u.s. currency. and we were set to have harriet tubman be the first woman to be depicted on a 20-dollar bill but my understanding of that is at the treasury department will not commit to this under the trump administration. it is unclear whether this plan will move forward, which is very frustrating. i was looking forward to the day where i would see harriet tubman on our u.s. currency. i hope that that will still happen. i wanted to thank you supervisor sc14 -- stefani, it is very important that our daughters get to look at statues of women who have accomplished amazing things in our society. and something that they rarely get to do today. if they get to see a woman depicted on a statue, it is usually a fictional woman. a character. very rarely is it actually a human being who lived at accomplish great things. we know there is no shortage of women who have done that in the united states. thank you so much. >> chair mandelman: thank you. are there members of the public who would like to speak on this

u.s. currency has also added that this is something that other countries are learning from these sanctions to love reasons that featured a blonde with russian roots who was not too offensive to the i who has an instagram page filled with pictures of her in a bikini is who was claiming that just minutes away from the restaurant that sergei script holland his daughter yulia had been visiting in another italian restaurant she and her husband she claims were poisoned by vladimir putin who was going after them and wanted her killed and that story of course turned out to be something that was on the front page of the sun as well as several other tabloids and is now being treated as a hoax and this is what the son had to say on this like any news paper we were keen to talk to those at the center of the incident and in this case chose to give mr pirro the opportunity to share with the public her version of events that we had the model share her story however indeed the police are now investigating the main inquiry looking into this as a hoax and they have asked the media to not speculate on this w

u.s. currency. and we were set to have harriet tubman be the first woman to be depicted on a 20-dollar bill but my understanding of that is at the treasury department will not commit to this under the trump administration. it is unclear whether this plan will move forward, which is very frustrating. i was looking forward to the day where i would see harriet tubman on our u.s. currency. i hope that that will still happen. i wanted to thank you supervisor sc14 -- stefani

u.s. currency has also added that this is something that other countries are learning from these sanctions to lover of as also said that this new round of sanctions aimed against russia's arms exports is viewed by moscow as an act of dirty play in what is supposed to be a fair game ruled by competition because on securing your sins are true those sanctions are obviously yet another demonstration of dirty competition once again we see that the dollar based system has discredited itself completely and trust in the dollar is falling dramatically as more and more countries are thinking about how to avoid any dependence on this international finances. and this is a whole other twist in this story because the as you thirty five fighter jet in the as four hundred missile defense system are the most advanced pieces of weaponry that right. has to offer they were designed with the intention of russia selling them abroad so now with russia being one of washington's main competitors when it comes to arms exports well it just looks like that one washington is targeting these particular areas of russia'

u.s. currency that's fine.ut on the additional ways that people can support news orgizations that just have not been accessible or available before. for instance micropayment or microtipping. >> sreenivasan: right now, if o tip a website, say, a quarter for an article you read, the site would lose money on the credit card aansaction fene. >> once you're in a crypto- economic world there are no transaction fees. there's no middleman. and they can make those donations directly to that news organization. you know, they can give them as little as a few cents to as much as they want.>> reenivasan: the civil token also plays a part in how the network governs itself. >> with your tokesans you have a in who is and isn't on the platform. >> sreenivasan: tokens enable the owner to do a few different things. with a wt least $1,0th of tokens, anyone can start a civil newsroom of thei aown. tokens ao used to challenge a newsroom if someone believes it violates basic standards of journalism as outlined in a constitution the

u.s. currency in circulation at any given time that's about four thousand dollars for every man woman and child in america however american consumers only used thirty two caps maybe he used cash thirty two percent of the time for retail transactions back in twenty fifteen so it's pretty safe to assume that cash has continued its decline in popularity mallon twenty eighteen so what the. of online shopping and the advent of social payment systems like then moe and square pay pal apple pay all the script o. currency like bitcoin experts believe this is a trend we're going to continue to see globally china's mobile wallet sales are expected to account for over seventy one percent of sales by next year in two thousand and nineteen in the u.s. likely headed for similar numbers now all that convenience is great but your digital wallet is leaving a long digital trail of your spending habits for marketing and advertising companies and possibly even government agencies who can monitor what you do what you buy this can even extend to for example your health insurance company if swiping your credit c

u.s. currency is doing, and so there's some breathing room for the markets. -- emerging markets. that 25and russia got point basis increase which was not anticipated, only does the people anticipated it. is it enough? it hasn't moved a whole lot. >> i get the impression that although the forecast from analysts are still looking for the rates to be unchanged, the consensus is that if they did not like them they would still come out bullish. that means today's reaction maybe wouldn't be as extreme if it had not been a total surprise . the central bank may need to hike again as well, and there is tonty of signs to the intent draw a line onto the ruble. the great unknown for russian bad wills how sanctions be from the u.s. when they come through? and will they be able to stand up to that? will these countries get relief from higher oil prices? >> it's interesting, oil is inking strong, especially the ones that affect the european market. this yearation show between currency and the oil market is fairly weak. it has not filtered through in the same way that you might expect, there are

u.s. currency during his presidency. could you share your insights as to what you know about that, and whether you are aware of some of that oblique references president trump might do the same thing with the federal reserve? very good question. i haven't seen any major suggestions from trump that he intends for a major overhaul of the federal reserve. however, a few weeks ago trump made comments in which he seemed to be critiquing the chairman of aboutd, jerome powell, interest rates, which caused a bit of a hoo hah among wall street circles, that the president was getting involved in that. and the bank of the united states, jackson saw the bank of the united states is a corrupt monopoly that financed credit, money was centralized among the wealthy in very few hands, and jackson wanted to tear down that monopoly. and the problem with the bank that supporters of the bank war did not agree on the best alternative. some supporters of the bank war believed we should have totally decentralized banking and bank notes issued b

u.s. currency? >> the u.s.lar, it seems to have made a robust climb up from some slightly low levels a while back and now i sort of see it as being poised to spring forward in september. i could be totally wrong on this. when you consider we'll get the fed meeting and we're going to get a rate hike and we're also almost certainly going to get very strong guidance that they expect to raise in december, if we take a look at the chart just coming up on the terminal you can see this shows the blue line is the gap between the current fed rate and the average of the rest of the g 10 central bank. it's been climbing up and is about 1.5 percentage points, the level last seen back in something like 2006. the white line is the expectation for what the gap will be in a year from now. it's going to be even wider, about two percentage points. when you look at that you think first of all the u.s. dollar is helped by the rate differential in and of itself. secondly, the underliing dynamic is that traders, economists, they see

u.s. currency. u.s. bonds.ere to decide to do something else with those and sell them, that would put downward pressure on the u.s. dollar, or would it? >> it would have adverse impact on the u.s. economy, for sure, but let's keep in mind it would also hurt china. i don't think china is going to go down that route. they have many other options. and they'll want to find a measure that's not going to hurt them as much or more than it will hurt the u.s. >> got it. all right, wendy, thanks for joining us. former acting deputy trade representative. >>> a man is fatally shot by a dallas police officer in his own home after she distook his home for hers and that he was an intruder in her home. i'm going to be joined by his family's attorney after the break. you're watching msnbc. but allstate agents know that's where the similarity stops. if you're on park street in reno, nevada, the high winds of the washoe zephyr could damage your siding. and that's very different than living on park ave in sheboygan, wisconsin, whe

u.s. currency the could face a crisis in two years from now, dropping as much as 30%.he expects the greenback to decline by years end. ralf is still what us -- is still with us. are your colleagues looking to buy euro-dollar out into the future? why with the dollar start to lose ground -- would the dollar start to lose ground? anf: we are hoping for easing of the trade narrative that has been supporting the extent.o some we are looking for the european economy to stabilize and leave some of those headwinds behind. and the underlying support for the euro in particular is strong. provides a structural bed that said -- bid that should be supported. see china welcoming the invitation to trade talks. if we see those talks go well, if trump's trade war moves closer toward a peace treaty, do you expect weakness in the dollar? ralf: we would. it is hard to say. you would be turning a bit more bullish, global growth as well. bit of athere is a risk premium priced into dollar at the moment, that has to do with the quality -- the trade war narrative. relaxation is near-term a bit

u.s. currencies -- are there em currencies you are buying against the dollar? >> not at the moment.fer value in terms of being cheap. politically you have risks. the e.m. universe is tricking. -- shrinking. why would i want to take risks? show me the money. show me what you've got and i will buy your currency. we have just seen $200 billion of trade tariffs. another 200 62 $7 billion to come. billion to come. nejra: recently the negative correlation between the bloomberg dollar index and the msci index is not as strong as it was. talking of correlations, i have a chart showing oil versus em currencies. it is showing non-asian emerging-market currencies have been failing to benefit from higher oil prices. is this a correlation that is important? >> not at the moment. it is interesting that financial markets have fashions. though the oil price is high, you are very happy to sell india and turkey. the currencies that have oil you do not want to buy. there is something gone wrong here. the fed is in play. the trade story is in play. these are bigger stories. behind the scenes, the dolla

u.s. currency? couldn't it be in the form of services? >> absolutely.-kind donation and we don't know exactly what they did, but what we do know is that this executive who managed this fairly comprehensive, robust program to enhance and get thema latino vote out in 2016, andus used corporate resources, remember, all of these lefties, they always attack corporate contributions. they attack corporate money. this woman was using her budget, her corporate money from google, to turn out latino voters. and she specifically said -- this is not just an email. this is a four-page memo describing what she oversaw and all the various things they did. targeted states such as nevada and florida, so they are going into battleground states, and they are doing it with a 501(c)(3) organization which is prohibited by law from engaging in partisan campaign intervention. so there are multiple laws here that are implicated. we would just like to know what all they exactly did, but frankly, if they made a contribution knowing that it was for the purpose of influencing a fede

currency. the chinese premier rules out a weaker yuan. we speak to the u.s.iness council on ceo's biggest fears. jpmorgan -- america first will last. -- not last. the u.s. yield effect. the sale in u.s. bonds are pulling out. to "bloomberg daybreak: americas." i'm david westin. is wednesday, in the middle of the week, and we are in a transition period. nowas been all trade and there is the economy. alix: right, there is the fed next week. -- is now more attractive. we had that option bill yesterday that showed 2% borrowing costs. the markets digesting that. the loan bond selloff coming to a bit of a stall, the dollar gaining a bit of steam against currencies like the frank, british pound, but it is still a higher yield story, weaker dollar story. how does that make sense? 3.05 is where we sit on the 10-year. crude flat as well. david: at 8:30 this morning, you was housing starts and permit numbers for august. 3:40 this afternoon, jeff bezos will address the error space and cyber conference. and sometime today, and the canadian official will resume negotiation

u.s. is threatening against china. it is a bit of a divergent. it doesn't mean much, but day-to-day trading. the bigger picture is what happens with the currency. war goes on, the more tarrifs the u.s. slaps on, the harder it will be for china to maintain currency stability. that is a much bigger issue for emerging markets, and probably even for developed markets as well. that is what people will be looking for, any clue that the pboc is giving up trying to keep the yuan in a tight range. haidi: what are you watching out for today? if we get another day of losses this will be the longest slump for asian stocks in 16 years. equities are probably front and center for everybody. another weak finish yesterday. ago thatly a few weeks so many analysts were saying you must be in china. shares of the best thing to be in the market. the market is even cheaper now, bringing down the rest of asia with it. until we see some sort of balance in the china market, it is going to be very hard for asia. really, everything now depends on the direction of that. at the moment, with the background of the trade war, unfortunately china is not having a great time. you

u.s. and currency,ook at the it give or take about 7% against the u.s. dollar. ovoking accusations of manipulation from president trump. beijing has responded and promised not to use the currency as a trade war weapon but veteran em investor market says there's a possibility and sees a further weakening if the dispute escalates. listen in. >> you are going to see the valuation. if you are in beijing and you one 25% tariff being put your goods going into america, the best defense would be to value by that amount. two are see as much as the dollar. it's not be on possibility. when you look at markets, asian stocks mostly down. bad,week has been really obviously ongoing concerns about trade, fed raising rates. let's bring in our first guest, eli lee. he joins us from singapore. thank you for coming on the program. you've noted there is by you in asia stocks. there has been value for several months but nobody has taken vantage of that. using now is the right time to do that? eli: absolutely. i think there has been a record divergence in recent history between perform

u.s. and china's currency is linked to the u.s. dollar. and at that point we had the shanghai accord.actually ever happened but in early 2016, the fed began to back off by slowing down the hawkish guidance. the irony is that the fed eased by tightening less quickly then it said it was going to. so that is always a reminder that slow is what drives the market. at this point we are 2.5 years later further into the cycle. closer to late cycle. i don't think the fed has the luxury of saying they will hold off for six months. i think we're close enough that the fed doesn't feel it has the luxury it had 2.5 years ago to pause. and if it doesn't have a luxury it means it will continue raising rates another three or four over the next 12-18 months. and with the ecb still not starting the taper, let alone shrinking the balance sheet, that does create a policy divergence. and to the point about the central bank balance sheets, we look at the big for balance sheets, assets relative to the debt of the country is peaking at 36%. three years from now is likely to be 31%. so we are going towards the

u.s. dlor regime: >> thank you, congressman. on the currency issue, you're very onto something of concern as well. that said, there remains a great desire to maintain correspondent banking relationships with u.s. banks and at the end of the day still ultimately clearing u.s. dollars. the maintenance of the correspondent banking ties that are best line of defense to ensure that we maintain not just a degree of transparency and visibility into the action, but also the sanctions regimes as you pointed out. but further to ensure effective anti-money laundering standards are being applied and implemented. one of our big concerns in line with chinese actions is not just in africa, but around the world are very opaque, debt focused infrastructure transaction that were not clear that some of the countries involved really understand the risks from the financial risks downstream of what they're committing to. transparency and blending is another big issue. finally, on block chain. as with all innovative technologies, they are going to essentially be a gr

starts to affect the u.s., currency might be a bigger driver of that and that is what we are watchings the dollar. alix: what is interesting is in the feedback loop. everything you just said means in some way, president trump can go out and talk very tough on china because the economy is doing so well. a chief marketer just for bloomberg said the strong market performance has given president trump a tall stack of chips that has emboldened him to press his bets as forcefully as he can, slapping tariffs on every import from china. his will his -- when will tariffs that crept out -- bet crap out? when earnings do. isita: what we are watching whether corporate america says wait a minute, i was planning to build headquarters, do all of this growth but now with trade friction, maybe we will hold our growth programs and that affects corporate confidence, consumer confidence and that is where it gets ugly. before it hits earnings, it might show up in looking at corporate america. david: is it your sense investors are taking this into account? i will put up a chart with jpmorgan's index that i

u.s. currency.ent trump has hit out at the new york times reported after the paper published an opinion piece suggesting key members of the administration are secretly working against him. he is demanding the paper revealed the identity of the author. joining us now is kevin cirilli. the parlor game in washington is trying to figure out who is behind this anonymous op-ed. kevin: it is the talk of the town. from the administration's perspective, we are trying to say the deep state exists and this is part of a broader coalition inside the government to make it more difficult for the president to accomplish his goals, and critics are saying, we told you. this is an administration completely at odds with any type of political norms. latestbeen the illustration of how unique this political moment is. francine: can they avert a crisis? will we get a name? there is a lot of pressure in order for there to be a name. the president yesterday went right to microphones. there is a switching in terms of the whit

u.s. proceeds to a counteroffensive in currency war against europe, japan, and probably china. the reason why the u.s. is not having a currency offensive at this point against currency manipulators in europe and japan crisis, then from a reason is that any sort of attack on monetary minute relation could sink the u.s. stock market. big pointspresident for the midterms of the stock market. they do not want to risk that. >> u.s. stocks outperforming the rest of the world. interesting, the possibility of a trade were becoming a currency war. could the yuan be used as a weapon again? be. think -- i think it can clearly the weakness we saw a earlier this year was to some degree a trial run. for the last couple years there has been a consensual view that have weakened the currency, they caused the loss of unrest, they lost control, their reserves fell sharply, so they stopped doing it. they put increased capital controls back on, and the result is we cannot see any adverse effects from the weakness we saw this year. that period has ended. anybody will say we are now in for a sideways

u.s. businesses. amanda: what about the effect of currency? ignificant appreciation of the canadian dollar against the u.s. dollar. >> we have seen waves of currency fluctuation over the years. it does not seem to affect the long-term strategy of the canadian investors we have worked with. i must say, we just held a number of symposiums around the world, shanghai, london, and toronto, and investors pop up in other places than canada. they are very active, not just in the u.s., but in other markets, despite what currency trends might the at any given time because of their more long-term investment profile. money we saw chinese flooding u.s. real estate a few years back. and the trade tensions u.s. move to strengthen regulation against these investments, have we seen the impact as of yet? >>. we have just look at the statistics -- >> we have. just look at the statistics. chinese capital was 22% of acquisition occurring around the united states. this year, it is 8%. so there is a big decline. putee chinese investors property on the market to liqui

u.s. rates, developed market currencies. don't look at emerging markets unless there are big opportunities, and they are saying, is there a crisis? my answer, when you get these macro tourists coming out of the woodwork that normally means you are coming to the end of the crisis. it might not be finished yet, but i think this is the last month of pain. september is exciting for long-term investors. a specialist in emerging markets, who understands the concept of differentiating between countries, because there are very different stories, very important to realize that unlike a decade ago, emerging markets do work in different economic cycles and there's genuine differentiation opportunities. you broughtight now, the point that you have to differentiate the markets. ande are opportunities, what would you be buying now if you go with that perspective? paul: i think the best stories are in asia. andt of all, argentina turkey are obvious problem areas, brazil is under pressure. but even stories like south africa might be done. a

u.s. has been accusing china of deliberately pushing the currency down. stories have already made it more difficult to short the yuan. now they have come out with is very technical measure. essentially, what it does it makes it harder for the u.s. to push currency down. the lost in the past three months seems to be the tolerance level. it may be no further from here. >> the u.s. department of agriculture announced u.s. farmers will receive $4.7 billion of initial farm aid. who is the biggest winner and loser in the agricultural sector? >> the agricultural sector would tell you there are no winners. you have $3.6 billion going to soybean producers. every statement i have seen so far is, you can give pork $290 million of direct aid and $559 million dollars of government purchases, you can give money to corn, wheat, dairy -- none of it matches the economic losses farmers are facing today. you would say, on paper, these are the winners of the package, but most of the commodities are feeling like losers as the trade war goes on. >> in the u.s., second quarterly

have a more multipolar world we have different sensors of currency concentration and power and this will be i think and that negative for the u.s in terms of its currency ability to govern much of the world economy this is a totally new century we've got new multi-polar world germany is assumed to be a us ally but if you listen to the rhetoric coming out of berlin it seems as though germany is being kind of pushed into the russia china axis which is very interesting that means you've got russia china germany on one side of the geopolitical game board you've got the u.s. israel saudi arabia on another side britain is left out now because there are exiting the global commerce market they're going to disappear in a few years and now that'll such a say for the twenty first century and i think that with china leading the way toward trying to build their way toward friendships versus the u.s. model of bombing the u.s. really has to start tap dancing to a different tune if they want to participate or be left out. or let's move to barcelona now where catalan separatists have been out in force and the spanish region people took to the s

u.s. is going forward, even if they just want to get a better trade deal. this will be borne by a emerging market currenciesicular. we are looking at what trade negotiators apply between the u.s. and china, and nafta. impact to the the u.s. economy, there has been concerns -- has been concern within the red state, like soybeans. but you don't see an impact to u.s. economic growth? >> not too much right now. we saw 3% in the second half of the year. then trends go back to 2.5% next year. repatriation,rate also share buybacks, a record of over $700 billion in the equity markets. the effects of the u.s. economy are very minimal right now. juliette: do we see a more sanguine president trump come november? joyce: it is very cyclical for it depends on -- what the level of victory is. if democrats come into the house, they are more anti-trade. i don't think this gets rid of the trade tensions. jpmorgan has a forecast built on technicals. we could see another global recession by 2020. that two of impact is jobs in the u.s. market and currencies? recession mayk of go up 50% or higher by 2020. it is around 17% right

, sweden, those currencies are th worst performing when you move into the core g 10, the performance is different. of course you have the yen and the swiss franc who outperformed the u.s. dollar. and the euro's performance is just behind. when you look at the external positions, currencies that have that kind of safe haven characteristic, those are performing better. it's growth sensitive whereyou get the major under-performance. so it's that rather than saying interest rate differentials are widening in favor of the u.s., all these currencies will perform poorly track record doesn't back that up >> i want to move outside the g 10 briefly we had this warning from christine lagarde about the potential of contagion, the fact that the situation could change rapidly. how specific are other countries like turkey, argentina, brazil, south africa when it comes to the under-performance of their currencies or how much of that do you ascribe to fed tightening or tensions over trade >> again, the currencies that you just mentioned, there are obvious specifics, in particular turkey and argentina, even brazil south africa is actually in recession. if you move outside of those -- r

u.s. dollar is still the king currency and this goes along with my thoughts about how this whole system will unravel and it's contrary to a lot of belief systems all right well talk about this invented and very detailed car for a second so tell people what that means oh isaac why is it significant well if your long term interest rate is at three and a half percent and your short term interest rate is at three point six percent then people will seek the yield and they will sell the long end of the curve and jump in the short end of the curve and escrowed inverted yield curve so that. really distorts the market whenever we've had that type of situation there has been a recession following it so we're heading that direction right now and the reason it happens is because the short term money is hot money needs to be borrowed in the marketplace and this is something that again this happened in the past so it is heading that way even if it doesn't invert totally i think a recession is absolutely going to take place sometime during two thousand and nineteen so what it means is a recession is ahead

u.s. dollar will be increasing at a time when there is less supply. you sort of get this back loop where we see the dollar stronger than it should and that has an effect on em currencyre those countries have a lot of debt denominated in u.s. dollars. shery: you get the dollar and everything falls into play with the em space. this is dollar correlation, negative correlation to emerging asset stocks. this is one that very much makes sense. it is still pretty close. even if you remove the trade war issues, you still have policy divergence issue. is that part of the ok, looking at malaysian em because it is related to ongoing stability in the u.s.? toby: the em space is complicated at the best of times. emna has a specific view of broadly. you can break it down, some are in better shape than others. we know where it relates to u.s. dollar and divergence. you are going to end up regardless of the reality of fundamentals underlying, you would get impact on the em's if we get a sharp move in the u.s. dollar and some sort of -- one or two of the em's having difficulties. that is why as an investor you say, what do i do? i have to look at the situation and focus on the areas