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the ... welcome to a ... Wall Street jungle on Simon Constable ... John bidet ignoring the needs of runs with the new global economics thank you Brian much for being here ... we are seeing fiscal problems in the U S wising debt woes in Europe sovereign debt woes tension in the banking sector that ... and was single and economy here what can we do ... to get the economy going ... of ... really ... good idea to ... let in the process of that inform ... the robot and deleveraging of the cries out to as much ... time and that the members now we have so ... much poverty that the members ... of the private one ... Ms ongoing process of deleveraging the means of you who spend less in the private and public sector ... this is more to reduce overtime ... that's the leverage in that comprise the ... dynamics of ... milk and the commingled for many years ... in that most of most economists now that are now rising he's going to stop ... stall economic unload two levels Solvay ... and double dip recession ... and to avoid another double dip recession mother ... some of ... the ... most likely we need more monetary policy easing bias and combines ... nine of the defendant's consent that they would keep rates near zero for the next two years and didn't mean to me ... two thousand thirteen it's designed to be in now ... um probably not though we will announce the exact role even more ... quantities and there's a spectrum auctions ... that does become like for you you think the Fed will announce the news isn't quite so ... one somebody and of additional monetary easing off to benefit from renewed zeal for two years and once that ... buying more Treasurys than on the one ... um in all ... the time to time tonight when long rates is another one price level targeting ... lengthening the maturity of treasured as a commissioner Paul is one of three three maybe three quarter ... pace the five iFund in the whole of ... the of the pressure on this is going on with nobody wants to borrow ... and it seems that way that people don't want ... to borrow to pay down debts companies don't seem to want borrowed too much want good will it do to hammer banner read low interest rates presumably you need to demand for the total loans ... and then the price starts to make a difference ... UDR I did all monetary policy the critical of the new insolvency credited the show ... the only thing can do is maybe it tried to use of admirers in ... the probe into a double dip recession and the makings wars and the facts are ... the credit on all is broken that's on the north ... all these acts the means money into wanting to is gone and excess reserves ... and other factors may be weakening of the U S dollar to the improved ... U S trade balance that's called considered by some rise in ... the low price Kokomo Tuesday that the review says that's the most ... and then made an effect on call this the Loyer then must pull out of the stock market ... it's our last theorem ... ASA deflation of coal in the mobile business sessions although the titles of transmission should Bambi week showed that the goal all of the central bank to worry about what happens in the stock market to meet the stock market to be a prize ... aam ... of price discovery mechanism for what is appropriate that any given moment in time ... with a certain level that can be vicious circle BP and the reviews call for this and we can economic http heating to equity market core action and that feeds back ... into the leak onto McGeady what the facts and to end up ... into the top to ... go back to the ... call option the surprises and call out to be an economy ... that was the source of the ... surprise of the ... recession song anyone Limited is that the trees to ... sing in all market was alone is gonna be at the margin of polls that we've been on going on ... avoid a window into such as the painted a bleak picture of some on economic growth going forward and was that the increased risk of of another ... recession in the near future the best songs of all eliminated what what can the government walk and businesses to help get the economy going ... is it me or is it just sit and wait and just live in a ... this is the moon on doing anything in the match we had a Bingle distilleries that made the more nervous ... results from underweighting ... the claim that ongoing cutbacks because there's excess capacity and on time and work there because there's not ... enough on of them and ... but that is a pot of ultimate cost to into tool if you are not hiding workers that has long been awfully boring Gome ... is the man of the summit cone Finisar's on the mouth consumption ... has not enough on on the mend ... and the last twenty years with abduction a worsening of the Mosman is the mission of income from the label to copy of the wages of culprits inequality of income and why it ... has increased ... and the motto propensity to spend on housing has agreed to ... the demise of KOMISAR to Stepanova from because the tide was of was to say ... housing so that ... they use to shoving them and what ... makes the problem of excessive block Obeid to give them an even worse ... so I think I would not have the right that some point ... out that his kids have destroyed some because because people are shifting ... in company with a profit of one of the pending an excess capacity ... and a lock Obeid to give them and that's what's happened we thought that markets work ... I'm not working and once you do not ... have referrals to survive and thrive ... the slashing labor cost even more ... money will cause the sum of the US is rewarding common consumption ... that's why it's a step to stop people says it is in Germany ... it is only reporting in us we don't believe in it ... well unemployment to sixteen percent this week Apple back because I was that was important I mean this is a mean BBDO is headed to market on a walking Emiko Marx was right ... to capitalism could self destructive do you think we all know the point what capitalism ... is self destructing ... what I did that another thing that is a nice that ... he's in the cycle Agha what have been in the great Depression we had the ... unison bucolic of potash a crime then we can become known don't ... read too much private debt households banks ... governments ... become because all this home with the PDP its home when when there's too much of that ... either you grow yourself out of the voters not to be enough Ecomomic Alipay's amended ... either you saves us out of the beach but the Phantom of the spends less ... and says mortar ... in the private and public sanctity of the cans of pop ups of three Everbody saves ... more than is less than men to go back to the recession and that the issue become I hear when getting paid to some of the debt problem one that says the local co-op abundance of people growing use of force business of ... porting pitches from Kobe ... excessive that probably means that there's not too bad that an option for Houssels ... from Guldimann superphone has two Michelin ... I'm in damages to summon when ongoing into accreting so Meow XLE's ... Sony Bensen Xoma GoPayment ... you can have a depression ... let's stick with the ... self destructing capital is increasing in the UK Bryant was saying on the rise of some ... extremist group is not merely be an English Defence League ... do you see that happening yet if we don't fix this problem some ... but could have been hailed by its type in the Middle East because of poverty unemployment and income and wealth inequality but now we must do the most initial ... know the Bohnsack on his ideas about ... where in all been rising home prices rising inflation them in the PAS ... the working class dollars but am at the ... same thing is happening in all ... in that in UK calling them to scream emails means of understanding to the XenoPort ... and that's ... important as the people ... of the Audi in Egypt when U K ... and try it ... and eventually these inequality could gather ... that going Jones annoying common all growth in the comically cool ... so simply the US the BBT in any country vineyards in China with a ... disease among the public and because ... the column is slowing and inequality is rising and the committee auction on ... the knowing Ameican was above the isn't an accident at all ... from the world that ... maths it's also important is the main thing even here in the US the richest country in the world or by using ... half ... what it all weekend Anthony us here in us we can total company Baidu about something that is criminal ... so with the times as many ... people in jail than anyone else so that's how we compare notes with some increases the BDT ... got the percent of unemployed people in sales ... unemployment rate plummeted disposable twenty percent ... so we made a coupon for it his way with eventually ... this sort of ... apology although unemployment onto the stool or ice that even the US and not ... have any minute them and fundamentals by year-end and even more unrest ... the fiscal woes that the U S as the moment whose fault is that ... what what is today is that is George Bush told ... you know when the Obama came to power he noted that ... the budget deficit to one point two three and the date twenty can the power of the budget for two thousand and nine predicted by ... the Bush plan was one point two three one ... and when Bush came to power with the soap was of count of being on ... how Dougall poetry and even the most Google's ... swamp and could ... be on that this is one point five three don't ... change enough to slake on the show even Obama camp power ... we decide to cut costs as the provincial into cars and one thousandthree ... we spent with Korean imports will unwinnable war ... we've doubled the specially spending ... the claim that would starve the beast the most obvious the Fed did these ... wheat under the entitlement benefits like ... Medicare drug benefit ... and then we have a message to the porch ... the Financial admissions who resigned ... because them because the biggest economic and financial crisis ever ... and implied a huge increase in and that's good because adult ... session that the scene ... and on the fiscal cost of bailing out banks and Thomas Beauchamp ... so we had five top was the lead told ... moving filleted who are so close to use the proceeds ... and Pineda to cool for Norris immunity to the worst economic and financial crisis ... undaunted debated on him ... that's what happened we destroyed or discussed ... was the BDT ... before it can to power ... the ... Dinty with guns and bought There's little Cox's and doesn't want to own guns about the of ... the type Cox's during wars ... the company does weigh ... them down that was the worst mistake that not having yesterday in added to the menace and in it that Obama is well documented ... his greatest passion didn't run into another Great Depression when you know the most the ones for that than that all was this the muscles on and off mall that was too much and was not enough stimulus new piece of the summons one ... was not enough ... what what point which he signed on with the Saipem will be enough stimulus coming week we had a lot that seem like a very large number ... of the seven hundred billion dollars what would you say ... no to another bailout because you know that that that that is to build one when Coutino in ... its plan to one point four in all ... the Google buys two dollars call ... think isn't this the deficit was actually very Mulva's ... at some point ... you know people talk about the back seat but his among them and don't remember the movie ... the deficit and that is gonna become bigger and more unsustainable and the which was on investors to call them ... does not plan to mass the ... front door that his ghost that it is such a party ... but I actually falling polices ... Hiddink is economic growth and also the death of the view that problem ... economic growth we saw a ... minute of the medium term we need fiscal austerity by raising taxes and cutting spending him in the short run would be more fiscal stimulus ... and and accounting for the US is just the opposite when doing phone for the ... fiscal else they're going to be more of the top of the SNP downgraded is now ... the pressure on the Supercomputing KONG is going to cut spending ... even more ... to blame SBP from coming right in the US ... I mean all I did I'd I don't blame them but the Colombian on was a bit of a ... mistake and that I'm in a moment when the DVD store that the US this compound is not sustainable and restore the dignity block ... politically Scotsman to an ongoing and much progress on ... in the medium term ... in all the things that isn't about them about because the quince of the downgrade is that even more pressure for a ... phone call that ... fiscal consolidation and that's recession ever come to the UK and eurozone is ongoing phone for the ... fiscal else then he ... is getting into recession ... US UK Japan ... Germany Con two of the last month access to them ... Morse The was the blast was in the short time while Connie pink wedding ... Amy Nukem discusses the meeting that requires ... among other things amazing Fox's boxes with a ... fourteen percent of GDP ... the deal was for iPad unless excuses to remain keen on average ... of the fourteen ... covered in a few this is going up without raising taxes ... one of the criticisms of Japan which is to seem ... a bit more when the last decade aam ... when was that ... the ... boss Companies broken companies while one hour to stay in the system will propped up the so-called his own be ... companies for the last in Japan and the amount was the criticism because a member of the resources can be re distributed ... we seen a little but alas here in the US with with the banks with being propped up ... to rain during the financial crisis to think that was the wrong thing to do ... with it better to let ... final companies actually fatale I'm and we just to be the resources and then some to do what ... you know and see the full damage growth from the ground up or down ... but the undead zombie corporates and zombie banks down in the US the corporate sector of the high grade one is in better shape ... of Britain's only households and zombie banks ... may lead to acquire the means that the Fed that of the housing mortgage because ... and what have we saw sustainable ... you know you need to cut production which the Mana cost them or the production of ... the motives of people on the wanted ... to keep them in their homes and other banking news of people losing their homes ... and then did to home price deflation and more foreclosures ... and more supply so yet the stock with those that into ... an unsustainable that Goldman is the households ... that implies the losses for the banks ... and maybe ... the complete takeover ... of someone they use of promotions to some of the Gulf of Unlike Sweden is on ... with a B in the right thing to do rather than kicking the town on the northern keeping as ... many banks items only brings ... alive the toll ... essentially policies that eventually brought about as all the problems and for them and ... another economic downturn most of the financial system ... the Means column in again ... most of the time I stumbled and so began criminal fashion prices that's ... another recession or ... do think and be in the markets investors are prepared for the another too big to fail bank actually failing to think that will just be catastrophic to come to him ... what you know with too big to fail banks and other become even begin to fade because of the mind can cause additional JPMorgan ... to Calder ... in all while will and thus the Reserve ... Bank of America cuckolded Countrywide demanding change ... so now an even bigger cafe and then claimed that Payden resolution regime and leading wheels ... Renren and insolvency will ... lead to more than the failure of it to become an institution with any of these actually ... that even begin to hamlets ... to be very hard to wind down in or the way so ... the Niscayah's that women now want to build them up again in the ... month of running out of Discover's sources the box all ... in all matches those vessels had been in Europe ... the bank and is the consultant is when the bail out the banks ... now subcommittee's is becoming bank units because ... the bonds of distress all resigning insolvent ... and a group chunk of the public in December the bank is his them so ... the summing up of the total ... bill of the banks but they ... are ... so so for the ... bank in the sky something led his life in the UK continuous ... to connecting the thoughts of fiscal austerity could lead to ... a recession possibly be What's them at a Mackel with two strands on the banking system ... which could then lead to ... a stupid to write ... by Owen ... debate about what actually flailing ... um and that putting pressure for a bailout ... using the public would would ... sample album using the pub we pretty outraged comment if ... if and when we sort ... of a banking bailout ... to fund the was saying you know ... people roll off I'm one of its ... why don't you evidently a probe of the poem is you're either once had to put it to come when this to other big dogs bailout is is not there anymore on the other side's his ... last institutions on even more systemically important ... include that of the month of the power of post which was a partisan ... the ... right of the much loved them to be the outcome of the ... a lot of people are worried about their investments â where are you investing your money right now what asset classes ... I did you think you looking good going for ... later on and put the most of my mining caution while the council by research firm was a ... sophisticated high debt for the New Zealand ... does a depleted beyond all of his own announcement or of last month one hundred percent of cash ... I would say in oz but that the beest of this party with Google ... what is what it is temporary and inviting pool ... whether that be announced the size of men on the thirty two point two percent ... fall in equity prices hold ... on to the fall of uncertainty is resolved ... my view is meant ... to be safe rather than stories this is all the time to be ... in this chaos that to avoid risky assets income with which to ... stay aboard gold will go with it difficult to ... white in all kimono does album a call option that is an especially in light of this chaos that ... gold is then a hedge against tail risk either of high inflation ... low what about high inflation and cause the slackening was the labor market in housing ... going to be guaranteed mortgage utilities rather ... petitioner's to the US but in all coastal ... Chinese President Hu percent ... but gold is also a hedge against them ... in on the financial meltdown in the global amount surprises where ... you know that cause the most safe and even ... the Gallen said ... that does not safe anymore so if you get to that on both Connally out ... some cool by the ... time for the guns of Mishkin gold bars and around you'll hear a lot I mean in the mountains ... that the meantime it is still going to be getting in on the one above sold gold because of that can go I hear you your mom about that yet you with us to like cash what about all the forms of cash when euros of styling Swiss francs I think the places we only know ... that they did before then had another significant systemic all the time zone doubled the Prius risk aversion on the ... equity market correction I talk to people going full ... of dead they spotted him and you think on this those who oppose mean to go into them is that they should demand that they don't abide ... in us that and all are ... ours been to use the T ... O show him around ... and we've seen it channel tragedy is when the dollar ... and tons of lowers the burden people become pm in yuan gold the dollar ... they also go to the Swiss franc heels of Dominique ... the Japanese yen but ... the new and even the fundamental problem of the euro zone with Arizona's called ... City of the faults one CEO that the stock shoving and ... eventually on the brink of the monetary union thing they all the time the euro will weaken ... over time it is interesting because breakup of the dollar next three years but I would say that to ... proceed more than the restructuring of its income has been installed in what is happening Greece London be ... getting an exception was the claim is gonna happen also ... in doubt ... Ireland and Portugal and the feet of me in Spain with Mike about this ... of the ECB still going to be Jones and often the center of the money ... and the end of the year than it is on the thinking of the Senate ... even spin anything that extends Mike About's isn't that just about swimming ... and on the line so when Derica members of the eurozone ... goodies and or Portugal could decide in the benefits of staying in a union ... I'm not as high as the cost of the men decide twenty beds ... over a five-year horizon is aimed ... at promoting tidbits of member states ... to leave their use ... very quickly last question back to you if you're in cash giving cash is a good investment now when ... two people get out of Kashmir into risky assets will assign Bay of of of of of of them are lots of new sign it's time to get out of cash ... why there's a huge bubble uncertainty to a motivation akin to the more than fifty percent from the two especially us in the euro zone you pinch of time and I could not be right then maybe ... with mobile toyed with them the positive economic goal of ... two percent last ... week at the Khan on the Torchwood imposes the most and the date of the thumb of the MAKO ... numbers in the on the stock market the thumb of consumer business ... and investor confidence made the top ... of of the policy the outcome of a palace and Max twenty moments ... when there without ... now with stall speed the state's old speed like an airplane lessors the stall speed either you ... reaccelerate in Electus Cape will also be where others is the default ... so right now with stall speed then we don't know whether we're going to go up ... or down ... so it's in that stupid laws that did it without us ... which we are going in the meanwhile I would say ... meant that the B C Robbins Saudi because ... if the club was gone and lemony training how to ... avoid losing thirty forty fifty percent ... suppose go wrong and the comedy called was the market go up ... the beauty of the move was the first round of the MacAulay of Asa prices a few weeks against a jump ... on the bandwagon if the woman's mother land that ... has been a while rather than the bustle ... the right approach is to be safe from the assorted the defense team pulled more entire stay away from risky assets ... of the of these massive stroke ... so some uncertainty that of Caleb's Cavium and a black swan events ... can you name it down to it is up and we see with the with the main cooled single or with the blessing we don't know ... I ... thank you very much Hiroo Benin