mate clay explain this while you're out there calling badgers well max if you could hand me the financial times of their excited like to point out you say that nick clegg says pensioners should give up benefits and this is an important thing related to this headline here bankers yield role in setting of libel or now the positive spin from the financial news has been that mortgage holders benefited from this crime so let's all be happy now nick clegg they're saying pensioners must give up benefits well these two have minds go to gether bankers pensioners didn't give up their benefits when line bore was manipulated down and their pensions were defrauded blue but all the same oh it's cool bankers not beggars all right ses ever thanks must be

tough financial times have people in canada's french speaking quebec increasingly opting for independence people are set to go to the polls to choose their government with the separatists gaining ground. to the global economy showing little sign of growth we asked the president of russia's second largest bank about what he sees a had for global finance it. and requesting president a very to their bank precious second largest bank it's really great to have you with us are today gotten so you've had it to be for the last ten years and you've been there in two thousand and eight and you so everything when the financial crisis broke out now the global economy at this point is really not much better off i mean you have the eurozone crisis unemployment in the united states is still really high and when china is really had it for a hard landing if you compare things today to four years ago how bad are they i think we have to accept the word volatility it's become part of our life. of course the world economy. passing the period of the cycle and we expect that when there's two or three years it w

plugged gold as a medium of monetary exchange and this was welcomed that with disdain in this financial times op ed that said the man has never accepted the theories underlying the policies of the modern central banks and is reinforcing people's innate fears about the common currency so i want to bring jim graham back and he was talking about sound money before the break so i want to get his take i think it'll be a wee bit different than our friends over at the financial times op ed page so jim grant tell us is young's vietminh just fear mongering over money printing any need to get with the program and get on with modern central banking and well i think the president of the bundesbank is would simply reminding his audience of eternal monetary verities he was borrowing from the great growth than from the great good for. which the the whole into the era of the emperor of the us emperor or a little short of gold however if you sign this document. i will see to it that you have more than enough money. even a little more of that more than enough and indeed money cascades off the presses and what

read the financial times for the last three years they've china has said over and over we're going to slow things down we've got a property bubble and we have too much inflation they broadcast it very loudly if you didn't know it was coming you haven't been reading the financial. you would have no right whatsoever no surprise ok bill but why is it important for the global economy because that's the whole world's talking about it we've gotten used to the engine china being the manufacturing engine of the world well talk to any iron ore producer in australia and i'll tell you why it's important to the world china had become particularly for. for raw materials and energy hello russia part of the reason boyle and gaspar oil prices in particular have been so high over the last decade is because of the voracious demand coming from china demand that is now somewhat tapering but it's worth. taking china for granted but we take choice. to be realistic and you should listen to those government numbers i never pay attention you really believe any government numbers whether it's russia or germany

>> the financial times reports drought conditions here in the u.s. say that it's destroyed crops used to feed pigs. the pig association says it became too expensive for farmers to buy pig feed so they reduced their herds. the national pig association is reporting of an "unavoidable global bacon shortage." >> stephen: a global bacon shortage! we're all going to die! much later than we thought thanks to the reduced salt and nitrates in our diet. (applause) still, we will all eventually die-- and without bacon in my mouth. (laughter) this is unthinkable! without bacon what will k.f.c. put between the two slices of chicken in the double down? roast beef? that's unnatural! you go to hell. (laughter) well, i for one am going to be ready for the coming a-pork-alypse. (laughter) i am presently building an underground shelter and stocking it with all the salted hog meat i can find. bacon, pancetta, proscuitto, hamhocks, canned ham, john hamm. (laughter) oh-- he looks salty. (laughter) nation, they say that this bacon shortage is caused by global warming and c

this according to the financial times today. it makes us wonder what do you cut back on in economic times, tough economic times some do you still need your daily caffeine boost? two pounds a day going out for a latte every morning can add up. join the conversation here on "worldwide exchange." you can e-mail us, fwooet us @cnbcwex or reach us directly. actually, on wednesday, we have an exclusive interview with twitter ceo. what do yyou want to hear from him in use the hash tag ask twitter. your questions will air wednesday. now over to ross. >> forget the coffee fix, join the tea revolution. that's what we say. after the break, we'll be heading out to berlin where angela merkel is set to take the stage. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we

kaiser report always a pleasure max all right chris cook i noticed you got a letter in today's financial times you speak of the next regulatory catastrophe that's just about to happen explain. well i've been saying for some time the the very small case equities commodities are in a bubble. correlated bubble so they move in unison together and this is being inflated this bubble has been inflated by the new breed of instruments which banks have been busily selling to so-called inflation hedges. risk averse investors mention this before all of this money this tidal wave of money has been going into the various markets. all good things come to an end you know bubbles will always deflate and what i was pointing out in the in the after the f.t. today was the this is these instruments all good for the banks and the reason that they're good for the banks is that banks own to putting the capital at risk the investor is the taking the market risk ok chris let me jump in here you're talking of course about e.t.f. or exchange traded funds this is a relatively new instrument in the marketplace it's simply

tough financial times have people in canada's french speaking poor bad increasingly opting for independence people are set to go to the polls to choose their government with the separate heads again right. to be derisive said to be a branch is taking up a graphic against iran in a bid to delay a possible israeli strike against a country washington could be under pressure from israel to declare said the red lines of attack iran's nuclear program. next remember they deadly terror on a school in the russian city of beslan. it's morning this guy is quietly quiet but suddenly i hear a sweet melody coming from the farm and mark is singing i think a bird's eye view of the people below is fascinating now they have turned on the light in one of the houses and three barefooted boys have emerged from another one i can hear a barking dog and crowing roosters sounds have filled the silence as for myself i keep flying in the sky i'm a cloud. but twelve year old girl by the name of them is dedicated these lines to a home town of beslan which is situated a thousand miles south of moscow emma lloyd's being

a forum where financial wizards will be discussing business development and investments russia has a great opportunity to boost money flowing to its economy many economists say it's a time of global financial uncertainty the country is doing great but like excessive bureaucracy and corruption still hold back global investors. the head of russian direct investment fund curial de triomphe is working to change this. the russian market is better than many others and now at the apec summit mr reality is showing busy. hands vestment russia behind. hello kitty welcome to the show thank you very very much for coming for coming clear well first of all i. before we start talking about the event itself about the apec meeting well many economists. believe that the focus. of the world economy is steadily moving from the western region from western europe america the v a climate region to asia and to the pacific region do you do you do you agree with that i think definitely this is the case and i think the summit and actually it's very critical that it's happening in russia is it a case or a trend i mean moving the moving i think it's a trend really and if you see china's growth if y

morgan chase and bank of america together the financial times reported they originated one hundred billion dollars in sub prime mortgages between two thousand and five and two thousand and seven almost three quarters of the total. what i did in the mortgage industry i first got involved in about one thousand nine hundred eight i was a loan originator. and during that time what i had seen was nothing short of amazing in terms it was very predatory the techniques that were being used the salesmanship that was being used to gimmicks on the loans and how they were structured it really disturbed me catchall to this and how they can get away with that is people hear full disclosure depending on the lending institution you went to in other words a bank a broker or lending institution or three different all three have different sets of regulations that govern them and so full disclosure it wasn't necessarily important to the loan itself just get them to sign on the dotted line if they were happy with the numbers you have a loan. how many ms mo but daryn i'm with you and say basically what we do is

financial turmoil. explain. gloomy economic times attracts social instability and uncertainty and what tomorrow will bring for canada's mostly french speaking province of quebec that means agitation for separation is stirring yet again as voters head to the polls it's a three way fight to be the dominant force in convex parliament with emotions running high back as one hundred eighty four billion dollars in debt and has an economy that has grown by a mere one point seven percent in the last year falling behind canada as a whole competing at the ballot box are the incumbent liberals the firstly form coalition for the future of combat and the separatist war and it's the latter which is proving most popular at the polls marching ahead of the others at around thirty three percent this means the issue of convex breakaway from canada could return to the forefront of the decade long reign of the liberals comes to a close it's the latest example of separatism spreading its wings globally in troublesome economic times the separatists leading

downtown financial times top people in canada's french speaking quite bad increasingly opting point of people are set to go to the polls to choose their government with the separate head gaining ground. as the headlines for you the kaiser report is up next. year this is the kaiser report the global stratification among. various groups continues now in the u.k. we've got love versus toff. stacy. well in my first headline max i have this academic arrested after polite graffiti is found on cars rather than the usual swear words tags and rude pictures max and academic has apparently been putting graffiti on posh cars and his neighborhood reading really wrong arbitrary very silly he's inscribed these with a screwdriver in their cars oh luvvie your use b.m.w. in my day everyone is really wrong with a screw driver scratched into this and of course he says in france of course there's a big emphasis on grammar you know when they're committing this kind of lobby on top of then follows them it has to grammar has to be good of course this made me think of the g.o.p. convention where we see there's

the financial times reports, if spain meets the eu's conditions the european central bank would also step in and buy part of spain's debt. let's talk with scott bauer from trading advantage. boy scott, a really broad rally. a lot of companies hitting all- time highs, a lot of sectors setting all-time highs. we're told to buy on the lows, wait for dips, but everybody is just buying on strength here. > > that's really what we're seeing in the marketplace. last week was really just kind of a breather. after we saw the big run-up after the fed announcement, last week we really held the ground. the market held its ground. what that's really telling traders, what that's telling me, is, we're in this for the long haul right now. this rally that we've seen over the last few months probably is not ending any time too soon. the one thing that really sticks out to me is last week we saw china drop 4, 4.5%. didn't even matter. no blip on our radar screen here. if we see that market recover a little bit this week going forward, really all that's going to do is bolster our market even more. > > no

this type of abuse by financial sharpies you know picking on the local roads i mean we see this all over america town after town when it's a party after municipality or so how many times does the local communities get pulled by these financial intermediaries who are selling them a bag of worms is there no discussion at all in the community or is it is it a financial illiteracy problem is it a desperation problem is a complete no communication at all intercommunal nobody reads matt taibbi in his actual rolling stone pieces nobody reads the national press how can they how can towns like this continue to be victimized over and over again well let me let me just play devil's advocate for a second because i mentioned earlier that the way that these bombs are supposed to work is that if you go to think about this so right now how is homeowners homeowner in this district get charged a fifty five dollars fee every year for every one hundred thousand dollars of their home is worth so if their home is worth three hundred thousand dollars then they'll be paying one hundred sixty five dollars to pay off the spawns the i did behind this the concept behind these kept appreciation b

the financial times, in fact, is running an article as we speak how china may perhaps sell japanese bonds in order to bring the japanese to their knees as regards those strategic islands. so, there's some geopolitical tension out there, which of course should probably aid gold, at least in the short-term. > > we have our cover story today on fedex. that's a good indicator. it's put out some guidance yesterday that is worrying some people. how do you play that? > > i think that's right. there's a lot of concerns domestically about the fiscal cliff and what that will mean for first- and second-quarter economic growth here. i think fedex, in addition to expressing that concern, also expressed concern that the global economy continues to slow. china and the far east are a major point of distribution and sales for federal express. if you look at things like m2 and the velocity of money within china, those numbers have collapsed recently. so there has to be some concern globally about the velocity of money, the strength of the global economy, and i think fedex has expressed that. > > good infor

tough financial times tough people in can of those french speaking come back increasingly opting point independents people are set to go to the polls to choose their government but the separatists spinning around. and the u.s. is said to be ratcheting up its threats against iran in a bid to delay a possible israeli strike against the country and washington could be under pressure from israel to declare certain red lines over to check problems for nuclear program. to try and say with r t the cause a report is next. max keiser this is the kaiser report the global stratification amongst classes various groups continues now in the u.k. we've got lovise versus toffs stacey well in my first headline max i have this academic arrested after polite graffiti is found on cars rather than the usual swear words tags and rude pictures max and academic has apparently been putting graffiti on posh cars in his neighborhood reading really wrong arbitrary very silly he's inscribed these with a screwdriver in their cars oh lovely your use b.m.w. in my neighborhood is really wrong with a screw driver scrat

david in, 2007 rather you wrote a piece for the "financial times" warning america that she risks the fate of rome. it's a piece as widely quoted as it is terrifying. five years later the u.s. is withdrawing out of two expensive wars. is that enough to fix the problems you laid out? >> no, christine. i said three things. one, that we have three similarities to rome, decline in values, decline in political civility, overconfident and overextended military around the world and fiscal irresponsibility. the values in the political problem is worse. we're drawing out of the middle east. we're out of iraq. we're going to be coming out of afghanistan. that's better, but we're still overconfident and overextended, and our fiscal situation is much worse. >> all right. university of california editor peter peopleary joins us. >> christine, i don't see this as rome before the fall but a lot of neros fiddling. what i see is more of a scenario right after the wall street crash in 1929. if you look at what was happening around the globe then, we basically had a clachts international monetary system

shannon bond, a reporter with the financial times, tells us it was hard to come up with accurate estimates of the size of the protest because this wasn't one single mass rally. "what they did was organize so the people were broken up into a lot of very small groups that went all over the financial district and a lot of different intersections, so it was hard to contain, but also harder to get a sense of exactly how many there were." president obama is calling on the world trade organization to settle a trade case with china. the obama administration is accusing china of unfairly subsidizing exports of cars and car parts. the president says it gives chinese manufacturers an unfair advantage in the market. cars.com analyst joe wiesenfelder tells first business that if the world trade organization accepts the action, the impact to consumers could mean higher prices. "i don't think companies export jobs or buy parts from foreign companies because they want to, they do it because there is a profit advantage to it. so if this action goes through and the chinese are no longer subsidizing the part

time. if we don't get financial reform the next time will be worse. >> eliot: time runs short, but i want toks who are listening should know you're an old fashion wall street lawyer. you're not some radical from the left who happens to look like the corporate lawyer. you were the corporate lawyer, so you understand this stuff. that's important in terms of giving important credibility and legitimacy to what what the market does and what you report. if you had one idea to impose on the regulatory level. >> it greatly limit the hi risk of the too big to fail banks on wall street. there is only one industry and one part of the industry that threatens the entire financial system of our country and economy, that's the biggest two-bigtoobig to fail banks and they need to be brought down so they can no longer threaten tax payers, which is you are they are doing now. >> eliot: martin wolf said the same thing. the point is leverage that creates the risk which creates the down side necessity of the safety net that only the tax pair creates for these too big to fail. dennis kelleher, thank you so much f

the european market is all indeed play on that because there's been a report come out from the financial times that seems that the european union for it is on now working with playing on the new rescue caught up is the next week and investors will say yeah like. so that is indeed the market is the action coming up later karan but it will be done you a bushel he'll be the man to guide you through all the activities in the south of russia all right many thanks for about take pity and ahead on our to a look at how workers risked their lives in bangladesh dismantling ships. well. it's technology innovation all the developments around russia we've got the future are covered. looking at some dogs you simply do not believe a concept beak and goodness how they can wrong oh. it's an international sled dog race with those driving the dogs. coming from as far away as a strength in canada and the us they come to russia and everybody is so very friendly they welcomed me with open arms and the scenery is so beautiful it's very much like a lasco and so i felt at home the first sled dog was brought here from

expect it's very, very difficult financial times and nothing like the four of us experienced. you have done a good job and have been keeping a lot of those programs going. and it hasn't been easy. i think you get a lot of credit for keeping san jose one of the safest cities. [ applause ] >> what do you want to talk about? talk to us. >> the former qualities of being a mayor. >> yes, go. >> okay supportive and understanding family. >> thank you. >> knowledge of the issues. a thick skin. [ laughter ] and strong kidneys. [ laughter ] is [ applause ] and i just say that you know being the mayor you have a certain sense of power and i just wanted to tell an antidote about what happened to me when we were in the old city hall. i went over to the rotary club which was in the annex. they stopped me at the door and said i'm sorry we don't allow women in here. and i said well, all right we'll just buy the building or you know. [ laughter ] we already own the building and i said well we'll see about that. so then they let me in. that was a great -- i just want to say also when i went to