the us federal reserve is joining a group of central banks focused on climate change the group counts over 18 members including the bank of england and the european central bank the fed has been communicating with the group for the past year. apple shares rose to a 3 month high in tuesday's session me company had announced plans to run for iphone production by 30 percent in the 1st half of next year japanese business daily nikkei says apple expects to make 230000000 handsets in the coming year. and lloyd's of london and fin tech firm pass or are teaming up to ensure vaccine deliveries to foreign countries the global health risk facility will make billions of dollars of insurance funds available new coronavirus back scenes have to be distributed at extremely cold temperatures into a higher risk of doses spoiling in locations without adequate cooling. germany has just entered another coronavirus locked down but months and months of restrictions on life have already changed spending habits the new plate with few places to go germans have been turning attention to their own homes and the

the us federal reserve is extending most of its pandemic support programs until the end of march next year. that's despite the u.s. treasury secretary pressing to phase out the emergency landings means by the end of 2020, consumer products, or will trial a 4 day work week. if only for staff in new zealand, for now with no cuts, their pay only $81.00 employees are eligible to participate. the year long experiment is considering taking the idea, lobel, and speaking of europe in its companies, the con, it has long criticized big tech companies or giving rise to very few of them itself . or the e.u. thinks it has a solution on both counts. new block wide cloud infrastructure, it's calling guy x. . that's a new set of standards meant to create an open uniform tech playing field for companies across the 27 member bloc, and provide an answer to tech domination of the u.s. and china. how much data do you have with amazon or google or microsoft? one of the tech giants in the cloud has become the high tech battleground of the internet age. and he's totally dominated by those big, mainly america

in the 5500 page economics to be with bill that will prevent democrats from being able to use federal reserveending facilities to fund state and local governments. this was really the battle. it was twofold. first and foremost, getting the leftover funds back to fund the crux of the $900, but also to prevent democrats from using federal reserve lending againties from happening in the next round of economic relief battle, when president-elect biden is sworn in. i bring this up because yesterday i spoke with two senior staffers to senator pat toomey, and asked about the criticism they have received with regards to the independence of the federal reserve. they pushed back on that criticism and said to me that they believe that the fed should be the lender of last resort, not the lender of first resort which is what they were hoping to prevent from happening. lisa: it is a conversation that i'm sure will be heated and ongoing. any push forward to next year? when do the provisions laid out by this latest round of stimulus expire? what is the appetite to do more? kevin: march is when the next round

joe biden has appointed janet yellen, head of the federal reserve, who could become the first us federalve secretary. french lawmakers are rewriting controversial clauses in a security bill that would make itan security bill that would make it an offence to share pictures of the police online maliciously. there is concern it could have stopped people exposing police brutality. just three weeks after the end of its national lockdown, wales has seen another rise in infection rates at the welsh government has announced a new set of restriction starting this friday evening, four pubs and this friday evening, four pubs a nd restau ra nts this friday evening, four pubs and restaurants and cafe is in wales have been banned from serving alcohol and must close by six bm every evening. hywel griffith has the latest. as the covid numbers rise, once again, as this is face shutting down. on friday this bingo hall in cardiff will close its doors. avril normally come say three times a week. she says it is a lifeline. the only place i feel as safe as any errors in my own home. even the shops are not doi

$3 trillion of support provided by fiscal or government spending this year you also have the us federal reserveand providing quantitative easing. so an awful lot of economic support is being provided to try and get the wild boars biggest economy through the offset of that, american debt is now climbing and we still have to work out how that hole will be filled going forward. let's get some of the day's other news. christmas trees and glittery ornaments are for sale at a saudi gift shop, a once unthinkable sight in the cradle of islam where all public non—muslim worship is banned. in recent years, festive sales have gradually crept into the capital riyadh, a sign of loosening social restrictions after crown prince mohammed bin salman pledged to steer the conservative gulf kingdom towards an "open, moderate islam". tesla is poised tojoin america's benchmark s&p 500 stock index on monday, giving millions more investors a stake in the electric car—maker. analysts say the financial milestone is a validation of a string of good news for elon musk‘s firm this year. demand for its cars was resilient th

central bank of central banks ok there's the be i ask that they don't print money like the us federal reserve does and they oversee their collection of big baby bankers and jamie diamond and j.p. morgan are the biggest right there big giant baby in the corner screaming the loudest so there diaper is fullest of all seeing is like somebody has to change that diaper one day and when you change that diaper all of that inflation comes flooding out and that's what his opinion writer in the bloomberg article is pointing out is that part of what's happening is that china is booming right now their economy is booming and their exports are booming so we're actually starting to see genuine inflation that you can hide in jamie dimon stipe or prices are now rising strongly in part because asian growth is humming chinese export prices have risen year over year excluding oil industrial commodity prices are also now higher than they were at the end of last year even if nothing moves between now and late spring of 2021 year over year comparisons will start to look pretty dramatic as prices this spring were at

us president—electjoe biden has announced his nominations for his senior economic team. most of the positions are going to women. they include the former head of the federal reserveanet yellen who has officially been nominated us treasury secretary. it is the first time a woman has held the post. the economist claudia some worked with janet yellen at the federal reserve. janet yellen is memorable. i worked with her when she was the vice chair at the federal reserve and when she was at the chair and i work very closely with her as she has been the president of the american economics association. she is absolutely the most qualified person to be secretary of the treasury. i'm really excited that she is going to be taking on that

us president—elect, joe biden, has announced his nominations for his senior economic team, with most of the positions going to women. they include the former head of the federal reserveas officially been nominated us treasury secretary — the first time a woman has held the post. us economist claudia sahm previously worked with janet yellen at the federal reserve. janet yellen is absolutely memorable. i worked for her when she was the vice federal chair and when she was the chair. i have worked very closely with her as she was president of the american economics association. she is the most qualified person to be secretary of the treasury. i am very excited she will be taking on that role. it is true when you are heading the fed, but true in her currentjob, it is notjust economics, it is politics. the decisions you take in these jobs can have a big impact on the president? absolutely. janet yellen was the chair of the economic adviser decades ago, so she is not foreign to the political sphere and some may not believe it, but the federal reserve, when they are making big policy decisions, which is exactly what she was overseeing as chair, there is a lot of politics goi

as i understand it, what we're talking about is funds that were allocated and not used by the federal reserve. and i got to tell you, there's a lot of us on both sides of the aisle very, very concerned about the amount of money we're spending with no accountability. why wouldn't we repurpose some of the funds from the original bill and use them in a more effective way? i can see his argument. >> but can you understand why some people would be scratching their heads trying to wonder why all of a sudden republicans are worried about deficits and spending given what this administration has done over the past four years? >> i think your point is valid. i can tell you that there are many of white house have been concerned throughout this whole process and remain concerned. but it is bothersome that many people don't seem to be concerned about the issue. >> how worried are your constituents about paying their bills, about paying their mortgage, about getting food on the table, about feeding their families? >> well, i think not just my constituents but around the country and around the world we have

us presidential election. prosecuctors say they will not be punishing mr gevers. jerome powell, chairman of the federal reserveled for steps to stimulate the american economy, which is struggling to cope with the effects of the coronavirus crisis. he said the case for deploying government finances was very, very strong. the ongoing surge in new covid-19 the ongoing surge in new covid—19 cases, both here in the united states and abroad is particularly concerning and the next few months are likely to be very challenging. all of us have a role to play in the nation‘s response to the pandemic. following the advice of public health professionals to keep appropriate social distance and wear masks in public will help get the economy back to full strength. a full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities. ransoms will not be paid for the schoolboys kidnapped from their boarding school in northern nigeria. that‘s the message from the regional governor who‘s spoken to the bbc. he said the authorities are in contact with the group holding the child

it used to belong to the federal reserve bank of richmond, virginia. from the late '60s until it closed in 1993, it stored $3 billion in coin and currency that was going to be used to pump up the u.s. economy east of the mississippi in the event of a nuclear catastrophe. the building was for sale. packard humanities institute purchased it in 1997 and controlled the construction over the next several years, next ten years. other time, we worked with the people from the packard humanities institute into what the facility is today. the vision expanded over time. now, the facility that's almost 500,000 square feet, not only has the collections and the preservation laboratories, but it also houses our data infrastructure, all of our cataloging teams are here. everything that we need to describe, preserve, and make available to the american public our audio-visual collection. our collections previously have been held in four states plus the district of columbia. our nitrate film, for example, was stored at wright patterson air force base in dayton, ohio. that

not only senate republicans but the american taxpayer this weekend so the democrats wanted to use federal reserve for a decade. in march, with the cares act, we gave the federal reserve limited and temporary authority to help provide liquidity into the lending markets. that succeeded. the economy did not collapse in march and april, as many people feared. we wanted to revoke that authority so joe biden and the democrats can't use it as a back door bailout for cities like new york city or chicago or states like illinois by providing ultra-low interest loans to this cities and states. we stopped them from bailing out the cities and the states from the through door and this weekend thanks to senator t oomey and mcconnell we stopped them from doing the back door of the federal reserve lending programs. brian: they should do what everybody else is doing, allow the residents of the citizens of their state work their way out of this , rather than keep them locked down and give them checks so i want to talk about something else that matters a lot to you and that's critical race theory and whether it's go

2019 will be a deciding factor as the federal reserve whether federal reserve -- the central bank releasing the second round of stress tests a little bit later. joining uss further is chris campbell, former assistant secretary of the u.s. treasury for financial institutions. thank you so much for joining us today. what is your expectation from the stress test today? what has been the worst case scenario, and for the next stress test, will be no how stressful those stress tests will be? a great series of questions. i expect to be presently surprised about the stress test today. largely because of the capital requirements on large banks. banks have done pretty well. some may argue that they have not -- that they perhaps should be because of the capital requirements. the fed and treasury have leaned in since the last stress test to make sure there is a lot of liquidity in the markets and access to significant amounts of liquidity. i expect to be pleasantly surprised today. the second part of your question, as the treasury comes confirmt yellen will the second treasury and the new financial regulators get set by the med ministration, they will andrmine the

taking a look at some of the numbers from the new york federal reserve on how people used the $1200 stimulus check, the one that was part of the cares package, the $2.2 trillion package, passed at the end of march. that survey run by the new york federal reserve of several hundred american households found 29% spent on consumption goods, 36% put the check into savings. 35% of households spent it on debt repayment. itper into those who spent in on consumption goods, the spentis 18% of that 29% it on necessary living expenses. 8% spent it on hobbies, leisure activities, nonessential spending. 3% donated the money to charity. new york federal reserve survey took a look at how people might spend a second stimulus check. a survey of several hundred american households, if there was another check coming, 24% said they would spend it on consumption this time. 45% said they would put it into savings. 31% would spend it on debt repayment. on federalbased reserve data. richmond, virginia, you are next. caller: good morning. i want to preface this by saying i am one of the lucky ones who the had, consi

federal reserve. we extended a lot of additional capacity for the federal reserve to do lending and backstop to the economy back in march. not knowing what would happen. and a fraction was used thankfully and we want that expire and democratic colleagues say we'd like the ability to have the flexibility to be able to use the federal reserve more deep into next year. we said no president should have this kind of ability to be able to extend that kind of credit from the federal reserve in a time when we're not in a crisis mode and we're quickly moving out of the crisis with the vaccines on board by the time we get to march and april of next year, we're in a very different place than in march of last year. neil: got it, senator, thank you very much. i hate to interrupt, but mitch mcconnell is on the floor of the senate. >> we're face ago five-alarm crisis, the virus is surging across the country. two days ago my home state of kentucky set another bleak new record, in those kentuckians lost in a single day of this pandemic so far. nationwide, since the start of december, we've lost around 3,000 of our fellow americans to this disease every single day. meanwhile, although the ame

jerome powell, chairman of the federal reserve, the us central bank, has called for steps to stimulateof the coronavirus crisis. he said the case for deploying government finances was very, very strong.

the chairman of the federal reserve, the us central bank, has called for steps to stimulate the american cope with the effects of the coronavirus crisis. jerome powell said the case for deploying government finances was very, very strong. the united states says a cyber attack on federal government systems, discovered in recent days, was both significant and continuing. a joint statement by the fbi and security agencies said they were working to understand the full extent of the hacking campaign, which apparently began as long ago as march. officials believe the attack probably originated in russia. kevin mitnick is chief executive of mitnick security. he's an american cyber security specialist and was jailed as a hacker in the 90's before turning his hand at catching them. he's in brisbane australia. thank you very much for talking to us. in the mid— 90s you were the worlds most wanted hacker 110w the worlds most wanted hacker now you are a security consultant. what is your assessment of this breach of us government agencies? quite serious. what we have here is a supply chain attack so v

points but the dow is down 100 right now as it digests the fed decision we just got joining us is former federal reserve governor it's great to have you back and pick your mind some disappointment in the marketplace, they didn't do the twist, so to speak, and start buying more bonds and ten-year in the higher range. as we spoke about last hour, it's not clear why they would need to when the ten-year is below 10%. at what point, if ever, do you think they're going to use that tool >> i think the key now is that it's in a wait and see mode. i'm not at all surprised by the fact they didn't do much today that's exactly what i expected there are a bunch of countervailing forces they're keeping a watch on and it can go either way right now the key thing, it's all about the covid. in terms of where they're sitting right now, they could have extremely bad, nightmarish winter, where economic activity is curtailed and people stop spending because things get so bad. it's tragic it's happening but that's the way it is of course, you have the good news on the vaccine and then the question is going to be, how quickly

jerome powell, chairman of the federal reserve, the us central bank, has called for steps to stimulate american economy, which is struggling to cope with the effects of the coronavirus crisis. he said the case for deploying government finances was very, very strong. now on bbc news, it's hardtalk with stephen sackur. welcome to hardtalk. i'm stephen sackur. the us electoral college has spoken, even if outgoing president donald trump refuses to hear it. joe biden categorically and conclusively won the white house and he'll be moving in next month. so what now for the enraged incumbent and his most loyal associates? well, my guest today is chris ruddy, ceo of newsmax, the right—wing media organisation that's trying to outfox fox news by being trumpier than trump. is post—trump america destined to be paralysed with division? chris ruddy in new york, welcome to hardtalk. is post—trump america destined to be paralysed with division? chris ruddy in new york, welcome to hardtalk. great to be on with you, stephen. thank you forjoining us. simple first question — donald trump has not yet conced

federal budget attached, was agreed by both sides of the house. we can now speak to the economist claudia sahm who previously worked with us treasury secretary janet yellen at the federal reserverus aid package at christmas time would inevitably causing a lot of stress for the millions of family who rely on those benefits. if it is not approved, what stress will they be under? first, thank you for having me on this evening. the stress will continue to grow. this has been a hardship and an uncertainty that millions of americans have dealt with for months now as congress and tried to get a relief package negotiated and very specifically the last of the jobless benefits will go out tomorrow to individuals who have been an unemployment for many weeks already and for those who had eligibility because of the earlier relief package. those two groups, tomorrow is the last day. the president absolutely has decided to get those back on track and all the rest that is on that relief package. there appears to be a lot of confusion about who supports what. can you explain the difference between these covered relief built and the other welfare packages. —— covid. the relief package and that

the head of the san francisco federal reserve mary daly joins us. it is all just ahead on "fac the nation." ♪ >> brennan: good morning. and welcome to "face the nation." the typically joyful season comes n one of the country's darkest moments. 17.5 million people in the u.s. have been diagnosed with covid-19. one in 250 were diagnosed with the disease just last week. more than 300,000 have died over the course of this pandemic, and experts are predicting that cases have not yet peaked. the health care system may be overwhelmed in the next few weeks, pushing hospitals and medical professionals to their own breaking points. additionally, a major cyber attack is under way, posing what government officials call a grave danger to both government and private entities. but as we come on the air this morning, there is hope: a second vaccine manufactured by moderna is being shipped to all 50 states. congress has also resolved a major sticking point with the long-delayed covid relief bill, that would provide more than $90900 billion in badly needed economic a

federal reserve. the federal reserve has been propping up many of these major industries that would ordinarily have gone under. that is don in new mexico giving us his thoughts on the federal reserve portion. those issues reportedly getting resolved. today is the day a move could take place on the senate side when it comes to the coronavirus relief side. bill would keep the federal 12:01ment funded past tomorrow. the house in the senate expected both. you can follow those on c-span 1 and 2. themflorida, i would tell find another revenue source other than our grandchildren's future earnings. jersey,ol in new democrats line. caller: good morning. when i was calling in reference was to the relief package. i agree with the man from ohio that there should be some type someod requirement because people do not understand the difference between want and need. i hope when they start the program that they include an apprenticeship program. a lot of companies have them, but you have to take out grants to pay for them. anetter way to fund apprenticeship program is that the person coming in start at a lesser wage and work their way up. an apprenticeship prog

policy a grant to get them through this last step of the pandemic rather from theowing more federal reserve facility. usow isning benjamin jones, senior multi-asset strategist at state street. we contextualize a lot of the risk at the start. let us put some of this into the market. the bond market, i think structurally, priced yesterday and it did so either on inflation narrative or term premium. it has had a domino effect. your read on the jackknife. obviously, yesterday, was a reasonably big move move in 10 year yields compared to what we are used to. we have to put that into some context. years below with 10 100 basis points at the moment. i don't think there's a huge amount of more awkward move in yields from here. i think it is a little bit of everything about narrative. yes, people are thinking about inflation and, obviously, the vaccine news. the reopening of the economy should help that narrative in 2021. we have to remember there is an awful lot of cash sitting on the sidelines that could be spread. there could be a massive unleashing of abnormal spirits in 2021. it makes sense that narrative i

the head of the federal reserve, chairman powell, has really instructed us to keep the foot on the accelerator so our economy does not slump into recession. in a time when sony american families -- so many american families are laid off, unemployed and simply struggling to get by, there is nothing more invigorating to the economy that you have a cash infusion. those with limited resources struggling to pay bills turnaround the money quickly. they don't put it away for some rainy day. they needed now and that is why we should seriously consider this. bypassing this enhanced measure, we can restore the american public competence in washington and the fact that we are listening and working together on a bipartisan basis to respond. this measure that passed the house of representatives has the support of the president, speaker pelosi, house democrats, as well as many house republicans. leader schumer and my senate democratic colleagues support it. i hope senator mcconnell, the republican leader, and his colleagues in the republican caucus will join us and allow us to pass this bill quickly this we

claudia sahm is an economist, who previously worked with us treasury secretary janet yellen at the federal reservee is not approved. the stress will continue to grow. this has been a hardship and an uncertainty that millions of americans have dealt with for months now, as congress has tried to get a relief package negotiated and very specifically, the last of the jobless benefits will go out tomorrow to individuals who have been on unemployment for many weeks already, and for those who had eligibility because of the cares act, because of the earlier relief package. so those two groups, tomorrow is the last day. and the president absolutely has to sign it to get those back on track and of all of the rest that's in the relief package. that brings me to my next question. there appears to be a lot of confusion over who supports what. can you help explain the difference between this covid—relief bill and the regular government funding which it is of course a part of? i think the thing to keep in mind is that the two sides had come together. the democrats and the republicans passed the relief package an

separately in a key appointment biden has named former federal reserve chief janet yellen, us his choice for treasury secretary. and we've got news just coming in the drugmaker, pfizer and its german pov now by own tech have submitted their covert. 19 vaccine for european approval statement by the company says the drug could be available in europe by the end of the year. the news comes a day after u.s. drug, my comment done a full emergency approval of its covert 19 vaccine in both europe and the united states. finding effective vaccines is a crucial part of tackling the coronavirus pandemic with madonna filing for and that n.c. approval of its vaccine. on monday, it could get the green light before christmas eve and year. yes, that advisory meeting is likely to be on december 17th. if high people see board that between the 17 and christmas, you know, the product is approved. if the u.s. food and drug administration gives the go ahead and not kill ations could start within hours led by u.s. vaccination of the just 65 general because stuff. it seems to me, does he has a baby on the way. y

coasters survival guide book states and use that moment to distort simply the federal reserve. he surely knows there are you going to get him back. repatriations he will get the rest in 7 years. till the 70 year old guys report. lead. welcome back after months of negotiations it appears congressional leaders in the united states have finally reached a deal on a $900000000000.00 koeppen $1000.00 relief package now this bill which is expected to face a vote before the end of monday evening will be the 2nd largest federal stimulus package in u.s. history after that 2 trillion dollars cares act passed in march so what does this bill include well $600.00 a direct payments to most adults and $600.00 per child funding for vaccine distribution $300.00 in federal weekly unemployment benefits for 11 weeks more paycheck protection program small business loans and funding for hospitals schools and colleges it would also extend a vixen protection to january 31st and provide $25000000000.00 in rental assistance the package does not include state and local government funding but more aid coul

us explain the importance of this? >> look, it's another tool at the disposal of not only the current administration but the next administration that allows the federal reservepowers to try to help pump more money into the economy. it wasn't used that widely over the last year, but it's a tool. and what's notable is that this tool was available to the trump administration. the republicans had no problem with that. but now, as a new administration is coming into office, they're trying to take that away. and the important lesson that we should take from the great recession is that if you don't continue to use every tool at your disposal to provide economic relief, it just causes the broader pain of the recession to last longer. it hurts more people needlessly. another thing that i would flag is the continuing importance of providing money to state and local governments which is yet another thing that senate republicans are balking at. already 1.3 million state and local government employees have lost their jobs. that's teachers, that's police, that's firefighters. and that's, again, a higher number than we had during the great recession. so unless that money i

our democratic colleagues had made very clear and passed legislation to force the federal reserve to use these facilities to bail out blue states and municipalities. that would have been disastrous. so all and all 0, there's more good than bad and i'll be voting for it. >> neil: a lot of look at the senate in this pandemic andthey have flooded the system with trillions to help everyone and anyone. democrats are still wincing at reigning them in, reigning the federal reserve in and you might regret that. given the fact that it takes long for congress to get their act together, the fed was the only game in town. what do you say to that? >> first of all, the fed was not the only game in town. in march we passed the cares about unanimously in the house and senate creating $3 trillion worth of spending and all kinds of programs. number 2, the vast majority of who the fed has been able to do, it will still be able to do. the republican language in this bill doesn't curtail that. there's four programs that were set up entirely together with the cares act, funded by the cares act and stood up to

federal reserve has said it will continue to use all of the tools at its disposal to protect the economy as he recovers from the effect of the coronavirus pandemic. that will include keeping interest rates near zero through 2023 and continuing to buy at least $120 billion versus -- worth of bonds. the gdp is expected to fall just 2% in 2020. it is a slightly brighter picture for next year, it also reflects the expected impact of emerging cover 19 vaccines. jerome powell said the labor market would be slower to recover that initially forecasted. that will require continued support. take a listen. >> participation in the labor market means low pretest -- below pre-pandemic levels. although there has been much progress in the labor markets since spring, we will not lose sight of the millions of americans who remain out of work. even so, the economic downturn is the most severe of our lifetimes and we will get back -- it was to go out to get back to the levels of economic employment that prevailed at the beginning of this year. it will take continued support for both monetary and fiscal poli

using hashtapmqs. >> wednesday, treasury seetary steve mnuchin and federal reserve chair rome powell testify before the house financiaservices committee about the federal response to the coronavirus live at 10 am eastern on c-span. at 2:00 pm the house is back for legislative work on a bill requiring theecurities and exchange commission to prohibit and the list any foreign company whose public accounng firm does not adhere to us diting standards. on c-sn2 the senate is back at 10 am eastern to consider judicial and executive nominations and on c-span2 at 9:00 pm eastern the senate armed services subcommtee hears from navy and mane corps leaders about military readiness followed in the afternoon by a senate homeland security subcommittee hearing on the government's response to cyber threats during the coronavirus pandemic. next a discussion on peace negotiations between the afghan government and the taliban and. the atlanta council hosted the afghan ambassador to the us and former united nations special envoy for afghanistan. this is just under an hour. >> good morning, good afternoon, good evening to a

us. steve? >> yeah, kelly, a certain darkness to this beige book. federal reserve characterize expansion as moderate, but four districts described little or no growth and five narratives noted activity remain below pre-pandemic for some sectors. there were several areas where manufacturing did well that was a good thing. delinquencies were expected to increase and most districts reported that the outlook remain positive that's good news however, optimism waned, it says many contacts had concern over the recent pandemic wave unemployment, all districts reported employment rose but for the most part the pace was slow, it said. i think this is to be expected despite higher difficulties, it says firms raised rates for low-skilled workers. that's good news, especially in outlying areas this is the first initial beige book after the pandemic began to surge again. and i think what you're seeing here is, perhaps, what was expected some slowness in the economy, and we'll get a better report on that, i think, kelly, come friday with the jobs report. >> steve, thank you. stev

us. joe biden has announced nominations for top posts in his senior economic teams. many of the position is going to women because of this includes the former head of the central bank, federal reserve, janet yellen, who could be the first us treasury secretary female. the governor of california said he may impose tougher coronavirus restrictions in the next two days, including a possible stay—at—home order to try to counter a surge in cases was not gavin newsom ‘s as projections show intensive care unit emissions are on track to exceed capacity statewide and mid—december. time for hardtalk. welcome to hardtalk. i'm stephen sackur. imran khan won power in pakistan two years ago with a promise to root out corruption and take on the country's vested interest. so how's it going? well, rising food prices and the covid pandemic have left many pakistanis feeling worse off. while the anti—corruption drive has become a political battleground. my guest today, ishaq dar, was pakistan's finance minister, a key lieutenant to former prime minister nawaz sharif. now both of those men are trying to rally opposition to imran khan. 00:01:54,707 --> 2147483051:37:42,068 but how much credibility 21474

i believe completely that congress, the federal reserve, the treasury secretary, the american people really want usto be able to deploy our full tools to the best of their benefit. these are emergency tools. we only bring them out in times of crisis and then we put them back away. that's what we're prepared to do in the future and continuing to do. >> brennan: you're a labor economist. you know a lot about jobs. in this latest report we got, it looked like there was improvement. but then when you look inside the numbers, it shows there are a lot of people who have simply given up looking for work. that seems particularly acute among women. why do you think that is? >> women are really in a bind. many women still are the primary care-givers in their homes. and we have home-schooling now, so women are being forced to make this really hard tradeoff and return to home, give up their careers, give up their jobs, in order to make sure that their children are well-cared for and can get the schooling and education they need. parenting is also essential work, and these women are taking on that essential res

that's where they're going to try to use the federal reserve to get around those kinds of ricks.mall business, remove those ridiculous restrictions they put on the payroll protection plan which hurt a lot of small businesses because they didn't realize they also have to pay rent and things like that. get rid of those restrictions, and do one more round of individual checks. i know that sounds strange coming from a conservative, but that is just a one-time thing, doesn't disturb the labor markets, and then we can be done with it and move on, let this economy -- which has shown great strength after a devastating hit from covid-19 -- let it recover. unfortunately, the democrats won't let it happen with regulations and the like so, sadly, we're going to have plenty to report on as they find ways to gum up an economy that is showing amazing strength under adverse circumstances. stuart: well said. steve forbes, don't be a stranger. come back and see us soon, and we'll get more on modern monetary author true. >> thank you. stuart: unbelievable, actually. steve, thanks very much, indeed.

the answer, this is based on the model the federal reserve us, as run by david roy schneider when you do athat fiscal expansion in conditions like we e in now, debt goes up, gdp goes up, and as a result, the debt falls relative to gdp. so by this metric of fiscal sustainability, it improves. the result is not special to this mel. you find it in the imf model. it in th of the large-scale macroeconomic models the oecd uses. find the result that fiscal expansions reduce the debt to gdp ratio. paper also checked that this worked in countries even at relatively high debt levels. i said, is something that we are concerned about even in normal times. the interest rate that might be required to absorb all of the savings might be an unattainable negative nominal number. we need to gear the economy towards a greater demand to prevent that slow growth in normal times, to prevent the risks associated with low-interest rate. one way of doing that which was just discussed, is automatic recession insurance. i would love to spend hours talking about all the ways we can design triggers. let's just say

almost 900,000 new applications for unemployment insurance, we want to give the federal reserve an emergency fund which they can useions require it under the new president. mr. toomey is suggesting we shouldn't give that to the federal reserve, take it away from them. >> are you confident that something's going to get passed? i know nancy pelosi already delayed her news conference today from this morning to 2:00. it's been delayed indefinitely. not a good sign for covid relief. i know mitch mcconnell had said that they were willing to work through the weekend to get this done. is this going to happen? >> i think it will. i have a positive feeling about this. we've shown great momentum. we have bipartisanship here. if the republican party stops this bill at this moment, what a serious mistake that is for this country. >> let's talk about this massive hack on a number of government agencies including national security agencies. the president hasn't said anything about it. what do you know about what we are doing right now to fortify ourselves and to figure out exactly what happened? >> every day is a new revelation,

federal reserve spent only a portion of the money. now, it's not necessarily a bad thing, because we still have a great deal of economic need and that money can be usedo recruit and retrain new employees. but secretary mnuchin is trying to stop that. he's trying to take the money, take it back from the federal reserve, even as mr. powell, the chair of the federal reserve, a man not known for hyperbole, says that the economic outlook is extremely uncertain. so we need to listen to him, leave this money where it is and allow the federal reserve to step up and use that money to lend to cities and states, because they are in dire need of funds and they're the ones on the front lines of this crisis. >> i'm pointing it out because that was true then, too, right? and suffering is a coefficient of pain and time. so time has only made a lot of things worse. that's why i don't know why the money wasn't spent then, and my concern now is why should we expect any better? what reforms were in place to make sure it's more efficient and getting money to more people, and not doing the other thing we saw last time, which is giving the money to the banks who give the m