so what greenspan is saying is that while those long term rates on the long term bond like the thirty year bond are unsustainable they're too low and then he doesn't really give any more explanation to it he just says they're unsustainable and he doesn't go into let's say a policy that may have been misguided or some school of economics that you need to quote to give perspective an insight into exactly why interest rates might not be sustainable at these low low levels why because the reason why interest rates are so low is because alan greenspan's buddies there at various central banks have been buying or monetizing those bonds that debt to keep the zombie banks from having to declare a solid c. even though h.s.b.c. j.p. morgan goldman sachs citigroup b. and b. are technically insolvent because their balance sheets more debt than they could ever possibly pay interest on or make good on. nevertheless they are engaged in this massive fraud now there are many people we've had on our show for the last five six years that have said this is the end of the bond market bond market is going t

of the mind of alan greenspan i don't know if you can really see this but it's something that i whipped up and stacey it does relate to our first story as i understand it looks like some stag sites or what do they call this things that hang from those. i think the ones that come up from the cave floor the stigmata well that's the blood that came out of jesus during the crucifixion i'm not sure the hardening of his mind did the singleminded well greenspan is back and he still speaking fed speak and a little bit less so because you could understand a little bit better and that is greenspan sees no stock excess warns of bond market bubble by any measure real long term interest rates are much too low and therefore unsustainable the former federal reserve chairman who is ninety one said in an interview when they move higher they're likely to move reasonably fast we are experiencing a bubble not in stock prices but in bond prices this is not discounted and the market place because you know a lot of he i think he's responding to the fact that many people are saying stock markets are in a bubbl

i'm looking at alan greenspan coul . i feel he's having a flashback.s talking about stagflation the other day. that's when you have week economic activity and high inflation. we have the opposite of strong economic activity and lowflation. in the future, real yields on risk-free assets -- i don't think they should necessarily be positive. priya: i agree with you entirely. the 10 year question depends a lot on inflation. absolutely these prices are mispriced, but i'm not so sure with technology and the good economy that these bonds are becoming larger and larger and the share of the labor is declining. i'm not sure inflation is really about to take off. jonathan: the story of a bond bubble of the idea that argentina could come to the market and issue a century bond at a decent yield and iraq has offered it seven times oversubscribed. when people comes to you with those issues, what do you say to them about your own thoughts? nick: i think there's massive complacency in the market place . we have insatiable yield and lots of uncertainties and people are

story, butis a great essentially alan greenspan has been saying this for a long time. why should we suddenly taken seriously now? >> i think we have a little bit of time before they actually jump, the yields. there are so many factors that are permanently depressing yields at this point. don't forget about low inflation. we are not going to see much pickup in inflation, just beca use of the composition of inflation. wage pressures are not there. we don't see that much of a pickup in core inflation because of that. i don't see any reason to be too much concerned at this point. out that theints real driver of fx trends is real yield. i the bottom of the monthly range, you have in places like capital, australia, japan, the united kingdom. they've risen a bit.even in the u.s. they haven't. >> is an interesting point and it's worth watching what's happening in the global landscape, say the ecb and mario know, he's going to speak at jackson hole this year. whether he's going to signal easing in policy, that's probably going to drive markets to a large extent. oliver: i think

to talk about i want to hit all of them i want to i want to start first with your mention of how greenspan seems to be changing its tune from when he used to be chairman to now in his retiring years do you think he's saying that the fed should step in with this bond bubble. you know he i suspect that he does have that as part of his agenda because he doesn't make he's a very political animal he always has been and he does. you make those kinds of statements lightly i think also if you look at his own tenure at the head of the federal reserve what he probably has in the back of his mind was we did have a bond market bubble in the european bond markets in the in the early one nine hundred ninety s. this is before we had the own and you still had individual national currencies and this was one of the first instances we had of hedge funds engaging in carry trade they took they took advantage of low rates leveraged up not to the same degree they do now and they bought bonds on a leverage basis in a lot of these european countries sweden norway france germany but the problem is that the trades g

greenspan says don't worry about the equity market.ocus on the potential for a bond market bold. market research to low, unsustainable and when we experience a bubble, it is in bond prices. what you think of his call? ,> i think they are too elite not greenspan and the bubble, but the valuation on equities. and the level of long-term interest rates in government bond markets. the fed reduces the balance sheet and it allows long-term interest rates in the u.s. to go up. eventually, it will pose a problem for equity markets. that would actually put the skids on any further monetary tightening from the fed. it is difficult. many markets are trading as if they -- we have a zombie economy , one where corporate stone go out to achieve growth plans -- don't go out to take new dynamic edgers to generate earnings. they are more interested in buying back equity to increase returns to shareholders. anna: what does the bubble look like? what does in the -- an unwinding of the current bond market look like? 3% by the end of this year in u.s. 10 yea

mark: alan greenspan it, we had one guest disagree with him.e said don't look at stocks, look at bonds. everyone is going to be hit. >> i half agree with alan greenspan. there is no bubble. returns are going to be low. there is no level in bonds. we cover the industry and the hedge fund industry. hardly anyone i know was long bond or it -- bond. he is go to the states, virtually the only one who is an long bonds. you see people short ons. there are non-price-sensitive buyers, pension funds and insurance companies, there is not a bubble at all. what i do agree with alan greenspan is returns are likely to be low from government bonds. 22,000, it could happen very soon. calculations. this whatng to derail seems to be never ending bull market in the u.s. western mark >> we have another correction. it it could come from anywhere. what indicators do you look for? you don't look for low volume. everyone is looking at nine the next. that's a terrible idea. wealth damage, if you do the math, low volume means you should stay long equity. if you look at e

printed this is a representation based on my big data dive of the mind of alan greenspan i don't know if you can really see this but it's something that i whipped up and stacey it does relate to our first story as i understand it looks like some stag sites or what do they call this things that hang from those. i think the ones that come up from the cave floor the stigmata well that's the blood that came out of jesus during the crucifixion i'm not sure the hardening of his mind did the single minded well greenspan is back and he still speaking fed speak and a little bit less overt.

it comes from the former fed chairman, alan greenspan.he says "the real problem is when the bond market bubble collapses, long-term interest rates will rise. we are moving into a different phase of the economy -- to a s since the not seen 1970's. that is not good for asset prices." this?is there a truth in fear and bond of markets the crash, if you saw slot -- that sort of correction, it would lead to a sharp person in stock prices as well. there is his argument that during qe, you see bond prices and equity prices moving together. so it stands to logic. emphasize in terms outcome,flation frankly, there is hardly any inflation to be seen globally. this may be something which is a threat further into the future. i do -- i am not sure if it is a threat for here and today. francine: and there seems to be a consensus that there will be lower rates for longer that will persist. of people, including greenspan, say they will break higher quickly as normalization starts. where do you see the 10 year yield? looking at 250 moving day averages? mark

he is the president of greenspan associates and mr.man, thank you so much for being here. >> good morning. good morning, becky. >> good morning. tell us what concerns you when you look at the bond markets right now? >> well, if you go back to the time of alexander hamilton, long-term interest rates, government bond interest rates, have never been as low as they are today. and interest rates have no long-term trend. we go back in to ancient times, and when we could get interest rates, it looks very much like what we have today so the current level of interest rates is abnormally low. and there's only one direction in which they can go and when they start it will be rather rapid. >> you predicting a timing on this people think back to irrational exuberance and get very worried. when you first talked about irrational exuberance with the stock market evaluations it took awhile before the market caught up to that and followed suit >> i have no time frame on the forecast i have a chart which goes back to 1800. and i can tell you that this pa

jonathan: greenspan is wrong?n but the other side of the equation is you are justifying a lot of equity valuations on the back of low interest rates and of interest rate or what, can you said that equity valuations are where they should be? it is not an either or, the could be an and. david: what howard marx was saying, do not get out of the market but the prudent. protect yourself. are the particular places where people are making bad decisions, bonds are equities? when you have too much money come you cannot to discipline of making good decisions. >> this feeds back into where else do you put your money, everyone is being questioned to risk assets and which risk assets are riskier than it should be becomes a question of, if interest rates move, you have the tension between high-yield an investment grade. if you look at the stock market, he had big stocks making he's mitts and a big component of the return so far. there has been a positive spiral because when you have those stocks, the the people you you have to

greenspan leaves in 2006, bernanke takes over. it's not like there's a shift in policy it was steady eddie smooth going i don't think whether it's gary cone or anybody else that replaces janet yellen, assuming she doesn't serve another term, i don't believe in the rhetoric that the whole institution is going to be changing from a policy standpoint. you know, obviously from a regulatory standpoint there are already changes underway from a policy standpoint, i don't think anybody will be changing i think for today what is important is how the markets are positioned futures are priced 40% of the way for the fed to raise rates by the end of the year the fed collectively has been seeing otherwise if janet yellen wants to nudge the markets towards the view that the fed is not being swayed and that they still want to raise rates again, this will be the opportunity to do it >> if she does start to nudge the market in that direction what do you think we'll see in terms of equities? >> i think that the yield curve probably goes through a te

we talk about the former president of the federal reserve, alan greenspan.ack in 1999, he was facing the same series of issues. i wonder where the debate is. down.al consumption is the risk is just greenspan went into a major hike mode. i am not saying that is where we go but our is the fed should stick to plan and keep raising rates. do you buy that argument? ben: i do buy that they should keep raising rates. market has it about right that we are looking at a single rate hike over the course of the next 12 months. the balance sheets will be reinvesting coupons. i don't think the balance of the fed needs to see the white of the eyes of inflation and it is not there. really write compelling reasons that we think innovation to come to the u.s. ex line i don't think there is going to be a gain. anna: talking about whether the ecb is concerned about the strength of the euro. we got a story talking about other central banks that could express concern. they are not all going but to some central bankers can's -- anchors could express concern. it here concerns about

greenspan has not considered that. that's why he's wrong. >> mark, i think we're now getting to the point where the u.s. central bank is expected to start reining in its balance sheet ever so slightly in the next few months, maybe but your point has been, it doesn't matter what the u.s. central bank does at this point. all of these other banks are going to keep injecting liquidity. so it's going to be a long time before we see this big monster pot of money beginning ing tni diminish the fed has talked about like $300 million and it's compared to 15 trillion, and remember the banks are making money on money. so the money keeps on growing, growing. the swiss are, in the japanese in, buying equities, etfs. the central banks are monetizing the assets of the world. and that's what's happening. and no one really seems to understand it, that's my opinion about why things are the way they are right now >> kevin what do you think >> mark, i have a question given your opinion regarding ratings you're basically making a very bear

we heard what greenspan said this morning. certainly there is a lot of euphoria around. maybe you get short-term selling. i think people should use that as a buying opportunity. that's very healthy and markets because it basically actually, sellers move from the weak holders to the strong holders in that rotation. the interesting thing, rotation has been coming from tech stocks to value stocks for some while. short term i'm sure we are going to get some weakness. it's earnings and the direction of those earnings that will underpin the markets. any weakness we foresee which is short-term that we think you should be u.s. -- using this as a buying opportunity. vonnie: where are you looking outside of the united kingdom and europe? >> the emerging markets, china is continuing to look interesting. if you look at emerging markets, they are up 25% this year against the s&p, which is up 12. that's almost double. we continue to look at emerging markets because the dollar will continue to be stable, but it's not going to be strong. even though oil prices recovered to over $50, the

manufacturing making a comeback and stocks at record highs so why is former fed chairman alan greenspan now sounding an alarm? plus, move over all you fancy hedge fund managers, oprah winfrey is a better investor than you we'll tell you about the incredible amount of money she is making on weight watchers. >>> a flashlight company that has been making its money here at home since disco ruled the air waves. it's time to start dancing in the streets because the friday edition of ""power lunch"" is here right now ♪ ♪ >>> welcome to "power lunch. i'm melissa lee. on the back of the jobs report the dow hit another all-time high at the open the major averages are fairing up a fraction of a percent and holding onto the record highs here dow 22,063 22 points off the record highs the s&p is up by 3 nasdaq up by 7.5 some big names bucking the bullish trends, teva getting crushed down about 10% mylan and perrigo drifting down as well. viacom, sponge bob square pantless, we'll dig into the pineapple under the sea coming up minutes ago, shares of blue apron falling to their lows on the session sayin

it came up during alan greenspan's tenure and the question was, during the bubbles, was whether they the fed has generally taken the position that it is not in the business of trying to control asset market values. it sees its job as inflation and employment, and allowing the asset markets to take ca re of allowing the asset markets to take care of themselves. undoubtedly people at the fed are thinking about this. as well as interest rates are very low, and inspected to remain low for a long time, including long—term interest rates, that contributes to high asset prices, because the alternative of returns from bonds is so low. what about elsewhere in the world? are we not now in an era where monitor policy is going to be tightening in interest rates are going to be going 7 interest rates are going to be going hey interest rates are going to be going re interest rates are going to be going hey are going interest rates are going to be going ' to interest rates are going to be going up? they are going to be going up in europe and asia. europe is a bit behind the us in terms of the eleme

greenspan was right about there being a bond bubble but not one in stocks. the market is not excessively expensive, though it's not exactly cheap. bear in mind, this comes on the heels of cautious commentary from the likes of howard marks and robert shuller and the ten-year today is at 225 >> right. >> what do you make of that kind of commentary. >> i agree completely. it's the same exact commentary you could have had a year ago and we're seeing the first time double-digit earnings growth and it deserves to be where it is today compared to where it was a year ago or two years ago. the bond market is in a bubble it's been in a bubble for a while. it was at 3% a year and a half ago. but the bubble won't burst because we still have inflation. it's very much contained both here and in europe so with that inflation running rampant, that's why the fed and central bank in the ecb would tighten rates. you don't see a typical sign of it having said that, we're at 4.4% in unemployment and we have, you know, this shadow book of people out of the workforce don't know wh

hoof in village of greenspan gr, new york. >> i started saw. >> this boat is a one of a kind in country, known as sump boat, the founder is entertaining, he is a mission to clear out more than a thousand dangerous sumps that boaters and -- stumps that boaters and swimmers cannot see. >> if you fell on this or hit it with your boat, even though it not big it would be a bad day. >> greenwood lake commissioner secured more than $84,000 from new jersey department of the environmental pro tiks t tikdz t this -- protection to get this process underway. >> we reduced 2000 stumps further south of hire here and t 1200. they are very dangerous, water goes up and down you can't see them. >> greenwood lake is source of water for 3 million residents he said this job is one of the most challenging, i would love to her your thought, have you heard of stump boat, you can tweet me. or chase the show. >> i am meteorologist dan with a like at your forecast, but first let's talk about today. hopefully you got to soak in sunshine, temperatures into 80s, a nice quiet summer evening, we will bottom out in mid

ask about the to greenspan story.t is leaping to the top of our most red list on the bloomberg and former federal reserve chairman saying not only is he worried about a bond market bubble, but that it is not discounted in the marketplace. a couple of people have been saying this, but does it hold more weight when the maestro comes out with these kind of statements? ,ark: i'm not sure respectfully, he doesn't have a great record of identifying bubbles in advance. i would say implies -- sympathize that bond markets on historical metrics, it is where the real bubble is. we are away on stocks as he suggested. this is something we talked about on the mliv log. our view is that neither are in bubble territory. and you consider the liquidity in the system. if you account historical metrics, both look in bubble territory. but historic metrics don't take into account the massive acceleration in central bank balance sheets that we have seen over the last decade and that has changed everything. on top of that, equities are hard

former fed chair alan greenspan says there's a bubble, but not in equities. it's in bonds.ers the silent treatment. we begin with a big issue. a solid jobs report in the united states. >> this is a very fine report.

greenspan doesn't really seem to understand that the point of having a central bank is to try to mitigate the risks of these shares are the swings in interest rates in other words interest rates been at through financial repression and they can look to stomp on google there's a term for it when the central banks are financially trust the economy they're stealing from savers that's the definition of a. typical. opening up and. in the. house he will be useful so please will be talking to. me if you believe. that a lot of what i think about comedy is good but i'm about the same as art but when i was up the money into. giving him a load of my money how much. to evaluate them. i want to know because of the fallout from what you made the. other people moved up on was on the. so. relatives of russian families that left to join us by mcstay to have contact artsy after they recognize some of the children the film crew and. a brutal government crackdown on a shia town in saudi arabia is turning more despair to rubble we hear from locals who ask us to disguise their voices over saying to themselves

labor is not increasing it so wages we've discussed before in this show greenspan theory of why lever is not producing it's wages and it's because the workers can't afford to go on strike if they don't have enough savings and they're one paycheck away from a missing a credit card payment or a mortgage payment that's really the problem the stock market is going up for completely different reasons that have very little to do with the economy in large oh really financial engineering not industrial engineering or not really something social about right way bring up an interesting point there about debt so an average worker would go into debt to buy a wasting gas set like a house or car whereas a wall street financier will go into debt to buy him a day but irani a cost a shot so it's what you'll end things that go up in value so they're getting a leverage on their debt and the average worker is getting hammered by their debt and this interest rate apartheid is where we see the enormous cleaved in american society michel well the workers think about how this has been a waste in usa for year

waiting for jackson hole, is this the same period of time that janet yellen is facing as greenspan did1999. they like their earnings, they like what they see. set for a slightly better open. nejra cehic can bring us up to speed. morning, i am starting with the gilt market open. we saw the 10-year treasury yield lows is close -- lowest close in june yesterday. it looks like the 10-year gilts yield is following somewhat here. are on theere we gilt killed at the open. it looks like we're edging higher on that. if we move on to the stoxx 600 at how the industry groups are shaping up. the benchmark higher by some .2%. european and asian shop -- stocks shrugging off losses in the u.s. yesterday. material stock outperforming, we're seeing -- on the front foot following closely behind most industry groups in the on the stoxx 600 at the open. sterling, a third day of decline for cable and this chart is showing pound net short. we're basically seeing the sincet stretch of shorts 2010. -- extending short positions on the pound to 21 months. we talked about sterling weakness and the impact to the

probably the reason that he's a composer now we've got greenspan, jim, with comments saying stagflation is about to emerge to a level not seen since the 1970s, exiting period of stagnant growth will mean not an acceleration of growth but higher prices. >> i'm let down by that. one thing we don't have is inflation. that's been the fed's biggest problem. i do think amazon increased a level of deflation that's rather extraordinary, as has the sprint versus verizon versus att. >> versus t-mobile. >> i'm talking about major bills. natural gas -- incredible low, that's heating even though it's 108 degrees today in oregon. >> record-breaking temperatures in the pacific northwest. >> did you see had an? people are frying eggs on the sidewalk, not the burner toast. >> i don't think that's particularly healthy to eat your egg off the sidewalk. >> portland is so clean. >> you don't buy greenspan's caution on a bond bubble >> no. >> you don't buy howard marks saying it's time to increase our reduced risk in investments? >> look, it's never a great time people want to get ahead of september, which i

greenspan doesn't really seem to understand the point of having a central bank is to try to mitigate the risks of these are the swings in interest rates in other words interest rates ben and. through financial repression and. there's a term for it when the central banks are financially repressed the economy savers that's the definition. of it. and. this is. the. idea. that a lot of i think about. what i'm about the same as our. money into. my money. so. much of you me. other people whose life was on the. headlines. a brutal government crackdown on a shia town in saudi arabia. here on the program we hear. voices. of. north korea. nuclear threats we met with fury. of war crimes for. residency rides and.

after alan greenspan, that was ben bernanke is idea to lower attention to the fed.ause the economy evolves over time. if you go back to the track record and the best predictor is how people did in the past, you can do no better than janet yellen. as we get ready for the jobs numbers, you bring another factor into this which is the employment diffusion index. explain to us why you think this is important. >> i'm trying to make payroll friday a little less monday. mundane. in -- the unemployment rate is probably moving lower. the employment diffusion index of jobs the breadth creation in the economy and this is an important cyclical indicator. this is across the eight year mark of the cycle and that's leading a lot of folks to say the next recession cannot be too far off. cycles against measuring using the calendar and instead opening the horse's and looking at economic fundamentals whether it's low inflation, a lack of wage pressure, low interest rates. even the composition of growth tells us we are still in the early to middle stages of the cycle. the other way of l

also on the ground, wearing glasses, is alan greenspan. he was fresh from the inner circles of ayn rand. and he was the chair of the ford council of economic advisers. henry kissinger is between them. he didn't do much when it comes to the fiscal crisis, but he was an important person. also was donald rumsfeld was at that ford's chief of staff. point, mayor beam, working with the governor of new york state , was to go and seek additional id from washington, d.c. in recent years, the federal government had provided financial assistance for certain corporations such as the defense contractor, lockheed, when they were facing problems. perhaps they reckoned it would work for new york as well. but beam and kerry did not find a friendly audience. donald rumsfeld was not induced, he said it would be a disaster. first, new york would delay cleaning up their mess, and second for the president -- theedent it would set president wrote in my view the request is outrageous. alan greenspan said their wares no cuts for personal responsibility. must do ri

a former fed chief, alan greenspan, was on squawk earlier today. and over the last couple of days, he talked about a bond bubble i want to get your reaction to what he said this morning. the current level of interest rates is abnormally low and there's only one direction in which they can go. and when they start, it will be rather rapid what happens if that happens to the bond market. >> firstly, we have to look at what that catalyst will be people have been petting against bonds for the last five years, thinking we were in a bond bubble and that keeps getting more and more expensive by traditional metrics. >> i think we have to look at bonds relative to economic growth, relative to a lower potential gdp growth going forward, as well as relative to where inflation is and yes, the hourly earnings ticked up, we're at 2.5%, but we're not going anywhere fast in terms of other inflation or wage growth and i think that means that this low bond environment can be sustained -- >> you're suggesting -- you're talking yields, obviously. >> yeah, yield >> but

greenspan doesn't really seem to understand that the point of having a central bank is to try to mitigate the risks of these are the swings in interest rates in other words interest rates been through financial repression and they can look this up on google there's a term for it when the central banks are financially repressed the economy stealing from savers that's the definition of. eight hundred fifty children are now registered where she to be center. idea but to now i'm down but it was not a i don't think so doubts about you once again i was sort of humble so much on the correct side is that it says a lot to do what i want to do was get my one hundred seven job was out of a job of us got to think i might have just made most of them down when those six seconds. so you still can be good thing for me or about me is that is a big one but if that are what they say it's almost as if getting it i mean personally i'm a out in my mind exert myself submit to it was good but was immediately made us all still of the view that funny number that i don't deserve is a pretty.

greenspan doesn't really seem to understand that the point of having a central bank is to try to mitigate the risks of these huge swings in interest rates in other words interest rates been through financial repression and they can look this up on google there's a term for it when the central banks are financially repressed the economy is stealing from savers that's the definition. of as you know my point i wanted to. get. there so you'll know i lost his boss because. then people. showing us you know you're not. you know just i mean what almost what it i'm already what it was but. i mean. if it up as well i must. get off on getting worse but those were the old. my bad and we've got a bomb i just bought that already and yes it will be and he thought a good thing of it. greetings and sell you taishan it's august ninth has become an important date in the people's history of the united states my watchers because three years ago on august ninth teenager michael brown jr was tragically shot and killed in the streets by then ferguson missouri police officer darren wilson and the humid dog days o

greenspan doesn't really seem to understand that the point of having a central bank is to try to mitigate the risks of these are the swings in interest rates in other words interest rates been through financial repression and they can look this up on google there's a term for it when the central bank. thanks are financially repressed the economy they're stealing from savers that's the definition. here's what people have been saying about rejected in the us it actually does pull along on the only show i go out of my way to loan you know what it is that really packs a punch oh yeah it is the john oliver of r t america is doing the same we are apparently better than the blue things that we see people you've never heard of low down for the night and i'm president of the world bank so very soon the world and a seriously send us an e-mail. i'm cmon del rosario and you're watching boom box unplugged a special episode taking a closer look at how digital and streaming media are pushing out more traditional ports and these are the headlines dominating the media landscape does need to pull movies fr

it is not like greenspan was mr. consensus.int out that the chairmanship -- you are really the first among equals. be the most might prominent, but you definitely -- in the past year we have seen consensus throughout. consensus is important. joe: you never hear anything bad about gary. there is so much bad stuff said in the press and the leaks and everyone backstabbing each other. crew doese breitbart not like gary cohn, but for the most part you don't see that stuff about him. that ifould say if there is one moment gary would like to have back, it is not a moment like scaramucci where he was caught cursing loudly in front of a journalist. i think that moment would be when he was one of the two people along with steven mnuchin, another goldman sachs executive, who is going to unveil this big tex plan. it felt like a monumental moment. health care is difficult, but tax reform seems like it could happen. gary and stephen came forward with this tax plan, and it was this one-page -- not much there. people were disappointed that hef

said there was a similar backdrop for alan greenspan back in 1999., she to to decide how much weight give each issue as she tries to keep the economic expansion back on track. jonathan, when you look at janet yellen and mario draghi, are we expecting too much from jackson hole? i know it is important and draghi gave a big speech in 2014, but we don't know where we are yet, do we? >> i think we know where we are heading. we are heading towards the federal reserve reducing their balance sheet and ecb tapering purchases. the question is, how much they can hint to that in what they are saying in the next couple days. janet yellen, having just had president trump saying he is prepared to take the u.s. to a ceiling to the wire makes it difficult for the next fomc meeting. that makes it hard for me. but overall, i think you will hear from mario draghi. you will want to say something that stops the euro goigng up, that hints at the tapering, but will highlight this big interest rate differential. you still have big interest rates in europe and that will cont

greenspan doesn't really seem to understand that the point of having a central bank is to try to mitigate the risks of these huge are the swings in interest rates in other words interest rates been through financial repression and they can look this up on google there's a term for it when the central banks are financially repressed the economy they're stealing from savers that's the definition of it. we all willingly accepted the risk of being shot wounded taken prisoner but noone signed up to be friggin poisoned by our own people that was nuclear biological and chemical products said do not truck tires all types of styrofoam will polystyrene these batteries trucks there was a complete denial i think at all levels of government that there was any connection between berm pits and what these brave soldiers were suffering from to compensate every soldier marine airman and sailor that was on the ground that are complaining about illnesses from exposure from burma pits would really literally send to be a pro and they don't want to pay it so the waiting decades a lot of those soldiers will die

greenspan doesn't really seem to understand that the point of having a central bank is to try to mitigate the risks of. the swings in interest rates in other words interest rates been through financial repression and they can look this up on google there's a term for it when the central banks are financially repressed the economy is stealing from savers that's the definition. because you no provision are going to. get. there so you'll hide away lost his boss because i just got the. resources you know. so i was you know what i was you're not. you know just i mean. i mean. yes it will be in the. same wrong. rules just don't hold. me. to shame. disdain comes to educate and indeed from an equals betrayal. when so many find themselves worlds apart we choose to look for common ground. in one thousand nine hundred five congress passed its own version of the fair labor standards act which establishes overtime pay minimum wages and employment standards for miners congress's version the congressional accountability act excluded a number of protections and defines those protected as quote any employ