like the bell and so the money would simply be confiscated secondarily i would look to the swiss national bank and see what they've done recently and that would be applied to such a banks all over the world they actually buy stocks so warren buffett who's a billionaire who's very friendly with wall street encouraged merica to bail him out and all of his banking buddies in two thousand and eight if in fact his net worth is threatened he couldn't encourage the central banks to buy berkshire hathaway stock in the open market all the component parts of berkshire hathaway stock so that warren would never have to have a down day i believe you're right about that but the swiss national bank is a tiny central bank i think they inspired the bank of japan to also try that that the bank of japan is but by and buying up. but when the u.s. federal reserve and the e.c.b. start doing at. you're going to have hyper inflation and the stock market something like we haven't seen for you know hundred years i think twenty nineteen will see that it's corporate debt to twenty nineteen is what subprime debt was to tw

so that warren would never have to have a down day i believe you're right about that but the swiss national bank is a tiny central bank i think they inspired the bank of japan to also try that that the bank of japan is but by and buying up. but when the us federal reserve and the e.c.b. start doing it you're going to have hyper inflation and the stock market something like we haven't seen for you know hundred years i think twenty nineteen will see that corporate debt to twenty nineteen is what subprime debt was to two thousand and eight because i think you're going to see that edifice collapse and there's a whole bunch of c.l.o. collateralized loan obligations there's a lot of borrowing in the corporate sector most of it was to take the stock markets private and pay themselves huge fees and salaries and stock options via stock buybacks but i think basically the entire edifice will collapse the stock market because of all these that the corporate debt what we've seen one of these before with a corporate debt collapse in one thousand nine hundred seven after the mike milken in jackson introduced a

later we will speak to the dutch prime minister and the swiss national bank president.irst, let's get a round up of the news, bloomberg first word news in new york. president trump says he will give the state of the union address was the shutdown is over , following house speaker nancy pelosi saying she will not let the president give the annual speech unless government agencies have reopened. the trump economic advisor is telling cnn there could be zero economic growth if the shutdown continues through the first quarter, but business leaders remain bullish. chief says it is likely there will be another five crisis but it is not his industry that will trigger it this time. he sees potential shocks from the credit market, given where risks in the system have gone since >> clearly, there will be enormous levels of uncertainty if we do not have a more organized exit from the european union. we already feel that now, there is no question there has been an economic cost paid by the u.k. consumer and industry because the uncertainty has gone on for so long. >> airbus calls th

thomas jordan, swiss national bank, unplanned. he was measured in his words. two thousand 15?rent world. jonathan: central bank at the epicenter of every point of tension in the global economy. if anything goes wrong, go to the swiss franc. the way he has defended it is by maintaining interest rate of negative around 75 basis points. tom: 20 years at one point. jonathan: aggressively negative in switzerland. the question is, whether they need it? you take the trip from zurich. the economy look strong. individuals are wealthy compared to many countries. does switzerland need negative interest rates? tom: it is the money flowing in. we talk about yield. look for real yield tomorrow on bloomberg. it is about flows. the bathtub. the stock of money and the flow of money in the conduit in happy valley is all moving to switzerland. jonathan: happy talk in happy valley. tom: we were looking at real estate. jonathan: maybe you are after that? tom: things are not cheap in switzerland. this bowtie is from madison avenue in new york and it is a lot more money in zurich. jonathan: the curr

if you look at the contrast between the swiss franc and the japanese yen, the national bank have a policy. the dollar behaved as a safe haven for a lot of investors. that was an environment where you are -- the u.s. was getting stronger. remove that and the yen becomes the primary safe haven. nejra: your target for year-end is 105. you have one 03 over the next 12 months. in terms of japanese equity market, a stronger yen is not going to help low inflation in japan. we have yet more data today. oil prices as well. can you make a case for japanese equities beyond the low valuations? japan stocks have been very attractive for a long time. fundamentals are -- japan has been historically known as a low efficiency market. the has changed. have lots of cash flow. they have met negative debt. the underlying fundamentals are increasing dividend payout. the bank of japan is always buying stocks. agree, the stronger yen would be a headwind. that is probably important to look at. on a day like today when we have a breakthrough on trade talks, japanese markets -- cyclical growth. nejra: i want to ask