and then the president of the federal reserve bank of boston, who has been thinking about just that question, is going to respond. so, john? >> is this mic on? thank you. there should be a power point that accompanies this. not that one. [laughter] h. there. you can see what i propose to talk about, and for central bankers in the room, this will usually make them apoplectic.

national bank in a market of other global central banks saw all those bigger central banks the u.s. federal reserve the bank of japan their european central bank going crazy lowering interest rates driving costs down and they as a smaller country a little tiny entity of just a few million people compared to three hundred and something million people under the e.c.b. three hundred million people into the u.s. federal reserve went got a first mover advantage whether or not the u.s. central bank whether or not the european central bank will be able to buy shares in apple as swiss the swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these

national bank in a market of other global central banks saw all those bigger central banks the u.s. federal reserve the bank of japan their european central bank going crazy lowering interest rates driving costs down and they as a smaller country a little tiny entity of just a few million people compared to three hundred and something million people under the e.c.b. three hundred million people into the u.s. federal reserve went got a first mover advantage whether or not the u.s. central bank whether or not the european central bank will be able to buy shares in apple as swiss the swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these

national bank in a market of other global central banks saw all those bigger central banks the u.s. federal reserve the bank of japan their european central bank going crazy lowering interest rates driving costs down and they as a smaller country a little tiny entity just a few million people compared to three hundred and something million people under the e.c.b. three hundred million people in the u.s. federal reserve went got a first mover advantage whether or not the u.s. central bank whether or not the european central bank will be able to buy shares in apple as swiss the swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these eight

on wednesday, the us federal reserve, america's central bank, will release the beige book. ished in advance of fed meetings and is reallly a compilation of economic conditions as reported by each federal reserve bank across the country. so why is it called the beige book? well, the cover is beige, of course. bank earnings continue on wednesday with goldman sachs and bank of america reporting. trading revenues are expected to be weaker but most analysts are pretty optimistic about banking as a whole. one reason of course is the continued economic growth and the federal reserve continuing to raise interest rates. the other big factor contributing to better results for banks is the passage of the tax reform. we were just having a chuckle over her explanation of the beige book. i didn't know that, and i'm the central bank geek! i knew it but i have spent a lot of time stood outside the federal reserve. there isa outside the federal reserve. there is a lot going on, as ever. what's catching your attention? a lot of people watching bond markets right 110w. people watching bond mar

national bank in a market of other global central banks saw all those bigger central banks the u.s. federal reserve the bank of japan their european central bank going crazy lowering interest rates driving costs down and they as a smaller country a little tiny entity of just a few million people compared to three hundred and something million people under the e.c.b. three hundred million people into the u.s. federal reserve went got a first mover advantage whether or not the u.s. central bank whether or not the european central bank will be able to buy shares in apple as swiss the swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these

central banks run by fact guys sitting around a long boardroom table sweating through their blazers and each and underneath their moves you know. the reality of the situation. the federal reserve is a private entity and the federal reserve banks twenty fifteen estimated net income was a hundred point two billion dollars they then transferred approximately ninety seven point seven billion of that to the u.s. treasury so that means they profit about two point five billion dollars simply for going pull through. there's your body was indicated by keep in mind it's not printed all right most of the opera so really they get two point five billion dollars we're just going. by the. way as it is that. you think. it makes sense as paying someone a billion dollars for like picturing the color blue in their mind what effort did that take on top of that there's no maximum amount of dollars that we can print you know we would just keep pumping them out like a mullet had a couple fire a new kids out on the lawn on the wrong the national debt. the national debt doesn't even matter because we can print as much money as we want big point on the other hand has a maximum amount of twenty one bill

got really bad and some of the banks looked not just challenged but actually insolvent, the federal reserve bank didn't see it as its role to bail out insolvent banks. at that point it was kind of useless. >> how about this lady? >> [inaudible] in the forgotten man, you said sometime in the period from the election to the inauguration -- depression. how do you respond to mr. whyte or elaborate on the point he made also? >> with the 1932 election until inauguration in 1933? we were getting to the same thing with the uncertainty generated when you have a shift. and that's true every time, right? so this is not all one person's fault or the other, but in a i am too economic crisis, of course uncertainty matters more. if they had had a vix index it would have gone crazy. if they had had futures -- so that's what i worked on too. . . >>. [inaudible] yes, but every president wants a clean slate. it was just a particularly tough time for roosevelt to turn around and ignore hoover in his letters that send roosevelt on it,missing 10. you know who else has written about that quite well and the person who

central banks run by fact guys sitting around a long boardroom table sweating through their blazers and it's in underneath their moves you know. the reality of the situation. the federal reserve is a private entity and the federal reserve banks twenty fifteen estimated net income was a hundred point two billion dollars they then transferred approximately ninety seven point seven billion of that to the u.s. treasury so that means they profit about two point five billion dollars simply for going through the years your body was in the keep in mind keep in mind it's not printed all right most of the opera so really they get two point five billion dollars we're just going. by the. way that is that. it makes much sense as paying someone a billion dollars for like picturing the color blue in their mind what effort did that take on top of that there's no maximum amount of dollars that we can print you know we would just keep pumping them out like a mullet had a couple fire a new kids out on the lawn i'm wrong the national debt. the national debt doesn't even matter because we can print as much funny as we want big going on the other hand has a maximum amount of twenty one million bit

central banks run by fact guys sitting around a long boardroom table sweating through their blazers and each and underneath their moves you know. the reality of the situation. the federal reserve is a private entity and the federal reserve banks twenty fifteen estimated net income was a hundred point two billion dollars they then transferred approximately ninety seven point seven billion of that to the u.s. treasury so that means they profit about two point five billion dollars simply for going through the years your body was in the cave i couldn't find. it's not printed all right most of the opera so really they get two point five billion dollars we're just going. by the. way it is that. you think. it makes sense as paying someone a billion dollars for like picturing the color blue in their mind what effort did that take on top of that there's no maximum amount of dollars that we can print you know we would just keep pumping them out like molly had a couple fire a new kids out on the lawn on the wrong the national debt. the national debt doesn't even matter because we can print as much money as we want big point on the other hand has a maximum amount of twenty one billion bit

and he had experience in the federal reserve bank of new york and then in the u.s.ury, so i think the continuity there, knowing people, having had a long time in your career where you have had a chance to think through what you really believe about why banking systems are fragile, what causes disruptions, what is the right way to respond to it, these things were very important. and i think one of the problems that the political side had was that deep down they did not really understand these issues. and they thought my god, it is a crisis. we have got to find a way of dealing with it, but they were not able to easily conceptualize the nature of the problems and therefore to come up with the right solutions. francine: how do you cope with the financial crisis? what are the attributes that a central banker needs for working under pressure, extreme pressure? lord king: well, one is i think you generally need to know what is the right thing to do. i think that both ben bernanke and i benefited from a study of financial history, which meant that the problems that were co

original motivation for the founding of the federal reserve as regulator and a supervisor of banking institution and collaboration with other federal and state agencies, we must help ensure what our financial system remains both stable and efficient. our system is without doubt far stronger and resilient man it was a decade ago with higher level of capitol and liquid asset and greeter risks that banks run and greater ability on the part of banks to manage those risks even as we have worked to implement improvements we have also sought to tailor regulation and supervision to size and risk profile of banks particularly community smiewtions. we will continue to consider appropriate ways to ease regulatory burdens while preserving the core reforms of strong, levels much capital liquidity and teeing so banks can provide to banks necessary to sustain a prosperous economy. in doing so, we must be clear and transparent about principles that are driving our decision and about the expectations we have for the institutions that we regulate. to conclude inside federal reserve we understand that o

shape is that of the federal reserve bank who controls interest rates so interest rates are at historic lows at this time but if in fact the economy starts to heat up as this millennial is suggesting that means that wages will also start to heat up which is inflationary which means bonds will have to start trading down which means interest rates go up and it's there for you to have a correction. however if you look at what has also happened this week. how is it jeff bezos made two point eight billion dollars in one day and he made two point eight billion dollars in one day after his company introduced technology that eliminates the need for cashiers all cashiers and in america make an average of two hundred ten million dollars a day combined cashiers is the number two in america number one i believe his truck driver number two is cashier so jeff bezos of amazon introduced that amazon go we don't need cashiers you just walk out so you know whether or not inflation will ever appear in wages it's hard to not write so i think is that we're at this now top one hundred thirteen billion dollar

ultimately the decision of whether or not this market is expensive or cheap is that of the federal reserve bank who controls interest rates so interest rates are at historic lows at this time but if in fact the economy starts to heat up as this millennia old suggesting that means that wages will also start to heat up which is inflationary which means bonds will have to start trading down which means interest rates go up as therefore you have a correction. however if you look at what has also happened this week. how was it jeff bezos made two point eight billion dollars in one day and he made two point eight billion dollars in one day after his company introduced technology that eliminates the need for cashiers all cashiers and in america make an average of two hundred ten million dollars a day combined cashiers is the number two job in america and number one i believe his truck driver number two is cashier so jeff bezos of amazon introduced that amazon go we don't need cashiers you just walk out so you know whether or not inflation will ever appear in wages it's hard to not write so i think is

reserve bank presidents will dominate the voting. i can remember that's ever happened before -- i can't remember that's ever happened before. it depends on who gets dudley's position. the president of the federal reserve bank of new york is a permanent member of the fomc. interestingly enough, the people who are the incoming members include a list of very accomplished economists. john williams has experience from san francisco, loretta mester from cleveland and now, raphael bostic from atlanta. these people are not only first rate economists, but their views have been pretty much aligned, at least according to their public statements, with what the policy has been all along. what i think they will stick to and probably be a tad more hawkish than the current makeup inpresidents who were voting -- voted in in 2017. mark: it could be more than likely that we see more than three rate hikes in 2018? robert: i'm not sure about that. right now, because of the vacancies and all the rest of it, i think you will see caution to begin with. they will be data dependent. i know there were some expressions in the last minutes of the fomc about people being not quite so sure about whether the number of hikes

the president of the federal reserve bank of st.king with our colleague mike mckee about inflation. live from new york, this is bloomberg. ♪ scarlet: it's 2:00 p.m. in new york, 11:00 in san fransisco, and 7:00 p.m. in london on this friday. i'm scarlet fu. julia: and i'm julia chatterley, welcome to bloomberg markets. ♪ scarlet: we're live at bloomberg world headquarters in new york over the next hour. here are the top stories we are covering on the bloomberg and from around the world. a big week for the markets, with u.s. stocks rising to record highs for the third straight day. synchronized global growth story continues to win over investors. in the u.s. payrolls rising december by 148,000, fewer than what analysts had anticipated. what it could signal for gdp in the year ahead. and white house economic adviser gary: warns high tax states like new york and california that the trump administration will i any workarounds -- fight any workarounds that will allow residents to keep their higher reductions. but get a check on where sto

federal reserve troops to learn through a bank we simply use the computer to mark up the sars look at your kong and the federal reserve we need to print morning because our economy is barely weak and then free from its very low. skilled in the us the creation of money can be focused on public spending especially when the economy is in trouble september. second if you. wish the second if you just. sit in the eurozone instead during hard times even this could happen. if we still see kitchen. coming that. she made sacrifices. and sacrifice today needs austerity. nobody goes to the man for a cause very main been the economy and. yet. about the because of the you know the green light for me to defend in it because the bigger praised it will see your name soon or your you know the. boy. was the same as the child. according to census the research institute in italy national funding to the regions linked to social policies was reduced by approximately eighty percent from two thousand and seven to two thousand and fourteen. and. you're a member of the matter of the bones if we got it right it

so an economist with the federal reserve bank of minneapolis and university of minnesota did a study. and he estimated that consumers pay an additional 200+ billion year and that the economy loses 3 million jobs every year because of occupational licenses. brookings has done a study. brookings estimates that the impact is higher. so we can talk about whether it's 200 billion, whether it's 300 billion, whether it's 3 million jobs, whether it's 4 million jobs but the costs are real and the costs are significant. there are people willing to work . but they can't work cause they might have moved from one state to another and they do not have the right license. so let me talk about the three ways that licensing infringes on liberty. one, a barrier to john entry, a barrier to job mobility and three, a barrier to job utilizing technology. let me take each of those in turn. the institute of justice recently performed an in-depth study of the requirements for 102 occupational licenses in the united states. in fact, there are now more than 1100 professions that require a license but they just t

auto nation's president and ceo mike jackson who was named chairman of the federal reserve bank of atlantalusively. mike, so you're a banker now too! congratulations! >> liz, good afternoon, yes, it's quite an honor, i've been on the atlanta federal reserve board for several years to become chairman. and one of the things i admire about the federal reserve is why they have endless ph.d.'s in economics. they also value a street point of view from the real world as what's happening with the economy. so the 12 reserve banks they have business leaders and community leaders who not only are the board of those institution but get the opportunity to express the view of what's happening in the economy so it can make a decision based on the real world as well as academics and all their data. liz: you are in the real world as the ceo of the largest auto dealership in america, i look at all you can do and bring. when you think about interest rates, i have to ask you this, jerome powell is the incoming fed chief, fed chair, he seems hawkish, wants to raise three times. the martin feldstein says this i

also putting money and reserves into the federal banking. >> one of the conservation camps they built was the recreational demonstration area located in claremont maryland. is north of frederick up to 70. and the staff found relocations in nearby and this was one of them. camp number three. roosevelt visited in july 1942. was enamored with it, it wasn't winterized at this point. and with some of the original cabins in place today, remodeled over the years, he coined the term my shangri-la. where did the term shangri-la come from? supporting the lost horizon, the shangri-la there is a utopian society, a mystery place of intrigue and get away and most people didn't get around easily in the 40s. they had all these great access tools that we have today and he said this is my shangri-la, my getaway. when he first visited in july 1942. and he continued to go through the summer months ostensibly, mostly by himself but principally with winston churchill on two occasions. the retreat today though is known as camp david. it's a navy facility why? it's a needy facility because when roosevelt too

when we asked the white house about this, they didn't realize that the federal reserve bank had put out 2017 data. so this claim rates mostly false. >> that is a stunner. we should remember, when the president does talk about the stock market, the dow, the s&p, the nasdaq, while the u.s. stock market did have andata. this is mostly false. >> and when the president does talk about the stock market, while the u.s. stock market did have an extraordinary run. you'll be back. you're watching ms. today we're bringing you america's number one shave at lower prices every day. putting money back in the pockets of millions of americans. as one of those workers, i'm proud to bring you gillette quality for less, because nobody can beat the men and women of gillette. gillette - the best a man can get. this beneful grain free is so healthy... oh! farm-raised chicken! that's good chicken! hm!? here come the accents. blueberries and pumpkin. wow. and spinach! that was my favorite bite so far. (avo) beneful grain free. out with the grain, in with the farm-raised chicken. healthful. flavorful. beneful. >

and then the president of the federal reserve bank of boston, who has been thinking about just that question, is going to respond. so, john? >> is this mic on? thank you. there should be a power point that accompanies this. not that one. [laughter] h. there. you can see what i propose to talk about, and for central bankers in the room, this will usually make them apoplectic. partnering with the government, but i'll explain what i mean, and it relates to david's introduction, the special way that we partner with the government in canada, and perhaps what i'm going to relay is somewhat unique and specific to canada. the i think you'll find it interesting, and beyond that, i also think that there are more general lessons here, so don't want to oversell it. first thing i'd like to say is that, in fact, standing things on their head a little, when inflation targeting came to canada, it was actually the government that proposed it, not the bank of canada. now, you might say why would they do that? three quick reasons come to mind. one of them, the most positive perhaps is that they thought it was

banks. we have seen the federal reserve hike interest rates in two years. o step up to the plate. jeremy, thank you. you're really upset, you love talking about central banks. i do. it is upset, you love talking about central banks. ido. it is one upset, you love talking about central banks. i do. it is one of my favourite things. i will keep doing it. i don't care! she will! still to come, cutting the cable. we meet the boss of one firm that's bringing wireless charging to the masses. so is it finally time to say goodbye to tangled wires and bulky chargers? i hope so. you're with business live from bbc news. the latest news from ryanair. you might be surprised to hear this. ryanair passenger numbers were up again by 3% in december. that's despite the chaos from the cancelled flights and the pilot rota fiasco. it comes as ryanair confirmed it applied for a british air operating licence. a move that could be required if it's to keep its small domestic uk service operating after brexit. let's speak to peter morris, chief economist at the aviation consultancy,

federal reserve is not spending money the bungs. would prefer to reserve much the same way that you have been you know. the president of the world's most powerful central bank the u.s. federal reserve to learn through a bank we simply use the computer to mark up the sars look at your kong the frog or reserve we need to print money because our economy's very weak and then free from its very low. field in the us the creation of money can be focused on public spending especially when the economy is in trouble. if you just. sit in the eurozone instead during hard times even this could happen. if. she made sacrifices. and sacrifice today sterrett is. not going to go the. cause. remains been the economy and. then because of the you know the queen that i mean to defend then. your you know they counted. for you know it. was the same. according to census researchers. drouet in italy national funding to the regions linked to social policies was reduced by approximately eighty percent from two thousand and seven to two thousand and fourteen. and. you're a member of the matter of the bones if we got it right it is the austerity that decides how many bone should be plac

it's about a crew of successful thieves who are planing to break into the federal reserve bank in l-a us this morning... our next newscast is at 5 o clock tonight. (james)don't forget, you can stay connected on our mobile app, kron four dot com and on our facebook feeds. (ácommercialá)(áábreakáá) >> announcer: today on an all-new "dr. phil." her husband has a dream. >> i'm the wicked king krimzon. >> announcer: but no job. >> he thinks he's evil. that's what he wants too rap about. >> dr. phil: you say i don't need to work. do they not do math in the evil kingdom? >> announcer: is he exposing his n? announcer: is he exposing his >> i'm a great father. >> dr. phil: you murder rap. >> i don't let him watch the shows. >> dr. phil: he doesn't watch the shows. he's in the shows. >> dr. phil: let's do it! >> have a g show, everybody. >> dr. phil: this is a safe place to talk about hard things. >> stand by, i'll count you down. >> dr. phil: today will be a changing day in your life. >> five, four -- >> dr. phil: i'm not giving up on you. [cheers & applause]

well before those mayor there is we have in february march time central bank changes janet yellen term ends of the federal reserve. shorn of china that central bank bitcoin which probably yes the whole burst no federal banks are of course still important people here will be thinking about interest rates because they're slowly moving up in the generations here they don't understand negative equity in a crashing property market your right to mention china and america in terms of the banking system china seems to me to be in a pretty strong position they've certainly got a strategy and that strategy can sustain some decline as well as growth america in my view more precarious remember last year donald trump promised this extraordinarily large tax cuts coming to ponder's because i think over tilia in pounds in fact we will find out in twenty eighteen whether his promises before the new year will deliver growth in this year at the same time i certainly be growing more than britain well as far as we can see as all the productions written zakk sports turned out to be pretty good at the end of the year but the uncertaint

and eric rosen again the president of the federal reserve bank of boston. will respond. john. >> is this on? thank you. there should be a power point that accompanies this. not that one. >> click it forward. >> oh. there. you can see i proposed to talk about and central bankers in the room this will make them app plektic. partnering with the government. it relates to davids introduction. the special way that we partner with the government. in canada. and perhaps i relay somewhat ewe neck and specific to canada. but i think you'll find it interesting and beyond that i also think that there are more general lessons here. so don't want to over sell it. first thing i'd like to say is in fact standing things on their head a little, when inflation targeting came to canada it was actually the government that proposed it. not the bank of canada. now you might say why would they do that? and three quick reasons. come to mind. one of them the most positive perhaps is a they thought it was a good idea. and thought the reserve bank of new zealand provided an interesting lead. some e

federal reserve. at the central bank's most recent meeting, policymakers expressed growing confidence in the economy but they also appeared uncertain over the potential impact of the new tax policy. >> reporter: minutes of the december federal reserve meeting show officials debating strong but contradictory forces affecting the economy, some of which could lead to higher interest rates this year and some of which could lead to lower rates. the numbers showed little change for the central rates in the economy, they suggested the differences between hawks and doves on the committee may have widened. and both seem to be digging in their heels. the most benef raising interes rates saw the outlook for growth in the labor market as both strong and strengthenind of but it w but it was over inflation that the two sides seemed to part ways. a few went so far as to say they're not comfortable with three rate hikes this year. a hawkish few want even faster tightening because they say y that low tes hadn't tightened rates will lead to instability. they expect higher consumer and capital spending by business. most f

. >>> next, steve liesman's exclusive interview with the president and ceo of the federal reserve bank of cleveland. e-mail us, find us on twitter and facebook the "csilong bell" is back in two minutes. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. >>> welcome back another day of records dow jones industrial average higher by another 156 points today. 25,231 the s&p 500 higher by 13 and the nasdaq higher by 43 points 2/3 of 1%. 7,121. putting 7,000 comfortably behind us. >> and those mid and small capst kevin o'leary. they're seeing a resurgence. record territory for the russell. >> cboe, bitcoin futures on pace for their best week ever that's since they started trading last month last week was previously the best week ever when they each saw gains of around 4%. >> the long history of bitcoin trading. >>> the american economic association is kicking off its annual conference this weekend

have approved president trump's choice ofjerome powell for the next chair of the us central bank, the federal reserveng over the world's most powerfuljob in economics is a republican who is seen to back low interest rates. the former lawyer is expected to take over from janet powell to take over from janet yelen at the beginning of next month. the boss of ikea group has told the bbc that the company pays its fair share of tax worldwide. speaking in davos, jesper brodin said the swedish furniture giant thinks it is "important to contribute to society in many ways and paying tax is one of them". eu tax officials opened an investigation last month into inter ikea — a seperate part of ikea, which controls the company's brand rights. the entertainment giant walt disney says it is giving 125,000 of its us staff a one—time bonus of $1,000. it's because of the tax reforms that president trump signed into law just before christmas. the company also says it is launching a $50 million education fund for staff on hourly conditions, in order to help them earn degrees and other qualifications. australia's prime mi

the federal reserve plans to ease on bank leverage according to people familiar with the matter.nt to relax a part of -- crisis demands for drastically increased capital levels. it is said to be opposed by the fdic, which has authority over banking rules. joining us is jesse westbrook. can the fed make this happen without the fdic? maybe even without congress? can certainly happen without congress, and probably without the fdic. at the banking regulators are kind of a pack and they don't typically like to do things that not all of them agree on, so they have been working for the several weeks to persuade the fdic to go along with this. appointee who runs the fdic is gone, persuasion might get easier. a trump appointee is expected to take over within the months ahead. how have u.s. regulators been coordinating with their overseas counterparts? vonnie: a lot of this comes from this sort of group in bankerland that says what rules should be, and it is up to individual jurisdictions like the fed and u.k. to implement those suggestions. while, it popped that the leverage ratio went to

our credit markets fell apart and rightfully so we were running a bad strategy in the federal reserve along with the bank of japan bank of england bank of canada european central bank said not on our watch let's get those bubbles going again we're going to push credit is the markets they did a great job we have enormous amounts of new debt in the system since two thousand and seven but what we haven't had is the organic underlying economic growth that would justify those actions so you know when this next crisis comes are we ready for the answer is no we have more debt just as much derivatives on the books and worse we don't know where the risks really are because don't forget these big banks big financial institutions are still allowed to account for the derivatives on their books by something everybody calls mark to fantasy whatever that whatever number they want they're still not marking to market we see emergency provisions stuffed into place in two thousand eight still muddying the waters all the way here ten years later chris dodd switch over to tax free for mom what kind of impact do you think we'

bank shuts down in 1836. by the time of the federal reserve fired up before world war i, the founders of the fed knew about the first and second banks of the united states. it was a somewhat different thing that they came up with. it is hardly a direct and obvious lineage. any other question was about the backing? what percentage was owned by the government? it declined over time because the shares were not restricted shares. the fed today, the member banks own shares in the federal reserve but they are restricted. the shares that the federal government owned were negotiable. they sold them in the market. that changed over time. then there was another part of that. something about backing. anyone with a bank note was supposed to be able to take it to the bank of issue and receive the equivalent in gold or silver so it tethered u.s. to the gold standard. the length of the tether could be influenced by the bank of the united states. by the speed with which they took monetary liabilities and returned them to the state a per gold and silver. the first bank was on a rampage returning these things promptly. there we

you can sell the paper to the federal reserve, sell the paper to the banks, or sell the paper to thet of us. in the current environment, the fed is not buying. they are selling government securities they previously purchased. are --mercial banks there reserve positions are tightening, the fed is reducing monetary base, they will reduce it further as the year unfolds. and so the banks and the central bank are not buying the paper, which means the treasuries tax-cut is being funded by debt. debt is being sold at a roughly seven-year maturity. generatingt is not new funds, it is pulling them from the private sector and going to the treasury and being paid back. there will be individual winners and losers as a result of the tax-cut, but there will be no net benefit for the overall economy. that is basically the same type of problem we have when statements are made that tend to undermine the value of the dollar. there may be individual winners from such a statement, but in the ultimate situation, it is the total global marketplace that will determine the direction of the dollar. there are

and then eric, the president of the federal reserve bank of boston who has been thinking about just that question is going to respond. >> john, is this mike on? >> it is. >> there should be a powerpoint -- not that one. oh. there. you can see what i proposed to talk about and for central bankers in the world this is usually make them apoplectic. partnering with the government. but i'll explain what i mean, and it relates to david's introduction. the special way we partnered with the government in canada, and perhaps what i'm going to relay is somewhat unique and specific to canada. but i think you'll find it interesting. and beyond that i also think that there are more general lessons here. so don't want to oversell it. first thing i'd like to say is in fact standing things on their head a little, when inflation targeting came to canada, it was actually the government that proposed it, not the bank of canada. you might say why would they do that. three quick reasons come to mind. one of them the most positive perhaps is that they thought it was a good idea. and they thought the reserve b

trump's nominee jerome powell to be the next chairman of the federal reserve all had support from republicans and democrats to lead the central bank a lawyer and former investment banker will start next month he succeeds janet yellen who was the first woman to lead the federal reserve is. china and south korea have condemned the u.s. decision to impose steep tariffs on imported solar panels and washing machines the move but the trump administration is to protect u.s. manufacturers against foreign competition europe says it regrets the move which could see goods taxed up to fifty percent mexico which will be directly affected says it will use all available legal resources in response this may fund says the team called the fact that the u.s. launched investigations into the safeguard measures on imported solar panels and washing machines and adopted state tariffs on the its products is an abuse of tried measures china is strongly dissatisfied with it. the mayor of paris has called an emergency meeting to deal with serious flooding in the french capital but it was saying as burst its banks prompting authorities to close several roads