >> this is the main course this is the apat that advertiser, this is the dessert over here. what it means, anytime you have access to cash you use those primary market to infuse the market with money. that is what it is all about. charles: where is the reverse repo? is that part of the reap pemarket? >> that is what people pay you to keep money in cash. charles: federal reserve beefed that up. they paid more money not to lend to main street. >> exactly. charles: that comes down whether that is a good thing or a bad thing. we have the market, one of the things i'm talking about, if china is out of picture, if japan is out of the picture, those are foreign buyers. i saw saudi arabia a big seller. i was surprised to see foreign b

using price pressure may mean an error of federal reserve rate hikes has drawn to a close. betweenjoe biden and xi jinping will be closely watched by business leaders for signs that the relationship between the us and china is improving. companies will be hoping the bitter trade dispute between the us and china, which started during the trump administration, is set to ease. joining us now from the apec summit in san francisco isjohn denton, the head of the world's largest business group, the international chamber of commerce. thank you forjoining us on the programme. talk to us about what businesses are expecting from this meeting? to what businesses are expecting from this meeting?— what businesses are expecting from this meeting? to put it in context, first, _ from this meeting? to put it in context, first, this _ from this meeting? to put it in context, first, this meeting - from this meeting? to put it in context, first, this meeting is. context, first, this meeting is taking place in the context of a very large meetings while the apec meeting has been convened in the u

using price pressure may mean an era of federal reserve rate hikes has drawn to a close. uk and the first new nuclear plant to be built there in decades. it's called hinkley point c and its construction theo leggett reports. for decades, the two reactors at hinkley point b provided enough electricity to power one and a half million homes in the south—west of england. but last year they were closed down. beneath my feet is the core of the nuclear reactor. for nearly half a century, it was generating huge amounts of electricity, operating at high temperatures and under enormous pressures. but now the reactor�*s been shut down and the highly radioactive contents need to be removed and removed safely. and that's what this machine over here is all about. it's a heavily shielded crane which pulls the old fuel elements out of the core. so the fuel assembly that's being lifted contains eight fuel elements. those fuel elements are highly irradiated and can be lethal. but the whole point of this entire set—up is to make sure that nobody comes anywhere near that fuel. the fuel assem

we begin this hour with interest rates, because the us federal reserve has left the cost of borrowing unchanged at a 22—year high at their latest meeting. this is their latest meeting. this is the second straight meeting they have held rates steady, after 11 consecutive hikes. the central bank's job, after 11 consecutive hikes. the central bank'sjob, to after 11 consecutive hikes. the central bank's job, to tame inflation, has been complicated by unexpectedly strong growth in consumer spending. after aggressively raising interest rates for the last year and a half, the federal reserve believes it's in a place it can leave rates where they are, to cool the economy and slow inflation from its current 3.7%, to closer to 2%. even though america's central bank opted not to hike right now, fed chairjerome powell suggests they are prepared to do more. _, do more. the committee will alwa s do more. the committee will always do — do more. the committee will always do what _ do more. the committee will always do what it _ do more. the committee will always do what it thinks - do more. the commi

i did it back when they created the federal reserve banks and said that the federal reserve banks could except deposits from originally it was just member banks in the united states, but then became broader to be all depository institutions and some trust companies, and still the united united states, and so for better or worse congress has a lot in the books that says that the fed is supposed to provide accounts to banks depository institution institutions, banks that accept deposits, institutions that except deposits. and so i think now how we ought to be thinking about it is we have a law on the books and the federal reserve to follow the law. now, i mean i guess sometimes we are sort of understanding when and if it stretches its authority a little thin. i think where the financial might fashion massive financial crisis maybe the consoles save us, they bring below forgiven if they stretch the law but this isn't one of the circumstances. this is a circumstance where nobody is going -- financial system isn't going to implode if the fed doesn't stretch its authority to keep people from

and last month at the federal reserve inc. of philadelphia, we released our analysis of tap to pay features describing the regulations imposed by apple and google. we have also spent considerable time evalting the complex data handling practices and privacy protocols at these firm these firms regulations are often lo and filled with lelese, we often click right through them to make things even more confusing, they sometimes refer people to her policies to understand what data is being ingested and how it is being usedand what if anrights a person may have. and while there regutions are convuted, they have clear takeaways for us. fit, these firms collect a signicant amount of ta about the consumers using their payment products they use this data for a variety of purposes including to develop, market and sell paymen, products and for a majority them, other products and services to potential third parties. second, these entities retain much of the data they collect for extended times. the companies generally require the consumers