crisis you case has plummeted to near zero the savings rate we're going to get into that about how steve keen was right and basically he blames austerity for it. austerity and steve kean did warn on this show what was it two or three years ago maybe four years ago that financial a sturdy would cause economic disaster in the united kingdom because of a cause the savings rate plummet because if the government's not spending that it could only come from somewhere that has to come from either savings or the government so it with the savings rate that low you would think the economy would be growing faster because it suggests people are spending down their savings they're spending on credit cards you know they're getting into debt but in fact because the government has contract and so much that they're spending the entire economy is down one point two five percent more g.d.p. than it would have been otherwise and. still are still here so is this the lynchpin for another leg of a global crisis this is what he's suggesting is that it could be could in his metaphor be the buffalo it could own we're g

he said it's not to do with brags that in fact it's to do with what one of our guest said that steve keen and he was right we're going to get to that so i'm going to first lay out the story of his thesis this is albert edwards from society in general famous bear was very bearish during the two thousand and seven two thousand and eight two thousand and nine and finally capitulated and went long i think in twenty eleven or two thousand and twelve but he's back and he's saying time has run out at the start of his latest no albert edwards highlights a recent warning by the chinese central bank that the financial risks associated with grey rhino events which are highly obvious yet ignored threats may surface next year and reminds readers that going into the two thousand and eight global financial crisis many of the massive macro imbalances in credit bubbles that ultimately sunk the global economy were all too apparent but now he says we have all the same risks and actually more disaster on the horizon but what's going to be the trigger of this time might not be with the chinese say which is th

he said it's not to do with brags that in fact it's to do with what one of our guest said that steve keen and he was right we're going to get to that so i'm going to first lay out the story of his thesis this is albert edwards from society in general famous bear was very bearish during the two thousand and seven two thousand and eight two thousand and nine and finally capitulated and went long i think in twenty eleven or two thousand and twelve but he's back and he's saying time has run out at the start of his latest albert edwards highlights a recent warning by the chinese central bank that the financial risks associated with grey rhino events which are highly obvious yet ignored threats may surface next year and reminds readers that going into the two thousand and eight global financial crisis many of the massive macro imbalances and credit bubbles that ultimately sunk the global economy were all too apparent but now he says we have all the same risks and actually more disaster on the horizon but what's going to be the trigger of this time might not be with the chinese say which is the

he said it's not to do with brags that in fact it's to do with what one of our guest said that steve keen and he was right we're going to get to that so i'm going to first lay out the story of his thesis this is albert edwards from society in general famous bear was very bearish during the two thousand and seven two thousand and eight two thousand and nine and finally capitulated and went long i think in two thousand and eleven or two thousand and twelve but he's back and he's saying time has run out of the.

poverty brags it's all about supporting the queen and getting rid of their world contacts and ok steve keen is right the u.k. is going to have a way in tax because of fiscal tightening how does that they do affect real people in the real world. well it's quite all of this is affected them badly. yes but also out in the real world because they're part of the global financial system. and so we'll move on from. we're going to move on to the u.s. we're going to move on to the u.s. and the u.s. is another story i think you and tyler jenks recently had touched upon this and that is the mortgage rate and this is something that many this new generation of americans are not aware that you know mortgage rates basically average something like seven eight nine percent this is a standard sort of interest rate on a mortgage they've been tricked into thinking everything could be ok and the fed could always keep everything all interest rates low but apparently mortgage rates may hit six percent sooner as fed sheds mortgage backed securities but what will that do to housing bubble two point zero the average

a couple of races we've been talking about this week, steve keen in western iowa, nobody believes he have a competitive race this year. never have. but also a poll that just came out yesterday really surprises me. the alaska large race, don young, that guy is a chairman. he had been there forever when i first came in about 25 years ago. and you actually have, in the state of alaska, about as red as it has gotten over the past 50 years in the state of alaska. you have gal vin ahead of don young in a poll with less than a week to go. that in itself is shocking. there is a ledgend that's built up around don young in alaska. this is the biggest jam he's been in in quite some time. he's a polarizing figure in alaska. his unfavorable rating that poll sits at 44%. gal vin, t galvin, running against him, she's not as well defined. keep in mind, in alaska, it's not just an at-large house race. they've had a wild situation in the governor's race where the independent governor backed out of the race. mark baggich running for governor on the democratic side. you've got a close race for governor

steve, thank you so much. , the carlsberg chief executive. we will talk about emerging markets and pricing. this is bloomberg. ♪ this is bloomberg. ♪ tom: good morning. i am tom keeneef executive officer. i don't care about earnings and that. i want to talk about the strategic success of carlsberg versus the beleaguered outcomes of your competitors, heineken, and in particular the people who bought inbev ab. what are your best practices that they are not doing? >> good morning. we delivered a strong third quarter. our international premium brands tubergarlsberg and t share good growth. do is what wee have promised, focus on strategic parts of our category and deliver. tom: we have an election coming up in america. washington gives up 46 gallons in a free beer. you can make money on free beer, can you. do you give away the low price beer market? >> not at all. to your point, we can't give away free beer, what ever the focus on the election is, so we try to really give a good value for money proposition, but it is craft, speciality. beer,ne: away from free what is momentum looking like in the fourth quarter? for third quarter was helped by better weather. ofy drink,

steve scalise. he is house majority whip. scilly's on mccarthy and polo in. stay with us. this is "bloomberg." ♪ tom: "bloomberg surveillance." lacqua in london and i'm tom keene us as we can, looking at the video of the new north and south california cow -- southern california fires. for me was abc news footage of a fire nato the speed of which was absolutely stunning. reports are great, but it really helps to speak to someone who is living this each and every year. you may ask why taylor riggs is so good. taylor riggs is so good with the news because of jim morris, legendary in the newswriting business. we are thrilled that he could join us on set this one. you live down the street from kim kardashian. seriously, this is really, really local and immediate. why now and why not 30 years ago? >> a couple of things. the big difference is the drought. we have been in drought situations for six of the last seven years. tom: from 30 inches down to 15 inches. >> in the last few days change. according to the u.s. drought monitor, 85% of the state had abnormally dry conditions about three weeks ago. that is 100% now. more than half the state is in a drop condition --