and what does marvin goodfriend love more than anything in the whole world. besides bitcoin negative nominal interest really look it up ok all right so there's the you know you're building a strong case here so so because it is just like the gateway drug is just opening up to this thread going yeah ok now here's my mike mike some of my post to some of this thought is that the i think that krishna bit going going all are back to two thousand and eight white paper which describes the introduction to it which mentions bank bank fraud problems in the banking system and problems in the central bank system it's always been a race against the failure of the current system the failure of the banking system in the failure of the money system the fractional reserve system the what you're talking about would require more organization that's possible in an environment of more failing banks in twenty eighteen i think we're going to see a big bank like do it your bank collapse or some big bank in the u.k. collapse because as you know and as i know you know they are technic

and what does marvin goodfriend love more than anything in the whole world because. besides bitcoin negative nominal interest really look it up ok all right so there's the you know you're building a strong case here so so because it is just like the gateway drug is just opening up to it is fed going yeah ok now here's my mike might some of my riposte to some of this thought is that the i think that the creation of but going going all are back to two thousand and eight white paper which describes the introduction to it which mentions bank bank fraud problems in the banking system and problems in the central bank system it's always been a race against the failure of the current system the failure of the banking system in the failure of the money system the fractional reserve system the what you're talking about would require more organization that's possible in an environment of more failing banks in twenty eighteen i think we're going to see a big bank like do it your bank collapse or some big bank in the u.k. collapse because as you know and as i know you're they are

we've heard that inflation is going to hit 2% this year, and we heard marvin goodfriend say that he thinkso e3 should not have happened, and he is worried the fed will raise prospects,t are the what kind of august you put on that happening? thes the fourth forecast of 50 inflation? where differently going to see more inflation this year. you can't raise minimum wages or raise wages and give bonuses and not see inflation. the second half of the year versus between now and the first half of the year. pressure on rates is not likely to come until after june or july when this full effect is in the marketplace. right now we have seen some pickup in wages, but we haven't seen a pickup in the measure that the feds look at in inflation. until that happens, it could go think1.5% or 2% -- so i it is later in the year of event versus now. shery: what is bigger for you, the risk or estimates? >> the greatest risk is that you show up too late, and it does come on you that if you talk a lot faster than you think it will. a graduald is increase in inflation and to maintain the growth, if we get spikes in

floated out there being nominated to the fretboard is marvin --fediend, and economic board is marvin goodfriendk in the coming years what you will see is a continuation of what we have seen under chair yellen, which is a focus on ofdual normalization monetary policy, meaning they want to continue to raise rates at a slow pace. david: there is a report on the bloomberg right now but the search for the new york fed president, saying there is a premium put on diversity -- whether it is gender diversity, or ethnic and racial diversity. how important is it in that institution to have that kind of diversity? we see it in other institutions will we generally think it is a good thing to have different people having different points of view. is it important for the fed? narayana: i think it is very important for the fed. the fed is based on the idea that regional economic diversity -- it is important to capture that. as a move for, we realize women and men have had different expenses in the economy, and african-americans and whites have had different expenses. i think it is important to have those kinds

at 10:00, the senate banking hearings on fed nominee marvin goodfriend.00, president trump signs into law the new duties, and after the bell, continental and united report their earnings. kailey leinz is here with first word news. : the battle over the u.s. government shutdown has ended but the fight over immigration has just begun. senate democrats broke the impasse by agreeing to a vague process -- thomas that college -- congress what address immigration. -- would address immigration. president trump has taken his first major protectionist move one year into his term by imposing tariffs on imported washing machines and solar panels. south korea condemned the move in china called it a misuse of trade measures. in japan, the central bank maintained massive monetary stimulus and kept their price and economic forecasts unchanged. the boj said expectations for inflation have stopped falling. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. leinz.iley this is bloomberg. david: want to head back over to