21 Burst results for "Andrew Bailey"
AP News Radio
Bank of England Raises Key Interest Rate by 0.75 Point
"The Bank of England has made its biggest interest rate increase in three decades in an attempt to beat stubbornly high inflation the Central Bank has boosted its key rate by three quarters of a percentage point to 3% The aggressive move comes even as the bank predicted a two year economic contraction through to June 2024 Bank of England governor Andrew Bailey said the move was necessary to keep inflation down The rate increases the Bank of England's 8th in a row and the biggest since 1992 it comes after the U.S. Federal Reserve announced a fourth consecutive three quarter point jump as the fight against inflation takes
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"That's very cool. It's cool, and it's true. You end up eating with your hands because if you try to use a knife or you just can't do it. So two things happened that night. Firstly, like a dick, I got my vapor and tried to have a vape and I lit the room up. So that would go down well. And then secondly, you have to try and go to the bathroom at some points. And they don't guide you to the bathroom. They tell you where it is. You have to find your way. And I walked straight into the dangerous for them. I walked straight into somebody, but it's a great experience. I went with my friend Martina, and it was brilliant experience. That's a sorry, I've deviated just because I went on a Don somewhat. So sorry. I do this. Talk about that film. This is our third or fourth fourth film reference. Good. Good. The line that I was going to bring up, it's something like this. Give your kids enough so that they can do anything, not so that they can do nothing. Yes. And I think there's a lot of wisdom in that. And if enough of us paid attention to that wisdom, we would have to worry less about inheritance taxes and fairness. Did I hear right that Bill Gates has only leaving like a million to his children? Good for him. I hope he does something good with the rest. I have no confidence that he will. And I know a lot of people isn't popular with a lot of people because he's trying to engineer food and do a lot of weird shit. And I get that. But he has also done a lot of good with this money. He is essentially around. Is it polio? He's very eradicated from the world, or he's working on malaria. Yeah, but is it polio? He's eradicated from the world. Like he has done good things. I believe that was Jonas Salk. What is it that he worked on? I know the malaria that he's working on malaria. But he's worked on something else. I'm sure is. Toilets. He's been toilets and clean water. Can you look up Bill Gates and polio? Because I'm sure it's down to the point that was like in one location. I mean, Gates Foundation funds new polio vaccine. Yeah, can you look up gates children inheritance? What you said rings a bell that he intends to give very little comparatively. Malaya for Gates may be angling to change kids 10 million inheritance 10 million. To what more or less? I mean, I guess more about it. Because even at 10 million, a guy who's worth a 100 billion or whatever it is to say, here's 10 million because that is Bill Gates is described as minuscule.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"Conversation, and then we both got something we wanted out of that relationship that we couldn't have gotten without a meeting of exchange between us. It's this great social technology to enable us to relate to each other. And actually, if loving someone is doing something that's good for them and being with them, there was a kind of love that was exchanged. Because I did something was good for him. I gave him money. And then he did something that was good for me. And we spent time together. We interacted. Yeah, so he sounds more. It wasn't just the trade. Because you got the conversation. There's some of the parts was more as well. But even if there hadn't been a conversation, there's a kind of love that's exchanged. It's meeting each other's needs. So it marks us often missed that. They think only about the alienation bit and they miss that money as social technology actually enables us to help to meet the needs of people that we have no knowledge of and couldn't possibly have knowledge of. We maybe can't even speak their language. And yet you could offer something of value in exchange for something of value and we would understand each other and actually do each other assault. So you asked unethical uses of money. Of course there are. There's also taboos and that is so interesting because it tells us that money is weird. It tells us the fact that there are these taboos. It's just further evidence of money's weirdness and I'll just say this plugging myself in my work, it tells us that the philosophy of money is a real subject that we should be thinking about. Taboos are excellent evidence of that. How much time in teaching do you cover Marxism Marx's ideas communism? How much? Do you have many students who spend time questioning it themselves and come to you? Of course.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"It makes me in the same generous, but the amount I give away is more. The total amount. The impact of your generosity is expanded. Yeah. And I think money allows me to, but that maybe that means I'm not a good person. Because money allows me then to focus on the things I want to do, but I'm only doing that because I've got the financial freedom, whereas if I had a parabolic, I'd just do it anyway. So maybe I'm a piece of shit. Maybe maybe I'm putting money before my own happiness, what I want to do. No, I am. How much is enough money? We talked 27. 21. 21. No, I'm greedy. We talked before about how the happiness effects of money. Taper off. As you get up, there's a magic number that some people cite, which is about 75,000 U.S. per person. Per year. That's income. Wait until they get there. That's right. Well, here's the thing. You ask how much is enough? There's a one word joke answer that everybody knows. More, more, more. It's a joke, but it actually expresses something deep and maybe pathological because if that really is your answer and for many of us, it is. Then you'll never be happy. So I think the answer isn't $75,000 a year per person in your household, nor is it more. It's more like, well, how much do you want to be enough? Maybe aim at that, but then you need to set yourself up so that you can stop. You need to set yourself up so that you won't be grabbing for more and more and more on the hedonic treadmill always adapting and never happy anymore. Is there ethical and unethical ways to spend money? Of course, of course, the answer in one sense has to be yes. You can pay somebody to assassinate somebody and that's bad. But what if
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"But we don't talk to any. We don't talk much about these days in terms of the next boron. We're going to be fabulously wealthy. We talk about the next bull run in terms of the freedom that it gives us for this show. This show is a healthy. Yeah. So I'm glad for you. That you're not thinking of your next Austin Martin because you don't need another one. Nice. Next. Yeah. Nobody needs three Aston Martins. I forgot to ask them why. But this show is not really a Bitcoin show anymore. It's called what Bitcoin did and we talk about Bitcoin a lot. But strictly speaking, today's show is not a Bitcoin show. This is a philosophy of money show. And let's show we just made with Stephen was a show about. Miss incentives with Fiat money. It's not a Bitcoin show, and we made a show, I mean the majority of the show we made with Perry Anne, we were discussing libertarianism and the health system. It's becoming more about the asymmetric topics. There is a creative desire to move on from Bitcoin. Because I prefer personal stories anyway. So there's a creative desire. But there's also a everybody prefers personal stories. Yeah. Human beings care about human beings. Yeah. Of course. We set up to do the show with perian about ETFs. For the first hour, we didn't discuss them. And for the last 40 minutes, we did our board. But when we were talking about her and her background and why she was drawn to libertarianism, I enjoyed that. But there was also a reality that the word Bitcoin can call it an inertia to some people. And I feel like if there wasn't Bitcoin in the title and it was just a background topic. Like, for example, the best way I can sweat. Joe Rogan makes a show with a range topics, right? He doesn't make a show about MMA and jiu-jitsu. But just by listening to a show over and over again, these little bits that come in. I'm not kind of interested in it. I watch a little bit, and I actually found out in the little school that's 5 houses down from where I live. They have a jiu-jitsu class twice a week. And I was like, how am I going to try that out? But if he'd have made a judicial show, I'd never would have listened to that. I don't give a fuck about jiu-jitsu. And so I think about the show. If I want Bitcoin to be a success, am I just making a show for Bitcoin has already exist? And then every four years, there's like a bunch of people who realize shit, I need to learn about Bitcoin. Number goes up and they're going to Spotify. They search for Bitcoin if I'm a show or their friends tell them to listen to it.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"Code Peter MC 20 for a 20% discount to check out and let them know that I sent you there. This offer is valid until the end of October and I hope to see you all down in Austin, Texas. Is there any study of the super rich and happiness? And does it because you know like you will see super famous people go through a very hard time. And the same typical cliche criticism is like, how can they be miserable they're so rich? They've got everything they could want. And I think it's just such a naive statement with regards to understanding relativity. not living their life. So you see their house, their car, their lifestyle, and you think, oh, they must be super happy because they've got all that shit that you want. For them, that's their baseline. They've adapted. They've adapted, they can't change how they feel internally. But is there any study that too much money can have destructive power against happiness? There is, in fact, now getting social scientific research on this is tough because the mega rich do not submit to happiness monitors. So the way some of these studies work is you wear basically a little Apple watch, and then you dial in a number as it beeps at you once every hour and you put in a one through ten. Elon Musk is not going to wear this watch. He will not submit to this kind of study. It's too intrusive. So we don't have big datasets to understand and things like that. What we have are anecdotes. Here's one. This is from the introduction to a book by the Dalai Lama. It's called ethics for new millennium. He talks about how he names a bunch of famous people. You know, I've been in Brad Pitt's house. I've been in so and so's house. And you know what I found there? When everybody else is at the party, I go to the bathroom. I take some time for myself, and then I rifle through their medicine cabinets, and you would I find. Drugs. Benzos. Opioids. These are people that are looking for
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"So the big question is can money buy happiness? Can money buy a good life? And there are various ways of thinking about what happiness actually is, how to measure it. And it turns out that if you're measuring happiness by asking people, do you feel good right now? Basically money can remove unhappiness. And up to a point, it makes you happier in that sense by removing unhappiness. But then it levels off and it stops giving you benefits. There's Mark diminishing marginal returns. It's like that baseline we talk about, right? Like being broken poor as it sucks, I've been there, if I can shit. And I know right now, especially in the UK because we made a film about it, there are people right now who are broke and poor and they're sort of struggling and it's shit and they are unhappy. And I think once you can cover those base costs, like base cost of living in your energy, which is a challenge right now for some people, you can buy your you can go and do your shopping, not really think about your budget. Have a holiday a year beyond that everything else you need money for is for lumpy things. It's a flashcard, a big house. It's lumpy things. And I don't think that will make you happy. There's another way of measuring happiness, which is asking people not, do you feel good right now, but more like, are you satisfied with your life? How don't do that? Because I'm not. Well, it turns out that money and having more of it is correlated, but it does satisfy at a certain point and start to have diminishing marginal returns. But the number is higher. So it's easier to buy off unhappiness than it is to buy life satisfaction. And we actually don't know what the edge is because there aren't enough mega rich people to know just how far money can buy life satisfaction. Yeah. Again, that's possibly personal as well. Yes. And one thing that's really difficult to measure here is difference across people versus change in one person's life over time. One of these things that makes money not help us be happy is hedonic adaptation is
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"Good stuff that Bitcoin creates. Outweighs or maybe even compensates the least well off. I think about those questions a lot. We thought about it in the info of parian. The premise of the interview was actually to do with why an ETF has not been approved. So this is a mind reading of Gary gensler. I mean, a bit of that. I think everyone has come to the same conclusion on gensler and it's not really mind reading. It's pretty obvious, but by the by. Why has he not approved a spot ETF? And rather than just question that Danny and I questioned before the interview or the question we want to put to Perry Anne was is a spot ETF, good for Bitcoin, current Bitcoin holders, or everyone at large. And my fear was, especially when she talked about the distinction. Well, that she talked about the wall of money that would come in trillions of potential investment. And if that's coming into the U.S., which already has an outsized position in Bitcoin as a collective group of people of ownership, I don't know what the split is. But I wouldn't be surprised if 40, 50% of Bitcoin is all held by Americans. Is that wall of money came into Bitcoin and it raised the price ten 20 fold. That would disproportionately benefit America. Would that make American even far wealthier nation? What does that do for the little guy? And I don't know the answer that I'm not even the person who answered it, but I question it. And I'm not sure an ETF would be amazing for me if it's this water money came in. I personally would make a shitload of money. But what weighed on me was actually is this good for Bitcoin and humanity at large. And I think I'm signing on the side of I don't want a spot ETF because I'm not sure it's the best outcome for Bitcoin or people. Yet. I think we still need to get the little guys.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"So I consider time as money. Or like a money or a money substitute. Time is hard money. It's not just any old money. I read something once and it really stuck with me. An inch of time is worth an inch of gold, but you can not buy an inch of time with an inch of gold. And I thought of that very much. I thought of that a lot when. My mother died. Like the time I had with her was priceless because she there was a fine art time until she would pass. Literally priceless. Literally couldn't pay to extend it. But more importantly that. So at the time, thanks, man. Cheers. Cheers. To time to time to my mother. So she lived in Ireland. I lived in the UK. Every time I went to see her, there was a cost. But I would do it because I don't want to see as often as I can. So there was a cost to me. And that time was priced in and cost of opportunity cost. But there was no amount of money. I could spend and you can Steve Jobs, probably the one of the richest guys in the world. He could not buy more time with money. These are deep waters. If you reflect a lot on this stuff, it can turn you into a really morose guy, or maybe just maybe a more wise guy. I would like to be wiser. That's the first step. It says this guy who knows nothing about wisdom. Come on, man. You are. Obviously one wise. To have a quality and allowing someone to feel comfortable, questioning things. Because I'm instantly in this scenario question of things though. I have no idea at the moment if we make in a good show or a terrible show. But I kind of don't care. I'm entirely selfishly enjoying the
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"I always forget he was supposed to film. Goodwill, hunter. Good will hunting, that's it. How'd you write those apples? Yeah. It's so much fun. Well done. So what is money, man? Where does money Andrew Betty? I've had a little fight on Twitter with some bitcoiners. About this. Who specifically were you fighting? Oh, I want name names. But here's something that bitcoiners like to say, and it's I'm not totally sure where this came from. They say that money is that which fulfills three roles. Store value unit of account, meaning of exchange. That's not how economists think about money. Economists, when thinking carefully, say money is a commonly accepted beating of exchange. And currency. But isn't that currency? I use that in money interchangeably or maybe currency is just a species of money. It is so money is the abstract kind and currency is an instance of it. Like the dollars and money. So the dollar is a currency, and then money is the bigger category. Why are you grinning? No, I'm just listening. You enjoy the interview. Me too, man. I get like this. I've recently discovered the philosophers are my favorite people to interview. Oh, thank you. But I think a good interview with the philosopher is also a little bit of therapy. And I can imagine some people are going to be listening to this and saying, shut the fuck up, just let the man talk. But I'm using this to deal with things I've questioned. Therapy, that's not the right word. I am having a one to one philosophy education with a philosophy teacher right now. I'm getting to ask those questions where you get to fire the questions back at me and I get to deal with things I'm dealing with, which might not be the best for the listener, but I fucking love it. Well, you're a professional at asking questions. Yes, but I put that out to some guest recently. I forget which one. It's like, no, I'm the expert asking questions. I'll ask the question. Do you remember this? This was a couple episodes ago. Possibly, I see that a lot. May have been pastors. I'll ask the questions. Yeah, that was a tough one. You guys came around. It was rough. Yeah, I mean, like some people, they aren't very good at understanding what the audience doesn't understand. Paul needed you. Enough. I don't know if he knows that, but maybe he does now. Yeah. That he needed someone to make him slow down and answer the questions. And he has the answer. He is, he's a terrific Bitcoin. Everybody should pay attention to in my opinion. No, I agree. Some people don't realize how much smarter they are than other people as well. Where they see clarity, others CMS. It's back to the Xbox thing. Some people see an ex pub. I see a mess. I see confusion. I see, I think, see something like that.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"Because Bitcoin answers to the real world, it has a price it has people who use it. It has people who desperately need it. And so whether we're right or wrong about Bitcoin matters in ways that speculative stuff about free will or about the nature of material objects or time. These things just don't matter. They don't have that concreteness that Bitcoin does. But there is a resistance to Bitcoin as well. People resist it. People actively campaign against it. People, there are certain people who are lie about it. They will. And I know you can go to incentives. So when the when that comes from, somebody connected to a different, you fucking moron. But there are people who actively, they kind of hate it. It feels like they hate it. And there are those who feel like they hate it because they discovered it early and forgot to buy some, but there are others. I don't understand. The hatred that some people have towards that. Bitcoiners can be, I don't know if you notice this, pretty annoying. That's got to be part of it. Maybe, yeah. We get obsessed, and we refuse to talk about anything else. And we display cult like behavior. And that doesn't make us bad, but it will make us annoying to some people. Yeah, no, I get that. Maybe also it's people don't like their cheese being moved. Scared of change. Implication. Weak questions sometimes. I came to a realization reason. I used to question the transition to Bitcoin. And how chaotic that might be, and what might come out of that chaos, which might mean blood, death, disaster. War, revolution. And I used to hold that I used to hold that person, like I have a deep responsibility that I'm doing something that is disseminating information about Bitcoin. In part, this show might be part of the acceleration of that happening. And what if I'm wrong? What have I contributed? To something like that. But then I came to a realization very recently that this acceleration is happening because of the phase of Fiat money. And therefore, it's a natural response. It's not your fault. It's not your fault. It's not your fault. Stop it, man. I will fucking cry. That is our second Robin Williams reference. There we go. That is one of my favorite moments of any film. Ever. Ever. They earn it. Oh man, that film is so good. If you haven't seen it, if you haven't seen it, what the hell are you doing with your life? But this is a famous moment between Robin Williams and Matt Damon. And I remember getting my son to watch this film. He fucking loves it. God, why I'm always bad with names.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"Are you more interested in the philosophy of money or the application of economics? I know more, I'm better at philosophy, because that's where my degrees training are in. But I'm super interested in the econ stuff. And I'm trying to learn more so that I can be a more effective teacher and researcher on that side of things. And really the intersection. That's the forefront. That's this bit of a Venn diagram where the two meet that it's so poorly understood, but so vital, I think, to understand our dynamic world. It's right in that intersection with so many interesting things are happening. So I question therefore, what does good money mean? And how do we class a successful money? And let me frame what I'm thinking. Is that when we recently just sat down with Stephen lubka and we talked about Fiat money, the way it distorts the market, distorts prices, that's absolutely true. But could we also argue that with keynesian economics and the money printer that extra money has sped up the advancement of society and Ed is led to more innovation. I mean, we talked about venture capital firms having access to cheap capital, but perhaps that cheap capital has led to advancements in technology, which has led to advancements in development of a positive drug. I know negative drugs as well. Like it's very obviously difficult to create a net calculation, but would a Bitcoin based economy have slowed advancement with a bit of slow development and would have it change how society would have shaped like that. Could it be a net more dangerous society because there isn't that kind of shield of protection for government in certain areas. Now there's thousands of inputs to these because somebody who is anti feared could say, well, military industrial complex or in a wealth gap, but somebody who positive fear would say world police protection.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"A great social scientist in this respect. He really had a great mind for putting together theories, these abstract hunches or intuitions we have with data and seeing if we could support or disconfirm the theory with the data. And he was basically inventing social science as we know now, which is kind of the intersection of numbers, plus people. Unfortunately, in my view, a lot of his ideas just turn out to be false. Yes. And the application of his ideas. Dangerous. Dangerous. Yeah. And still, still today, some people think his ideas have just not been implemented correctly. We haven't had real Marxism. Oh dear. I'm surprised people haven't said, we don't have real keynesian. Economics. You know, Peter, somebody said that somewhere, I'm sure. I'm sure that did. Somewhere on Twitter. In your teaching, how much freedom do you have in terms of what you want to teach and how you want to teach with regards to a syllabus? Do you have absolute freedom or is it a certain constraints around what you can teach? Some of my teaching is in the common curriculum within my college, which is the classes that all students take and those are team taught. So all syllabus decisions are made by the team. So very little freedom in a way, they're except over time, where you iterate and persuade colleagues and build coalitions to make the changes you want. But when teaching my own courses, near full autonomy. Excellent. So guess what I've been teaching about for, I don't know, last four years. Plus, Bitcoin cash? Close. One of those words was accurate. Well, that's amazing. And I imagine your students absolutely love this class and love the fact that they're doing something completely different that they're at the forefront of real economics. Well, I think reflecting carefully about money and Bitcoin, both of these things are catnip for students. And if you can do them together in a responsible way, I found not only do I get the enrollment, like students, butts and seats. But they get something out of it. At least I hope they do. I think they do. That's what the alumni tell me later. And how much of it I was talking to the period about this as well. In that I went to university, and I went to a shit one, and studied the shit cause and left, and it was terrible. It's telling her I romanticize, I'm going to say American higher studies because I imagine I said to her, I imagine these large amphitheater to classrooms full of students debate him with their professor and their professor encouraging debate and encouraging questioning. We don't get that at school. My kids aren't encouraged to question I encourage them at home to question good question me, question school, don't trust anything, don't believe anything. I always had this example my son, my son was a drama student, and he had to do a monologue as one of his performances. And the monologue he picked out was one that was done by what was the name of the kid who was in dune. Charlemagne, Timothy sharp. Timothy Charlotte, he found a monologue that Tim was the Charlotte did as a student. I think it was that one. I could be wrong, but anyway. And the piece was set during, I think it was the post slave area era.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"You can almost enjoy it. I think it's because we've had some philosophers on recently and we've gone to a bit of philosophy and he knows I enjoy those and he said he's a peak. You know, Andrew Bailey is the one you're going to enjoy. So the pressure's on that. And we're going to talk about the philosophy of money. So I think a good starting point is one of the risk system money collective. Tell people a little bit about you if they don't know what is it you do, work wise. What do you spend your day on? Could I start with a pre Bitcoin story? Then you start with anything that you want, my friend. I want to talk about roger ver. In 1999, I was 15 years old, and I was at this debate camp. And we were arguing about taxation. And there's this guy in the audience named roger. me and told me Andrew Andrew, you're wrong about everything. This is wrong. This is wrong. This is wrong. You need to read some real books. And then he sent me in the mail, a copy of Adam Smith's wealth of nations. Wow. And we met one other time. So I was 15, he must have been about 1920 at the time. I still have copies, those very copies he gave me, and I later had them signed by Harry Brown, who was the libertarian presidential candidate in the year 2000. So I met roger and he was actually an influence in a way to move in that libertarian zone, even in my youth. So I think that was one thing that prepared me for Bitcoin. Even though I'm not libertarian anymore, it may be receptive in some ways. And then years later, maybe in 2019, I emailed Rogers. There's this guy named roger who gave me this book, was that you was like, absolutely, that's me. I used to give away books all the time. Now I give away Bitcoin cash. And then he sent me some BCH. You know what? I quickly traded it for real Bitcoin. Good man. Roger is one of the saddest parts of Bitcoin. A little bit like we discussed the Peter Schiff this morning with we did an interview with Paris. Sorry, Perry and boring. Well, I think that's why I have to have a little map. Let's go to wake up now. We did an interview period boring. We were discussing Peter Schiff. And if you separate Peter from Bitcoin, he's a super interesting guy. He makes some amazing points. He's written some really interesting things. We've talked to about the economy or the fed taxation. He's brilliant. He's halfway there. 90% there. Yeah. He's 95%? Something doesn't compute, though.
What Bitcoin Did
"andrew bailey" Discussed on What Bitcoin Did
"Bitcoin isn't like a new theory about what kinds of money are possible. It's more like a bulldozer that says you're all wrong. You need more tools to think properly about money. Here's a totally new kind of money that is kind of like Fiat, kind of like gold and kind of like neither. Hello there, how are you already having a good week? I'm having a good time over here in Bedford is my birthday next week. I'm looking forward to that. I'm not doing anything too often celebrate birthdays. I want to want is a win in the cup this weekend for other mighty rail Bedford. I am actually over here in Switzerland. I'm going to plan B conference. It's price. You know what? These conferences over in Europe, they're getting better, we're seeing some good stuff being done in Europe for Bitcoin as maybe I won't have to always travel to America. Anyway, listen, welcome to the what Bitcoin did podcast, which is brought to you by Gemini, the only place I'm using for buying Bitcoin, I'm your host Peter McCormack. Today I've got another philosopher on the show. I've got Andrew Bailey. Now this is a show that Danny wanted to make so much. Danny kept pinging me and said, look, you need to get Andrew Bailey on the show. You're going to love this guy. Did you know what he was right? I did. I actually love getting the philosophers on the show. I love having these kind of deeper conversations about Bitcoin and money and what's happening with the world. And so to get Andrew Bailey was incredible, but the weird thing is, I think Andrew played me because it ended up not being so much of an interview. I kind of felt like it was a therapy session. Andrew did this really clever thing whereby he flipped the script to started asking me questions and made me kind of think about the philosophy and money itself, which was super cool. So I've got no idea how this worked out for you. I never listened back to the shows because firstly I hate my voice and I want every time I hear it. I'm like, oh my God, I sound like a moron. How do I have any friends and why isn't anyone listening to my show? And secondly, I'm just too super judgmental, but I've got no idea how this worked out. Some of you might love this, some of you might hate it, but definitely feedback to me. I want to know. I want to know what you think about it. You can drop me an email as hello, what Bitcoin did dot com. I will get Andrew back on the show. I do actually want to do a proper philosophy of money with him, not a therapy session for me. So please do get in touch. Please let me know what you think. All right, apart from that, have a great weekend. I love you all and I'll see you all next week.
AP News Radio
Pound falls after UK bank chief rules out extending help
"The British pound has sank against the dollar again after senior banker comments Andrew Bailey the governor of the Bank of England has confirmed the banker will not extend an emergency debt buying plan introduced last month to stabilize financial markets The scheme will end on Friday as scheduled on a trip to Washington Bailey told fund managers You've got three days left now You've got to get this done the pound fell almost 1% to just below $1.10 after Bailey spoke before rallying slightly Charles De Ledesma London
Bloomberg Radio New York
"andrew bailey" Discussed on Bloomberg Radio New York
"So we're going to talk about the Bank of England. It's really not reliability and credibility once again in question or is this simply the reality that the governor Andrew Bailey has to deal with plus also we're just getting the breaking news lines Charlie around the UK economy. So the economy actually shrank three tenths of 1% in the UK a month or month, the estimate had been for flat growth, so that is not as good as expected. We also get other data as well on the state of the UK economy. There's a big debate at the moment around economic growth, and it really is essential for the government if it wants to follow through on its policies that it gets growth up. Oh yeah, somebody estimations have been about what 2.5% growth, the INF has a very different figure in mind. But of course, some admissions as well that the UK could potentially grow faster than many other economies, including Germany this year, so lots to talk about today. Exactly. Let's get to then the data check because after those Bank of England comments, the speculation around what is going to happen with Bond buy from the Bank of England, you had a sharp reaction in terms of Sterling, which is up three tenths of 1%. Trading while around one ten just below that one ten Mark right now. And a lot of volatility implied vol on cable has jumped to the highest in a decade. Stop futures for the U.S. have also popped half a 5100 futures up a tenth of 1%, so they reverse the declines that you saw in earlier hours this morning in London. U.S. stocks 50 futures are also up a tenth of 1% S&P 500, even if you just gain 6 tenths of 1%. All of this despite the worries around recession risks around interest rates continuing to rise. Oil prices had been dropping this morning, but again, they pair those declines and we see gains for Brent food futures now have 8 of one tenth of 1%. Despite president Joe Biden, effectively admitted that a recession is possible in the U.S. and just lastly, the Bluebird dollar spot index is now in negative territory so those are the markets. Well, let's get on to our top stories this morning. Governor Andrew Bailey has put the Bank of England's credibility on the line with a pledge to end emergency bond purchases as scheduled on Friday. In the face of mounting market pressure to extend the program, he said the financial support to keep pension funds afloat has to be temporary. We've announced that we will be out by the end of this week. We think the rebalancing must be done. And my message to the funds involved and all the firms involved in Manchester's funds, you've got three days left now. You've got to get this done. Because again, part of the essence I think of a financial stability intervention is that it is clearly temporary. That was the Bank of England governor Andrew Bailey speaking in Washington. The Financial Times, though, is today reporting that the Bank of England has, quote, signaled privately to bankers that it could extend its emergency bond by in program a path this Friday's deadline. The paper attributes the story to three unidentified people briefed on the discussions. Meanwhile, the Chancellor quasi Quartet has praised the Bank of England's response to the recent market turmoil saying that he's working closely with governor Bailey. Spoke after the Central Bank expanded its bond purchase program for a second time this week. I speak to the governor very
Bloomberg Radio New York
"andrew bailey" Discussed on Bloomberg Radio New York
"Through the session, I think, dip buyers kind of came in midday when the S&P was at around the lowest intraday level since 2020, but as you just mentioned, then Andrew Bailey spoke and said support for the British guilt market will end on Friday. The warning to fund managers was pretty simple. Wind up your positions that you're unable to maintain, you've got three days left. Now the knock on effect here in the U.S. was a move up in long rates a ten year that picked up about 6 basis points last quoted at around three 94 were trading three 95 now in the Tokyo session. In terms of equity price action stateside, the Dow did manage a slim gain, let's call it a tenth of 1%, but the S&P fell 7 tenths of 1% and the NASDAQ comp was down more than 1%. And U.S. listed Chinese shares fell on reports of new lockdowns in the city of Feng Yan and the entertainment venues in Shanghai several have been closed the NASDAQ golden dragon index was down about three and a half percent today. Right now in Tokyo, we've got the nikkei weaker by just a tenth of 1%, core machine orders for Japan in the month of August were down 5.8% to month on month reading and a little bit more severe than forecast moments ago we had the Japanese yen. Weakening past well now I misspoke because the yen is continuing to weaken here a fresh 24 year low, one 46 15 or thereabouts were down around two tenths of 1% against the greenback. The question now is whether and when Japanese authorities will step in to prop up the currency as they did last month. Right now in Seoul the Cosby of three tenths of 1% in Sydney, ASX 200 higher by a tenth of 1%. Another look at markets in 15 minutes brain. All right Doug, thanks very much. Let's get to the fed speak first. Cleveland fed president Loretta mester said that officials need to keep hiking interest rates and can not get complacent as they work to battle inflation. Mister spoke earlier on Bloomberg. The real issue is we need to do more. We have not seen inflation move back down. And we need to see that because leaving inflation where it is that we continues, there's a higher chance that it does become embedded in the economy. The fed chief said that she needs to see monthly numbers on inflation and core inflation declining before the fed will slow the pace of hikes. She also added that the Central Bank should stick with its approach on shrinking the balance sheet, notwithstanding ongoing volatility in financial markets. Since September, the fed has been allowing its holdings of treasuries and mortgage backed securities to mature at a monthly pace of up to $95 billion. Well, the International Monetary Fund has warned of a worsening outlook for the global economy. It highlighted that efforts to manage the hottest inflation in decades may add to the damage from the war in Ukraine and China's slowdown, IMF chief economist Pierre Olivia Goran ches tells us the worst is yet to come. Growth for 2022 will remain at about 3.2%, but global growth next year will slow down to 2.7%. That's a 0.2 percentage point cut from our July forecast. So now 2.7% is fairly low number if you want. But to give a little bit of context here, if you open the hood, what we see is that about a third of the global economy is going to be experiencing a contraction this year or next. The IMF also forecasted that inflation will peak later this year with an annual rate of 8.8% and it will remain elevated for longer than previously expected only slowing to 6 and a half percent next year. All right, the time is 5 minutes past the hour coming up, we have Mark Conan with us in our studios here in Hong Kong. Marcus chief investment officer at AIA group. But now it's time for global news G 7 leaders have pledged to support Ukraine for as long as it takes. At Baxter has the story and the rest of the global news from the 9
Bloomberg Radio New York
"andrew bailey" Discussed on Bloomberg Radio New York
"On markups Learn more and I became a dot com slash crypto What do we got Brian in terms of some of the market music and perhaps like a choppy start Yeah it looks like we'll open lower throughout the Asia Pacific rish as we had weakness in the U.S. markets on Friday and the main challenges at the moment do appear to be about the same inflation COVID-19 Also the announcement of the next fed chair and on Friday we did have the tech heavy NASDAQ 100 outperforming but the Dow on the S&P 500 were down the Dow down about three quarters of 1% On energy Japan and the U.S. role reportedly announced the release of oil reserves as soon as this week we'll get you details on that Also the Chinese government sounds a little nervous about the yuan's gains as you heard in our headline there Currency watchdog has told the banks to limit speculative FX trading So more on that in a moment Hank singing next future is down about four tenths of a percent China futures down about a tenth of 1% EK futures down just a small margin S&P E minis last traded at 47 O three up about two tenths of 1% Looking at currencies the dollar is little change The boomer dollar spot index $1179 again one 14 O 6 In some quick news notes UBS nominated former Morgan Stanley president colm Kelleher to succeed axel Weber as chairman and in the UK economic activity slowing there supply side issues are stoking inflation The Bank of England governor Andrew Bailey said it is not the bank's job though to fix supply chain issues All right we'll get you more on markets in about 15 minutes Rich shot Absolutely I'm just picking up on what's going on in China with an organization formed by key participants in the country's currency market being urging banks to limit speculation on foreign exchange trading Let's get details from resolution We're told that China foreign exchange committee encouraged lenders to be risk neutral when trading foreign exchange for themselves and for clients Sources or Bloomberg that banks were advised to better track their propriety trading and improve risk management This includes conducting internal reviews when trading volumes that propriety desks deviate significantly from the norm The proposal is targeted at more than 50 Chinese and overseas banks operating onshore It covers over 90% of the country's foreign exchange market The move could be the latest sign that Beijing has grown uncomfortable with a rapid ascent in the yuen The currency is the best performer in emerging markets this year I'm Rosalind Chen Bloomberg daybreak Asia The Federal Reserve may consider a more rapid drawdown of its mammoth Bon buying program We get more on that from Bloomberg susannah Palmer Just weeks ago the Federal Reserve put a plan in place to scale the purchases back in a methodical manner Now a trio of policymakers vice chairman Richard clarida governor Christopher Waller and St. Louis Federal Reserve bank president James bullard have signaled that the topic of a faster taper might be on the table when the federal open market committee meets December 14th and 15th A faster reduction in the so called quantitative easing program would give policymakers an earlier opportunity to increase interest rates from near zero That's if they think it's necessary to keep the economy from overheating Susanna Palmer Bloomberg daybreak Asia All right well the United States rating for a possible quick large scale move into the Ukraine Let's get that another global news out there as we get into a Bloomberg Denise Pellegrino That's.
Bloomberg Daybreak: Europe
Bank of England deploys more stimulus as lockdown begins
"On the Bank of England decision that happened just a hour ago, bigger than expected £150 billion boost to their Curie program, but I think that they more eye catching thing will be around unemployment because it's got a peek at 7.75% next year, according To the bank on dawn that know the power that she rallying because of thie intervention over Andrew Bailey. So by attending upset now, 1 30 08, reversing on earlier slump in the pound. But when it comes to the U S presidential vote yesterday, of course, we saw the surgeon the NASDAQ Up 4.4% the 100 Gainey. 2.2% the best day after US presidential vote in data going back to 1932, according to Sundar Capital Research. So yes, that kind of worst case scenario of a contested election or indecision that does not seem to have stopped that rowdy. Although the rally is narrow, it has to be said is only certain stocks are doing well. Has to be 100 Day. Many futures there by 1% NASDAQ futures up by
Bloomberg Daybreak: Europe
Bank of England Picks New Governor to Guide It After Brexit
"We have reports of the financial times and we're expecting an announcement this hour on the next bank of England governor indeed Andrew Bailey is the nineties currently head of the FCC at eight and that many people saying he'll be a very safe pair of hands it was a little bit of criticism of in just a month or so ago when they were trying to handle the wood for the issue which of course slightly hangs over so that's the what but yeah so today is the day the brexit deal starts his way through problem yeah just about two hundred eighty for a second I mean the reason a lot of people say he's a safe pair of hands as he did spend three decades at the BOP previous to his role at the FCA with roles including deputy governor and she's a cashier he's also a well respected academic studied a PhD in economic history and study history cashier he's also a well respected academic studied a PhD in economic history and study history originally at Cambridge you're right that some of the recent criticisms with it he was a bit of a soft touch on financial misconduct but another sort of point of concern I suppose if he is to be appointed as the fact that the new governor is not going to be a woman because the bank of England has already been criticized about the lack of a diverse city among its ranks and of course there were many other kinds is being touted including women alike minutia feet former deputy governor uneven ahead of the Marcy who founded Newton investment management but to your point about the withdrawal bill being put to parliament today as well Roger I mean there's going to be a huge inbox for whoever takes over they'll have about forty days before they have to actually get into the job to really hit the ground running that's a quarter of the time that Marconi and and moving king had to to sort of prepare for the role and in terms of what to look ahead to with the withdrawal agreement bill expecting to be smooth process channel thirty first four out move process John is that he was out but then of course the whole point of the negotiations begin and the fee is this time next year we could still be looking down the barrel of a new deal breaks it and that the pound does seem to reflect that panel full this morning