we are watching that great interview with mark carney. china is in focus today. >> it trailed estimates. auto sales beat. overall, the robustness of the metadata. fascinating, three federal chiefs are speaking. and laborout tapering gains. fischer from dallas saying the need to taper not at that. highs.uities at mark carney on his focus for easing. .n terms of interest rates really running the risk of premature withdrawals of stimulus as johnny said. china data, disappointing. european equities, a little softer. in terms of industrial production here in france, you saw a decline in terms of industrial numbers. the manufacturing numbers were better. the details. any reflection on the chinese data. it is. the map has shifted. on on the down side. rio all a declining. it could be at the start of trade in terms of what is driving the market. in terms of -- where to go question mark -- where did it go? cutting jobs. fairly non-reaction. eight. lloyds selling another of st. james place. 625. no really reaction there. the equity markets are lowe

with mark carney. he spoke with charlie rose about the state of the u.k. mortgage market, calling it rocksolid. >> what do we need to know? what did he say? >> we are looking at a recovery in the wider economy in the u.k. and you have got to think about what is important. what is the risk of the low rate policy? the big issue at the moment is the u.k. housing market. it is a big issue. this is what mark carney had to say to charlie rose. >> if you look at that mortgage market today versus where it was in 2007, it is rocksolid. 2007-2008, 60% of the mortgages put less than 10% down on a house. now 85% of mortgages put a lot more down on houses. but this is a housing market that is still relatively firmly valued, let's put it that way. , more broadlyndon around the country relative to incomes. and within the context of households that have paid down about 30% of debt relative to their income over the last five years, that is good. they still have a fair amount of oft related to income american households

tonight, we begin with mark carney. he is the governor of the bank of england. >> we need to provide a lot of still throws the u.k. economy. we've got big head winds from europe, from the currency, from ongoing deleveraging from households, we need to provide a lot of stimulus. but that stimulus can create risk. you mentioned the housing market, that's one example. we need to take other steps in order to reduce those risks. manage those risks, mitigate those risks and if we -- because if we don't we're going to create bigger problems down the road or we're going to have to pull back too soon on monetary policy which is the last thing we want to do. >> rose: we conclude with michael dell who just completed taking his company private. >> what i will say is that i'm very proud that during the time our company was public our stock appreciated over 13,500%, which was 27 times the amount of the s&p 500 during that same period. so, yeah, we missed something. everybody misses some things but we built one heck of a business. it'

you've got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that but mark carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should they be saying isn't a man stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they're

you've got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that but mark carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should they be saying isn't demand stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they're

you got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that but mark carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should you be saying is a demand stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they're d

you've got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that but mark carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should we be saying isn't a man stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they're do

could be a bit of a lifesaver for mark carney. waiting for confidence numbers to come out from germany. later on today, we get inflation data in the united states. guy takes it away for the next two hours, which is the swedes cut rates by 25 basis points. the view from the market seems to be that there could be more on the way. innorwegian krone rallying the swedish krona to getting to fall. volatility is rising all across the map. >> thank you very much indeed. gatwick ceo weighs in on the controversial findings of the airport commission report. we are also getting new runways at heathrow, by the looks of things. what will he make of that? ♪ >> welcome back to "the pulse." i am francine lacqua. >> and i am guy johnson. the u.k. inflation rate has just crossed the tape before the last month. the media forecast 2.2%. we are getting very close to the is anment targets, which sensibly set for the bank of england as close to two percent. as we get closer to that, some would argue it is making mark carney's life a lot easier. >> let'

. >> mark carney is here. he is the governor of the bank of england. he was previously governor of the bank of canada. he is the first non-brit to be the governor of the bank of england. he gave a speech at the economic club of new york where he said he anticipated the economy would fulfill the hopes and dreams of the holiday season. in the u.s., the latest unemployment numbers have led some speculation of a tapering of the federal bond buying program. i'm pleased to have mark carney at this table for the first time. great to have you here. let me start with canada and what canada went through. tell me what it was about that business that instructed you. >> there are two things. first on the financial side, we had an advantage in that we saw very early on some of the worst excesses of the shadow banking system. we had the problems in a little corner of the canadian market. that little corner, that sleepy little corner, 20 billion canadian dollars in assets, it afforded ultimately a structure of leverage that you see with $250 million u.s. we saw that e

. >> mark carney is here. he was previously governor of the bank of canada. he is the first non-brits to be the governor of the bank of england. he gave a speech at the economic club of new york where he said he anticipated the economy would fulfill the hopes and dreams of the holiday season. latestu.s., the unemployment numbers have led some speculation of a tapering of the federal bond buying program. i'm pleased to have mark carney at this table for the first time. closer to have you here. let me start canada. and what canada went through. what it wasll me about that business that instructed you. >> there are two things. side, wethe financial had an advantage in that we saw very early on some of the worst excesses of the shadow banking system. we had the problems in a little corner of the canadian market. that sleepycorner, little corner, 20 billion canadian dollars in assets, it afforded ultimately a structure of leverage that you see with $250 million u.s.. we saw that early on because it was one of the most egregious examples. to leverage the system. th

willing for fraud you know this with janet yellen is a mark carney does he's got his fraud drill these drilling for fraud that he's going deep into the core of fraud to sustain something that's unsustainable zero percent interest rates and taper talk is nonsense you cannot taper a ponzi scheme mark carney knows it he doesn't know it then he's brain dead janet yellen knows if she doesn't know if she's been go up until much air yeah now just to go over some of the figures that the i.a.e.a. provides right now a traditional conventional barrel of oil cost ten to seventy dollars to produce depending on which country are ten dollars is going to be the region with all the u.s. military bases around the middle east it's going to cost you ten dollars a barrel there maybe russia as well is going to be closer to the ten dollars barrel now let's look at the unconventional crude oil because there were two thirds of our new oil supply since two thousand has come from unconventional zx fifty to ninety dollars a barrel for oil sands fifty to one hundred dollars for like tight oil and seventy to ninety

you got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that bill maher carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should they be saying isn't a man stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they'r

mark carney on charlie rose did look for the interview. he said some smart means, controversial things, to mr. rose. 443, pounds sterling. include arrange of the brain. england reigns supreme. >> up next, discussing the volcker rule. ♪ >> this is "bloomberg surveillance." ofin the seventh year financial crisis, washington says wall street must live by the volcker rule. the customer comes first. former presidents travel to johannesburg to pay respect to the memory of nelson mandela. in atlanta, they say enough. taxpayers could be on the hook themillions and billions if atlanta braves play in a new palace. good morning, everyone. it is "bloomberg surveillance." we are live from our world headquarters in new york. tuesday, december 10. i'm top -- i'm tom keene. joining me are scarlet fu and alix steel. guest host -- they stole the name house of cards from him, william cohan, contributing editor and bloomberg view columnist. >> a busy day all over the world. we will start in china. lesstrial output rising than estimated in november while ret

we're getting very close to the target that mark carney has set. we'll see whether we get through it and what happens then. and also, we have the minutes from the bank of england this morning, talking about its concerns surrounding sterling. nevertheless, the pound making gains. >> israel has the fastest rising house prices in the eocb. it's also the country most likely to see a big correction. as our middle east editor reports. >> on tel aviv's best-known boulevard, what will soon be israel's tallest residential tower, and probably its most expensive. apartments in this richard mayer-designed residence, some with private pools, start at $1.5 million, prices that a few years ago would have been unthinkable. between 2009 and 2012, israeli house prices rose 55%, faster than norway, sweatserland, and every oer member of the eocd. prices have surged due to a strong economy, a lack of supply, and low interest rates. house prices have been rising so fast, especially here in tel aviv, that many israelis find themselves priced out of the market. ov'dfor pr

carney here in the bank of england you spawn cancer of cancerous incestuous ball because mel for middies like jamie diamond and j.p. morgan that are now eating up eating swallowing the economy as o'neill well not only is our global financial system banking system backed by seemingly maybe one or two units of debt and they keep on pasta caving in spending and turning and turning the same exact clients and debt but this same pool of so-called talent the same c.e.o.'s jump from one corporation to another to another bank to another you know.

carney here in the bank of england you spawn cancer of cancerous incestuous ball because mel for middies like jamie diamond and j.p. morgan that are now eating up eating swallowing the economy as only well not only is our global financial system and banking system backed by seemingly maybe one or two units of debt and they keep on pasta caving and spinning and turning and turning the same exact clients and debt but this same pool of so-called talent the same c.e.o.'s jump from one corporation to another to another bank to another you know political office and now go back to the article about the incest incest cult in australia they said some of the children had oddly formed features which scientific tests would later reveal as a result of homos i gossipy or identical genes.

carney the head of the bank of england so they are fully engaged in the confiscation of wealth using what i call financial apartheid and other tricks to essentially steal the wealth from the from the vast majority for the benefit of a very few on the inside a code array of bankers who work globally but not in iceland iceland have the courage to do what we've seen in some other territories by prosecuting bankers in vietnam recently a banker caught committing financial crimes was executed now there needs to be a deterrent against financial fraud of this magnitude capital punishment seems maybe to be a good idea if it will deter bankers from committing acts of financial terrorism in america capital punishment is legal i say use it to go after the really bad guys the people on wall street the people to central bank stop stop killing poor black kids in texas because you don't like the way they look under capital punishment laws and go after the white guys on wall street were committing genuine acts of financial terrorism they've got capital punishment use it use it to to better society no

carney janet yellen mario draghi and whoever is running the bank of canada that marconi this year in london is factory farmed housing speculators and there's a single point of failure our system is so vulnerable to these and finally you know here with this brainwashing of being a factory farmed citizen consumers goldfine see unprecedented thirty one percent slump with world losing faith investors are dumping gold back exchange traded products at the fastest pace since the securities were created a decade ago mirroring the steepest price drop in thirty two years holdings in the fourteen biggest plunge thirty one percent to one thousand eight hundred thirteen point three metric tons it's the start of january that's eight hundred tons down but then they go on to mention of course that in china. imports of gold is up twenty nine percent to one thousand tons for investors in china but well we've talked about the vilification of gold as an asset class this will be a bad year for gold the first and ten or eleven or twelve years since we started talking about a way and was four hundred dolla

according to bank of england governor mark carney the uk is resurgent economic growth is overly reliant on consumer spending and consequent house all day the concert is where this could go of at least the short term momentum and we're starting from relatively high levels of valuation and inventiveness of us all. that's that those those of intelligence wing and shine that cameron will be building on the success last month of the visit by britain's counter the expected george osborne the man of london boris johnson and came away with high profile deals. a number of multi billion dollar infrastructure projects which on this cold strengthening sign in which ish business ties. even if political project needs careful tending among britain's economy growing that it needs exports currently overly reliant on consumer spending. according to the bank of england narrowing the trade deficit with china was done long way to achieving that. i think that david cameron's looking forward to his second trip to china that he is already signed up the mentorship of wavell that china's them and social media eq

mark carney the head of the bank of england so they are fully engaged and the confiscation of wealth news and what i call financial apartheid and other tricks to essentially steal the wealth from the from the vast majority for the benefit of a very few empty inside a car a of of bankers to work globally but not in iceland iceland and the courage to do what we've seen in some of the territory by prosecuting banks has been in vietnam recently a banker caught committing financial crimes those executed. now that there needs to be a deterrent against financial fraud of this magnitude capital punishment seems maybe to be a good idea if it will deter her from committing acts of financial terrorism in america. capital punishment is legal. i say use it to go after the really bad guys the people on wall street the people the central bank. stop stop killing for black kids in taxes because you know what the way they look like apple pie with a month ago after the white guys the wall street were committing genuine axa financial terrorism. they've got capital punishment using youtube to better soci

carney are there to do i show you some aggressive bagging in this little tweet here from.

mark carney who is sitting in the catbird seat. he came over to fix the bank of england and the economy is soaring and and uk inflation unexpectedly slows in november, the lowest in four years, 2.1%. that's a different inflation. >> that is helping them a lot. >> we have our own price index today. cpi is expected to rise today but only to 1.3%. we also get the association of homebuilders index. the highs are expected to rise. two-day one of the fed meeting. tomorrow we get the rate decision and the bank of england governor is testifying to the parliament economic affairs committee. is his first testimony. german chancellor angela merkel is sworn in for her third term today. >> let's take a data check. it is quiet and you would expect that as we begin this to date that meeting. the market is flat. crude oil has gone nowhere the last couple of days. screeno on to the next -- a little bit of foreign- exchange. quiet big deal of isle december -- usd-idr the indonesian currency. everything else is stable and indonesia goes weaker. the b

carney are there to do i show you some aggressive bagging in this little tweet here from convert bon ten trillion dollars u.s. bank deposits are earning three percent less than they did in two thousand and eight that's three hundred billion a year of lost interest income so apply this across all of the savers and pensioners in the world here we had the bankers begging for money begging begging begging going to the fed bad bad bad give us zero percent give us the zero percent change screamer was on c. and b. c. say you don't understand your academic give us some. great three hundred billion dollars stolen from pensioners and savers for the benefit of the kleptocrats running the banking system cameron gets on t.v. he says we need to do this to stimulate the economy and yet the debt in the u.k. it's new all time on every single month so clearly his idea is failing. unless you look at it as a well confiscations game then it's succeeding magnificently and of course when the real estate bubble pops most assuredly will then a whole new generation of brits will find themselves sinking in the

now in other news that mark carney is heading the bank of england in a new direction the bank of england governor took steps thursday to avoid a potential housing bubble by reducing the country's credit boosting program many see this change as a sign that the bank of england has confidence in the economy as the palin rose to its strongest level in more than two years investors are betting that changes to the funding for lending scheme will push the bank of england towards an exit from the aggressive stimulus that has been undergoing the past couple years well there you have it those are heavens for this post turkey friday. the cost of characters of the commodity futures and trading commission has changed quite a bit recently now the chairman of the c f.t.c. gary gensler will step down at the end of the year and the outspoken commissioner bart chilton plans not to seek another term. i spoke with mark mullin editor of future intelligence at opel s. and started off by asking him what these departures meant for not only the c.f. d.c. but also for the implementation of dodd frank. there is wh

now in other news that mark carney is heading the bank of england in a new direction the bank of england governor took steps thursday to avoid a potential housing bubble by reducing the country's credit boosting program many see this change as a sign that the bank of england has confidence in the economy as the palin rose to its strongest level in more than two years investors are betting that changes to the funding for lending scheme will push the bank of england towards an exit from the aggressive stimulus that has been undergoing the past couple years well there you have those your headlines for this post turkey friday. the cost of characters of the commodity futures and trading commission has changed quite a bit recently now the chairman of the c f.t.c. gary gensler will step down at the end of the year and the outspoken commissioner bart chilton plans not to seek another term. i spoke with mark mullin editor of future intelligence at opel s. and started off by asking him what these departures meant for not only the c.f.d. sea but also for the implementation of dodd frank. there is w

is worries for mark carney not just a housing market in isolation. it is that the housing market goes on a tear and a bubble is created in their eyes, the risks to the economy is you have to raise rates prematurely to stave off the bubble. once i was really interested in about thed to say housing market. if you look at the mortgage market now compared to where was in 2007, he said it is rocksolid now. it does not strike you who is overly concerned about -- quite easy towas call anything rocksolid in comparison to the mortgage market read 2008. he thought not lending standards which have greatly improved. >> he has some great stats. 60% of mortgages you put less than 10% down. now, 85% of mortgages yet but more than that down. >> not many can afford the 10% deposit even now. plans to cut almost 10,000 jobs of from its defense and space unit. we are joined from berlin. the origins of reviews -- this restructure must lie within the failed merger with bea systems -- ba systems. >> that is a drop from defense spending from cash-strapped governments. propo

carney are there to do i'll show you some aggressive bagging in this little tweet here from convert bond ten trillion dollars u.s. bank deposits are earning three percent less than they did in two thousand and eight that's three hundred billion a year of lost interest income so apply this across all of the savers and pensioners in the world here we had the bankers begging for money begging begging begging going to the fed bad bad bad give us a zero percent give us the zero percent change screamer was on c. and b. c. saying you don't understand your academic give us some. three hundred billion dollars stolen from pensioners and savers for the benefit of the kleptocrats running the banking system cameron gets on t.v. he says we need to do this to stimulate the economy and yet the debt in the u.k. it's new all time on every single month so clearly his idea is failing. unless you look at it as a well confiscations game then it's succeeding magnificently and of course when the real estate bubble pops as it most assuredly will then a whole new generation of brits will find themselves sink

carney here in the bank of england you spawn cancer of cancerous incestuous bulbous mel for middies like jamie diamond and j.p. morgan that are now eating up eating swallowing the economy as only well not only is our global financial system banking system backed by seemingly maybe one or two units of debt and they keep on keeping it spinning and turning and turning the same exact clients and debt but this same pool of so-called talent the same c.e.o.'s jump from one corporation to another to another bank to another you know political office and now go back to the article about the incest and incest cult in australia they said some of the children had oddly formed features which scientific tests would later reveal as a result of homos i gossipy or identical gene patterns of both the children's parents so i'm saying that if you apply this to wall street and all of their dads and all of the same hiring practices using the same exact identical gene pool as the leadership of the the country and of the business as a cross the nation then you get the same sort of dismiss formed malformed a

carney janet yellen mario draghi and whoever is running the bank of canada that marconi this year in london is factory farmed housing speculators and there's a single point of failure our system is so vulnerable to these and finally you know here with this brainwashing of being a factory farmed citizen consumers gold fund see unprecedented thirty one percent slump with world losing faith investors are dumping gold back exchange traded products at the fastest pace since the securities were created a decade ago mirroring the steepest price drop in thirty two years holdings in the fourteen biggest plunge thirty one percent to one thousand eight hundred thirteen point three metric tons since the start of january that's eight hundred tons down but then they go on to mention of course that in china. imports of gold is up twenty nine percent to one thousand tons for investors in china but well we've talked about the vilification of gold as an asset class this will be a bad year for gold the first and ten or eleven or twelve years since we started talking about a way and was four hundred dol

carney janet yellen mario draghi and whoever is running the bank of canada that marconi this year in london is factory farmed housing speculators and there's a single point of failure our system is so vulnerable to these and finally you know here with this brain washing of being a factory farmed citizen consumers goldfine see unprecedented thirty one percent slump with world losing faith investors are dumping gold back exchange traded products of the fastest pace since the securities were created a decade ago mirroring the steep price drop in thirty two years holdings in the fourteen biggest plunge thirty one percent to one thousand eight hundred thirteen point three metric tons and the start of january that's eight hundred tons down but then they go on to mention of course that in china. imports of gold is up twenty nine percent to one thousand tons for investors in china but well we've talked about the vilification of gold as an asset class this will be a bad year for gold the first ten or eleven or twelve years since we started talking about a way and was four hundred dollars an o

carney the governor of the bank of england said in a statement quote insuring trust and confidence in money is at the heart of what central banks do polymer notes of the next step in the evolution of bank design and meet that objectives so rich will it turn to you now with a move to make plastic money more readily available increase the confidence people would have in their money supply i think would increase the confidence i would have that my money wouldn't get torn up if i tried to rip it or that it might survive the laundry or something like that but i don't think that it would make people more confident in the underlying reasons why they they would trust currency in the first place right i don't think that it has really anything to do with central banking logistics and pragmatic i actually couldn't agree with you more on this one i mean it's kind of like seriously about what we're going to say is oh my god oh it doesn't tear i feel like. you're on and. so i mean there's a difference between being strong like in terms of not being able to tear it and actually having a lot of value

carney here in the bank of england you spawn cancer of cancerous incestuous ball because mel for middies like jamie diamond and j.p. morgan that are now eating up eating swallowing the economy as only well not only is our global financial system and banking system backed by seemingly maybe one or two units of debt and they keep on pasta caving in spending and turning and turning the same exact clients and debt but this same pool of so-called talent the same c.e.o.'s jump from one corporation to another to another bank to another you know political office and now go back to the article about the incest and incest cult in australia they said some of the children had oddly formed features which scientific to. asked would later reveal as a result of homos i gossipy or identical gene patterns of both the children's parents so i'm saying that if you apply this to wall street and all of their dads and all of the same hiring practices using the same exact identical gene pool as the leadership of the the country and of the businesses a cross the nation then you get the same sort of dysphoria and

very few people will survive the global collapse the responsible parties are the central banks like mark carney janet yellen mario draghi and whoever is running the bank of canada that marconi is here in london this factory farmed housing speculators and there's a single point of failure our system is so vulnerable to these and finally you know here with this brain washing of being a factory farmed citizen consumers goldfine see unprecedented thirty one percent slump with world losing faith investors are dumping gold back exchange traded products of the fastest pace since the securities were created a decade ago mirroring the steep price drop in thirty two years holdings in the fourteen biggest plunge thirty one percent to one thousand eight hundred thirteen point three metric tons since the start of january that's eight hundred tons down but then they go on to mention of course that in china. imports of gold is up twenty nine percent to one thousand tons for investors in china but well we've talked about the vilification of gold as an asset class this will be a bad year for gold the fir

carney are there to do i'll show you some aggressive bagging in this little tweet here from convert bond ten trillion dollars u.s. bank deposits are earning three percent less than they did in two thousand and eight that's three hundred billion a year of lost interest income so apply this across all of the savers and pensioners in the world here we had the bankers begging for money begging begging begging going to the fed bad bad bad give us a zero percent give us the zero percent james creamer was on c. and b. c. saying you don't understand your academic give us some. three hundred billion dollars stolen from pensioners and savers for the benefit of the kleptocrats running the banking system cameron gets on t.v. he says we need to do this to stimulate the economy and yet the debt in the u.k. it's new all time on every single month so clearly his idea is failing. unless you look at it as a world confiscations game then it's succeeding magnificently and of course when the real estate bubble pops most assuredly will then a whole new generation of brits will find themselves sinking in

very few people will survive the global collapse the responsible parties are the central banks like mark carney janet yellen mario draghi and whoever is running the bank of canada that marconi is here in london is factory farmed housing speculators and there's a single point of failure our system is so vulnerable to these and finally you know here with this brainwashing of being a factory farmed citizen consumers gold fund see unprecedented thirty one percent slump with world losing faith investors are dumping gold back exchange traded products at the fastest pace since the securities were created a decade ago mirroring the steepest price drop in thirty two years holdings in the fourteen biggest plunge thirty one percent to one thousand eight hundred thirteen point three metric tons since the start of january this eight hundred tons down well then they go on to mention of course that in china. imports of gold is up twenty nine percent to one thousand tons for investors in china but well we've talked about the vilification of gold as an asset class this will be a bad year for gold the fir

carney the governor of the bank of england said in a statement quote insuring trust and confidence in money is at the heart of what central banks do polymer notes of the next step in the evolution of bank design and meet that objectives so rich will it turn to you now with the move to make plastic money more readily available increase the confidence people would have in their money supply i think would increase the confidence i would have that my money wouldn't get torn up if i tried to rip it or that it might survive the laundry or something like that but i don't think that it would make people more confident in the underlying reasons why they would trust currency in the first place right i don't think that it has really anything to do with central banking logistics and pragmatic i actually couldn't agree with you more on this one i mean it's kind of like seriously about what we're going to say is oh my god oh oh well i don't know if it doesn't take care how i feel like. there are. so you know. i mean there's a difference between being strong like in terms of not being able to tear i

carney are there to do i'll show you some aggressive bagging in this little tweet here from convert bond ten trillion dollars u.s. bank deposits are earning three percent less than they did in two thousand and eight that's three hundred billion a year of lost interest income so apply this across all of the savers and pensioners in the world here we had the bankers begging for money begging begging begging going to the fed bad bad bad give us zero percent give us the zero percent change screamer was on c.m.t. see saying you don't understand your academic give us some. three hundred billion dollars stolen from pensioners and savers for the benefit of the kleptocrats running the banking system cameron gets on t.v. he says we need to do this to stimulate the economy and yet the debt in the u.k. it's new all time on every single month so clearly his idea is failing. unless you look at it as a well confiscations game then it's succeeding magnificently and of course when the real estate bubble pops most assuredly will then a whole new generation of brits will find themselves sinking in the

. >> bank of england governor mark carney spoke with charlie rose last night. i it's fair to say and hesitate to comment on other people's politics, but it is widely acknowledged here as well as in central banking circles that a series of decisions on the fiscal side, a series of steps and incentives, kicking the can down the road, but in the worst sense of the word because we have just gone through 2013, another disappointing year as i said in my speech today, with huge fiscal drag, almost two percentage points of gdp. that does not do anything to fix the longer-term fiscal problems, entitlement and others. you have a lot of the pain without any of the long-term gain. >> bitcoin cannot get the u.s. out of its debt problem's. can it buy a pizza? matt miller's second day of the 12 days of bitcoin is next. a special delivery on the slopes in maine. ♪ >> this is "lunch money" on bloomberg television, streaming on your ipad, and on bloomberg.com. adam johnson. bitcoin has been on a ride of its own. with all of this attention, we decided to get into the spirit of

mark carney at the bank of thwart, fsb trying to the effort but regulatory fragmentation is one of the great challenges we will face in 2014. >> are volcker himself said he called it a -- he cultural issue. but change is already begun because we have seen the banks pull back themselves. what do you think wall street culture will look like in five years? more have less leverage, capital, more liquidity, and i think there is a massive culture change going on -- change going on in the boardroom. we are seeing an even more so. the business of banking is changing and changing radically. >> walking this forward a couple more months, what is the world of liquidity going to look like as the rules come through? a fabulous question because we don't know. most of the experts i talked to say we will have less liquidity, thinner markets, which could be a problem. >> a lot of people say the most important part of the volcker rule depend on how you define things like market making. what does it mean to you? find aneed 1000 pages to definition. just have to work through it in real world settings which

carney are there to do i'll show you some aggressive bagging in this little tweet here from convert bond ten trillion dollars u.s. bank deposits are earning three percent less than they did in two thousand and eight that's three hundred billion a year of lost interest income so apply this across all of the savers and pensioners in the world here we had the bankers begging for money begging begging begging going to the fed bad bad bad give us zero percent give us the zero percent teams creamer was on c. and b. c. saying you don't understand your academic give us some. three hundred billion dollars stolen from pensioners and savers for the benefit of the kleptocrats running the banking system cameron gets on t.v. he says we need to do this to stimulate the economy and yet the debt in the u.k. it's new all time on every single month so clearly his idea is failing. unless you look at it as a well confiscations game then it's succeeding magnificently and of course when the real estate bubble pops as it most assuredly will then a whole new generation of brits will find themselves sinking

then coming when governor mark carney may struggle to prevent britain's housing market from reaching warp speed. two thirds of economists surveyed say the u.k. market is at risk of overheating. carney has already added some incentives on mortgage lending. the european banking authority warns that traders are not protected against losing or losses if the virtual currency collapses. the epa would have to get approval from the european commission to regulate virtual currency in the eu. the u.s. house has passed a bipartisan budget that will prevent a further government shutdown. eases $63 billion in automatic spending cuts. president barack obama says he will sign the final measure. for more on the budget deal, let's bring in manus cranny. we have been talking about this all day. this is more of a political thing rather than economic. it means that businesses and markets do not have to worry about it any longer. >> i think that that is a very fair jumping off point. this is about progress on capitol hill rather than economic progress. when you think back to what was targeted, $1 trillio

mark carney and his message about interest rates. the bank of england governor says the recovery needs to be sustained before considering a rate rise. carney says it will be sometime in the future when the central bank pulls back stimulus. way to runvery has a before it would be appropriate to consider adjusting the appropriate level of monetary stimulus the me continue to provide to the economy. >> ben bernanke will hold his last schedule the fed newscast after the fomc releases its latest policy statement. the central bank has pledged to continue buying bonds until the labor markets improve. today's statement comes after u.s. payroll jumped more than expected in november. jpmorgan and deutsche bank are ban on chat rooms. deutsche bank wants to widen the restrictions to other parts of the bank and the move comes amid allegations of investigations into currency market manipulations and interest rate beginning. ♪ hello. welcome to "countdown." 631 a.m. in london. the amc rates about 300 $32 million in its initial public offering. le

there is a wonderful quote from mark carney. "the material news will be when a central bank begins to sell holdings. that is when markets may well move." equity markets are set for a stronger opening today. unemployment numbers will come out. the drop in the jobless claims in the united kingdom most unlikely to move the story. equity markets getting a little bit of a bank this morning. texas has a beautiful piece out this morning. in the u.k., typically december is a good month for the ftse. they say that at the board level, it means the u.k. market, if it can break 6516, you could retest 68.20. one ceo from the mining industry is talking about the price of iron ore. up in 2014,ill go but it is still a good business to be in. there is going to be more supply. services,mes to world this is a theme developing through the week. technip down 9.4%. weaker margins in their subsidy division, capital expenditure concerns that we saw coming through from cgg are overdone and overblown. exploration and what the oil majors are doing and spe

mark carney makes the observation that this is income supported consumption. i am absolutely clear. we need to see the handover now from consumption to business invention -- we have to have that balance model of growth. >> this is politics. there is not a parliament in living memory where we have had a falling living standards like this. >> i would not say there is a parliament in living memory where we had to recover from such a deep recession. in britain, our gdp shrunk by 7%. we had a bigger bank bailout even bigger than you had here in the states. we were very deeply affected by that. what is good about the british recovery now is that it is creating jobs. it is creating employment. job creation in the uk is running around 60,000 a month. it is a job rich recovery. >> it is more than we have. >> we have to support that. we are cutting taxes and making sure that those jobs are created. what would be a much bigger challenge and recovery would be to have rising unemployment. >> at the same time, as you suggest, the economy is growing, and you are suggesting that we ought to have a

mark carney makes the incometion that this is supported consumption. i am absolutely clear. we need to see the handover now from consumption to business invention -- we have to have that balance model of growth. >> this is politics. there is not a parliament in living memory where we have had a falling living standards like this. >> i would not say there is a parliament in living memory where we had to recover from such a deep recession. bybritain, our gdp shrunk 7%. we had a bigger bank bailout even bigger than you had here in the states. we were very deeply affected by that. what is good about the british recovery now is that it is creating jobs. it is creating employment. job creation in the uk is running around 60,000 a month. it is a job rich recovery. >> it is more than we have. >> we have to support that. we are cutting taxes and making sure that those jobs are created. much biggere a challenge and recovery would be to have rising unemployment. >> at the same time, as you ,uggest, the economy is growing that weare suggesting ought to have a balanced budget by 2018. is

haveknow you know this, we a pretty good example of that in the form of mark carney. much of a get honeymoon over there at the bank of england. when the data really challenges the underlying forecast of the fed and that rates of change begin to challenge that, the market may not be as variable as the fed hopes it will be. up 161 points right now. michael mckee, you are so good at analyzing the forecast. what should i look at? in employment forecast, the inflation forecast, gdp forecast, the forecast for your denver broncos? which matters? >> it depends on who you talk to. i think the broncos. no, but it is the policy they are basing this on. we will watch in march to see as they come out with another forecast and how the unemployment rate has moved in the in between time. jeffrey rosenberg, thank you so much. mr. jersey will continue with us . the decision will be in hand. i feel like it's a groggy moment. the ecb comes out with their statement, but then the fireworks start at 8:30 a.m. out of frankfurt germany. here at 2:30 p.m. eastern time, the chairman will speak.

you have inflation data that mark carney will be focused on. willie hit towards that -- will he hit towards that two percent number. some companies that we mention at the start of the show carrefour virtually unchanged. up two point 49%. like rocket would appear it now has a near eight percent voting position in telecom italia. of course there's a great deal of machinations about what they would do in terms of resilient assets and telefonica is holding. blackrock had virtually and eight percent voting position. being paraded by the regulator in italy saying they did not disclose in a timely basis. there could be a problem. same-store sales are rising by 10%. all done to spandex, but i will leave that to hans. we have three days to run. why would you position yourself with a very pro-risk trade when there is that aired eight percent modicum of possibility that the fed could begin to reduce their asset purchases e d want to run that risk? yen is rising, dollars falling. justussie dollar dollar below -- we were to hear from the rba. foreign exchan

mark carney walking with purpose back in july. the first day running the bank of england. ♪ >> you are watching "market makers," i am erik schatzker. a gate everyone in washington will be watching, november 5. americans head to the polls for the midterm elections. ofs will determine the fate president obama's final two years in office. which power players should we be watching in the lead up to that election? bloomberg view columnist and "political capital" host al hunt joining me from washington. looking ahead to next year. tell me who i should be watching. with tedstart out cruz. he forced the government shutdown last october. most republicans thought it was a disaster. it made him the darling of the right wing. iowa and south carolina catapulting him into the presidential race in 2016. what you do on the debt ceiling, will he try to force another showdown? >> what is he going to do in february is important. s tedd cruz serious -- i cruz serious about rescinding his canadian citizenship? iowa,it helps him win south carolina, a