i'm criticizing the report, then mervin king makes statements that were apparently planned for him to make for a year and this seems like it's confirmation of this story about central bankers acting. the overall framework is accurate. the central bankers will come in if there are market disruptions but are they saying rite now there's coordinated action? >> the weird thing is having this report out there makes it seem go ahead, greeks, vote however you want. we'll take care of all this and make sure we step in. that's weird. >> i have been reporting on central bankers for longer than i care to say, i have never seen them want to interject themselves into a political event. >> let's hope for the best, prepare for the worst. what i saw, they're saying planning for 2008. just in case. that's the thing about 2008, we can't forget it. every context we're thinking uh-oh. at least we're thinking about it. now we know black swans are around every corner. >> which is probably rowrong. >> i was on the phone with a banker overnight -- >> official banker or private banker? >> private banker. >> y

head by mervin king. new committee responsible for the microregulation of banks.d uk banks should now draw on emergency cash bubbles to boost lending because we now have this emergency liquidity scheme that the bank announce ad couple of weeks ago they can draw on that without necessarily damaging their position. they say they are in a pretty strong position. uk bank exposure is 42 billion. uk bank exposure 169 billion. the impact of the greek euro exit would be manageable but they are repaegt, the bank of england repeating to restrain the cash dividends and pay to boost their capital and then also be able to draw down those cash buffers as well. what they are effectively saying you don't need as much capital as you're holding in your buffers, we have schemes under way to help you, you need to put that money back in the marketplace. interesting thought there. we got regulators saying you don't need to hold as much money. that's the backdrop from the bank of england amid what's a british banking crisis at the moment. what about investors? we had a number of comment

mervin king being out voted. if you look at the retail sales data they did the right thing. if you look at other data, maybe they didn't. >> again, i'm putting this in the context, the base effects coming off a very low base. secondly, consumers who are opening wallets and spending again are those with jobs. when you compare it which the bank of england is looking at to the employment figure there's absolutely no improvement there. so, those who are in jobs are starting to have a bit of cash in their pocket and spend it again. those without jobs still remain a major drag on the economy. the overall growth figure for the uk will remain poor and the export picture is also looking poor. >> roman, do you think that we're going to start to see wage inflation happening not just in the uk but globally? we keep coming back to whether consumers are spending, whether the economy is stronger and in order for that to be underpinned we have to see wage inflation and to my mind it's not creeping in to the extent that you can anticipate. >> no. the growth is clearly not strong enough yet t

back of a cab but we had it up on the screen the speculation you might be in line to be the next mervin king>> the head of the central bank of england, i apologize. >> nobody's asked me about it yet. >> that's not the point. the point is if you were asked and the speculation is, would you take it? >> oh, gee, why does this keep coming up? i don't know. i'd certainly have to give it some thut. >> do you have to apply for this job or get the phone call? >> it's that time, guys, i gotta go. >> oh, see, the mobile connection. >> thank you. >> it's the connection foron the phone. >> thank vodaphone. >> jim, thanks very much. >> that was funny. >> that was funny. >> he probably is named jeeves over there, they really are jeeves. >> he's in a black cab, there you go. >>> coming up next we welcome spencer bachus for the remainder of the hour, he's already on set you can see him, we're going to cover it all. >>> plus obama care in focus as we get set for a ruling by the supreme court, expected maybe today, 90% chance today we'll speak to ezekiel -- i'm sorry, i got distracted by the thunder, holy smo