inflation is inflation we wouldn't lie about the problems of jumping in france like it was a problem with the damage like a car away on a technocrat is that they keep these cars in silos they give a little piece of the puzzle to work on to justify that little piece of the puzzle they never see the big picture so so it is like a professional money manager or somebody who's a in the journalism you see the bigger picture and you see the results of having little siloed men little men in their silos doing little jobs coming up a little algorithmic formulas and all that up was the banality of evil is it human down to it's kind of a financial tell terry ism generated by little men with their little calculators in silos with no light from the sun well exactly somebody at the troika was focusing on unemployment numbers in ireland and the number looks better and better not counting the fact that all the youth the future possible wealth creators for ireland have fled the country sometimes at the behest of their own government so this article here about the calc anomic festival points out humili

inflation is inflation we wouldn't lie about the problems of jumping in france like it was a problem with the damage like a car away on a technocrat is that they keep these cars in silos they give a little piece of the puzzle to work on to justify that little piece of the puzzle they never see the big picture so so it is like a professional money manager or somebody who's in the journalism you see the bigger picture and you see the results of having little siloed men little men in their silos doing little jobs coming up with little algorithmic formulas when they add all that up is the banality of evil is it you hand out with kind of a financial tell terry ism generated by little men with their little calculators in silos with no light from the sun well exactly somebody at the troika was focusing on unemployment numbers in ireland and the number of looks better better not counting the fact that all the youth the future possible wealth creators for ireland have fled the country sometimes at the behest of their own government so this article here about the calc anomic festival points ou

and price inflation now there's two answers to this one is that there actually is price inflation as you've done a brilliant video on you tube you can look it up it shows that if you actually look at the prices of stuff really at the cash register not how the government reports that inflation in the u.s. is running at nine percent not the two in the quarter or three percent that stated the other the other idea i want to bring up is and you touched on this before about employment because employment and wages are not going up there's no inflation there isn't there an inflation in fraud in other words they're printing all this money while simultaneously gaming the system and figuring out ways to channel the money that goes from the banks to the commercial banks and then it goes right into acid prices and it bypasses the general economy the real economy there's an inflation of fraud is not a way to look at it in some way you know you could call it you know they've never trickle down economics this is trickle down monetary policy right if you just print enough money and handed out to the

about inflation then rachel curtis is joins me to talk about a beastie battle one ben is having over there music it's in today's big deal but as we head to a quick break here's a look at some of today's closing numbers. i would read that as questions to people in positions of power instead of speaking on their behalf and that's why you can find my show larry king now right here on our t.v. question lol. the market like. this if you. like to have you with us here on our t.v. today i roll researcher. ninety years ago this month the great german inflation came to an end with the collapse of the market in one thousand nine hundred twenty three now as record numbers of people spend this black friday shopping fueling our money velocity well take a look back at what lessons we can learn from germany's past joining me now is richard evilly an economics professor at northwood university to discuss in the nation past and present hello richard thank you for being here with us today now i first want to start off by asking you in one of your recent articles you draw parallels between germany's gr

ninety years ago this month the great german inflation came to an end with the collapse of the market in one thousand nine hundred twenty three now as record numbers of people spend this black friday shopping fueling our money velocity well take a look back at what lessons we can learn from germany's past joining me now is richard evilly an economics professor at northwood university to discuss and lation past and present hello richard thank you for being here with us to us today now i first want to start off by asking you in one of your recent articles you draw parallels between germany's great inflation in the early one nine hundred and today's monetary policy here in the u.s. can you explain to us what you see is the greatest danger of such monetary policy. well the grid is danger is the one that has occurred historically whenever governments and fall of half of excessive monetary expansion that is the their economies are flooded with money the eventually the money percolate out to the population people in the society with more money in their pockets proceed to spend it to buy the

ninety years ago this month the great german inflation came to an end with the collapse of the market in one thousand nine hundred twenty three now as record numbers of people spend this black friday shopping fueling our money velocity well take a look back at what lessons we can learn from germany's past joining me now is richard eberling an economics professor at northwood university to discuss in the nation past and present hello richard thank you for being here with us to us today now i first want to start off by asking you in one of your recent articles you draw parallels between germany's great inflation in the early one nine hundred and today's monetary policy here in the u.s. can you explain to us what you see is the greatest danger of such monetary policy. well the grid is danger is the one that has occurred historically whenever governments and fall of path of excessive monetary expansion that is the their economies are flooded with money the eventually the money percolate out to the population people in the society with more money in their pockets proceed to spend it to buy

is positive it's because they're understanding that inflation number if they use yet. actually inflation number of stuff that people actually buy day to day food and energy it would be negative right now well they're counting the increase in debt they're just counting as g.d.p. at this point and from that first chart i showed you you saw that the debt credit is rising but it's doing nothing at all to nominal g.d.p. it's doing nothing more than just recap this for a second what we're saying here is that this is a rare situation in the u.s. economy and it's being replicated around the world that the debt is guy rocketing and it's not having any effect whatsoever on g.d.p. or inflation or wages there have been times in the past under a theory let's say keynesian theory let's say paul krugman for example paul krugman in the new york times believe five years ago that if you simply double or triple or quadruple the debt in america you get some g.d.p. growth he's been discredited he's been proven wrong he's been proven a charlatan whereas guys who don't follow that particular

it's very hard to see such strong inflation continuing. >> at least inflation came down more than weay. karen, stick around. more to come from you. just a reminder of what's on the agenda stateside, the australian federal budget is out at 2:00 p.m. eastern. macy's reports earnings before it is opening bell. after the close, we'll hear from cisco systems and the theme park operator sea world entertainment. we'll take a short break. still to come, we'll recap the headlines and we'll get into the exchange world. welcome back. how is everything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. >>> u.s. treasury secretary jack lew calls on china needs to be clearer with policy. the fed president of atlanta says the central bank could start tapering next month. >>> and the uk unem

high enough they can print money create some inflation get nominal g.d.p. on a sustainable path withdrawal policy replace nominal g.d.p. with real g.d.p. as i say this is what the equilibrium models would predict in this is what they rely on but in fact the world is not in equilibrium system it's a complex system and complex systems are characterized by sudden sharp changes what physicists call phase transitions where i think a more popular terminology would be a tipping point but you can push you can print and print in print right up to the point of collapse and suddenly confidence disappears so i think the policymakers take confidence for granted they're in the process of destroying confidence slowly at first and then very suddenly and by the way when i talk about the collapse of the international monetary system that's not meant to be a provocative statement the international monetary system actually has collapsed three times in the past hundred years it collapsed in one thousand nine hundred eighteen one nine hundred thirty nine and again in one nine hu

publication numerical inflation goals have helped increase policy in a number of countries. the fomc has clarified the federal reserve objectives and policy strategy. because of its dual mandate for the congress the federal reserve could not adopt a numerical inflation target as its exclusive goal. nor would it have been appropriate for the fomc to provide a fixed objective for some measure of employment or unemployment in parallel with the inflation objective. in contrast to inflation, which is determined by monetary policy in the longer run, the maximum level of employment that could be sustained over the longer run is to determine primarily by none monetary factors, such as dem graph irks, labor market institutions and advances in technology. moreover, as these factors involve, the maximum employment level may change overtime. consequently, it's beyond the power of a central bank to set a longer run target for employment, that is independent of the underlying structure of the economy. the approach on which the fomc agreed is described in a statement of longer run goals is

is positive it's because they're understanding that inflation number if they use the actual inflation number of stuff that people actually buy day to day food and energy it would be negative right now well the. increase in debt they're just counting as g.d.p. at this point and from that first chart i showed you you saw that the debt credit is rising but it's doing nothing at all to nominal g.d.p. it's doing nothing just recap this for a second what we're saying here is that this is a rare situation in the u.s. economy and it's being replicated around the world that the debt is guy rocketing and it's not having any effect whatsoever on g.d.p. or inflation or wages there have been times in the past under the theory let's say keynesian theory let's say paul krugman for example paul krugman in the new york times believe five years ago that if you simply double or triple or quadruple the debt in america you get some g.d.p. growth he's been discredited he's been proven wrong he's been proven a charlatan whereas guys who don't follow that particular school of thought have been proven correct

is high enough they can print money create some inflation get nominal g.d.p. on a sustainable path withdrawal policy replace nominal g.d.p. with real g.d.p. as i say this is what the equilibrium models would predict and this is what they rely on but in fact the world is not an equilibrium system it's a complex system and complex systems are characterized by sudden sharp changes what physicists call phase transitions where i think a more popular terminology would be a tipping point but you can push you can print and print and print right up to the point of collapse and suddenly confidence disappears so i think the policymakers take confidence for granted they're in the process of destroying confidence slowly at first and then very suddenly and by the way when i talk about the collapse of the international monetary system that's not meant to be a provocative statement the international monetary system actually has collapsed three times in the past hundred years it collapsed in one thousand nine hundred eighteen one nine hundred thirty nine and again in one thous

inflation is an attempt to try to inflate debt a way that's their intention but that's not happening in fact that's exacerbating the debt accumulation the more money they print they're not getting the inflation that they hoped they would get that would diminish the debt actually they're increasing the debt load the debt load is going ire both the nominal in real terms because g.d.p. as reporting out is also shrinking so debt as a percentage of g.d.p. is going higher debt in nominal terms is going higher debt is just keep going higher and higher and if it does stall speed there's no policies or saying there's no policy there's no monetary policy there's no fiscal policy that can be implemented that can rectify this fact that the engines on the plane at thirty thousand feet have stalled and now we're getting ready for heading down into a crash landing nothing can stop the crash land i mean more court and so it's going to take the bank of england belgium from fortunately it pounds the none trillion pounds in an attempt to keep the plane there's no way engines running at this point in th

high enough they can print money create some inflation get nominal g.d.p. on a sustainable path withdrawal policy replace nominal g.d.p. with real g.d.p. as i say this is what the equilibrium models would predict and this is what they rely on but in fact the world is not an equilibrium system it's a complex system and complex systems are characterized by sudden sharp changes what physicists call phase transitions where i think a more popular terminology would be a tipping point but you can push you can print and print and print right up to the point of collapse and suddenly confidence disappears so i think the policymakers take confidence for granted they're in the process of destroying confidence slowly at first and then very suddenly and by the way when i talk about the collapse of the international monetary system that's not meant to be a provocative statement the international monetary system actually has collapsed three times in the past hundred years it collapsed in one thousand nine hundred eighteen one nine hundred thirty nine and again in one nine

in quite the same way they use some different methodology but they claim that inflation is running at roughly two point eight percent which seems similarly mis stated yes i can't quite put the fink my finger on it because i don't have a drawn williams of shouted stats actually doing the grunt in terms of isolating the statistics out. but my experience and i guess you also your experiences of the last year or two prices have gone up considerably more than the two two and a half percent which the bank of england tells us is the case you know it's funny because in this country they talk about the cost of living going up at numbers that are bigger and higher than the inflation rate they don't seem to think that there's a connection between oh the cost of living is going up inflation is low it means that kind of financial illiteracy coming out of the chancellor's office and the prime minister's mouth is quite shocking in that nobody actually calls them on that but let's move on here for a second the trading of goal is remarkable because at the open they have encountered what they call stop

high enough they can print money create some inflation get nominal g.d.p. on a sustainable path withdrawal policy replace nominal g.d.p. with real g.d.p. as i say this is what the equilibrium models would predict and this is what they rely on but in fact the world is not an equilibrium system it's a complex system and complex systems are characterized by sudden sharp changes what physicists call phase transitions where i think a more popular terminology would be a tipping point but you can push you can print and print and print right up to the point of collapse and suddenly confidence disappears so i think the policymakers take confidence for granted they're in the process of destroying confidence slowly at first and then very suddenly and by the way when i talk about the collapse of the international monetary system that's not meant to be a provocative statement the international monetary system actually has collapsed three times in the past hundred years it collapsed in one thousand nine hundred eighteen one nine hundred thirty nine and again in one nine

is positive it's because they're understanding that inflation number if they use yet. actual inflation number of stuff that people actually buy day to day food and energy it would be negative right now well they're cutting the increase in debt they're just counting as g.d.p. at this point and from that first chart i showed you you saw that the debt credit is rising but it's doing nothing at all to nominal g.d.p. it's doing nothing well it just recap this for a second what we're saying here is that this is a rare situation in the u.s. economy and it's being replicated around the world that the debt is guy rocketing and it's not having any effect whatsoever on g.d.p. or inflation or wages there have been times in the past under a theory let's say keynesian theory let's say paul krugman for example paul krugman of the new york times believe five years ago that if you simply double or triple or quadruple the debt in america you get some g.d.p. growth he's been discredited he's been proven wrong he's been proven a charlatan whereas guys who don't follow that particular scho

is positive it's because they're understanding that inflation number if they use the actual inflation number of stuff that people actually buy day to day food and energy it would be negative right now well they're counting the increase in debt they're just counting as g.d.p. at this point and from that first chart i showed you you saw that the debt credit is rising but it's doing nothing at all to nominal g.d.p. it's doing nothing well it just recap this for a second what we're saying here is that this is a rare situation in the u.s. economy and it's being replicated around the world that the debt is guy rocketing and it's not having any effect whatsoever on g.d.p. or inflation or wages there have been times in the past under a theory let's say keynesian theory let's say paul krugman for example paul krugman in the new york times believe five years ago that if you simply double or triple or quadruple the debt america you'd get some g.d.p. growth has been discredited has been proven wrong he's been proven a charlatan whereas guys who don't follow that particular school of thought have

, the massive inflation.s when it gets out into circulation, and that might happen sometime next year. >> we'll see, because -- but what you're implying is those deposits get converted into loans, and it goes into the natural economy. keeping the rates at zero has proven in the past four years to be incapable. it's a terrible transition mechanism. you can't create loans if nobody wants them, so this policy might not be working, and it's broken, and it has worked for four years. i don't know it's imminent just because that pool is so big. liz: listen, we can't ignore bob's picks. the last time you were on the show you picked certainer corporation. it did extraordinarily well. up nearly 20 %. you're back with three more plays. okay. let's start with one that is widely held, very popular, and that's disney. why now at a time where people are a little concerned about say, for example, espn revenues that are coming in or not as quickly? >> well, liz, when you look at the fact that the sales for the s&p this year o

normally we would think low inflation slowing isn't a good thing yes normally it is but inflation has gone too although i'm not being interpreted as a sign that the economy in the day you are installing it again just always thought it was getting back going again they are trying now to help the economy by pushing more money. whatever money is left i look into the real economy by cutting interest rates to a quarter of one percent the lowest interest rate that the european central bank has ever said how's the policy rage on. remember they have only one that interest rate cut last before they are up zero point three zero the question becomes what can they do than to find help the european economy and that is a quest which is gonna start playing more more on people's mind but to their bases have been driven primarily by hot news and about the uses of inflation stolen too far to no one else will remember the ecb houses target is close to two percent that's put it like inflation to be its no zero point seven percent and it keeps going any further the fear that we might be towed to inflation

the central bankers say it's to promote exports for that's not true the real reason is to import inflation in the form of higher import prices you know the us is a net importer we import more than we export japan imports massive amounts of energy so for them a cheap currency means higher import prices that means inflation that's what the central banks really want now you previously said that you expected it to taper in

the official statistics inflation if you like on the on main street but if you look at john williams showed his stats figures which he uses the methodology pre nine hundred eighty to calculate what the inflation rate actually is in the states he comes up with to nine percent because i'm in for a second can you say the same thing about the u.k. because the u.k. there is no service like shadowstats they don't calculate c.p.i. in quite the same way they use some different methodology but they claim that inflation is running at roughly two point eight percent which seems similarly mis stated yes i can't quite put the fink my finger on it because i don't have a drawn williams of shouted stats actually doing the grunt in terms of isolating the statistics out but my experience and i guess you also your experiences of the last year or two prices have gone up considerably more than the two two and a half percent which the bank of england tells us is the case you know it's funny because in this country they talk about the cost of living going up at numbers that are bigger and higher than the i

where do you see inflation now? >> i think we got inflation globally and in the u.s. at close to record lows. i think it's very important to highlight that because low inflation is one thing that helps the fed separate tapering from rate guidance, low inflation is a key issue for when to raise rates. it's not the key issue when to begin the tapering. low inflation will be helpful and we expect it to stay in the low ones. >> bruce, chief economist at jp morgan choice. >>> bruce just talking about janet yellen and we have an update on the nomination to be the next chair of the federal reserve. republican senator, corker, one of yellen's -- as a member of the senate banking committee, corker says he will vote to support her nomination tomorrow sending her bit to the full senate. >>> onto the economy, retail sales were higher than expected in october despite that partial government shutdown. commerce department says overall sales rose by 4/10ths of 1% with americans spending more on automobiles, clothing and furniture and the so-called core sales talks out the volatile sp

the official statistics inflation if you like on the on main street but if you look at john williams shadowstats figures which he uses the methodology pre nine hundred eighty to calculate what the inflation rate actually is in the states he comes up with this one nine percent i'm going in for a second can you say the same thing about the u.k. because the u.k. there is a service like shadowstats they don't calculate c.p.i. in quite the same way they use some different methodology but they claim that inflation is running at roughly two point eight percent which seems similarly mis stated yes i can't quite put the fink my finger on it because i don't have a drawn williams of shouted stats actually doing the grunt in terms of isolating the statistics out. but my experience and i guess you also your experiences of the last year or two prices have gone up considerably more than the two two and a half percent which the bank of england tells us is the case you know it's funny because in this country they talk about the cost of living going up at numbers that are bigger and higher than the in

very low inflation.was in europe in the spring, and i gave some speeches over there. i was trying to get them to pay more attention to the low inflation rate and think about extraordinary policy actions they might take. the ecb has not been one to do qe or to do forward guidance. and it's only recently that they've come around. so this will be an important juncture for them. >> i was just seeing, you've got that -- and let's say china -- i don't know, things, maybe they're not growing as fast as we think they are. let's say the deflationary forces start to increase again so that -- you like being able to continue qe without worrying about inflation. but if we never get -- if we go years where if you wanted to, you have cover to stick with qe. because inflation stays low. would you stick with it? sounds like you're saying, you know, as long as we don't have to worry, why not do it? why not get some of the benefits, even if it's questionable as long as inflation is low. what if it stays low for another two

good inflation every time again the money printing side streets we've gone down i wondered to myself hopes may rise with the market but honey you're not safe there so you run to the fed to the safety of the printing press but there's panic on the streets of comix schiller nasdaq of the l b m a i wondered to myself down the fia disco hang the blessed of bankers because the money that they've. done so much to ruin around low. blows of printers having to produce. the right more seeing what you got for me yes hang the printers isn't the first headline essentially global art market sizzles with one hundred forty two million dollar bacon sale the record breaking one hundred forty two point four million dollars sale of francis bacon's three studies of lucian freud shows confidence in the art market and that the very wealthy see it as a safe haven for their money experts said. francis bacon cryptic. multi hundred million dollar sell andy warhol new record high because all the money that's being printed to bail out the banks is going into the art market so you have a zombie banks you have the

what will she say about inflation?ion is a good one because she has a reputation as being a dove, that is somebody who cares more about unemployment than inflation given a certain set of circumstances. so on the one hand, she's going to want to dispel the impression that some people have that she's easy on inflation, without sounding so hawkish that the markets react so badly and sends long-term interest rates up sharply. so i think what she will do is emphasize her adherence to the fed's 2% inflation target and claim authorship of the policy that put that 2% inflation target in place. the benefit of that is that, number one, she sounds tough and sta stallwart and then she can point out inflation right now is below that target and still working harder to boost the economy, maintain easy monetary policy and fully consistent with getting the inflation rate back up and staying on target. >> this is a tough job here, greg, for the fed let alone janet yellen seems to be to say, look, we probably would like to start tapering

zero percent and they're looking for a safe place for their money to hop to protect not only from inflation but also from the mad crowds the angry crowds the peasants that come marching and so when you roll up your little you know bacon in a tube you know you're francis bacon gold and silver on the same side as workers and savers so workers savers gold and so over they all are being. put into an area of the economy where the cash is not flowing to them they are in a you know like a gang dream as set in for gold silver and workers and savers so they're not getting any of those cash unlike the seventy's where workers went up their wages went up and that would drive inflation into a. inflationary spiral that's not the case anymore this is been a business section they've amputated gold silver workers and savers and they've kept the cash for themselves and of course in the west the central banks own the majority of gold and silver certainly of gold in the east perhaps there's more of an equal distribution between the population and the central banks but a comment regarding this sale at christies

however we see huge inflation almost hyper inflation in a market that they don't necessarily care about that's the art market talking about what was the first one there are markets not going up the dollar is going down another is when people pay higher and higher dollar prices for art the door has intrinsic value it doesn't really change is the art it's the dollar that's going down so i pay more dollars for my art but you know in the u.s. one hundred year old family money is the old money you come here to europe these dynastic fortunes are two or three or four hundred years old when you talk to people have that kind of well the say well how did you survive you know the thirty years war in a poll you know louis the fourteenth and all that and they say a third a third a third one third gold one third lamb one third fine art you know so when the wallenberg burning down the village ten miles away you take your order of the wall you put your golden bag you right away you come back ten years later you go back put your art on the wall and you should be able to start was tied up to your land th

jobs market has not yet recovered so as inflation has now outstripped wages for four years right how can you have a recovery and have this at the same time to market if you can it means that real wages are going down if the cost of living is going up and your wages even if they're flat in real terms you're worse off if wages are actually going down you're much worse off so there's no recovery there are carnies commissaire other day about you know maybe we'll raise interest rates in late two thousand and fifteen in the computer business is something called vaporware that's when you make an announcement there's no there there there's no substance behind it this is the central bank equivalent of vaporware where it's carney now about one point it's going to be two years from now all the central banks are experimenting we're just guinea pigs in their experiment at the idea that he can talk about whereupon it's going to be in two years is nonsense meanwhile the bank of england said the housing market is supporting the recovery so far playing down worries that the market is in a bubble they

jobs market has not yet recovered so as inflation has now outstripped wages for four years right how can you have a recovery and have this at the same time to market if you can is a real wages are going down if the cost of living is going up and your wages even if they're flat in real terms you're worse off if wages are actually going down you're much worse off so there's no recovery there are carnies commissaire other day about you know maybe we'll raise interest rates in late two thousand and fifteen in the computer business is something called vaporware that's when you make an announcement there's no there there there's no substance behind it this is the central bank equivalent of vaporware where it's carney now about one point it's going to be two years from now all the central banks are experimenting we're just getting pigs in their experiment at the idea that he can talk about where upon it's going to be in two years is nonsense meanwhile the bank of england said the housing market is supporting the recovery so far playing down the worries that the market is in a bubble they sa

it might be in an effort to spur inflation and obviously we are seeing disinflation in the euro zone as a whole what it could actually mean though is that we'll see some negativity on profits because if you reduce the deposit rate which is currently at zero for the banks to place their money with the c b eight with obviously impact their profitability as a whole might not necessarily be good for the eurozone in the medium term nevertheless you also have the conservative wing of the c.p. who fear that negative interest rates could spur proper inflation like hyperinflation and that is something that has been tried to be avoided in terms of price stability over the last number of years what about bubbles brenda should be be worried about bubbles. i think we definitely should be worried about bubbles i think if you look at the janet yellen testimony where she was kind of dark he stated that asset prices were not in a bubble particularly the equity market and then the equity market continued to push to record highs in the us i think it pretty much negates any feeding that what has been he

we have 0.7% inflation rate currently, 0.8 for core inflation rate.s, in greece, maybe it will be the case and so in spain, in ireland, in portugal, in cypress and malta. the ecb asked us to the something. it target is 2%. it's not 1% unflagz rate, it's 2%. so it has to change the picture and change people's expectation to improve the situation. we cannot accept that we had in europe with low inflation rates and unemployment rates going up. that is something that is not -- was balanced and we could have a kind of social unrest in europe. . >> phillipe, for now, thanks for joining us from natixis. >>> reminder in the united states today, the october imf services is out at 10:00 a.m. eastern. jeffrey lacker and john williams both speak today right around noon. defile automotive, directv, liberty media, michael kors, aol and 211th century fox report results before the opening. after the close, we'll hear from tesla motors and zillow. >>> now, google wants to help you out. that's very nice of them. they want to launch a new help house sur way today. so ap

jobs and low inflation. i can think of anything that is more mainstream than that. if you look and see what we have achieved, first, since the recession, there have been about 8 million jobs created. not as many as we would like, but certainly the economy has been growing. jobs have been coming back and the fed has been an important factor in maintaining that momentum in job creation. in addition, to the extent that , moreect asset prices than 60% of the population owns their own home. the number of people underwater in their mortgage has gone down considerably as house prices have gone up. that has increased household wealth. low interest rates have also allowed people to buy cars and other goods. the u.s. auto industry is at prerecession levels at this point. broadly speaking, i think our financial -- the effect of our policy on financial markets including lower interest rates have helped american households improve their balance sheets and get themselves in much better financial condition. broadly, i think the first of all our objectives are aimed squarely -- our

inflation is a lagging indicator of the cycle. we know inflation will start to normalize. >> have a great weekend when it starts. >>> just a reminder, we will be joined by officer marks cramer at 11:15 cet, just over an hour from now. tune in on tuesday. michelle caruso cabrera will be joined by harris georgiades on cnbc. >>> today, we get second quarter gdp data. we'll have a preview of that. and with the yen language wishing at a five-year low versus the euro, we're going to call on the japanese ministry in 15 minutes' time. >>> you might be attempted to check for bargains online. we'll get a view of the online shopping trend at 11:20 cet. >>> and courtney reagan has made it out to the shops. she'll join us live from ohio in the heat of the black friday battle. that's coming up at 11:30 cet. meanwhile, we'll bring you up to speed with global equities trade on the last day of the month of november. pretty even stavens right now. just about the advancers nudging at 5 to 4 in terms of gainers versus losers. no u.s. equity markets y

he has this inflatable turtle. everyone's sort of on something. seems like a lot of fun that, is until the inflatable toy decides to wrap itself around your leg sending you on an uncontrollable spin cycle of death. >> what? >> look at how fast he is going. >> oh, my god. looks like he's going down a drain. >> who couldn't shake it off his leg? >> apparently he couldn't do that and he was going about 6 revolutions a second. >> this is making me throw up. >> an inflatable pool toy is to keep you safe. this is the opposite. >> it's taking you doubt. >> he had an audible altimeter and he was able to land okay. but still, it had already caused some damage. >> two black eyes and broken cap larrys -- >> from the g-force of spinning around so fast? >> looks like something from halloween. >> you never know the weird things you're going to see on public transit buses. here we go in toronto. >> i don't know if this is some sort of exorcism, some sort of fight. pay attention to the girl in the green pants and the red top. after the fight breaks up, watch the