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is capital and still ahead is glenn hubbard vying for a job at the treasury or fed what's alan greenspan's view now on the financial system he helped coddle and will ben bernanke back for a third term and sound like it will delve into all of that in tonight's loose change are central banks you could call it but first your closing market numbers. technology innovation. all the latest developments from around russia we've got this huge earth covered. it all sometimes you see a story and it seems so horrid you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you thought you knew. harvey welcome to the big picture. sixteen. grams of rose once. in a bad mood. to tell the groupies the. truth is done. welcome back we're talking about how and where and when and why the u.s. is now sort of spending will come to an end there will be a day of reckoning we're talking to simon in a hail of education be laughing there's nothing funny about it's actually very serious but i don't know if we didn't laugh maybe we cry so let's brin

is capital and still ahead is glenn hubbard vying for a job at the treasury or fad what alan greenspan's view now on the financial system he helped coddle and will ben bernanke back for a third term and sound like it will delve into all of that in tonight's loose change our central banks you can call it but first your closing market numbers. culture is that so much of. the market. it's only getting worse as long names. mentioned restore order take on the. the six america votes for its next president. who takes the wheel as the us drives into the future. get the news the mainstream misses without a place to make sure. the u.s. election up close. and also the dot com government no longer represents the. the people we're going to take the term. the way our economic system. is not. going. sure. that's right. some plans to. start don't. welcome back we're talking about how and where and when and why the u.s. is nassib spending will come to an end there will be a day of reckoning we're going to simon in a hail of education be laughing there's nothing funny about it's actually very serious but

is capital and still ahead is glenn hubbard vying for a job at the treasury or fed what's alan greenspan's view now on the financial system he helped coddle and will ben bernanke back for a third term and sound like it will delve into all of that in tonight's loose change are central banks you could call it but first your closing market numbers. download. stream quality and enjoy your favorite. t.v. is not required to watch on its own you need to use your mobile device. any time. welcome back we're talking about how and where and when and why the u.s. is nassib spending will come to an end there will be a day of reckoning we're talking to simon mchale of education be laughing there's nothing funny about it's actually very serious but i don't know if we didn't laugh maybe we cry so let's bring back in simon mchale of edgecombe managing member of ideas as capital before the break he was laying out how he kind of sees this playing out and why he doesn't think it's sustainable and before we move on to solutions or how people should adjust their concepts i do want to touch on a couple of scenar

is capital and still ahead is glenn hubbard vying for a job at the treasury or fab what's alan greenspan's view now on the financial system he helped coddle and will ben bernanke back for a third term and sound like it will delve into all of that in tonight's loose change our central banks you can call it but first your closing market numbers. wealthy british style. is not on the title of. markets why not. come to. find out what's really happening to the global economy with max cause or for a no holds barred look at the global financial headlines tune into cars a report on our cheap. easy to it's. easy to. see. some of the six america votes for its next president. who takes the wheel as the u.s. drives into the future. get the news the mainstream missives with up close ma election coverage the u.s. election up close. and also the dot com. good. welcome back we're talking about how and where and why and why the u.s. is nassib spending will come to an end there will be a day of reckoning we're going to simon mckayla vege i shouldn't be laughing there's nothing funny about it it's actually ve

is capital and still ahead in blend however vying for a job at the treasury or fab what's alan greenspan's view now on the financial system he helped coddle and will ben bernanke back for a third term and sound like it will delve into all of that in tonight's loose change our central banks you can call it but first your closing market numbers. cool. cool. download the official t. application to cell phone choose your language stream quality and enjoy your favorites from matsushita t.v. is not required to watch all its heat all you need is your mobile device watch ati any time. the judge is waiting on balls fifteen goats. to count. kilograms of rice one thousand flatbreads. but why is the bride in a bad mood. to tell the group the lawn. is a done deal. wealthy british style signposts. on the times. market why not come to. find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune into cars a report on our. welcome back we're talking about how and where and when and why do you want is now spending will come to

this capital and still ahead is glenn hubbard vying for a job at the treasury or fad what alan greenspan's view now on the financial system he helped coddle and will ben bernanke back for a third term and sound like it will delve into all of that in tonight's loose change our central banks you can call it but first your closing market numbers. culture is that so much different and there's a huge music history and on the mark when living in a turbulent and dangerous neighborhood this is one being living on space the assassination of the country's top security official and the political. morning news today boylan says once again flared up. these are the images the world has been seeing from the streets of canada. giant corporations are old today. download the official ati up location to cell phone choose your language stream quality and enjoy your favorites from atsushi t.v. is not required to watch all its hear all you need is your mobile device to watch r.t. any time of the. wealthy british style sign. on. the. market why not scandal find out what's really happening to the global economy w

this capital and still ahead is glenn hubbard vying for a job at the treasury or fed what alan greenspan's view now on the financial system he helped coddle and will then bernanke back for a third term doesn't sound like it will delve into all of that in tonight's loose change our central banks you can call it that first your closing market numbers. the book. the book. download the official. language stream quality and enjoy your favorite. t.v. is not required to watch on t.v. all you need is your mobile device to watch on t.v. any time. you know sometimes you see a story and it seems so you think you understand it and then something else you hear sees some other part of it and realize everything is. welcome to the big picture. the mission of free accreditation free zones for judges free arrangements three risk free studio time free. old free broadcast morning video for your media projects and free media. tom. wealthy british. type of. market. can. find out what's really happening to the global economy with mike's cars or there are no holds global financial headlines to report. welcome bac

this capital and still ahead is glenn hubbard vying for a job at the treasury or fed what alan greenspan's view now on the financial system he helped coddle and will ben bernanke back for a third term and sound like it will delve into all of that in tonight's loose change are central banks you could call it but first your closing market numbers. and it's. watching. and saying. and waiting for you. to stumble. i saw a man with a video camera so i moved over and he followed me as i was up with you know we realized they were following everyone from early in the morning. the only chance to get rid of him. is to reveal him and. me double operation on archie. leach. what. was up. with the i'm up. to. the i'm. really a. welcome back we're talking about how and where and when and why the u.s. is now spending will come to an end there will be a day of reckoning we're going to simon in a hail of it i shouldn't be laughing there's nothing funny about it's actually very serious but i don't know if we did laugh maybe we cry so let's bring back in simon mchale of edgecombe managing member of i.d.'s as c

say you know i think this whole thing that i created need to be unwound which brings me to alan greenspan and what you've been saying to me just let me get to this for a second it's my turn list look at what he tweeted so alan greenspan he was the committee. to save the world according to time many years ago and he really coddled the financial industry and was an advocate of deregulation and now look what he is out saying he's been saying this before but look at what someone tweeted that he said at a recent speech he said that greenspan now speaking out against too big to fail banks says biggest hindrance to higher productivity and growth is misuse of savings at big banks so what do you know there's always a now you can pull the lever and say i take it back that is where we will leave you because we're out of time sorry to me true colors because you have the resurrection is the mixed up or there's the last supper you can always unbroke all right and we can always come back tomorrow so can you in the meantime you can follow me on twitter at lauren lyster you can like our facebook page ther

>> i believe greenspan greenspan, bernanke part of housing, now he tries to correct the bond bubble which is the biggest. creating trillions of dollars to buy the blige interfering with the biggest market in the long term. and the day when the market decides we will not listen. gerri: gerry? gerry? [lghter] gerry? i just want to ask you the question you brought up the bond bubble. pc and individual investors buying the blinder directly. what would you say? >> parents had a great article between 50 and 70% that is the definition of a bubble to get yield you just have to realize what you get into. i am buying 23 year bonded duration if we do get a bad market this 78 or 9% will turn to dust quickly. gerri: it is dangerous. >> and it is caused by the fed corporations are issuing bond at ridiculous leave the yields investors will lose money because of it. gerri: we will send you a picture as mr. bubble. thank you for coming. we will be right back with a question of the he. gerri: some europeans must be beaming with pride after the european union won the nobel peace prize, there are skeptics sa

put it the regulator in church it wouldn't prosecute let me jump in for a second to mention alan greenspan and of course he got rid of brooksley born over to see you have to see now you're saying that sheila barrett f.d.i.c she was basically forced to walk the plank and geiger is behind it all the mac to valley and master and the result is a crime in a genic criminal enterprise and watch geiger he leaves where he goes well of course he's going to go to wall street somewhere to make a killing on all of his contacts the insider trading but the economic theory that is used to justify this crime spree comes under two had ngs there's the trickle down economics there's milton friedman monetarism or there's keynesian deficit spending and but they've tried both of those you've got record deficit spending and record monetary stimulus but the economy is still contracting why is that is just because the criminals of completely taken over and we should look at any economic theory any more dr michael hudson because it's not about economics anymore it's about rape and pillage what you're quite right max

understanding there was in germany of actually where their gold supplies were germany german people alan greenspan and ben bernanke why you know you're valuable gold for us treasury bonds and us dollars that are entirely worthless. don't do it german people hold of. gold value the u.s. dollar value it's the currency hold on to german people. so as you saw from that video there was nobody there in the audience in the middle in the heart of frankfurt and today however look at the headline max german court demands buddhist bank audit sovereign gold holdings so the german court of auditor's the. cough has demanded that the bundesbank undertake an audit of its gold reserves in an audit the fed style effort the court wants to ensure that the nearly three thousand four hundred tons of gold is in fact in existence because stocks have never been checked. for authenticity or wait that's according to the bundesbank what they told the corps is they've never felt it necessary to actually audit the gold even check that it's there because they trust the bank of england the us federal reserve bank of new york and

lain here so when we were there in germany at the booking to spank we did mention a quote from alan greenspan regarding balance bottom i.e. selling half of britain's gold supply he said that it was a basically i'm paraphrasing that it was a stupid idea because in extremis as germany learned during world war two is that the only currency you can use always is gold so it was dumb to get rid of it and this is one of the things why we said all individuals should own gold or silver in this currency war time because i am epic plan to conjure away debt and dethrone bankers so there is a magic wand after all a revolutionary paper by the international monetary fund claims that one can eliminate the net public debt of the us at a stroke and by implication do the same for britain germany italy or japan the conjuring trick is to replace our system of private bank created money roughly ninety seven percent of the money supply was state created money we returned to the historical norm before charles the second placed control of the money supply in private hands with the english frequented act of sixteen si

and well bernanke was not as bad in that way as greenspan. he makes things very similar. after the bubble broke, people asked him are you worried. he said oh, no, no. financial markets will contain the risk so they really believed that financial markets worked the way they did in those textbook models with perfect information. you know, models that i had criticized in the work that lead to my nobel prize. they said this is not real economies. real economies are marked by imperfection of information, unfortunately too many people in the financial markets didn't learn those basic economics of understanding how markets don't always work as well as they do in those simplistic textbook models. >> are we looking at a new normal as some people like to say, so that it will be a while, if ever, that we get back to the levels of unemployment and the 5 or 6% and the level of gdp growth that we had assumed at an earlier time? >> i don't like that vocabulary. because it is a vocabulary that says dns -- >> the new normal vocabulary. >> i don't like the new normal vocabulary because it

alan greenspan would go over the cliff.lan greenspan said let the tax revenues go up. >> if washington is giving us a binary choice, trillion deficits or to have tax increase and spending reductions i would go over the fiscal cliff. >> larry i want to be more optimistic. michael let out a nice scenario. if we get growth next year, some pro growth policies put in place in the animal spirits of the specter come back it will come down. most of the deterioration has been due to lack of revenue growth. >> can i ask you a question, joe. where is the growth going to come from? come from the federal reserve? >> no. >> the growth will come from consumer spending where there's tremendous pent up demand, continued growth in housing and business. capital stock, the capital stock of the united states has really been absolutely crushed the last few years. there's been no growth. companies need to reinvest but they had a lot of reasons not to. you can get very broad based growth with the right -- >> i want to take pinto's side. capital go

. >> i remember theiscussion with alan greenspan. >> dave: what year did you do bueller. >> 1985. >>he economy slod down -- >> here's my point, that was a stock event, an equity event. what we have now, with the bubble, in bonds and particarly in treasuries and how dangerously expensive they are and what could happen is much more grave, potentially because we're $16 trillion in debt. >> neil: that raises a very -- that is where it comes into play, how it could be different, this go-around. it would be an outside catalyst maybe in washington, and the gig is up, so to speak, that the -- that hits everyone at the same time, and i don't know if it is a fiscal cliff or whatever, what do you say. >> listen, i agree that very, very low interest rates, they are unjustified. i also agree it is a real problem and the problem, scary thing is that it will hang around for the next fiv or ten years and a l of older americans whare invested in treasuries are actually going to miss out on income, they should be moving out of those gently, into better investments. and, tha is actually... >> neil: lik

you can't solve the problem that greenspan gave us by keeping interest rates too low to too long by aclower than before, run the print presses forever and why isn't the confidence coming back and not working? >> the republican platform has a gold commission in the platform and i reckon if romney wins he would follow through on that. you served on one of those years ago. would you serve on another one? >> oh, sure. i would try to contribute as much as i could. sometimes -- and you recall the gold commission of the early 1980s and there were 17 of us, 15 were anti-gold and pro fed and from treasury and from the fed. so it's who gets appointed. if it's just sort of a cover-up and say oh, yeah, we talked about gold again and sound money and there is a lot more talk right now about, you know, tying our dollar to gold, but they might just use it as a cover-up. i mean we really have to be serious about it. i will do my very best if anybody is interested in my opinions about it, i would do my very best to contribute the best i could to obeying the constitution and make our dollar as good as go

greenspan couldn't figure it out. he did not look at the historical reality. he called it the conundrum. he was unable to grasp the reality of our historical moment. it was in part due to the failure that systematic errors were made that led to the melt down in the housing markets; right? inadequate response, policy to what was really a change in financial markets in the world. in the next 20-30 years, 3 billion people join the economy, a transformation ten times what we saw from china's change, ten times what happened in japan. now, if 3 billion people are suddenly given cognitive freedom, suddenly not thinking just moment to moment, day to day, but are creators, collaborators, are new contributors; right? yes, consumers as well. people, human beings are not just consumers. they are producers. that's what this is about. it's all the possibilities that are created when that happens. i'm not the only person telling that sorry. well, professor, who is one of the entrepreneurs you profile? >> guest: talking about global trends, and there's an inevidentability to

default swaps and got squashed by that bipartisan coalition of the clinton administration and alan greenspan and phil gramm said that as soon as the f.s.a. got created that leaders the senior leadership of the f.s.a. began coming to the united states to industry conferences and saying you should leave america and do your deals and locate relocate in the city of london because we will give you weaker regulation and then a guy that have been with the securities and exchange commission for many many years said that's exactly what happened on initial public offerings i.p.o.'s that the city of london officials began coming to the united states to the trade meetings and say do your i.p.o.'s in the city of london instead of wall street because we will. look the other way while you do this and so i'd only make what might are you know thinking about your point of course the labor party finance issues is not a party that is remotely of the left it is was a party of what would be an us terms the extreme right the lib dems were every bit as bad as the conservatives of anything are worse and so there has

there was in germany of actually where their gold supplies were germany german people i say alan greenspan and ben bernanke the well you know your valuable gold for us treasury bonds and us dollars that are entirely worthless. don't do it german people hold on to your grown. value the u.s. dollar value it's the devil's currency hold on to german people.