the assumption is that we also build up reserves. we talked a little bit about those reserves. that is on slide 24. what we do know is that we would need a program reserves of $3.50 million. that is the blue bar on this chart. that would need to be on deposit with the findings of the contract with shel north america. we would need to have operating reserves. we estimate upwards of $1.50 million would be needed on may 30 or $40 million annual budget. we need $1,000,000.5$1.5 millio. that accounts for rate stability's. we're assuming we have a successful program. we are assuming customers will participate. the market survey we have done shows that want to participate. the reserve would into overtime and would be able to put this in a deposition to invest that into owned grenoble's or when we renewed -- to get the most advantageous terms for our customers at that time. the items that is not down here -- on here is a performance bond. that would be another bar that we could add to the reserves. >> the rate stabilization reserve, one of the questions i had, given that we are buying

single currency country being the reserve currency. bretton woods failed from his perspective in this respect and didn't the us say hey we disagree we want to be the main reserve currency and got their way so with the us still have that same power if world leaders got together again today for another bretton woods conference i think at that same meeting we're in bretton woods the world is markedly different china has close to three trillion dollars of reserves about a third of the global reserves about nine trillion dollars you're holding three trillion dollars you have some voice in what kind of reserve currency system you want to have and china has been very clear that it worries about the current dollar based reserve system right after un commission came out and support china's supported it france's support it russia supported it so there is a wide understanding now you know animists but a wide understanding of the importance of this idea and i think if the economy global economy remains weak i think they'll be more interest as one

reserve currency. reserve currencies are you might think of a store of value. and the dollar has been very unstable. understandable given the difficulties you might say of american economy or you know our performance was not a stellar. but the fact that in a modern globalized economy twenty first century exit in naturalism that a single currency. would play the pivotal role that the dollar has played but i argue and i've argued my point they can globalisation work is that the dollar reserve currency system contributes to inequality. that poor countries are lending to the united states or close to zero interest rate and then borrowing back a much higher interest rates an equitable increase it contributes to instability. and it actually contributes to a weakening of global aggregate demand a weak local economy because the countries are setting aside literally hundreds of billions of dollars. saved cautionary savings. that's money not spent so you're saying essentially it hurts everybody to have u.s. dollars that are their currency that's right and what we describ

the federal reserve admits the u.s. economy is weaker than originally thought and risks are only increasing more details from new york coming up. to europe's top bankers says the continent is going through the worst financial crisis since world war two as the central bank buys bonds from the region's crippled economy.

. >> the presentation shows there is a program reserve for operating reserve, something to do with defaults. there may be something in the noble contract, although it is a different kind of deal. in sum, am i correct in assuming that the total amount that would have to be appropriate for reserves is in the tens of millions of dollars? >> given that we're talking about $5 million, there will be an additional one. one of the things we do not want to do is say to much -- too much. >> i tried to ward it generally enough -- word it generally enough. the point being it is substantial. >> that is a fair characterization. >> my last slide i lo go for. >> there will not be a contract unless we it agreed to appropriate those funds. >> i am hoping on the next slide, one of the things that has been uncomfortable about reviewing this agenda item, it has the implication of our signing off on a program when we are looking at the term sheet, it does not include the amount in the noble contract and other issues. i have been trying to figure out how to deal with that. the thing that seems most sensible to me

2 miles away from the reservation. in the most recent homeless count, there was also stated that reflected the lack of tokens. some people are not provided the token at the time of the reservation. 27.5% stated that they sometimes receive tokens while only 12.3% stated that they were providing one at the time of reservation. >> can you talk a little bit about why that is? did you say access to tokens? that implies that maybe they are in sight but for whatever reasons staff cannot -- >> absolutely. that is one issue that the shelters to report that when we are actually there, the supervisor does not have access to the tokens which means that they don't have access to the tokens for the client during that time. that is definitely one of the reasons. the other reason is the lack of tokens. we have 1154 beds. i believe that hsa receives 1200. the ratio is just not there. if every client was to -- that would mean that every client would have a token. that does not mean that everyone would need a token. they can get them els

federal reserve has admitted the u.s. economy is not as strong as it could force it to keep interest rates at record lows for the next two years to help calm investors the commons pushed u.s. stocks into the red but some late trading markets recover then doses. of details from. before the federal reserve did release a statement many traders investors were anticipating that the fed would do a bit more to help reassure nervous investors but it doesn't seem to be the case the federal reserve met for the first time on tuesday after the u.s. is credit rating was downgraded from aaa by standard and poor's so this was a meeting that came right after that happened and the federal reserve announced that the u.s. interest rates will be kept at record lows for another two years through twenty thirteen we should mention that interest rates in the u.s. have been near zero since december two thousand and eight. the u.s. and you know infested the rest of the world a lot of a lot of experts believe that it is actually hurting the economy

and alcohol is not allowed on the reservation. but there's some crummy places in nebraska that sell it and there's all kinds of attempts to monitor it and to get it unsold -- i mean, to ban it again, but nobody seems to be able to do that. and another problem besides alcohol and meth is gangs. so there's a lot of gang activity in a number of -- on reservations, but i should say, gary, i sometimes think of native america as being in a fulcrum. all these awful things have been happening are happening, deplacement, despair, all kinds of problems. poverty is awful. there are many places that don't have running water and electricity, too. and on the other hand, some people feel like this is a renaissance, what's going on in native america today. that because of casinos, for instance, that people now are able to -- that reservations, tribal governments are able to buy new fire earnings, and buy new health services and help people. and have language immersion problems, trying to bring back the languages that were basically stripped from

that is why i was reading that. >> the presentation shows there is a program reserve for operating reserve, something to do with defaults. there may be something in the noble contract, although it is a different kind of deal. in sum,

culture is the same as it was me i mean it's even exists here in the real me it's not the whispered reserve of his may be decided little as the global economic recovery slowed now it's time for congress and the president to take. the news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. trying to corporations or the day. hey tom are in here broadcasting live from washington d.c. coming up today on the big picture of. the world. bringing you the latest in science and technology from around the world. the future covered. download the official policy allocation your money phone called touch from the i.q. sampson. like. video on demand. for old girls and r.s.s. feeds now in the palm of your. machine. called. the a. lead. hello and welcome to cross talk i'm peter lavelle the u.s. federal reserve has met and decided little as the global economic recovery slows now it's time for congress and the president to take things from there given the deadlock in washington and the debt crisis in europe is there any reason for optimism. lead.

i mean there isn't there isn't a great difference between a different federal reserve. and if you look at alan greenspan he clearly caused the housing bubble. inflating the economy by keeping rates artificially low and i don't think this entertained us have done a lot of gods since inception of the federal reserve as a matter of fact in the united states or clearly a lot of the blame. should be going for them on the other end zone now or as we are already seeing this very high debt bargain clearly there needs to be some other political solution because i don't think there's any easy way to fix it as a mention of from some form of debt restructuring but one point that was made earlier i do want to comment on also though is that the european central bank is any better than that i reserve my opinion clearly that's not. the moment ruining the eurozone but bailing out every eurozone country they can find in every bank left and right is that desperate again records amount of italian debt spanish that italy is sitting on two trillion euros of that there's no it's absolutely im

dollar being the world's reserve currency the united states gets an extraordinary play on the global economy and this is insulated americans from price hikes in food and energy in a way that ninety nine point nine percent of americans don't understand but they will understand soon because even though the us is experiencing a recession a slowdown they haven't seen nothing yet because once the dollar truly collapses price of gas will quadruple price of food will skyrocket and then are really going to see what the american economy is all about a third world pig dressed up with a lot of lipstick and phony accounting tricks we're not exploiting the way i think it's kind of like the oil curse the having this exorbitant privilege of the u.s. dollar in that the government really doesn't need the population because they can just print money they truly can unlike any european country where in europe you have to work for a living you actually have to produce wealth in order to maintain your standard of living or to increase your wealth you have to actually produce it in america they can just pr

that reserve -- that would be a minimum amount. that would be in the contract in order to avoid a default. those are the general broad overview i wanted to touch on for the term sheet. moving on to the outstanding issues, we're talking about, there is a few other things that are outstanding. one is that if you, i do not know if you recall. there is a rather esoteric part of the statute which requires a cca to post a bond capable of covering the estimated costs to the incumbent utility, pg&e, of the cost of having 100% of the enrolled cca customers returned to the utilities. in the case of a cca, all the customers go back to pg&e. it costs more to procure energy for them. cca once there to the bond amount if sufficient that they bundled customers would not bear any cost. this is something that has been litigated at the cpuc and still remains in question. >> when you say bond, marin tried to obtain a bond and nobody sold it. it is cash? >> it is hard to -- it would be some type of insurance. as a city where are thinking we might be a