it's amazing to me, and as john maynard keynes once said, the market can remain illogical far longer than you and i can remain solvent. maria: a lot of people take on a lot of risk when you look at the junk bonds market where you're seeing that area break 4% for the first time in a long time, yields, i'm talking about, or you could also look at bitcoin. you know, bitcoin has been soaring. are these some examples, in your view, of the fact that there aren't any alternatives, and people are searching for yield? >> well, they're searching for something. i'm not sure -- in bitcoin, you're searching for anybody to buy it at a higher price than you've already paid for it. bitcoin has never made a good deal of sense to me, compared to gold that has add had a 2,000-year,5,000-year history. somebody was talking about this is the tenth anniversary of bitcoin breaking above a dollar. to me, it's just another tulip. phase as the great tulip speculative bubble of, what, the 15th century in holland. we have a bubble in stocks, we have a bubble in bitcoin, we have a bubble in commodity prices. ther

so in terms of getting this idea and to policy effect i mean do we need john maynard keynes do we need some of that or the to grasp the idea of and ram it down the floats of the chancellor of the exchequer of the governor of the bank of england have been how's this going to be done out of the opportunity that exists when a crisis is greater than the exists the normal times as in a crisis that the people come forward to take risks to get the job done what's the prospects of that happening now what we need are 2 things we actually need political leaders who will listen to the thinking this week create it and that's what happened in the 1930 s. roosevelt was willing to take the risk on the likes of keynes so we need political leadership which is willing to break out of this cycle of a standard you cannot mix and certainly in the 2 leading u.k. parties at the moment the largest ones labor conservative we're not seeing that and we also need our people to communicate the message you doing that by putting me on this program now but what's wrong with the public commonsense idea that low we're

. >> john maynard keynes says the market remains illogical and now bitcoin seems utterly illogical. >tion is, will bitcoin continue to shoot for the heavens or come crashing back down to earth? francine: we will of course have plenty more on the future of bitcoin throughout the day. european banking earnings season is ramping up this week. wednesday we hear from societe generale and abn amro. friday, watch out for dutch letter ing. -- dutch lender ing. we will have plenty of earnings that we get our teeth into, looking at ratios and possible cross-border consolidation. bloomberg continues into the next hour. we will talk about the reflation trade. we are close to record highs. we keep touching record highs, so we will ask what next. tom keene joins me out of new york. this is bloomberg. ♪ francine: janet yellen says the u.s. needs big stimulus to get the economy back on track quickly. larry summers publicly disagrees. a new astrazeneca vaccine is being developed, this after early data suggests the product has limited efficacy against the south african covid variant. and ecb president

. >> john maynard keynes once said the market can remain illogical longer than you and i can remain solvente question is, will bitcoin continue to shoot for the heavens or, crashing back down to earth? annmarie: a look at the future of bitcoin after the cryptocurrency jumped above $40,000 over the weekend. this morning, we traded 39,119. coming up, european bank shares gained for five straight days. it is the longest rally in more than a year. what is in store this week as earnings season continues? that is coming up next. this is bloomberg. ♪ ♪ annmarie: 6:42 in the city of london. i am annmarie hordern. alongside manus cranny in dubai. earnings season is wrapping up this week. on thursday, it is the turn of unicredit, commerzbank. on friday, we will be watching out for the dutch lender ing. next week, credit suisse and barclays. the following week sees numbers from hsbc and standard chartered. joining us now is the head of think research at city. great to have you this morning. how would you rate european bank earnings so far in absolute terms and versus u.s. peers? >> thank you for havin

as john maynard keynes, the market can remain illogical far longer than you or i can remain solvent.s, tesla sells at greater value than all 16 combined. it makes no sense. it will end in tears but for now don't fight the fed. stuart: is the underlying problem massive debt we are incurring? 27 trillion now, heading towards 30 trillion, very quickly i suspect. is that the underlying cause? >> watch what is going on in the long end of the curve. you have the long bond almost going to 2% today. it will go to 3, 4, and 5% over the course of the next several years. once it gets over 3%, suddenly debt becomes a competitor with the equities market. that is one of the fundamental reasons stock prices will go down. until you get the long bond above 3%, even that will not be problematic. i heard the argument rising debt will be detrimental to the night. i heard that for 50 years. eventually it shall be. there shall come a time when the debt of the united states is detrimental to the economy, is detrimental to consumers, is detrimental to business. it has been for 45 years i've been in the mark