erik: i am here with larry fink, the chairman and ceo of blackrock. good to see you this morning. you. erik: let's start on central banks -- with the caveat you have been vocal on central policy, and critical of negative rates. here we are eight years in the bull market. the fed held rates for the sixth consecutive meetings -- meeting, and what is happening -- stocks are up, bonds are railing, the dollar is weaker. what is wrong with this happy picture, larry? mr. fink: well, we are just continuing the same environment are beings -- savers harmed, pension funds are having serious issues related to their and the gap between their assets and liabilities are actually increasing. so, the problems are getting more significant. insurance companies are having a very difficult time now, and now they are going back to their insured and asking them to pay more. so, we are seeing the real impact of low, and persistent low and negative interest rates on savers. we are benefiting debtors, and my view is this is one of the big reasons why we have such anger in the world -- anger related to brexi

mark: that was blackrock ceo larry fink in an exclusive interview with erik schatzker.e from the blackrock event. investing in high-yield debt. don't miss it. this is bloomberg. ♪ vonnie: you are watching bloomberg. i am vonnie quinn. mark: i am mark barton. this is your "global business report." we will hear from the bank governor. vonnie: a lifeline for a troubled company getting millions to help unload stranded cargo. mark: and a look at the consequences of deforestation in .ndonesia vonnie: the central bank of norway's is a key interest rate is be tuesday .5% -- to state .5% the next two years. >> there is always uncertainties around any forecast for interest rates. you preferward, if to the present path, it is relatively flat. .5% with aent level, long time. maersk will split into separate transportation and energy companies after a three-month tj constructional review. fired its chief executive in june and said it was considering a split. hanjin shipping is getting as much as 100 le dollars of additional funds -- $100 million of additional funds to resolve a cripp

blackrock's larry fink shares his insight next. this is bloomberg. ♪ ♪ is bloomberg markets. et with her. the ceo of the world -- matt miller. ceo the worlds largest asset manager, blackrock, larry think, says continued uncertainty and the lack of fiscal action will lead to a global market selloff. he spoke with erik schatzker from the leaders circle in new york. i think-- mr. fink: political uncertainty is getting larger. uncertainty around brexit is only getting worse. i think we have witnessed -- we have not witnessed erik: aren't the markets telling us brexit is not a big deal? mr. fink: i think, then, the market is not focusing on brexit, or you could interpret it is not a big deal. it will be a big deal. brexit will be a big deal. erik: define big deal. mr. fink: initially, the uk has benefited the weakening of the sterling. we have not even begun the whole concept of brexit. the prime minister suggested that she may apply for article 50 at the end of the first quarter, second quarter. there is time. there would be a lot of noise around that. from what i hear, talking to

and larry fink comments about the central bank. >> are the central banks working? the fed and the boj are working so will they be effective? >> they are trying hard and the fact is there is only a limit to what monetary policy can do and they accept that. from the very beginning of the 2008 crisis. unfortunately, fiscal policy and other policies have not been there so they have been the only game in town. what we are now seeing particularly in japan is not enough. they will have to do something else. angie: tpp, is that a solution? abe has been hanging his hat on tpp. >> no, tpp is not really a trade agreement. they made a big deal of it being the largest trade agreement with 40% of the global trade but it is not the answer. tpp is a corporate agreement written by corporations for corporations to ensure that big pharma had an advantage over generics. a battle between two corporate sectors to make sure it was more difficult to pass regulations, to protect the environment and even the soundness of the economy. it's a corporate agreem

blackrock's larry fink has told bloomberg that markets could fall 15 percent if government do not takessive fiscal policy action. >> what i would like central bankers throughout the world to for that it is time aggressive fiscal policy. we cannot do it alone. anna: former federal reserve chairman alan greenspan added to that bearish tone suggesting the bond market rally is untenable. this came after the 10-year note yields in the u.s. fell to its lowest level in two weeks. greenspan called it the classic case of a peak after a bull run. >> it looks like it will never turn. just below the peak of stock bids in excess of offers. when you get to the top, the marketsappear and the go down fairly sharply. i think that -- this is a peak incase of a speculative security. anna: greenspan there. is still with us in studio. greenspan saying the rally in u.s. treasuries is unsustainable. not the first voice saying that. how sustainable do they look to you? guest: it depends on the rest of the global bond market. when you have such low yield, you do have the temptation of investors to move into wh

morgan chase and she has become more talking about corporate governance issues and also issues larry finkblackrock is also talking about, short termism and how investors for her clients and many retirees, companies need to be thinking longer-term. david: maybe two jamie dimon. vonnie: john oliver, does he move markets? people's understanding of the markets. he has been tackling financial issues for a while. his show on puerto rico's debt was probably watched by millions of people who suddenly moved puerto rico's debt and he has total of issues that are effective markets. david: mags and reporters and editors every sunday on bloomberg television. vonnie: still ahead, a check on crude oil today. $46 per barrel. -46, up 1.5%. this is bloomberg. hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can hel

let's review some of the discussion on bloomberg television starting with larry fink.ears into the bull market and the fed just held rates at 25 basis points for the sixth consecutive meeting. stocks are up in bonds are rallying and the dollar is weaker. what is wrong with this happy picture? larry: we are just continuing the same environment in which savers are being harmed, pension funds are having serious issues related to their liabilities and the gap between the assets and liabilities are increasing. the problems are getting more significant. insurance companies are having a difficult time and they have to go back to the insured and asking them to pay more so we're seeing a real impact of low and persistently low interest rates on savers. we are benefiting debtors. my view is this is of the big reasons why we have such anger in the world, anger related to brexit, anger in our physical -- political process because from my perspective, as you said, the equity markets are up and i'm sure the real estate market is doing better with the persistence of lower rates. peop

. >> larry fink says stocks could fall 15% unless you get some sort of fiscal policy enacted.he fed is the only game in town and at some point it's going to run out. joe, we haven't heard from you yet. >> absolutely, great. all sounds good. it's the story of 2016. no one believes the market is going up. if you can trade your own p.a., you have that flexibility, you have the good fortune, you don't buy stocks right here. you're playing things like pete and jon are doing, you're doing derivatives. if you care about your job, think where we are month to date in the s&p. it feels like a lousy date. the market is higher. if you care about your job -- think what's happened the last 48 hours, bank of japan, ten handles higher, yesterday's move higher, this morning another 100 higher in the dow and the market is not going down. what are you banking on at this point? >> let me finish. >> a chart that shows the fed's outlook for its own interest rates has come down and come down to where the market is. the outlook for the rates has gone down. >> you have a tremendous amount of capital.

larry fink. this is bloomberg. ♪ francine: this is bloomberg surveillance from new york.ancine lacqua with tom keene. are we not in new york? amite dissenting? -- and i dissenting? tom.is a problem, policy impotence. it is the fifth meeting in a row where governor kuroda does something, yen weakens for five hours. then it strengthens yet again. yesterday, become at all of the losses since the day higher. -- losses sends the day higher. growth.tors forward in the drew matus world. she mentioned productivity and the yen went just like this. bring this up. the yen went just like this, stronger yen. francine: the best performer amongst the 10 major developed peers. this get to london, richard jones. he judges. us.ake this -- he joins you made is an julian emanuel are still with us. this test e drew: there are two parts to the store -- richard: there are two parts to the story. the bank of japan is being creative in dealing with some of the challenges they are facing domestically. part of the problem is with all of the yen's we have had a fed throughout this year that is been

larry doesn't tell you what to say, obviously, but larry fink wanted to raise rates awhile ago. changed that. larry tends to want to do things that might benefit blackrock like anyone would who's the ceo. but in your view, fed's been too easy too long or just right? >> i think the thing i worry about the most is the sentiment impact of not raises rates. the signal the fed's been giving corporates and risk takers and investors is nothing is good enough in the u.s. economy. we can't give you the all clear. i think that's really caused, you know, companies to horde cash more than they otherwise would and be reluctant to engage in capex and investment. to feel normalization would spur some of that. >> that's a totally different reason and a valid one. it's not the same people aren't going to -- you know, if they thought rates went up they might start doing things. so that might engender some -- and also the main thing people talk about is moving them out to rusk curve and causing all these bubbles we don't know about until hindsight. >> we hear some companies say, look. things feel

but she will put pressure on people like larry fink, because they worked in these places they on a blackist. >> i know they're playing the music. donald trump talking about his support for stop and frisk at the same time that he is courting the african-american vote. how does that work? >> badly. it's not going to work out well for him. his african-american outreach is question the president's birth, talk about stop and frisk this won't take him from the 1% where he is right now with african-americans and may take him to zero. >> great to see you. >>> when we come back, a top lif the top universities, and for the first time a u.s. school is not at the top of the list. ♪ there's no one road out there. no one surface... no one speed... no one way of driving on each and every road. but there is one car that can conquer them all. the mercedes-benz c-class. five driving modes let you customize the steering, shift points, and suspension to fit the mood you're in... and the road you're on. the 2016 c-class. lease the c300 for $369 a month at your local mercedes-benz dealer. >>> welcome back to