i'm happy to be, you know, fairly exposed to the bank stocks good for them. i'm also a little bit surprised that they are allowing buybacks over dividend -- they are still allowed to pay dividends but over an increase of the dividend because maintaining the dividend for bank shareholders or increasing it is a really important thing, i think even more important than buybacks doesn't matter if it was surprising to me it's still very good news. >> taken at face value though, this is surely a vote of confidence in how well capitalized the banks are and how big those cushions are, tim seymour. i mean, the fed is going to subject these banks to very rigorous tests they have got enough capital it seems like a big green light for investors who also believe, by the way, that this is a big reopening play. >> i think it's -- it's not only a big green light, it's kind of bizarre on the same week where the fed gave you a very dauer outlook for the dynamics of the economy. it's just -- they don't make sense. they don't fit on the same page and the fed is the godfather for t

at the bank. and in 19 and 3660 to come to and she open the saint luke penny savings bank in 1903 which was the first bank to be led by a black woman and also to be financed by african-american women. she is also very active politically and socially all around the country. if you want to know more about her, other than in my book, there is a really great article that just came out a couple weeks ago in the "wall street journal" which focuses on rising women in the present day in banking and it kind of harkens back to the stewart of maggie lena walker, the kind of understand this phenomenon of women in banking. and if you are ever in richmond, her house, , she has a beautiful mansion that she owned in richmond, and the national parks service runs her house pick you can also go online and you can do a virtual tour, many images of objects announcement also of her and the various businesses and kind of black life in richmond. and then just finally i think that maggie lena walker would have a lot to say

but in world war i in the 50s, the number of black banks, the number of black banks changes all the time. there is a movement afoot that encourages all people to invest $100 in back banks, the hashtag bank black and the website i will look up, bank black gsa.org. black banks, you can search for them by your area code, brick and mortar banks. we have a handful of banks more than hundred years old that are still in existence today. >> host: excellent, wonderful but i have a comment and question from caitlin rose kennedy. she indicates she is a huge fan of your writing and lecturing skills, and the ideas racial uplift, tied to the running of saint luke's. did it ever bar certain groups considered to be unfit representatives of the race like poor unwed black women, bar them participating in finance capitalism? >> guest: i love and appreciate that. definitely respectability politics played a role in black finance, in black capitalism but not necessarily in restricting people who might have been considered and respectable from participating in these kinds of financial upli

the central bank authorities, especially the fed and other central banks have been very agile to, moreting, disrupt markets to disrupt markets. if we see a limit, i think with the central banks are doing is to try to stay true and whether the scenario into the future, the main shock generating the dynamics and the economy, and the pandemic is solved. francine: how much of a risk is there because of the liquidity by central banks and the search for yield, we are seeing bubbles? are central banks and policymakers aware of these risks? agustin: there is no escaping, if you don't have the critically it canidity, certainly, expose assets to mispricing. the authorities are aware these are risks. it needs to be watched. everyone is being very careful. someinly, today we can say assets may be mispriced, some more than others. is wes stage, the reading don't have systemic problems in our house. this is a risk. this is something that needs to be recognized and watched very very carefully. francine: is there an economic case for central banks canceling bonds they bought during the pandemic? agust

we have the first bank of the united states, the second bank of the united states and the freeman's bank. all white trustees. they did not trust african-americans to know how to direct their financial futures. there was kind of a change in the bank that allowed it to be on then's resources. a billion dollars circulated in this bank, and terms of modern day dollars, the mere decade that it operated. through that corruption of the white trustees and other people connected to the bank, financiers in new york, it led to the demise of the bank. african-americans lost millions of dollars of their deposits. i just want to say, in my book i really try to look at how african-americans use the bank. especially black women. how they subverted some of the plants and visions, the limited economic visions of these trustees to bend the bank to meet their needs. also i want to point out two points, one that black women never abandoned their own economic network that they have forged, you know, through slavery and after. you know, put the freeman's bank in that network and the second think that even thou

the banking system. ower interest rates for a long period of time, so we just launched a major initiative to consolidate and merge our brand. we are restructuring our investment banking parts. other banks are doing similar things. consolidation has been put forward for two or three years, and when this will happen, i think societe generali will -- francine: when you look at brexit, how different will financial centers look like 12 months from now, and do you worry that the u.s. will win business? lorenzo: fortunately, part of the business has been moved to the u.s., and this is not good for europe. part of the business has moved to continental europe. paris has benefited a lot from this. we will see more probably over the coming months, and in the end it will depend on how the collaboration with the authorities will work after brexit. there is a lot of dependence on the concept of equivalence and cooperation. they will depend on the authorities, on both sides of the channel, and hopefully there will be co

the st. luke's penny savings bank which was the first bank to be led by a black woman and to be financed by african-american women. she was also very active politically and socially all around the country. and if you want to know more about her other than in my book there is a really great article that came out a couple of weeks ago in "the wall street journal" that focuses on rising women in the present day and banking and it kind of harkens back to the story to kind of understand this phenomenon of women in banking. and if you are ever in richmond at her house she has a beautiful mansion that she owns. you can also go online and do a virtual tour. there are many images in the house and also of her and various businesses and kind of black life in richmond and then just finally i think she would have to say a lot about the events going on and i think that in the midst she would have a lot to say about kind of reviving the kind of work she did with the bank as well as the independent order of the insurance company so she always talks about a black woman's way of banking and i think that we could learn a lot

it's just like with the banks. you want to stick with the top quality banks, great leadership and they will be there for the long term. that investment banking and trading business is going to keep those large commercial banks afloat that's not going to lend itself well to some of the mid-size banks that don't have atth exposure >> let's take a quick break. many more trades to get to we'll do it next your daily dashboard from fidelity -- a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity. >>> time for the futures outlook. oil is tanking today after a new strain of the coronavirus emerges abroad rations concerns about demand. let's bring in scott nations of nations index. so good to see you so timely for what we were talking about, whether now is the time to get into energy stocks a lot of that has to do with where the price of oil goes from here you tell us where you think it is going. >> i think over the short te

the supervisor, regulator, and the banking system. cine: ludovic, there was something that actually caught my attention, the group of 30 putting this report out, led by that draghi, rajan saying they worry about solvency, this is the next big crisis in the making. is there a way of stopping the solvency crisis from taking hold now? ludovic: what is sure is we know this is the big risk, right? so compared to 2008, you know, we want to make sure there will not be massive externalities from the crisis. they are on hold everywhere to you have states like zombie banks, companies, some sectors that actually have no future. some of them have done great, but of course the liquidity crisis, especially in the corporate sector, could become a sovereignty crisis. to actually increase, over the period of the pandemic, so from 2022, you know, over 20 19, by 20%. that they are going to catch up at one point. we had, for example, and france, increasing sovereignty by 2021 by 30%, and germany by 15%. this may be needed to increase and get this cash out

check out the banks posting major gains today. fter the fed said the group would be allowed to resume buybacks how will financialsfair in the new year chris marrone helps us sort that out. >> yeah. i think today was an interesting day. if you look at the last several weeks, a lot of macro uncertainties, yet the banks quietly acted well today was an example of that the bank index, the s&p broke out. it's meaningful. most importantly when you look at the banks relative to the market they have really started to turn really reversing a two or three-year down trend. the leadership we're getting from the banks here i think is a good sign for what the group can give you next year a big part of this call is rates. that's another thing about today that was so remarkable how resilient ten-year yields have been. they traded down to 87 or 88 basis points this morning. they held, reversed higher to 94, 95 bips. so that means the curve is steepening steeper curve is a good environment for banks. i wonder if we're setting up for a pare trade in '

but it will not look the way banking has looked the last 50 years.will be very different and pave the way for more inclusion, again, of the on banked and under banked of which there are 1.5 billion in the world romaine: you do have to wonder if the big banks make a significant to this. i also wonder about the fed. the general sense is that people are trying to work against the potential for a downdraft in the dollar, given all the fiscal stimulus that has already come out of washington. is there any sense here that you could see the fed and treasury try to defend that sovereign currency status. there definitely is going where clarity is -- this embrace of cryptocurrency. we have seen the chinese government with their central bank digital currency, now has been rolled out in four cities in china in preparation for the 2022 olympic games. you are seeing the united states and eurozone talking seriously about new digital currencies. i think there is a sense that this technology is coming. certainly, the cash dollar will play a role going forward. there i

and the renewal of that recommendation in july. bankse followed our guidance closely which they continue to do so in the future. paul: the banking sector is going to come out of this crisis like the rest of the economy. do you call for the banking sector to restructure and marriage, is this a message that now, saying we helped you through this, get your act together once this crisis is over. we heard warnings of a solvency crisis. andrea: we are putting pressure on banks to move in that direction. the best scenario and the silverlining, banks have realized when they moved to remote crisis during -- remote services during the crisis, that they can deal in terms of efficiency, profitability by the way in which they provide services by investing more in new technologies, by revising the number of branches downward, and refocusingf their business model. we see process there. that and we are happy about that. paul: thank you very much. the chair of the advisory mechanism and banks will be allowed to pay dividends. vonnie: thank you. that is p

are basically the central banks are giant nappy as they say the kingdom and the united states we say diaper coated china ask capping crew to wear nappies to reduce risk this is supposed to help them through avoid the toilets on the plane and so they don't get cove it or whatever but i feel like you know the fed is a diaper it holds all the toxic waste inside it and that was meant to prevent the spread of a pandemic of bad financial debts it's meant to spread inflation rate so you diaper which nobody likes a leaky diaper you know i don't want to be on the air trying to fly one of the stewards with a leaky diaper it would turn me off or whatever was on the menu at that particular time and i feel like i had overpaid for that particular ticket but the said is essentially accumulating all of the toxic debts why are they doing that they're doing it for 2 reasons 2 to prevent these banks like j.p. morgan and others from having to declare insolvency even though they are insolvent and they also do it to stop the spread of inflation because they are neutralizing the impact of all that m

you have the central bank, the reserve bank and the government. we have in india is that our rating is heavily. -- is triple e. our cost of borrowing will go up a lot. why we the real reason are sitting on the fence. and we are not doing things. the government is trying to push things under the r.b.i. hoping it will take some of the risk. at the end, there will be some losses taken. those losses have to be taken up by the government. and they don't have the money to do it so they are trying to push it onto the r.b.i. who was trying to push it off to the private banks. wherever they can. as opposed to other countries where they have swept the room clean and gone back to business if you know what i mean. theaad: when you look at indian economy itself, is there an irony that it could actually be in the post covid world emerge stronger? can it be stronger if it doesn't get support now? i said, the big are getting bigger. i mentioned the pyramid situation. 400 vaccines by the end of the year. they are the have 100 million ready and will probably get to

are going as you point out they want the central bank to fix racism they want the central bank to fix climate change they want the central bank to affect inequality and in this has become a cult over there more so than at any time and. you know gold certainly would be that one of the top beneficiaries of this money rampant money printing goal seems to be kind of stuck in a rut at the moment it is this just a pullback before a bigger move what's happening the fact is that gold is real genuine money and it trades at such so what is real money done doesn't like real money that doesn't pay a yield doesn't like rising real interest rates and this would still go in fact i want to record talking about a vaccine deadzone that would occur sometime towards the end of the year and i'd sold my miners and i sold almost all michael now and have 5 percent position in gold or you know after making a good return on it earlier this year. the fact is that your rising religious rates don't do not bode well for a silver and especially go ringback because it's real money bitcoin on the other hand is not mo

the european banks, rather. consolidation, but i would argue in the whole of the euro zone. anna: thank you very much. stay with us. still to come, opec-plus delays its meeting after ministers failed to make progress on production. we talk energy, next. bloomberg. ♪ >> i desperately believe we need more stimulus, and we need it today. i would beg congress to go back to work and pass a stimulus bill this week. there is no time like the present. dollars in consumer's pockets would be very important. anna: that was the former national economic council director, gary cohn. quick check on the markets, we are 10 minutes into the trading session. anticipated. than futures suggested there might be weakness in london, but that has not come to pass. astrazeneca of into the upside. we see strength in the pound, going above 1.34 for the first time in a few months. that is of interest. .ooking at the dax and cac, bmps just opening up, 8%, the fallout at the top of unicredit is part of the future of this business, and consoli

the same this morning when it comes to the bank. could this be something that's going to happen at 8:00 a.m.? of the show, ind was thinking today, we should have her back on. do you think she is willing now to finally buy banks or do we need to pay her to pick up financials? manus: that's the classic line from her. there not at -- believer. it's about bonuses. equityholders might get a dividend. they are urging restraint on the bonuses. i know you will get the humor of this. with the movie, a long time ago, the life of brian, you need to go and google that and then have a look at it because there is one of those wonderful moments where he turns around and everyone things he is the messiah and he goes but you are all different. it's about grid thing. think.on the -- are we on the cost of groupthink of how dangerous -- cusp groupthink? predictingo one was 2020 to be ravaged by a global pandemic. you can't get anyone to think outside the box for 2021. he talks about benjamin franklin in this piece. i'm going to leave you with monty pyth

the small beginnings of industry now appear, huddling on the banks of the river. the river.scharged to calm troubled waters, but just to be disposed of. symptoms of the disease that will kill the crooked river. as the course of the cuyahoga inevitably brings it closer to cities and towns, nature still clings stubbornly on. unable to work directly on the river because of pollution, a small colony of beaver have dammed up a tributary stream and have built a lodge. beaver once were common along the river, but today there are only two known beaver colonies left on the stream. the beaver colonies have been replaced by ever-advancing rows of suburban homes built right to the river's edge. homes means sewage, sewage means, sometimes, a treatment plant to cleanse the affluent before returning it to the river. properly treated, discharges like this will not measurably harm the water. no treatment or leaky septic tanks will warm the water, however. this is the raw sewage flow from one home. multiply this and the end product is a smelly, off-color brew that a stream can accept only in

for us, the competition with u.s. bankss a global leader in wealth management is really the number one focus we have. is a great doorstep market for us from switzerland, but we are not a european in the sense of eurozone bank and therefore, the focus for us is more on asia and china on the one hand side and the u.s. business and addition to the domestic business. outlook forr your the investment bank, how is your pipeline looking compared to a year ago? axel: we had -- we basically exceeded even the most optimistic forecasts for the investment bank, but let me remind you a large part of ubs' profitability and income comes from the areas i mentioned. the asset management and wealth management business is over 50% of our return. what we tried to do over the decoupled years is somewhat from the volatility of investment banking returns by putting a larger focus on asset and wealth management and on the profitable domestic market. we've succeeded in doing that and have seen that pay off in the financial results since covid has s

he testifies today before the senate banking committee. in prepared remarks, he said the recent news about vaccines is very positive for the medium. still, powell said a resurgence of the coronavirus is concerning. vice president pence is signaling that regulators will quickly approve an emergency authorization for the first coronavirus vaccine. he told governors that vaccines could start to be distributed the third week of december. one governor says it is not clear who should get the first doses. opec and its allies need more time to reach a deal on oil production policy. anyeting broke down without agreement. energy ministers will try thursday instead of today, allowing more time to stick around, whether to delay a planned increase in output starting in january. supporters say the market is too fragile to observe more oil. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm ritikauntries, gupta. this is bloomberg. francine? francine: thank you so much. this is what

the nanny of the central bank is confused about what to feed this child these the child that is the financial system banking system that they regulate what to feed it to get it to you know have normal movement to get on. them and when saying this for a number of years so the quantitative easing or debt monetization or money printing press see that by central bank buying taking that money back right has its limitations because planet earth has a certain debt saturation level right we went to almost $100.00 trillion dollars now in the g.d.p. of the world is about just under $100.00 trillion dollars and the debt to g.d.p. for planet earth is getting close to 300 percent of g.d.p. so you have a certain situation where the debt such aeration and the ability for central banks are remember the federal reserve has bought back many trillions of dollars of the toxic assets the e.c.b. . bank of japan is the key. but all bank of england so they fought back in aggregate probably my guess is close to 50 trillion dollars worth of toxic assets and that some point just the physics of it don't work anymore so

the brown stream that meets lake erie. an industrial waterway, its banks populated by steel mills and factories. it's channels filled with chips and mud. cuyahoga. . without the cuyahoga, the sprawling city of cleveland and akron will not exist. the river was the reason for originally settling this portion of the western missouri in the 17 eighties. the river called crooked by the delaware indians provided a water way to the interior of ohio. so man came and continued coming. until today, nearly 2 million people live and work in the river basins. in creating this fervent complex, man has used the river as men have always used rivers. the flow has been put to work as a navigable stream, a water supply and as a sewer. man's mark is everywhere. is this mark an epitaph for the cuyahoga, the crooked river? >> cuyahoga. . ,. . i hope you participate in these decisions and see to it that the rivers are cleaned up and made more meaningful for all the people who live in this region. >> the cuyahoga very nearly encircles cleveland. it's 100 mile water course edge is

the e.c.b. bought back and bank of japan is the king of it all bank of england so they bought back in aggregate probably my guess is close to 50 trillion dollars worth of toxic assets and some point just the physics of it don't work anymore so that means that every dollar printed going forward because it can't be absorbed by the account chicanery and fraud fraudulent accounting of quantitative easing goes into something called the c.p.i. consumer price index and that the value of that money printing will now d. base the currency for real and this is going to be the end game as it were because once the quote inflation genie is out of the bottle you can't put it back into the bottle because the the central banks are caught in a trap where to try to stave off financial ruination and insurgency and insurrection they walled open the money top. even more and that will cause like a mar republic type hyperinflation and we've already seen this with because of course because the us dollar is in a hyper inflationary collapse against bitcoin now for 10 years so because it is telling us that the u.s. dollar

around the banks. veraged ratios, that kind of thing? sonali: exactly. but there's no indication yet, we don't really know. we know that bank regulation won't be so extreme, but it also will be as light as maybe some of them would like. alix: great analysis. looking forward to that. thank you very much. coming up, we bring you the latest on stimulus talks. mitch mcconnell said it is highly likely that they will be working through the weekend. this is bloomberg. ♪ alix: breaking news for you, banko [indiscernible] officer. a new senior that was widely expected, the spanish lender is trying to move on and forge its own path after some short-lived talks combining with a rival. armalo comes from the u.k. and has experience in digital expertise there. that's all speculated to be a part of why he would be named ceo. news check out breaking from brexit, the u.k. aim is for parliament to have a say on the brexit deal according to michael go, who says that talks could go on until after christmas. a bit of a walk

>> that is the $60 million question. for danske bankhought it would be this year, that has not come out. we know the ceo focused on the talkingt that long ago about properties there. we thought that would lead to something soon but that has not come about. for danske bank, which is the longest of the investigations, they say they cannot tell us or give us anything on the timing or the scope of what they are facing. guy: we will leave it there. catching everyone's i earlier on. banks and with the top about what is happening. we will turn our attention to switzerland. credit suisse is warning it may miss a key profit target because the pandemic. it plans to restart share buybacks in january. joining us is alison williams, bloomberg intelligence senior analyst for global investment banks and asset management. it is the pandemic. it has clarity. we all know that. how big of a surprise is it, the uncertainty that is coming in terms of the key targets his bank needs to make next year? allison: i would be more surprised if he was certain. the

the pizza guy turned bank robber drove out of the mcdonald's parking lot next to the bank but didn't get far. wells was intercepted just up the hill by troopers only a few hundred yards from the bank itself. >> i had him get out of the vehicle, at which time they noticed the collar around his neck. >> the robber told them he was wearing a bomb. they weren't about to doubt him. >> the troopers took precaution, handcuffed the individual, kneeled him down and then they proceeded to take cover. >> fbi man jerry clark arrived moments later. >> i came screaming up peach and i pulled exactly to the end of the lot and thought, oh, man, that's too close. so i immediately reversed, came around, and got into this parking lot. >> and he's talking to the officers? >> he is. >> wells identified himself, said he was a pizza delivery man. sitting on the pavement cross-legged and handcuffed, wells seemed more desperate than desperado. he pleaded for a cigarette and help. and then he told his story, his words, some black men had accosted him, locked the collar around his neck and activated the bomb. >>

the largest u.s. banks as the pandemic-induced shutdowns that royaled the economy and financial markets. the fed then said in june that all banks subjected tots stress tests were required to halt their buyback programs and cap their dividend payments. in this second round of stress tests today the banks said banks could restart share purchases expanding similar limitations already in place with dividends. these amounts are based to an formula based on the last year of the bank's income these restrictions will be in place through the first quarter of 2021 and the fed notes they may be expanded thereafter the fed chose to do an unprecedented second rounds of stress test this year due to the uncertainty surrounding the pandemic this time they ran two hint occasion, one with a severe shock and a quick recovery, another with a moderate decline and a prolonged recovery the results of both scenarios was greater than $600 billion. and the banks maintained enough of a cushion to maintain their risk based capital req

the big banks getting the permission to buy back a lot of potential stock.e it's a positive will we see a trend here >> it's a very big positive. remember, the fed didn't do one stress test this year, they did two. they came back and did even a more severe one than the severe one they had earlier in the year we think it's really bullish it's happened six months sooner than we expected it represents the fact that the banking industry has enough capital to get through this crisis and our math suggests and if our models are right many banks can buy back 20% of their market cap at today's prices through the end of 2022. we think it's very significant >> that would have a significant impact, of course, on earnings per share numbers. do you think the big banks are better positioned than southeast mid-size, regionals or smaller banks in terms of doing that >> absolutely. as a matter of fact, we think the earnings per share growth from the biggest banks will be about twice as fast as the smaller banks. looking into 2021 and 2022 and just about every valuation figure

the good thing you can say about the u.k. bankingystem is that it is strongly capitalized and is very much open for business, so the availability of loans i think has not been the issue. --say are they performing what do you mean by performing? because they are not performing in the sense of paying interest because the interest has been suspended on them. so what we don't know is whether when the schemes come to an end, which at the moment supposedly is at the end of march, whether companies will then be able to pick up and pay the interest payments on those loans. they are relatively low interest payments, guaranteed loans in some cases by the -- in some cases 100% by the government. what we are starting to think about is what happens when the schemes come to an end and when companies have got to start repaying interest. by the end ofhat march the economy would be back and open, if you like, but i guess given what has been going on recently, in terms of infection rates, that must be a question now. francine: so what do you think wil

and the world bank, to invest in reconstruction of then-war-torn countries. vid: so your job at the imf is to, let's take a country that has financial problems. their economy is weak or they have other crises. you can help them through that difficult time by lending them money. right now, you have about $270 billion outstanding. do you actually get paid it back? kristalina: the loans we provide are with very attractive interest rates because the members extend help to each other with a helping hand. for the poorest members, we charge no interest. these are much softer than traditional imf loans. countries pay us back. the poorer countries have longer maturity and longer time to serve their loans to us. but, what matters is not just the money. what matters is that we work with countries to make them stronger, so they can repay with more ease. and that is absolutely paramount for people to know about the fund. we are there to help countries to have strong economic fundamentals. david: there are some people who say sometimes when the imf has lent money in the pas

japan has had low and negative rates, the japanese regional banks are the most unprofitable banks on et and that is why the japanese recently offered a special bonus rate to pay the bank to restructure. we think about the anglo-saxon world, australia, u.k., america, they have all contemplated negative rates but this is not something they want to get out of the toolbox. they fear that once they are there, there is no reversing. why be tempted by this road that none of us want to get into -- this world that none of us want to get into? francine: are banks strong enough to fund the recovery? huw: happy birthday, francine. they are. they have been resilient. is almostn for us all comes from this year lending. u.k., 42 billion loans were guaranteed. they were never that strong enough. the larger banks are not strong enough to lend and there is lack of demand. there can be weak and strong. one thing we discussed is whether the pandemic, not only has it accelerated digital gender -- i think that is something stronger banks just get stronger and i think this maud banks are going to find it ri

it's a revenue sharing agreement where the edd gives the bank the taxpayer funds and the bank in turn pays the clients. so it is profit for both bank of america and edd. >> that is part of the reason california is pushing people into using the cards rather than direct deposit. >> i don't even understand why they have this long-standing contract with edd. >> don't give up, there is protection under that visa logo that bank of america puts on the prepaid card. i will get my money back, i won't stop. >> edd told us that if fred is happening on the card it's up to bank of america to resolve it and pay the victims back. when we asked b of a about that there was no comment.>> kpix 5 has been summoning the names of victims that have been contacting us come into the bank of america. so far 13 of you got your money back. if you're edd debit card has been hacked, send us an email and we will submit your name as well.>>> three high schools in the east bay are pausing in person camps after a potential coronavirus exposure. an official with pleasanton unified says students from amador, village and

i think the central bank will increase two way risks. options available to bring the yuan a little weaker, just introduce some uncertainty and some two way risks to the market. fiscalit is premature tightening in this part of the world a risk? >> i do think we are going to see some fiscal consolidation after an extraordinary year of fiscal stimulus coming from the asian economies. at the same time, two things to remember. fiscal policy always come with an automatic stabilizer. if the economy continues to up,ver, tax revenue picks social bed -- social benefits come down. that will pull the deficits. given the funding costs for many of the asian governments continues to be low. i do think the policy buyers will be supportive of growth. if vaccines are being distributed around asia and it is going to take time for some of the hard hit sectors to recover, government support is still much-needed. shery: we are seeing incredible recovery when it comes to the trade numbers that center around electronics in northeast asia. what are you liking in

news in the past week is at the end of last week a video was released of a conversation between the former bank of england head mark carney and now interviewing people for the council on foreign relations so a very powerful organization in america and larry fink who is the c.e.o. of blackrock the largest asset management firm in the world they have 7 trillion dollars under management so you know larry fink is like an untouchable right like he's probably more powerful than the president and he said to mark carney this clip we look at it is something is real but it still had tested it still it's still has many. we have to go to many markets to see if it's really probably real or it's going to be a variant of that sometime in the future lastly we're running out of time i would just say. how the additional currency has a real impact on the u.s. dollar because having a digital currency makes the need for the u.s. dollar to be less a row of that. the u.s. and so on i'm not certain i'm not talking about for america diary but for international holders of dollar based assets the question i would raise a

the central bank digital currency rights to be clear of the u.s. dollar in the british pound and the euro are currently digital currencies that they they are already digital currency so they say well do we need a digital currency that's like saying like oh you know it's raining outside is it really raining outside you know yeah it's our it's a digital currency already they haven't made the intellectual elite yet to understand what bitcoin is all about we're big coin has its own monetary policy built into the protocol that's audited every 10 minutes i mean they're still trying to audit the fed and in america you know paul ryan has been talking about this for decades and they still haven't gotten to the fed and they still have no idea what's in there same thing with every subtle bank they will pick on itself every 10 minutes right it's like we're watching the walking dead i mean they're the walking dead these guys i mean what is black rock they just repackaged boxes ok wow whoop de do they take an override on this they're just wrong ca's they've adde

changes at the top and banking. icredit chief executive is stepping down after four years after clashes of the board with strategy. meanwhile, credit suisse is proposing its next year with the outgoing chief executive. -- shareholders will vote on the nomination in april. possibility of private ownership after the financial crisis. joining us to talk about both these stories -- covers banks for bloomberg opinion. thank you for making the time to come on tv. first of all, when you look at unicredit, and there were rumors that the board was looking for a replacement or he was looking to leave. the fact that the share price yesterday was down 5%, again down five or 2%, are shareholders worried about what -- 5.2%, are shareholders worried about what is to come? >> absolutely. i think we are seeing a reaction of two things. one, the departure of an executive. clearly, four years he was there , although some of his decisions may not have been what everyone would have liked to see peter unicredit sold some of its higher bus

is at stake if we continue on our present course of funding trouble feels that it added that the bank is facing reputational risks meaning the public is getting and rage and will take its revenge on you and harm you the leaders of the bank unless you make moves towards that we're going to save humanity from destruction otherwise the banks will be taken over the public and national ads which then be done replaced by public things no actual within reach and the leaders of the economy know that their old is quite fragile while everything seems nationalized here in britain more so than after the 2008 crash because of a pandemic and hundreds the 5 people are being arrested on the streets of london as part of the extinction rebellion protest that j.p. morgan claims in public. rather than any mema fossil fuel loads for the arctic drilling have stopped their phasing out known for coal mining and they're planning a $200000000000.00 empowerment something called the empowerment economic development deal on pa with goldman sachs you mention exxon mobil well the bottom shelf says yes climate chang

the big banks mostly sent those loans to longtime customers. r average members five to 10 employees, that is very common for small businesses. we are talking true small businesses, the ones you find in communities all across america. they struggled to get the banks to pay attention to them, especially at the big and regional level. we are hoping that doesn't happen again. we are hoping that the credit unions, the local banks especially i'll get access to this program because that is where small business owners bank, at their local community banks. guy: small businesses are huge employers in aggregate, and the u.s., like much of the world, currently has an employment issue. starting a business probably has never been easier before. do we need to start thinking startbout how people businesses and how they keep those businesses going? because as we go into next year, this potentially could be one of the areas that absorbs that huge unemployment issue, under employment issue that we have in the united states. brad: absolutely. we are seeing those hi

and looking for escape routes and like away from the bank. said, it may not be our bank robber bus it's somebody's bank robbers. >> another led to a luxury rental home in maggie valley. a beautiful tourist destination near the smokey mountains. investigators reached out to the property manager. >> the fbi basically stated that they just had some concerns and needed to know who was staying in the home. >> melissa told the agents about five months earlier she had received an inquiry. two men, a writer and his assistant were looking for a place to stay while they worked on their book. melissa showed them around. they were in the market for something secluded with a garage. >> we traveled around the area, looked a at couple of homes and they chose one. >> the men were staying in a home aptly named southern comfort. it was a month to month rental and they paid in cash. melissa said they were some of her best tenants. >> these guys treated me with outmost respect. they were very kind. on an occasion they actually brought me a potted plant. and a tha