passed this responsibility off to this now rather than a truly unaccountable organization the federal reserve yeah and there's this issue of inflation of course which the fed doesn't seem to know yes worried about but i want to bring up a quote jim grant that i think you'll like it's one that our producer has actually by his desk and ernest hemingway quote from the sun also rises and it reads how did you go bankrupt two ways gradually and then suddenly and one could say the same thing about inflation and the purchasing power of currency which has gone down namely. all of a sudden boom the fed loses control of monetary policy and inflation takes off that's what could happen i know you've written before about the looming threat of runaway inflation but have you given any thought to how this would occur what do you think. it's possible that our next inflation will have something to do with our fiscal predicament. you know we have as everyone knows in a minute steps and as everyone also knows this debt must be constantly funded. we are used we privileged americans to to finding a better someplace for

morning it's been a turbulent week but seems apple is helping the mood yeah exactly right it's been a week and elss the federal reserve announced the first stimulus measures on the markets they have indeed lost their initial momentum but as you say apple's i phone five debut means technology shares are gaining so we get started with asia the world's most valuable company it's what is a catalyst for tech shares right now are giving apple suppliers a boost and helping to lift the general mood this friday has found queue up to purchase the latest offering let's see the close of wall street it adds up makes those they look pretty bleak all round with data from china japan europe all increasing concern a global economic slowdown is was saying there seems to be kind of a. prices of vs reality is going on with investors we get on to the oil and all of that data is buying into the prizes the chinese manufacturing report showing an eleven month contraction means zero to a massive nosedive along with supply increases that also helped to outdo surprises but now according the drops over to a correction god as you can see on your

the markets to settle down on the greens to come off of the federal reserve's decision to pull some stimulus on it is yet but sign is this yeah this is now evident and also mention that this. as well as actually now down allowed to. they sat on the exchange rates then we'll see how the russian ruble is a rumbling all we've still got it as you managing to decline then it's really the same as yet she markets we've got a correction it goes on that just now if we look at the common currency you can see just the september and managed to vault save up for posts and as you can save us all through central bank policies the bank as the prime rate cuts and school the market rally as easily announced its bond buying program and of course not with the federal reserve the q e three changed and that brings us on to the airplane mark is they've now been i've been around twenty five minutes or so when i have a look at how i take all as you can see a day with a correction on a house just to be global at the market rally on the friday which sold the footsie hitting its highest level in six months we also have the dax as well closing at the hig

financial money in oil in such a big way in large part because of what the federal reserve is doing, tom? >> oh, that's -- yeahly i think when you see the new numbers come out next week, we will probably find a much bigger position. you have accommodative monetary policy, and it causes a lot of money to flow into commodities in general. sometimes out of equities and into commodities. that was the last phase of the 08 debacle where the stock markets peaked and oil prices peaked well well after that. dagen: in terms of gasoline prices, what about their direction in the near run? even if they go down, could we still see a record come election day? >> yeah, i think it's probably 50/50 whether we see the record or not. last election day we were at about $3.48. we're about $3.87 now. prices will be dropping in the last 100 days of the year unless there's some more mideast or north african violence. we will have to see about the pace. there's a lot of money that's betting on commodities, gasoline is included there. about 40% or more of the positions in gasoline futures are held by large speculators and small speculat

to a centralized banking system your thoughts oh yeah absolutely that's their ultimate dream is is to have a federal reserve system of the world however you know their debt money system has flooded the world with was so much debt that quantitative easing the last q.e. q.e. two it was discovered that actually depress g.d.p. in the united states they've gone as far as they can in the debt money system i think it and the euro in particular are doomed to failure every nation even greece for example should go back to its own issuing its own sovereign money yes the drama would be devalued tremendously but they're going to feel the pain anyway why not feel the pain for a year and then start to come out of it because i'm immediately if you weren't able to buy b.m.w.'s from germany with your drachmas well what would happen internal greeks would somehow find a way to start manufacturing their own cars their own production or now after all sustainable economics is all about what you can produce in your nation this whole idea that we have to import everything from everywhere is one of the roots of the problem all right

federal deposit insurance company yeah well i mean that's all j.p. morgan is they have a negative that one of the hundreds of billions of dollars it's all the federal reserve the all the curfuffle about auditing the federal reserve is that when they open the vault and say oh where is our money they're going to find a printer when they open up for not the same words are gold are going to find a purchaser over there lloyd blankfein j.p. morgan's last goldman sachs sample of all this only i was a printer these two big nothing but a printer it's amazing that the company that makes printers sula placards doing so poorly considering the only thing that any of these companies competence was a is a printer stays there were thank so much for being on the kaiser report thank you rex don't go away stay right there much more coming. they were young and high flying. their careers were on takeoff. that flight for them was one of many. and the last one. locomotive. leaving the ice on our team. you know welcome back to the kaiser report i'm max kaiser time not going to niceville florida talk with karl denninger of market hyphen ticker dot org due to popular demand we've i

yeah, i think so. and all of it relative to the federal reserve and policy. i think there's a bit of push me, pull me you can see in the market. how weak is the economy right now? and whether or not the fed can and will offset that weakness. you saw the ism number down below 50. that's just contraction again in the manufacturing sector. still growth in the economy. as long as that number is above 42.6. it's still growth in the economy. and the question about the jobs number coming in, what number that would to be keep the fed from doing -- i think it's going to be well north of 200,000 with the decline in the unemployment rate. bill, and maria, the question w came up, will the fed act given at september before the election. i want to show you some data the fed has acted to cut rates. there's a couple of septembers where the fed acted when reagan was in office. a couple of septembers it raised rates with george h.w. bush and george w. bush. they cut rates in october. you remember what was happening then. the fed will act if it feels it's necessary. there would

yeah, i do. i think that the federal reserve's efforts have been successful in getting the recovery moving forward. there's a lot of debate about additional qe, but i think it would be helpful to the economy. i'm not so sure it's necessary right now. i think the economy is growing strong enough. but later this year when we're debating our fiscal issues, the economy will be weak and additional qe at that time would be helpful. >> goldman out with a note qe-3 would boost growth next year by a quarter to a half percentage point. could it have a bigger boost or is about eliminating the down side risks? >> well, of course it depends on what qe is. exactly what the federal reserve decides to do. if it's bigger and bolder, then he the impacts could be significant, but it really does depend on how they design this. >> it seems if they want to try to improve credit and creation of job, they need to go open-ended and they need to open-ended purchases of assets linked to loans in the real economy, don't they, rather than just buying treasury. they need to go open-ended and put it in the real economy. >> well

federal reserve. mr. bernanke never refrss to the dollar, doesn't believe in king dollar or stable money or any of that good stuff, ron. that's my problem with this. >> yeah -- >> they let this thing go twice in the last couple years, this being the dollar exchange rate. so these qes came to no good. >> you know what, larry, i like your term on q-finity, which is appropriate, but let's defend the fed for a moment. the fed has a dual mandate, they have inflation and unemployment. and no one else in washington is doing a darn thing. and so, look, i'm not going to defend the pumping, mass pumping of money. i don't agree with it. but guess what? i'm glad someone's doing something. >> jim let me ask you the same question. someone's doing something good. now, i go the other way on this. if you're going to put in $480 billion every year, $480 billion a month, this is the largest federal reserve expansion in history. it's like the absolute reversal of what paul volcker did over 30 years ago to fight inflation. if you are going to do that you know as well as i do, the old axiom, don't fight the fed. so before the dollar collapses, you got to stay in the stock mark

yeah. >> there it is, $700. >> yep, back to it again. >> steve, we had a hock and a dove from the federal reserve today. net, net, what did we get?two doves and one hawk. michelle, you know i love you. you now in i think you're the best. >> uh-oh. we know what's coming. >> i'm sorry maria is not here today for one reason. i think the fed was talking to maria a little bit today. maria was asking the question last week, as was bill, does the fed know something that we don't know? are they trying to send a message that things are worse than we think? when i heard the dove speak today, i heard them speak about the move last week much more as a defensive move. one to ward off, to counteract the head winds we know are in the economy and to try to say, look, things are in the worse than you think. we want to prevent things from getting worse than you think. that's not going fly with other people who have the same concern. i think it's very interesting they're being very careful not to spend a more alarmist opinion. >> i'm sure she's watching from home. she's under the weather today. >> rick, what do you make of market action here? yield

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federal reserve bank on market street. christien kafton joins us live with video you won't see anywhere else. good morning. >> reporter: yeah, now that the start is starting to come up, you can see this former site of the occupy protest at the foot of market 101 market. you can see it surrounded by a chain-link fence. right across the street you might see there is a small encampment of some of the occupiers returning to the area. police were out here overnight. they were out here this morning to -- to watch the site. they said they gave them every chance to avoid arrest. >> we gave them opportunity to vacate. some people did leave on their own. the other people who remained behind did get arrested for illegal lodging. >> reporter: san francisco police moved about 11:30 last night. last night was rough after police cleared the camp and seized their possessions. >> they took everybody's possessions, dogs, animals, whatever they had. i can't even go to sleep tonight because i don't even got a blanket. >> reporter: now, on the fence over there, there are notes posted that tell the occupiers and protesters where they can pick up

with the additional monetary moves by the federal reserve and central banks elsewhere, do you still hate treasuries as much as you did, say, earlier this year? >> yeah, i, you know, it's interesting. i remember the tech bubble and people used to make fun of me with the tech bubble because i kept talking about a bubble, '98 to 2000. what we have to remember bubbles often go on longer than we expect and even more extreme levels than we expect, but the bottom line for anyone who is a buyer of tech stocks in that time and anybody who's a buyer of treasuries now, it's going to end in tears e end in tears for the entire country, scott? i mean, the tech bubble is nothing compared to a bubble in treasuries if interest rates shoot up with the 16 trillion dollars in debt that we have and anyway, i don't want to scare people going into the weekend. scott, good to see you. >> it's good to see you, dagen, thanks for having me on. dagen: we'll see you very soon. connell: some other headlines for you, including india welcoming a new retail giant in the country. yeah, wal-mart, announcing plans to open its first store in india. the next 12 to 18 months and this mov

federal reserve. interest rates are low. and they are looking at housing sales -- the housing mark is rebounding substantially -- >> bill: yeahte that a lot of americans have more confidence in the american economy and american businesses opportunities here more confidence than mitt romney seems to have. 866-55-press is our toll-free number, your i'ms on the economy or questions at 866-55-press. >> announcer: this is the "bill press show." on my next show, rocker dee snider of twisted sister will get to say anything about twisted sister paul ryan. >>only on current tv. ?ñ?ñ we have a big, big hour and the i.q. will go way up. how are you ever going to solve the problem if you don't look at all of the pieces? >>tv and radio talk show host stephanie miller rounds out current's morning news block. >>you're welcome current tv audience for the visual candy. >>sharp tongue, quick whit and above all, politically direct. >>you just think there is no low they won't go to. oh, no. if al gore's watching today... [ ♪ theme ♪ ] ♪ >> announcer: this is the "bill press show." live on your radio and current tv. >> bill: 25 minutes after the

yeah, sure. but heart disease kills 10 to 11% more in roughly the same demographic in a year. that is an oops. drives the policy. our federal government spends way more reserving number two cause of death, cancer, four times as much from the national institutes of health as it spends on the number one cause of death, heart disease. oops? research isn't being done on what is more likely to kill us. oops. john: i'm almost puzzled by people's explanations why they fear this or that. the reason for the threat does sometimes seem more important than the risk. here's one woman's explanation why she fears terrorists more than car crashes. >> there are people that want, want me dead. that is what a terrorist act is. in a car crash there is not anyone out there trying to kill me with their car. john: i don't get it. you're just as dead. why if somebody wants you dead does that make it much scarerry to people? >> it is how you get dead. john: car crash is just as violent. >> yeah but not the only component how that feels. you heard her. i will give you a perfect example. you use mobile phone sometimes when you drive. you're a new yorker. do you drive? john: yes. >> have

federal reserve has done. don't look to what qe three has done for these kind of issues. thank you so much for stopping by this morning. >> yeah, good the see you. >>> still to come, though, the head of the bundesbank weidmann has called printing money the devil's work. plus, high yield corporate bonds the new subprime? >> we'll be right back. >>> welcome back to "worldwide exchange." i'm kelly evans. >> and i'm ross westgate. here are the headlines from around the world. >> with just two weeks to go before they face off in their first debate, a new nbc "wall street journal" poll finds president obama widening his lead over mitt romney. >>> japan central bank follows in the fed's footsteps. it's pulled the trigger on more easing, sent equities higher in the process. >> at the bank of england, some policymakers see the case for further stimulus even as the outlook for inflation picks up in the near term. >>> and it's a changing of the old guard at goldman sachs. the leader has decided to step down. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >> let's start with the u.s. and work o

federal reserve drinks coffee. >> they probably do. >> i would if i were them. >> that's right. thanks so much. >> reporters drink a lot of coffee to go to the meetings. >> yeah. >> talking about facebook. as you heard, the ceo entering friendly territory for the first appearance since the companies botched ipo. he's slated to talk at a tech crunch event. what are investors looking to hear and what does he need to say to begin confidence? scot, thank you for joining us, sir. >> nice being with you, lori, thanks. >> much has been made in the press how zuckerberg was focused, priority on the users, and the facebook customers opposed to the shareholders. he has to turn that around, doesn't he? >> we definitely think zuckerberg and other folks of the facebook team have to do a better job of comiewb kateing the fact that a -- communicating the fact that a number of constituencies are important including shareholders. >> what about the revenue? this has been a point of consistent concern. what does he need to say about the strategy to really impress shareholders that there is a legitimate and long term revenue potential with the company? >> well, that's obviously a

predicated on the federal reserve moving money to these banks and then these banks loaning it to private businesses we want to do think anything like that could have been? >> oh, yeahld happen again. neil: what would we do if you haven't been? >> we would bail them out in. neil: the sole financial law seems to negate that. we can't let it happen. >> we can't let it happen and by the way, we were on the brink. we didn't know if we were in 1929 or worse. we weren't in 1929. we have managed to move our way back to a better place. how would you like to be doing business in europe and spain and portugal? in england? everybody would rather invest in the united states and that is why our stock market has doubled. it has doubled during last four years. we are on the mend. we have more to do. the. neil: bill clinton, last night, as did joe biden tonight, talked about all the republicans are doing wrong and all the democrats are doing right. it is almost like bill clinton did encourage lending in the booming housing market and completed the reinvestment act with the best of intentions, which spurred something that became a debacle. >> everything a democrat does is not perfec

yeah, we will buy your dad. who will buy her treasuries, et cetera, but we want a higher interest rate. all the sudden interest rate spike. the federal reservebeen providing so much to this economy and they are staying and that will be the case until 2015. the dow kid yourself. when interest rates move and can happen at any time because of the lenders making demands on us, interest rates will spike at a very, very sharp level. so at some point there will be problems in terms of the federal reserve stopping any runaway rate move. so that is why we desperately need fiscal policy. we do need tax reform. we've been packing about tax reform for a long time. why is that there is an opportunity for certain people to manipulate the number of pay a lower rate? because there's too many loopholes. a lot of experts, economists say if you're to lower corporate taxes to a level that makes it a favorable environment for business, business will start hiring again. if you lower corporate tax, you could disseminate the loopholes in some of these easy ways for people to pay much lower base and that would broaden the tax base and lower the rate. i mean, somethi

yeah we will buy your debt. we will buy your treasuries etc. but we want a much higher interest rate. all of a sudden interest rates spike. the federal reservehas been providing so much stimulus to this economy and as result interest rates are staying at very rock-bottom levels and they told us that would be the case until 2015 but don't kid yourself. when interest rates do finally start to move and it could happen at any time, with or without the fed because of the lenders making demands on us, interest rates will spike at a very sharp level. .. a you could than to laminate the loopholes and some of these easy ways for people to pay much lower rates than that would rot in the tax base and lower that rate. i mean, something like this is an idea that is bandied about for a long time. and even a president who complains that people don't pay their fair share hasn't change the tax code. so to complain that people are not paying their fair share and yet not do anything about the tax code to me seems strange. so i do think the deficit is a real issue. you cannot borrow forever. look what is going on in spain and italy and throughout europe. when y