in the bank of england now in light of the fact that china is accumulating massive tens of thousands and thousands of tons of gold and you see the queen there posing in front of the gold bars in the bank of england and remind me of only just a few days ago that there was a university of nottingham released this video from professor martin poliakoff and he was allowed entry into the bank of england vault and he's looking at all that gold there and he says this in some ways i think it's quite disappointing to see because the goulds is an exciting and it has interesting chemistry and it's just sitting here doing nothing you know want to shame it's only moved up five hundred percent in the last ten years and will replace all of the fianna currencies as the standard of wealth around the world know the queen is a tough old bird she's down there defending what's left of britain's gold so when these other countries come to repatriate expect a queen oh. and take them out or fire only if the queen doesn't do what monarchs of old used to do you're going to see the likes of this headline the fir

in the bank of england now in light of the fact that china is accumulating massive tens of thousands and thousands of tons of gold and you see the queen there posing in front of the gold bars in the bank of england and remind me of only just a few days ago that there was a university of nottingham released this video from perfessor martin poliakoff and he was allowed entry into the bank of england vault and he's looking at all that gold there and he says this in some ways i think it's quite disappointing seeing these because the goulds is an exciting and it has interesting chemistry and it's just sitting here doing nothing you know want to shame it's only moved up five hundred percent in the last ten years and will replace all of the fianna currencies as the standard of wealth around the world know the queen is a tough old bird she's down there defending what's left of britain's gold so when these other countries come to repatriate expect a queen oh. and take them out or fire only if the queen doesn't do what monarchs of old used to do you're going to see the likes of this headline t

in the bank of england now in light of the fact that china is accumulating massive tens of thousands and thousands of tons of gold and you see the queen there posing in front of the gold bars in the bank of england and remind me of only just a few days ago that there was a university of nottingham released this video from perfessor martin poliakoff and he was allowed entry into the bank of england vault and he's looking at all that gold there and he says this in some ways i think it's quite disappointing to see these bones because the goulds is an exciting and the money it has interesting chemistry and it's just sitting here doing nothing you know want to shame it's only moved up five hundred percent in the last ten years and will replace all of the fianna currencies as the standard of wealth around the world know the queen is a tough old bird she's down there defending what's left of britain's gold so when these other countries come to repatriate expect a queen oh. and take them out or fire only if the queen doesn't do what monarchs of old used to do you're going to see the likes of

in the bank of england now in light of the fact that china is accumulating massive tens of thousands and thousands of tons of gold and you see the queen there posing in front of the gold bars in the bank of england it reminds me of only just a few days ago that there was a university of nottingham released this video from perfessor martin poliakoff and he was allowed entry into the bank of england vault and he's looking at all that gold there and he says this in some ways i think it's quite disappointing to see these bones because the govt is an exciting and the money has an interesting chemistry and it's just doing nothing you know want to shame it's only moved up five hundred percent in the last ten years and will replace all of the theatre and sees as the standard of wealth around the world know the queen is a tough old bird she's down there defending what's left of britain's gold so when these other countries come to repatriate expect a queen oh. and take them out or fire only if the queen doesn't do what monarchs of old used to do you're going to see the likes of this headline t

and you see the queen there posing in front of the gold bars in the bank of england and remind me of only just a few days ago that there was a university of nottingham released this video from perfessor martin poliakoff and he was allowed entry into the bank of england vault and he's looking at all that gold there and he says this in some ways i think it's quite disappointing seeing these bottles because the go it's an exciting and the money has an interesting chemistry and it's just sitting here doing nothing you know want to shame it's only moved up five hundred percent in the last ten years and will replace. the standard of wealth around the world know the queen is a tough old bird she's down there defending what's left of britain's gold so when these other countries come to repatriate expect a queen no easy and take them out or fire only if the queen doesn't do what monarchs of old used to do you're going to see the likes of this headline the first shop in europe to sell teens opens in madrid the headline in spanish this. record is so necessary i was already in madrid that pre-ma

thousands of tons of gold and you see the queen there posing in front of gold bars in the bank of england it reminds me of only just a few days. the university of nottingham released this video from perfessor martin poliakoff and he was allowed entry into the bank of england vault and he's looking at all that gold there and he says this in some ways i think it's quite disappointing to see these balls because the gold is an exciting and the money it has interesting chemistry and it's just sitting here doing nothing you know want to shame it's only moved up five hundred percent in the last ten years and will replace all of the fianna currencies as the standard of wealth around the world know the queen is a tough old bird she's down there defending what's left of britain's gold so when these other countries come to repatriate expect a queen oh without an easy and take them out or fire only if the queen doesn't do what monarchs of old used to do you're going to see the likes of this headline the first shop in europe to sell teens opens a madrid headline in spanish this. record is so necessary

the brain that i just going to go to the bank of england he wants to get rid of the whole idea of what little modicum of responsibility the bank of england has been bracing itself for you know gracefully not disciplining him at all and that's why gold and silver moving up again because those guys use the money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining highly accommodative policy even after the economy and potentially inflation picks up if you have further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could many respects be more powerful than employing threshold under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the current britain's going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating in it's global currency debaseme

of responsibility the bank of england has been bracing itself for you know gracefully not disciplining him at all and that's why gold and silver moving up again because this guy is a money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining highly accommodative policy even after the economy of potentially inflation picks up if yet further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could have many respects be more powerful than employing threshold under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the current britain's going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating in it's global currency debasement it's a suicide banker you know you see the suicide bombers blowing each other up around the world and they cause you know

libel or with gold though we may see the queen of england touring the bank of england's vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their lease things wapping that sort of thing now though we may know of this see if he sees investigation into silver market manipulation it's been ongoing for years still with no result but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here alone it's great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of a not an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call next t

libel or with gold though we may see the queen of england touring the bank of england vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their leasing swapping that sort of thing now that we may know of this e.f.t. season investigation into silver market manipulation it's been ongoing for years still with no results but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap time and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here long great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of an an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call makes twenty five do

libel or with gold though we may see the queen of england touring the bank of england vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their lease things swapping that sort of thing now that we may know of this c.f. he sees investigation into silver market manipulation been ongoing for years still with no results but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap time and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here long great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of an an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call next twenty five doll

of responsibility the bank of england has been bracing itself for you know gracefully not disciplining him at all and that's why gold and silver moving up again because this is a money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining highly accommodative policy even after the economy of potentially inflation picks up if yet further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could have many respects be more powerful than employing threshold under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the current britain's going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating in it's global currency debasement it's a suicide banker you know you see the suicide bombers blowing each other up around the world and they cause you know if

the brain damaged me go to the bank of england he wants to get rid of the whole idea of what little modicum of responsibility the bank of england has been bracing itself for gracefully not disciplining him at all and that's why gold and silver moving up again because this guy is a money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining highly accommodative policy even after the economy and potentially inflation picks up if yet further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could have many respects be more powerful than employing threshold under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the current britain's going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating in it's global currency debasement it's a suicide ban

libel or with gold though we may see the queen of england touring the bank of england vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their lease things swapping that sort of thing now that we may know of this the f.t.c. these investigations into silver market manipulation been ongoing for years still with no results but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap time and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here long great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of a not an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call next twenty f

libel or with gold though we may see the queen of england touring the bank of england vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their lease things swapping that sort of thing now that we may know of this d.s.t. season investigation into silver market manipulation it's been ongoing for years still with no results but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap time and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here long great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of an an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call next twenty fiv

libel or with gold though we may see the queen of england touring the bank of england vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their leasing swapping that sort of thing now that we may know of this e.f.t. season investigation into silver market manipulation it's been ongoing for years still with no results but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap time and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen great to be here long great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of an an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call next twenty five do

libel or with gold though we may see the queen of england touring the bank of england vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their lease things swapping that sort of thing now that we may know of this the f.t.c. these investigations into silver market manipulation been ongoing for years still with no results but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap time and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen great to be here long great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of an an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call makes twenty fi

of responsibility the bank of england has been bracing itself for gracefully not disciplining him at all and that's why gold and silver moving up again because this is a money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining highly accommodative policy even after the economy a potentially inflation picks up if you have further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could have many respects be more powerful than employing thresholds under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the currency wars britain is going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating in it's global currency debasement it's a suicide banker you know he was assigned bombers blowing each other around the world and they cause you know if yo

libel or with gold though we may see the queen of england touring the bank of england's vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their leasing swapping that sort of thing now the we may know of the c.s.t. sees investigation into silver market manipulation it's been ongoing for years still with no result but here to discuss some of the law in light of what we do know are bill murphy and chris paul of the gold antitrust action committee better known as gap and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here alone it's great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of an an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call makes twenty five dollars an ounce in one minute twenty f

of what little modicum of responsibility the bank of england has been bracing itself for you know gracefully not disciplining him at all and that's why gold and silver moving up again because this guy is a money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining a highly accommodative policy even after the economy is potentially inflation picks up if you have further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could have many respects be more powerful than employing thresholds under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the currency wars britain is going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating in it's global currency debasement it's a suicide banker you know you see the suicide bombers blowing each other up around t

gold belong how many competing claims are there to this gold we know the bank of england has been in the gold leasing business we know the bank for certain of national settlements is in the gold sales swaps leasing business you talk about conspiracies floor and when the when the board of the bank for international settlements which represents all the western central banks holds its monthly meeting they don't call you and say we're having a meeting would you like to attend when the g ten gold and foreign exchange committee meets so committee of representatives of the treasuries of all the major western countries when they meet they don't post a notice they don't say would you like to attend conspiracies by definition these are secret meetings of of government people in a national government people where they may take action bearing on the gold market in the world economy now why is it so strange to call this a conspiracy when they themselves insist on the secrecy well because i mean it's fair but a lot goes on behind closed doors we don't know what the fat is you know doing necessaril

of responsibility the bank of england has been bracing himself for gracefully not disciplining him at all and that's why i told him so over moving up again because this guy is a money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining highly accommodative policy even after the economy a potentially inflation picks up if you have further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could have many respects be more powerful than employing thresholds under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the current seymour's britain's going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating in it's global currency debasement it's a suicide banker you know you see the suicide bombers blowing each other around the world and they cause

of england has been in the gold leasing business we know the bank for certain of national settlements is in the gold sales swaps leasing business you talk about conspiracies lauren when the when the board of the bank for international settlements which represents all the western central banks holds its monthly meeting they don't call you and say we're having a meeting would you like to attend when the g ten gold and foreign exchange committee meets committee of representatives of the treasuries of all the major western countries when they meet they don't post a notice they don't say would you like to attend conspiracies by definition these are secret meetings of of government people in a national government people where they they take action bearing on the gold market the world economy now why is it so strange to call this a conspiracy when they themselves insist on the secrecy well because i mean it's fair but a lot goes on behind closed doors we don't know what the fat is you know doing necessarily about that on scene minutes later and often times it's in fed's speak anyway so it ar

money buying and money printing but they're engaged in outright fraud as we now know with bank of england and of course they are in concert with other central banks i want to ask you though a question because you have often pointed to governments and saying governments are the culprit in all of this and we've had this discussion going on really going back years where i have said we know the banks certainly should share some of this blame now recently we've had a situation where the bank here in the u.k. h.s.b.c. that was caught. financing terrorism laundering money for the. drug cartels and they're involved in the library scandal with all the other banks so isn't it about time peter schiff that you know we start to look specifically at these individual banks and say they're running a criminal enterprise that we they're they're very much a part of this problem peter well i think the problem though emanates from the government and the power and protection it can extend to these banks and it's like no one to set out this entity that is corrupt and that can peddle its influence to the highest

third biggest economy right i mean look if you look at what the bank of england recently said vet by cutting rates they benefited homeowners and mortgage owners by seventy billion pounds at the same time they took from pensioners and savers one hundred forty billion pounds so it's not like they are you know people say oh the pentagon money out of thin air the printing of money in it it's not coming from anywhere that's also false because actually what they're doing is they're transferring money from savers and from the pension industry and from the insurance industry which is now screaming bloody hell because these low interest rates are making it impossible for the insurance industry to operate as an ongoing business here the japanese voter has voted for what they call an aggressive policy not only militaristically against china but they say they want more aggressive currency war and yet if you look at the last twenty years they've been violently aggressive in the currency war look at iceland iceland has collapsed their economy collapsed their banking system collapsed why because of

libel or with gold though we may see the queen of england touring the bank of england vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their lease things swapping that sort of thing now that we may know of this the f.t.c. these investigations into silver market manipulation it's been ongoing for years still with no results but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap time and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here long great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of a not an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks ago they had to call next twe

of england and of course they are in concert with other central banks i want to ask you though a question because you have often pointed to governments and saying governments are the culprit in all of this and we've had this discussion going on really going back years where i have said we know the banks certainly should share some of this blame now recently we've had a situation where the bank here in the u.k. h.s.b.c. that was caught. financing terrorism laundering money for now. drug cartels and they're involved in the library scandal with all the other banks so isn't it about time peter schiff that you know we start to look specifically at these individual banks and say they're running a criminal enterprise that they're they're very much a part of this problem peter well i think the problem though emanates from the government and the power and protection it can extend to these banks and it's like no one to set out this entity that is corrupt and that can peddle its influence to the highest bidder once you start that game then it's like well can i blame the bankers for playing that rega

of england and of course they are in concert with other central banks i want to ask you though a question because you have often pointed to governments and saying governments are the culprit in all of this and we've had this discussion going on really going back years where i have said we know the banks certainly should share some of this blame now recently we've had a situation with a bank here in the u.k. h.s.b.c. that was caught. financing terrorism laundering money for now. drug cartels and they're involved in the library scandal with all the other banks so isn't it about time peter schiff that you know we start to look specifically at these individual banks and say they're running a criminal enterprise that we they're they're very much a part of this problem peter well i think the problem though emanates from the government and the power and protection it can extend to these banks and it's like no one to set out this entity that is corrupt and that can peddle its influence to the highest bidder once you start that game then it's like well can i blame the bankers for playing that rega

of england has been in the gold leasing business we know the bank for certain of national settlements is in the gold sales swaps leasing business you talk about conspiracy floor and when the when the board of the bank for international settlements which represents all the western central banks holds its monthly meeting they don't call you and say we're having a meeting would you like to attend when the g ten gold and foreign exchange committee meets so committee of representatives of the treasuries of all the major western countries when they meet they don't post a notice they don't say would you like to attend conspiracies by definition these are secret meetings of of government people in a national government people where they may take action bearing on the gold market in the world economy now why is it so strange to call this a conspiracy when they themselves insist on the secrecy well because i mean it's fair but a lot goes on behind closed doors we don't know what the fat is you know doing necessarily that back on the scene minutes later and often times it's in fed's speak anyway

money buying and money printing but they're engaged in outright fraud as we now know with bank of england and of course they are in concert with other central banks i want to ask you though a question because you have often pointed to governments and saying governments are the culprit in all of this and we've had this discussion going on really going back . you know the banks certainly should share some of this blame now recently we've had a situation with a bank here in the u.k. h.s.b.c. that was caught. financing terrorism laundering money for mexican drug cartels and they're involved in the library scandal with all the other banks so isn't it about time peter schiff that you know we start to look specifically at these individual banks and say they're running a criminal enterprise that we they're they're very much a part of this problem peter well i think the problem though emanates from the government and the power and protection it can extend to these banks and it's like no one to set out this entity that is corrupt and that can peddle its influence to the highest bidder once you star

he is governor of the bank of england and chairman of its monetary policy committee and the financial policy committee. he served as the bank of england back to 1990 when he became a non-executive director. from there, he became chief economist and executive director and deputy governor. he was appointed governor in 2003. prior to his bank of england service, he taught at the london school of economics, harvard, mit, a cambridge, and the university of birmingham. he studied at king's college, cambridge and was a cannady scholar at harvard. hearingok forward to when you have to share with us today. the podium is yours. [applause] >> thank you and good afternoon. it is our real honor to be invited to speak to this great club of yours, especially in front of such a distinguished audience today. it is a pleasure to be introduced by roger because we were deputy central bank governors together and it is deputies who make the world around but richard loewy i will never forget in this dark and terrible moments after the attacks on new york in september 2011 -- we negotiated an operation that

of england and of course they are in concert with other central banks i want to ask you though a question because you have often pointed to governments as saying governments are the culprit in all of this and we've had this discussion going on really going back years where i have said we know the banks certainly should share some of this blame now recently we've had this situation with the bank here in the u.k. h.s.b.c. that was caught. financing terrorism laundering money for mexican drug cartels and they're involved in the lives or scandal with all the other banks so isn't it about time peter ship that you know we start to look specifically at these individual banks and say they're running a criminal enterprise that they're they're very much a part of this problem peter well i think the problem though emanates from the government and the power and protection it can extend to these banks and it's like no one to set out this entity that is corrupt and that can peddle its influence to the highest bidder once you start that game then it's like well can i blame the bankers for playing that r

what can the bank of england do? there are three things that we're doing. in parallel with the fed is doing, we have engaged in a program of asset purchases. we do that with a very explicit aim of trying to prevent what would otherwise be a damaging contraction in the money supply. in the broad money supply. where are boosting initially the narrow money supply, that has a one-to-one impact on the broad money-supply in order to share -- ensure we do not see the kind of contraction that characterized the united states in the 1930's and is characterized greece today. the program of 375 billion pounds is 0.25 of an annual nominal gdp flow. a lot of money. bront money is now expanding at over 5% and we will see the impact of that on demand later in 2013. the second action the bank has taken to provide a breathing space before these broad macroeconomic factors feedthrough is to introduce what we call a funding for lending scheme. a special scheme started on the first of august under which the bank of england, with the garden -- guarantee of the governor because t

what does the bank of england do? mark carney's coming in. do you expect a major change in their stance? do you expect a continued focus on perhaps using quantitative easing as a way of getting that exchange rate down? >> well, from what i've been saying already, you might gather that i think that even if they were given an entirely different target, it wouldn't make a difference at all. they could have been asked to target putting a man on the moon the last five years, and they would have still done exactly what they have done month by month. so give them a target for nominal gdp. give them an inflation target. and it comes back to constrained discretion. they'll be constrained to say that they are trying to hit that target. but month by month, they will have the discretion to ignore it. >> what that suggests is actually not to expect any major change under mark carney because what they've effectively been doing is kind of what greg yip called the other day a nominal gdp targeteding light. they're basically -- targeting light. they're basica

larry, is there an argument for the bank of especialof england ? >> i think there is, but i doubt that they will. for a couple of reasons. first of all, you've lost your biggest row poe nen biggest proponent of doing more. the balance of votes is much more neutral than before. they'll probably let the funding scheme run a while longer. >> maybe they could be more imagine difference instead of just buying government gilts, whether they could buy other assets that might be more beneficial. there seem to be signs that they're thinking along those lines. >> yeah. central bankers are i think gradually coming to the conclusion a loot of the tools that have been put in place now havedy minute ugs returns. pre-commitments to holding rates lower, asset purchases of an ordinary variety. so they are thinking differently. funding for lending has i think caught on. capture the imagination. ultimately in a small economy, you can certainly think about the currency, although i rather doubt they'll go in that direction. >> seems to be having some impact in mortgage

when mervyn king in the bank of england was implicated and. market reading scandal suddenly he's gone and they parachute in the central banker from canada mark carney somehow he's got to make that go away that the fact of the bank of england was involved in a massive fraud so they're able to move the pieces of the global banking cartel in an extraordinary way. as a taste of what's coming your way in a couple of minutes tensions in iran greece's thousands of voice. but the shia led government calling for the country's prime minister to. russia lucian last muffin you know. to take care of myself better last month and my friends are great. people in the big apple what changes there could be in the year ahead after a short break. what do you see when you look at the scroll perhaps you would print future she'll have or maybe you feel sympathy for her because you see she's in a wheelchair but if you're t.s.a. agent then you see hard core terrorist scum finding a small amount of residue from explosives on the girl's hands she was detained for almost

yet want to put a much of drug cartel leader as the new head of the bank of england forget mark carney that hockey puck to the head brain damaged idiot put a mexican drug cartel leader in charge of bank of england because the economy runs on tokay this one runs the global economy the un has talked about it they mentioned it the bankers know about it on a sporting calendar snorting cocaine all day after strange things because they don't want to make it too obvious or stone not cracked in fat salt and as a result the ass off oh of these fruits and monkeys out there reporting to the regulators when they themselves are just enough fornicating little simians. says. see if fornicating little syrians there's a tweet from robert peston to read the b.b.c. as h.s.b.c. pays one point two billion pounds fines and forfeits for money laundering offenses who do you think pays the bill for banks since max who pays the bill well it's pays to austerity measures don't stare at me that people are suffering the people who are committing suicide in greece they don't suffer h.s.b.c.'s cocaine money launderin

of england just put out a study they're saying that in the u.k. people are saving seventy billion interest on their mortgages due to lower interest rates however they're losing a hundred forty billion pounds on lost income on their pensions and retirement accounts so for every time they lower those interest rates you lose double the money and they call that moving toward building a better economy it's absolutely insane but then again without the insanity you have nothing left and then finally future generations have to deal with the financial carnage during the off hours on sunday the national association of insurance commissioners approved the new rules that would allow life insurance companies to lower their reserves for future claims so because of zero percent interest rates max they're saying that they're not making any returns so they have to increase premiums but in america you know a lot of people just don't have any money for the premiums they're already paying so now they need to go speculate therefore they need lower reserves so that the

you want to put in much of a drug cartel leader as the new head of the bank of england forget mark carney that hockey puck to the head brain damaged idiot put a mexican drug cartel leader in charge of bank of england because the economy runs on cocaine this one runs you global economy the un has talked about it they mentioned it the bankers know about it on this morning calendar snorting cocaine all day after strange things because they don't want to make it too obvious or stone not cracked and fat salt and as a result the essence of these fruits and monkeys out there reporting to the regulators when they themselves are just enough fornicating little simians. says. speaking of fornicating little syrians there's a tweet from robert peston to read the b.b.c. as h.s.b.c. pays one point two billion pounds fines and forfeits for money laundering offenses who do you think pays the bill for banks since max who pays the bill well it's pays through austerity measures now stary that people are suffering the people who are committing suicide in case they did suffer h.s.b.c.'s cocaine money launderin

course the governments i've been caught rigging these bond markets the bank of england was caught working with barclays and wrecking live board so now the central banks are not only engaged in faulty ideological money buying and money printing but they're engaged in outright fraud as we now know with bank of england and of course they are in concert with other central banks i want to ask you though a question because you have often pointed to governments and saying governments are the culprit in all of this and we've had this discussion going on really going back years where i have said we know the banks certainly should share some of this blame now recently we've had a situation where the bank here in the u.k. h.s.b.c. that was caught. financing terrorism laundering money for now. drug cartels and they're involved in the library scandal with all the other banks so isn't it about time peter schiff that you know we start to look specifically at these individual banks and say they're running a criminal enterprise that they're they're very much a part of this problem peter well i think the p

yet want to put a much again drug cartel leader as the new head of the bank of england forget mark carney that hockey puck to the head brain damaged idiot put a mexican drug cartel leader in charge of bank of england because the economy runs on co ok this one runs you go to the economy the u.n. has talked about it they mentioned it the bankers know about it on a sporting calendar snorting cocaine all day up there strange things because they don't want to make it too obvious or stone not cracked and fat salt and as a result the essence of these fruits and monkeys out there reporting to the regulators when they themselves are just you know fornicating little simians. says . see if we're the casing little syrians there's a tweet from robert peston who read the b.b.c. as h.s.b.c. pays one point two billion pounds fines and forfeits for money laundering offenses who do you think pays the bill for banks since max who pays the bill well it's pays through austerity measures no stary that people are suffering the people who are committing suicide in greece they did suffer h.s.b.c.'s cocaine money

of england just put out a study they're saying that in the u.k. people are saving seventy billion interest on their mortgages due to lower interest rates however they're losing a hundred forty billion pounds on lost income on their pensions and retirement accounts so for every time they lower those interest rates you lose double the money and they call that moving towards building a better economy it's absolutely insane but then again without the insanity you have nothing left and then finally future generations have to deal with the financial carnage during the off hours on sunday the national association of insurance commissioners approved the new rules that would allow life insurance companies to lower their reserves for future claims so because of zero percent interest rates max they're saying that they're not making any returns so they have to increase premiums but in america you know a lot of people just don't have any money for the premiums they're already paying so now they need to go speculate therefore they need lower reserves so that th

of england just put out a study they're saying that in the u.k. people are saving seventy billion interest on their mortgages due to lower interest rates however they're losing a hundred forty billion pounds on lost income on their pensions and retirement accounts so for every time they lower those interest rates you lose double the money and they call that moving towards building a better economy it's absolutely insane but then again without the insanity you have nothing left and then finally future generations have to deal with the financial carnage during the off hours on sunday the national association of insurance commissioners approved a new rules that would allow life insurance companies to lower their reserves for future claims so because of zero percent interest rates max they're saying that they're not making any returns so they have to increase premiums but in america you know a lot of people just don't have any money for the premiums they're already paying so now they need to go speculate therefore they need lower reserves so that they

yet want to put a much bigger drug cartel leader as the new head of the bank of england forget mark carney that hockey puck to the head brain damaged idiot put a mexican drug cartel leader in charge of bank of england because the economy runs on tokay this one runs you google economy the un has talked about it they mentioned it the bankers know about it on this morning calendar snorting cocaine all day after strange things because they don't want to make it too obvious or stone not practice that salt and as a result yes some of these fruits and monkeys out there reporting to the regulators when they themselves are just enough fornicating little simians. says. seeing a fornicating little syrians this is a tweet from robert peston who read the b.b.c. as h.s.b.c. pays one point two billion pounds fines and forfeits for money laundering offenses who do you think pays the bill for banks since max who pays the bill well it's pays to austerity measures downstair any that people are suffering the people who are committing suicide and grace they didn't suffer h.s.b.c.'s cocaine money launder

when mervyn king in the bank of england was implicated and live market reg scandal suddenly he's gone and they parachute in the central banker from canada mark carney to somehow he's going to make that go away that the fact of the bank of england was involved in a massive fraud so they were able to move the pieces in the global banking cartel in an extraordinary way again no competition wall rise that will challenge the entrenched old gaap list of positions of these banks i mean its course still what they can but the benefits will end up it'll be austerity and one way or another well i agree to disagree on there because i really believe no empire on earth in the history of humankind has ever been able to thwart everybody they've never been able to stop the competition from emerging ultimately they might last for one hundred years rome did it for. or hundreds of years they kept anybody from challenging them for hundreds of years america maybe fifty sixty years so far but i think with this this disinter mediation now available from the internet you've least and i don't think it can stop

yet want to put to much of a drug cartel leader as the new head of the bank of england forget mark carney that hockey puck to the head braindamaged idiot put a mexican drug cartel leader in charge of bank of england because the economy runs on tokay this one runs you google economy the un has talked about it they mentioned it the bankers know about it on this morning calendar snorting cocaine all day after strange things because they don't want to make it too obvious or stone not cracked in the bath salts and as a result yes some of these function monkeys out there reporting to the regulators when they themselves are just enough fornicating little simians. says. speaking of fornicating little syrians there's a tweet from robert peston to read the b.b.c. as h.s.b.c. pays one point two billion pounds fines and forfeits for money laundering offenses who do you think pays the bill for banks since max who pays the bill well it's paid through austerity measures don't stare any that people are suffering the people who are committing suicide and based. they did suffer h.s.b.c.'s cocaine money lau

when mervyn king in the bank of england was implicated and. market reg scandal suddenly he's gone and they parachute in the central banker from canada mark carney to somehow he's going to make that go away that the fact of the bank of england was involved in a massive fraud so they're able to move the pieces on the global banking cartel in an extraordinary way again no competition wall rise that will challenge the entrenched old gaap list of positions of these banks i mean it's course still what they can but the benefits will end up it'll be austerity in one way or another well i agree to disagree on there because i really believed. no empire on earth in the history of humankind has ever been able to thwart everybody they've never been able to stop the competition from emerging ultimately they might last for one hundred years rome did it for hundreds of years they kept anybody from challenging them for hundreds of years america maybe fifty sixty years so far but i think with this this disinter mediation now available from the internet you've l

the bank of england some might consider that to be a bearish sign for sterling but actually of the last two years sterling sell a very well in foreign exchange market so i think i put in a leper colony a paper currency sterling might have more fingers than let's say some other currencies well this would be the view i would take to i think it's ultimately about a lot about ratings agencies of stern it does get downgraded and that's the word on the street is that may be coming soon then i think for a change as we look at it differently but hyperinflation. burst is going to crash the bond market. well it clearly would do as and when that happens they would do yeah but you're saying the timing is is is hard to predict clearly people been calling for this for several years ago and those people have been wrong bonds have been relatively good performers not performed precious metals but we're going to be wrong max so the it depends on how they've been positioned while that's been taking place i think yes if you've been sure the last two years you've done very badly but i think it's more about

access to the bank of england when do you think we'll see this in the new york fed well i never know i mean they did have an audit you know ron paul wanted like a real legitimate audit in the parking lot it they might do something like that i know there are a lot of people out there that have. vast his positions about how much gold is in the vaults but i don't think the issue is if the physical gold is is there in the sense that it is a lease and also how many times has many people own or have believe that they own the claim to a certain gold bar with that serial number right how many times have been. right so that's the kind of the question with gold there's still games that can be played with paper gold and that's that's what data harps on about all the time. but murphy chris paul those guys go beyond that food by the way they're going to be in studio guys together so right you know what i think was amazing because i haven't actually ever been in a gold vault which i would like to play on my bucket list maybe one day i'd like to own one but some gold and one at least but i thought