niall: it's not entirely clear where the line is drawn, is it?re are clearly going to be problems for second-tier provincial banks. they are going to be some of the weaker brethren among esso ee' -- among soe's. the one thing the chinese learned from 2008 was, don't let a significant financial institution go bust. the public sector can absorb a significant amount of the bad debt that is lurking out there in the private sector, but his point is that china's growth story, really since the financial crisis, has been increasingly dependent on leverage, and if that is going to stop, if there is going to be some cleaning of house, china's growth is not going to bounce back to pre-pandemic levels. we might find that low single-digit growth is the new normal for china if the authorities are serious about cleaning financial house in the private sector. doing what should we be now when times are good? now that the economic recovery will continue next year hopefully, especially for the u.s.. washingtone seen in is during times of financial prosperity, we ha

that is the ultimate such a bank killer right well also in the pages of bloomberg this past week was niall ferguson who mentioned as well he discussed between and said that this is the future right and he said yes as a hedge against inflation but also about sovereignty and issue of sovereignty so this is going to be really important in these this sort of collision of all these cycles happening is that individual sovereignty will become very important as. the geopolitics might get a little bit let's call it funky right like it might get a little bit more difficult and i think the big point is unique with that is that it's very difficult to cross any border from turkey with that 2 and a half kilo bar of you know of gold it's east and out you get noticed well let me make this recommendation to countries around the world as this idea of a global reset is being talked about by the i.m.f. they will there will be. sit down with the g. 20 nations or cheese 7 nations and they will do a bretton woods like reset of the global economy and they're going to do it based in large part on gold and gold own

you: we are going to keep with us, because we have a lot to talk about, including niall ferguson columnhe warns about the amount of debt governments are amassing, and what damage that could cause later. i want to ask what you think about that theme? curt custard, cio / executive director, newton investment management stays with us. it has been the biggest black swan event we have seen since the 2008 financial crisis. what are the risks investors need to watch out for next year? we will discuss some of the likely and less likely risks and opportunities that we may see in 2021. that is next. this is bloomberg. ♪ every year, we set out to do one thing: help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing. anna: welcome back to "bloomberg markets: european open." thatnutes into a session looks flat for european equity markets. we are waiting for brexit news u.k. intock a