31 Burst results for "Global Financial System"

New York’s $226 Billion Pension Fund Is Dropping Fossil Fuel Stocks

Democracy Now! Audio

01:00 min | Last month

New York’s $226 Billion Pension Fund Is Dropping Fossil Fuel Stocks

"The state of new york has announced plans to divest. Its two hundred twenty. Six billion dollar retirement fund from most fossil fuel companies. The new york state common retirement fund is the third largest public pension fund in the united states. New york state controller. Tom donna police said the fund would divest from the riskiest oil and gas companies by twenty twenty five and decarbonised by twenty forty. The decision follows years of organizing by the divest new york campaign which was launched after hurricane. Sandy bill mckibben co-founder of three fifty dot. Org hailed the decision. This is one of the really great. In a moment. This is the biggest pension fund to divaesque. It comes from the state that is at the heart of the global financial system. That is it is smart money and it comes after the lawyer for of the controller to engage with these oil companies and try to knock some sense into

New York State Common Retireme Tom Donna New York Sandy Bill Mckibben United States Hurricane
Trump administration imposes crushing sanctions on Iran in defiance of European humanitarian concerns

BTV Simulcast

00:26 sec | 3 months ago

Trump administration imposes crushing sanctions on Iran in defiance of European humanitarian concerns

"Administration is said to be planning to impose new sanctions on the financial sector off Iran. That's as it looks to further choke off the economy move would effectively isolated Iran from the global financial system by slashing the few legal linkages still has and Would push it even further into informal illicit trade. Washington Post says the move could be announced soon.

Iran Washington Post
Here's Who Really Benefits From The Dominance Of The U.S. Dollar

Odd Lots

07:13 min | 8 months ago

Here's Who Really Benefits From The Dominance Of The U.S. Dollar

"So Tracy. I hate to say that brought this whole crisis. There has been sort of one John of article or one genre of discussion. And I've never really been comfortable with. And that is people making really big picture forecasts or statements about sort of the future of the world. I Yeah I mean it feels like a little bit early to be jumping to discussing the second order effects right like there's so much to talk about right now as these things are actually unfolded. Yeah exactly and of course one of the big questions that's out there and that everyone wants you on and I'm GonNa give it to and I've written about it and I've talked about. It is what happens was sort of globalisation. What happens with future of the dollar the US's Preeminent role in the global financial system? We sort of talked about it a little bit with Adam to talk about it with other Other people as well and it's of course incredibly intriguing to discuss we still We just don't know anything. Yeah I think that's true and it definitely falls into one of those sort of big picture. Things that people are talking about at the moment. And it's something that we've sort of discussed on various episodes before right. Dollar dominance has definitely been a theme for the past year or so on our show. You little skeptical when I was like all. I don't think we should have these big picture. Future conversations. You seem a little skeptical of my now. I get it I mean. I don't think anyone really knows at the moment so a lot of it is speculation but also markets are always looking so I kind of get why people are naturally template to be looking at the big picture topics true. Yeah I guess you'd have to do so anyway. We're not going to make a big. We're not trying to make a big forecast here today. But as we talk about globalization as we talk about the dollar I do think it is useful to at least understand how it got to the current system what the current setup is. And what's actually yeah? Basically understand the the current world order and how we got her. Yeah I think that's a great idea and the dollar is so much a heart of the global financial system that we sort of take for granted. But it's definitely worthwhile to step back for a second and things like all. How did we get into a position? Where emerging markets are all like rushing to issue billions of dollars worth of dollar denominated debt? How did we get to a position? Where all of trade finances basically denominated in dollars. Why has that happened right exactly right and you know. There's a lot of misconceptions about all of this. How TRADE WORKS. Who benefits from the strong dollar or who benefits from the dollar permanent role we often hear of. Us ability to issue dollars as a privilege. But it's not. It's not really that a clear. We talked about this a little bit recently on an episode with met climb but the sort of the preference of different actors within the global economy regarding current arrangement is not as as clean as one might one might right and there is an argument that POPs up every once in a while but having the dollar so enmeshed in the financial system can actually be a negative for the US. And we've seen that crop recently with you know people talk about the Fed being the world's central banker does that sort of constrain. What it can do at times like this even before then so yeah definitely worth talking up okay. So today we are going to talk about that and we have a recent get. We actually talked about talk with him. Several weeks ago about Municipal debt when he is the CO author of a recent essay titled the Class Politics of the dollar system for the website. Phenomenal world is Yaacov Fagin. He's the associate director of the future. Capitalism program at the Berggruen Institute. And we're GONNA talk about how we got to this a the state how the dollar got to the state who really benefits from it. Who gets hurt from it and what it really means to preserve it so knockoff. Thank you very much for joining us. I should note that your co author. Dominick make it unfortunately today by glad we have you. What are you? Start by telling us what you The big picture of what your goal was with his essay. The class all its dollar system in sort of this essay was kind of a really long time coming And I really the person the two peop- The three people. I should probably think the most for kind of this happened are dominic who kind of got us to. Right. It's And the James Institute obviously for publishing yet but there's also someone else in the background of this essay. Is Nils Gilman? Who is my boss at the Berggruen Institute in over the years I've worked with him. We've had this very long conversation about we know. Why does the world use the dollar? And why is it a problem and he you know he's not specialist in international finance and this stuff is really technical and I spent like quite a long time kind of in a conversation with him like kind of pouring this stuff out right eventually told me you need to write this essay up right. You need to write an essay that just gives a literature review essentially of this kind of point of view of what the dollar system is politically. And why it's not necessarily you know very clear cut America versus the world story and so eventually this got written up right and that's the kind of story we're trying to tell is. It's very hard to pin down a national interest in the world that's hybrid as Perry Languid. Say Right it's a world in which there is a private system that's yearly inter mediating on an international level an a national in the system in which nations are essentially creating public goods called units of account right and that this international system mediates this hierarchy is of these units of account just as much as national power dynamics do so lucas through useless. Then talk about. The political system are around the dollar. What is that exactly? So argument is that it's actually class. Right is almost a or at least like social stratification as a kind of Meta politics right that the dollar is actually pretty good for a large cross section of people no matter what their position in the global value chain or where they're located and it's pretty bad for another other across sections again without considering international boundaries. That they are. It's pretty bad for a lot of people no matter where they're located or what part of the global value chain there

United States Berggruen Institute Tracy National Power John Trade FED Yaacov Fagin Perry Languid Adam Associate Director Nils Gilman Dominick James Institute Dominic America Lucas
Hong Kong protestors call for massive demonstration over new flag legislation

Balance of Power

05:04 min | 8 months ago

Hong Kong protestors call for massive demonstration over new flag legislation

"Well in Hong Kong protesters a call the call the calling for a massive demonstration tomorrow as a legend of councils about to meet a new piece of legislation protecting the flag for more on this week's turnout arose in maths and she is Bloomberg international government executive editor Russell thank you so much for being here so as I say they're sort of to Pisa was was is we tend to think about the security legislation coming to Beijing but there's also one pending in Hong Kong as I understand it well that's right at that moment I took that to the flag obviously in Hong Kong but as far as really about the one central issue which is how much and in what way China encroaches on what Hong Kong sees as essential freedoms all people and companies home call rather see as essential freedoms that they sold was guaranteed with the handover of Hong Kong to China signed years ago and if they feel has being encouraged to call and and and that that's the question how Chinese guy kicking tile S. defense particularly that's happening in Hong Kong so you're saying that protests planned for tomorrow you could see those getting quite rowdy quite lazy possibly quite violent the question is just how much broad support is that still behind that great because you will see the hard core activists out to our age but otherwise is arrested home culturally still behind them today's hurricanes could be quite destructive but they may not be that sizable now because there are still restrictions on protests inside the protests in Hong Kong more than eight people eight Chrysler protests that at the moment but what we really need to try and understand is just how deep is the well still disappointment with China in Hong Kong locals lately so protests originally last year our number of almost half a million people I'll be at the point where we would start to see those number of people coming out again or are they simply worn down by a year a price tag bye said corona virus impact in Hong Kong by an economy that clearly in trouble and just one down to the point that they decided this is what it is exactly Rosalynn and that's why I had to borrow a term for the markets as Beijing basically price this in I mean they must have known there would be protests they must of not known to the United States might impose sanctions things like that the fact that they're willing to go forward the national people's Congress does that indicate basically Beijing's take a hard look at it the man I like it but they're willing to take the hit for the larger goal they have what seems to be the case that China is considering the moment here and there's a number of factors that come into that one is that there are legislative council elections in Hong Kong coming up in September and is a quite possibility that the majority and that would swing to opposition parliamentarians that they claim they want to get this done before that I want to get it done while of course people are still restricted in movement in Hong Kong and the house while the world's attention very much focused on the current virus and the difficulties that each country is having with that many countries are grappling with questions around I've seen their economies how to support their people in its linemen and that might be a good mind that to China to choose to do this they're obviously banking on the fact that international condemnation will be bad but the real hit to them from countries including U. S. and elsewhere might be limited on the white B. the appetite to have to hit them as hard as they could be affected in all the time so this was a finally this is the British gave Hong Kong back essentially to China it's been one country two systems some people think that may be gone now is that an overstatement to are we still gonna have one country two systems or as Beijing on the way to saying it's one country period full stop I would find a thoroughly Hazlett sectors to the idea of one country two systems also because I need to be careful in other areas including the capital and I don't of course when the front No Way international business including the banking sector too quickly the Hong Kong but one thing that's been interesting Mason is as hot as China's saying that I need home call as much as they did maybe ten years ago because I have a strong financial sector at hiring many international companies including banks can operate just on the border of mainland China and that does not fit in bed that can design considered promote the business of doing finance in China the trade that they trained three put the cursor Hong Kong and China is minimal so China has been saying for some time that we don't need Hong Kong as much as we used in the past did you think we might and baffle it's less important to us dissidents that maintaining pretense of one country two systems anymore because we can cut come coming out of the global financial system and it really doesn't matter that much so that's very much that thinking they were aware of at least say publicly that one's one that the cheapest and awful off the gate remains it's important for them to decide up front facing at least to the reality to many people is that it it it it's less of an issue a formal okay thank you so very much as R. bloomer calling Roslyn Matheson on Hong Kong

Hong Kong
"global financial system" Discussed on Intelligence Squared U.S. Debates

Intelligence Squared U.S. Debates

01:45 min | 8 months ago

"global financial system" Discussed on Intelligence Squared U.S. Debates

"You can vote for against or undecided. If you're tuning in on podcast you can click the Lincoln. Our show notes as well okay. Let's meet our debaters again. The resolution is this. The global financial system was better prepared for the pandemic then for two thousand eight and arguing for that resolution. I want to say hello. I Jason Furman Jason. Welcome to intelligence squared. Us great to be here Jason you've debated with us before and you're one of President Obama's top economic advisers and you served as chairman of the Council of Economic Advisors from two thousand thirteen to seventeen year now at Harvard University. Your professor of the practice of economic policy. And we just WANNA say it's great to have you. We love the way your debate in the way you present an argument so thanks for joining us. It was in person so but this is the best we're going to do and we are pleased to be doing it. Also with Jillian Jillian. Welcome back to intelligence squared. You're the Financial Times the US and chair of the editorial board. We WanNA thank you for joining us and I also want to put another a little bit of background for those. Who didn't attend our previous iteration of this debate back in two thousand nineteen we debated on the resolution. Ten years after the global financial crisis system is safer. We had Jason Furman and the L. Cash Gari Arguing for the resolution arguing against we had scheduled Jillian and Kenneth Rogoff except Jillian. We missed you. That evening during Due to a flight mishap so at the eleventh hour our chairman Rose Rosencrantz. Took your seat and he argued in your place. We're going to hear from him a little bit later in the program. So we're sorry to have missed you. Then as Jason said we're sorry that on personnel but we are delighted to have you here and to have both of you making your cases for the side that you're on in this time of pandemic and let's move onto round one round one..

Jason Furman Jason Jillian Jillian Jason Furman chairman Kenneth Rogoff Council of Economic Advisors Lincoln Financial Times US Obama Harvard University professor Rose Rosencrantz editorial board President L. Cash
North Korea hacking threatens U.S. and global financial system: U.S. officials

Financial Exchange with Barry Armstrong

00:35 sec | 9 months ago

North Korea hacking threatens U.S. and global financial system: U.S. officials

"But after North Korea fired off new missile tests there is worry about hacking and threats online in a warning from the U. S. government fox's John decker live in Washington the advisory highlights north Korea's malicious cyber activities around the world which threatens the U. S. and other countries and pose a significant threat to the integrity and stability of the international financial system at issue are the U. S. government agencies thousands of businesses and millions of Americans who suddenly have been forced to telework and rely on the security of their internet connections to keep businesses and

North Korea John Decker Washington
Stablecoins: The Big Picture with Circle CEO Jeremy Allaire

Messari's Unqualified Opinions

08:15 min | 1 year ago

Stablecoins: The Big Picture with Circle CEO Jeremy Allaire

"Joined today by none other then the CO founder and CEO Circle. Jeremy Allaire Fun facts about Jeremy and his team. I believe one of the earliest applicants. The whole this was back in late. Two thousand thirteen at actually made through one of their board members and As fate would have a gentleman up name unders That I was considering starting a stable coin project with Way Back in two thousand thirteen hundred fourteen interviewed around the same time as I did and basically we came at around the same time and and I told him while they're gonNA make off wrong spot he said No. No no and sure enough. You guys made an offer unders left left and recently that he'll draw sorry recently he recently joined the sorry and you are now now focused on stable coins pretty much exclusively. So the the intersection there. over the course of the last six years of course there's there's been some uh some work in between between Baltimore with DC G. and some of the were yet while I was coined us It's been fascinating to watch circles evolution over time and data and I think the you're in a very good position right now on the US DC front triggered talk a bit about as it is emerging as as you know one of the leading contenders unders for what's going to be the dominant stable especially in the US dollar pegged a stable income to cover a lot of territory right now Or of course the next hour fled Germany. For for starters loved to get the quick background on you. I think some people industry no a little bit about your background Previous to to digital currency. But but let's talk about that just to to start and then the evolution of circle in your own is And then I'll maybe jumping with with a little bit of my thesis as as to where certainly goes from here and then we can talk about that around you can. You can tell me off. I am very often. It sounds fun but number you were you. Were a a a a very sharp early speculator about what we were going to be doing doing good when we were stealth back in twenty thirteen and early twenty fourteen. Yeah that's yeah yeah and You no I I think you even knew some of the internal code names. We had for different things which sort of talked aspirational about where we saw digital currency going and Yeah and we'll get to all that conversation insurance so kind of where things are today but yeah my yeah my background just for for people who aren't aware I've been working being in Internet platforms for a long time since the early nineteen nineties and I I had a background in kind of studying political economy global political economy And that's what actually drew me into the Internet in nineteen ninety and became kind of very very obsessed about what you could what you do with it and worked on multiple companies over the next. You know fifteen twenty years I think what animated those companies was excitement about the promise of open open platforms open networks permission lists access to open protocols what you could do with that information. Communication software software delivery media all these kinds of things. which were you know? I think critical kind of infrastructures built up on on the layers to the Internet from the early nineties through obviously still today And so I you know first. Business was really enabling programmers grammars to build software applications for web browsers which was quite novel in Nineteen Ninety Four nineteen ninety five Really empowering a new generation of developers to create software for new kind of model and to build kind of content applications as. We'd like to call them back Ben and that grew Into a public company and then eventually we merged with macro media one of the dominant Internet designing tools companies. And I was chief technology officer there and worked on FLASH PLATFORM BACK IN. This would have been in. You know. two thousand one two thousand two thousand three and at that time. Flash was the most ubiquitous piece of software on the Internet. Ninety eight percent computers had it. And you we could actually upgrade the runtime of the Internet in twelve of months because we could basically launch a new version of the player it was like a new almost like an operating system had a virtual machine. We were dancing programming language to do a lot more stuff than we had a set of ideas. He is that when you have broadband and Wi fi kind of lighting up which were just sort of happening end kind of user experience. The Internet could could be a lot more rich and we put underlying primitives into that platform for video and And that sort of sparked my my next like major ager passionate in which was in early two thousand and two sort of interested in you know how could you disrupt what is the television and and media distribution the newspapers coming online or magazines coming online but actually television on the Internet and started another company. Let's left macro media. Started another company called Bright Cove which is listed public company. Now J. Took public. I'm a little bit before starting circle and that was again a platform company so basically providing UH platforms for companies in developers. That wanted to you know use video do video distribution not just browsers mobile devices. TV sets all stuff. I'm and bypass the legacy system for media distribution kind of going over the top Which is the phrase that we used with a software in media communications and in a in those generations the Internet? Now you know I sort of think about things like stable coins is like we're doing an over the top Financial System by building it all on open open permission list network so it networks Protocols Deli platforms developers can build on And really trying to create a user experience money. That's really different different. But I'm the sort of a little bit of the thread that runs through it and I think in two thousand and twelve Had just taken breakoff public And like a lot of people around two thousand twelve became interested in and obsessed with cryptocurrency Not Not just you know bitcoin specifically but the broader kind of our that we could see back in early two thousand thirteen. Sean and I were batting around starting circle and Many many of the ideas that sort of animated the founding of the company on things that we imagined becoming possible are actually just just now becoming possible and so it's super exciting time in the industry. It's a super exciting time. I think also circle but it's a very exciting time for the industry where Yup many of the things that got us to found the company and belief systems about what could happen with the global financial system where you can actually start to awesome. That's emerging so that's a little background in a little bit on how I got to circle so we we glossed over Quite a bit of meet in the Middle Right in terms of Aware Circle started in where you've been last few years and when people see the focus today on Uscca the encircle pay is still integral to the wrecked it. Now so circle pay we We ended service on circle pay last year as a standalone service. So and I can talk to you the kind of which which which one of my thinking so so the the the the the current product suite includes USCC and Yes so right now we have the USD service which is available to individuals and institutions and businesses and then we have a whole new set of products that that were gearing up to launch guy. Soon

Jeremy Allaire United States Co Founder Baltimore Bright Cove CEO WI Chief Technology Officer Uscca Germany BEN Uscc Dc G. USD
Monetary Base Companion - 2019 Q3

Crypto Voices

09:29 min | 1 year ago

Monetary Base Companion - 2019 Q3

"Going to keep this relatively quick. Hopefully I always say that. And then blabber about a lot of things that get on these tangents but The tweet storm the tweet thread. Recording this on the same day was released November Fifth Breath Twenty nineteen. And that's the that's the data that Always Sophie curious how this works. This is just a snapshot so All all of the supply data the inflation data comes from central banks as of the month before the quarter end before which is obviously September. Are Two thousand nineteen but we do have the FX data if anything has sort of changed the pricing data specifically for Bitcoin as has You know even the last month and for Bitcoin even this day so when you look at the table All the pricing data for Bitcoin will be as of November fifth and and all the percentage of sort of go from there obviously bitcoin's a bit more volatile more price action than most currencies So so that's how that's how it works. I'm going to go through as I said. Just a couple couple of the tweets couple of the charts and And then that'll be it You know we. We've said this a lot and I have to really say it every episode where we We review the monetary base update. But just to remind you The monetary base. We've been positing for pretty much. The entire existence of the show is the only money supply economically compares with Bitcoin. Why because the monetary base is the money supply? That is its own thing. There's no claim there's no third party. There's no visa. There's no mastercard. There's no check there's no there's no credit card. There's no debit card. The money supply. I that is the monetary base. It is its own thing. So golden silver represented that in the past silver more anciently than gold sort took over in the eighteenth nineteenth twentieth centuries and then During the course of the twentieth century wars and Bretton Woods awards and US The mighty dollar taking control of the Global System in the global financial system completely when Nixon's severed the gold supply Sorry Gold Window. Gold Redeem a window in August fifteenth. Nineteen seventy one The dollar took over completely and other Central banks thanks realized that they could make their own monetary basis float In many did from that point on there was no Connection to gold at all So from Nineteen seventy-one Global Fiat. That is called the monetary base. Where do we find it on the liability portion of the central bank's balance sheets That's is the money supply the compares with Bitcoin and then obviously You know forty years on from from nineteen seventy-one we have We have bitcoin being released so bitcoin itself is very unique Obviously very unique for financial world. But if you want to try to understand Dan you want to compare it. You WanNa look at. What's going on the monetary world? You need to look at credit cards debit cards. Checking accounts savings accounts announced time deposits. Those things are thank money and I'll have something to say about that in a second They're not state money. They're not not monetary monetary base. They're not money. That is its own thing. Absent of any claim That's that's that's the key difference between your checking account credit cards so on and so forth and and base money or the monetary base which. bitcoin is so we track it. We You know we're we're continuously expanding it right now we're at the top thirty Fiat currencies in the world top thirty floating Fiat currencies in the world. That's another another important distinction just to keep it all straight so the dollar the euro the yen the UN the Indian Rupee Gray pounds so on and so forth If you add up the top thirty floating currencies and then add up all of the other currencies that are pegged to those currencies. You get something. That's about ninety five percent of global. GDP eighty eighty percent of the global population. So it's not the whole world but it's pretty darn big economically and It can give us an idea idea of what we're talking about when we say that bitcoin these scale to be global money. It's a global monetary base. That is it. That's the money supply. All right what does it comprise and Fiat world. Two things primarily cash in coin which you know cashing corn in your wallet. You know everything that you take out of. ATM EVERY EVERY GROCERY STORE. If you make change all of the Physical cash currency is floating around the world dollars euros yen. The paper notes the coins as well. Even those are quite small token these days. The cash coin the value of that together is part of the monetary base. And then the other part. It's a bit more confusing. The other part is what you call commercial bank reserves and I always say this just to keep it simple Imagine you have your own bank account with your bank. Well every bank in the system in the world so it works today. They have an account with their central bank and that account it's called the master. Count the Reserve zurve account the Commercial Bank reserves if you aggregate them all up. It's that is the Commercial Bank reserve portion of the monetary base and. That's that's so there's physical and digital physical currency and digital currency and for a decades that split roughly eighty twenty That tweet Those two tweets are tweets eight and and nine You know the split was roughly eighty twenty physical to digital but then obviously the global financial crisis and the slide Central banks intervened much more pump liquidity into the system. And what that means is when they said what that means we say printing money that means literally adding adding By the stroke of Pan Stroke of a key adding thank reserves to central banks. And that's the monopoly power that they can do. Don't worry about necessarily even how they do it. They do it simply by buying assets maybe they buy bonds from banks maybe by something else from a bank but basically the Fed can automatically just swap swap. Whatever sort of asset a commercial bank is holding? Maybe it's a it's a it's a bond government bond doesn't have to be government bond they can also go directly To even other holders like the Bank of Japan they They buy equities can buy whatever they want and when they do that transaction They you you know it's it's it's their impetus it's that they're the sort of the starting points chicken and the egg thing they they are the ones that initiate that process they At the end of the day can add or subtract reserves to the bank account of all the banks In the world. That's how the that's the central banking system works so it's two components. It's that digital portion. The ledger portion that master count and then the other portion is physical currency physical cash and coin. I mean that literally they you know. They print and PLO around society it was eighty twenty and now It's something like Thirty five sixty five thirty five sixty five only thirty five percent physical sixty five percent digital Again we have to put I should say You know when when we compare all these different monetary basis you know get the Polish Lodhi We got the Mexican peso. ooh Indonesia rupiah we have the Indian rupee type Bhatt Argentine peso. He's all different currencies right different units of account so we need to put them into a standard unit. The county unit of comparison. Obviously there's only one choice in the world today for that the US dollar we could put it in euros. We we could convert all of those into euros but that Uh doesn't completely cut it The yours very strong currency. It's huge It's actually monetary basis bigger than than the dollar than the Fed's Fed's monetary base The survey's about three point four two trillion dollars the. US is three point two one as the last quarter so we could would put everything in euros but obviously just make sense with a unit of comparison. You've account to put it into dollars so when you when you look at all the different monetary bases as you convert them all to trillions then convert them all the dollars you get a number right now as of Q.. Three Twenty nineteen eighteen point eight four trillion eighteen dollars that is the global monetary base as. We calculated that. Is the money supply the compares to Bitcoin. Join now for those of you. That have been paying attention. You'll notice that's that's is going down slightly over over the past couple years about two years ago. Go In dollar terms the monetary base topped it was at its all-time high

FED United States Bank Of Japan Bitcoin Sophie Fiat GDP Pan Stroke DAN Bretton Woods Indonesia Reserve Zurve
TEST: International Monetary Fund

Masters in Business

01:12 min | 1 year ago

TEST: International Monetary Fund

"Part of the considerations that along the direction of monetary policy it is very easy to overstate what independence means we were discussing earlier some of the pressure's on the Fed from the president and the impact that has a markets let's talk a little bit about the pressure of the markets on the Fed L. measures the US has the highest interest rates as a central bank and as a bond issuer in the developed world maybe in the entire investment grade world how does that impact what the Fed does both both market forces and what other central banks do it I think there's two sort of dimensions to this the first is that since the financial crisis we've seen the Fed embracing a responsibility for being the world's Central Bank that was certainly true in the immediate aftermath of the financial crisis where you know a lot of the crisis era programs that the Fed put in place to provide funding we're really about funding the global financial system more than about funding American financial institutions meaning the concern was all

FED President Trump United States
New York Fed spends billions calming financial market.

THE NEWS with Anthony Davis

06:02 min | 1 year ago

New York Fed spends billions calming financial market.

"Coming up on the nears a Saudi offers as proof of Iran's role in oil attack and urges. US response the EU accused his Boris Johnson of only pretending ending to negotiate a brexit deal and the New York Fed spends billions to calm the financial market. It's Wednesday unstained September eighteen. I'm Anthony Davis Saudi Arabia alleged today that an attack by drones and cruise missiles on the heart of the kingdom's oil industry was unquestionably sponsored by Iran naming but not directly the accusing Tehran of launching the assault Iran denies being involved in the attack claimed by Yemeni rebels and has threatened the US that it will retaliate immediately ideally if Tehran is targeted in response the Saudi news conference comes after a summer of heightened tensions between Iran and the US over Donald Trump's unilaterally unilaterally withdrawing America from Tehran's twenty fifteen nuclear deal with world powers the kingdom has so help from international investigators is and the UN both lengthening the probe and internationalising its conclusions by stopping short of saying the missiles were launched from Iran the Kingdom mm potentially avoids the response that could lead to war among the heavyweight countries of the region and international superpower the United States the news conference took place with the backdrop of broken and burned drones and pieces of one cruise missile allegedly collected from the attacks U. S. Secretary of State. Mike pompeo arrived in Saudi Arabia today pompeo cold. The weekend strikes an act of war adding. This was an Iranian attack on on Saudi Arabia meanwhile. US President Donald Trump has named a new national security adviser to replace John Bolton Robot O'Brien. Brian has a long career in foreign policy working for both main. US parties and currently heads hostage negotiations at the State Department is Mr Trump's fourth national security advisor chief Brexit negotiator to has told Boris Johnson to stop pretending he is negotiating brexit deal amid concerns that the prime minister is not trying to reach an agreement comes comes off the reports that proposals brought to Brussels by UK negotiators amounted to the old agreement with the section on the Irish backstop simply crossed out in the text speaking in the European Parliament Michael Bonnie said almost three years after the UK referendum. I don't think we should be spending time pretending to negotiate. I think we need to move forward with determination this morning. The Supreme Court's eleven judges heard arguments on the legality of the government's Prorogation James Eighty. QC said prorogation was a well established constitutional function exercised by the executive decisions about it. It was squarely within that political or high policy area the self to noon. We heard from eighteen o Neill. QC defending Scottish courts previous ruling that the prorogation irrigation was unlawful. He argued Boris. Johnson's decision to Pirogue parliament was an improper purpose to stop him peas holding the government to account don't over brexit. He said one of the advantages of the ruling from Edinburgh was it had distance from the Westminster bubble which Lens Perspective off for the second day in a row the New York Federal Reserve injected a huge sum of money into the financial system in a bid to calm stress that has emerged in the overnight lending market the Fed today poured another seventy five billion dollars dollars into the market following a fifty three billion dollar rescue by the Fed yesterday overnight lending rates suddenly spiked and the Fed is acting to bring back down to keep markets functioning smoothly before this week. The Fed hadn't launched an operation like this since two thousand eight the fact that the Fed what is needed to pump one hundred twenty eight billion dollars into the system over the past two days shows how a crack has emerged in a seldom discussed corner of Wall Street street that is central to the global financial system. It raises concern that the Fed is losing its grip on the short term rates. The Central Bank is supposed to control oh the aim is to keep borrowing rates from climbing sharply above the Fed's target rate which was set at two percent to two point two five percent in late July the overnight lending rate spikes to a high of ten percent yesterday before the New York Fed stepped in it has since tumbled back below three percent although it remains above above the Fed's target range the spike in rates brought back bad memories of two thousand eight when this market broke down now banks a hauling in massive if prophets and have repaired their balance sheets they also benefiting from regulations that have been reversed by Donald Trump protections that were in place to prevent vent another banking crisis. You can subscribe to the news with your favorite podcast cut cost APP or enable the news as your Amazon Alexa Flash briefing skill follow us on twitter at the news underscore podcast the news this is an independent production covering politics inequality health and climate delivering honest verified and truthful World News daily.

FED Donald Trump Boris Johnson United States Saudi Arabia Iran Mike Pompeo Tehran EU New York Federal Reserve New York UK UN Prorogation James Eighty Prorogation Anthony Davis Twitter Assault Brussels
HK leader says bill withdrawal own decision, not Beijing's

Hugh Hewitt

05:39 min | 1 year ago

HK leader says bill withdrawal own decision, not Beijing's

"This morning Carrie lam announced that she is withdrawing that's for the benefit of the Steelers fans out there Pakistan's are pretty smart that's why they know they're in trouble Steelers fans have no clue that they're in trouble Carrie lam is the chief executive Hong Kong appointed by Beijing by a president he and his colleagues and **** out this morning she is withdrawing extradition bill proving once again that the hard things you have to do get harder the longer you wait they don't get easier Mike Gallagher do you think that will be enough to calm the waters in Hong Kong. I actually don't and I'm glad that she recalled the extradition bell but as we've seen the protests have expanded I mean the extradition bill what the spark that lit the fire but it's become about far more than that it's become about the Chinese Communist Party remaking on explicit promises it made when according over Hong Kong was transitioned from the U. K. ET explicitly the promise of universal suffrage allowing all corners to choose who is the chief executive rather than the CZ P. appointing a lackey like Carrie lam and so I actually don't think that this will solve the problem entirely I do hope that it has a calming effect I think the protesters have conducted themselves hello Kelly and I do think ultimately we need to be sending the signal a concert with our allies that any escalation by the Chinese Communist Party would be met with consequences and in the interim I think the CTP but he'll direct Kerr for cracking down on anything Hong Kongers who said they want to protect their relatively free way of life I for example called the US open those ninety I'm responsible for violent protesters interest with actors of the Hong Kong human rights and democracy act which would add to the nineteen ninety two legislation according Hong Kong it's special treatment we should also consider hacking Bargo on China should the situation Holcomb get worse the final thing I want you to connect your two favorite topics Hong Kong and the U. K. I want to commend an article that my good friend and fellow nine eleven war veteran a comp you can have wrote in the Atlantic recently where he proposes a way in which Britain can actually reach out to Hong Kongers you have some claim to British citizenship and the further way of advancing the cause of freedom in Hong Kong I just would demand that article they ever wanted Tom is one of the smartest voices on US foreign policy in the entire world how do you spell his last name. to get at he Eugene E. N. H. A. D. E. I believe that's not that roll off your tongue and so you'll have a link to that now tweeted out I will read that now it seems to me I've had Mike Pompeii a leader McConnell Tom cotton now you have all said the same thing that that protesters have got to be protected it does seem to me they have an opportunity here to go from open hostility to negotiation with the government yeah the secret police don't begin to round them up it seems to me that's what the the free world ought to be asking for is that we will be watching very closely and the leader talked about yesterday amending the Hong Kong bell from years ago if they use this opportunity to arrest and remove leaders of the opposition is that something you're watching Mike Gallagher okay and and that's the one of the consistent demands of the protesters they want to make sure that there's no unnecessary retaliation against people that have taken to the streets in other words you know and I have to resolve the short term but over the long term the G. D. P. yeah really Hey Leslie cracked down on those who took to the street and that's one thing we should all watch close I would think you that if there is any massive crackdown by the U. P. I do think they beat shooting themselves in the foot I mean it's it's ethically can do it yeah our spot because such an event with a rapidly damage the city stature as a reliable and desirable global financial that would be background but that would be equally damaging for China given the unique role that Hong Kong plays in the global financial system so the real question today Caroline is made a major concession one of the five demands of the protesters by withdrawing extradition bill is what do the protesters do next and how do they respond and in my view I don't think. the other scale it back but they ought to very much shined any violence that they ought to maybe go out and celebrate a little bit but also open the op open the door to being taking yes for an answer you make five demand you get to a mere happy right. how to present a great right I mean the seven percent solution Albert on a percent that never heard it it's always the right answer and so and of course your point about not escalating violence I think by and large the protectors of conduct themselves very I not only her Oakley but reserve Italy and I and I commend them for that I had after actually transiting back through Hong Kong and protesters holding hands you know playing together and they really moved by the whole site but of course no escalation to violent but that goes for both sides right we don't want any lack of the CCP tried to stir things up certainly I again I just I I'm glad that everyone from Mike on pale to enter Mitch McConnell can I tell you far lower in the in that sort of on the totem pole and all those people are on the same page and think that the free world needs really need to stand up any potential Chinese aggression

Hong Kong Carrie Lam Steelers Mike Gallagher Pakistan Chief Executive Beijing President Trump Seven Percent
Explainer 172: Is Iran bluffing?

Monocle 24: The Foreign Desk

06:47 min | 1 year ago

Explainer 172: Is Iran bluffing?

"Oh in two thousand fifteen iran and several other global players be permanent members of the u n security council european union concluded something colby joint comprehensive plan of action or poa it remains shame the deep persian acronym which works out to bob jim didn't control more widely united states together were international partners the cheap something the decades of animosity has not a comprehensive long term deal with iran will prevent it from obtaining a nuclear weapon dean chick polo also known as the iran deal because nobody enjoys saying poet acknowledge no buddy out saudi round won't iran to possess nuclear weapons it also acknowledge see high likelihood iran itself doesn't really want iran to possess nuclear weapons even if he ayatollah got to the point of having functional functional nuclear missiles before someone took decisive action to stop them unlikely any such capability would serve mostly to make iran even more by pariah state funding ready is so under the deal iran agreed to winding its nuclear development reducing its uranium stockpiled ninety eight percent and slashing the number of operating centrifuges among other restrictions in return iran and regain access to overseas assets loan frozen and was able to sell its oil abroad and joined the global financial system unbalanced iran deal walls mouthpiece of diplomatic pragmatism in twenty fifteen stay in the previous administration joined with other nations in a deal regarding iran's nuclear program however in the view of usa president donald trump it well you as president barack obama's mouthpiece of diplomatic pragmatism metabolism and therefore it had to go lost year usa went abandoning the deal and reinstating sanctions on iran and its trading partners i am announcing today that the united states will withdraw from the iran nuclear deal this week despite efforts by other parties to the deal and in fact in the cf it's all around to keep her alive iran breached v three hundred kilograms limits on the stockpile part of loving reached uranium this is almost certainly an act of attention seeking theatrical onto runs pot since theorists walked out of the deal iran's line has been they won't to uphold the deal but resent the penalties that followed washington's withdrawals iran has pointed out correctly the international atomic energy agency has verified iran's compliance up until now iran's foreign minister javad zarif has been quick to note the neurons latest the move is reversible jerky monitor them you don't have about a ride as planned has exceeded three hundred categorized as previously announced so we have clearly announced oil days and we see it is that right within the church to grow as who there wasn't one out about job there are as they always are in the middle east other dimensions to this situation grand strategy in the region is always best imagine there's a cross between chess poker and jenga recent weeks have seen largely cosmetic attacks on tank is vital persian gulf chokepoint of the strait of hormuz almost every buddy but around has blamed iran for viz iran also shut down you as drone retaliate tree rate seems to have been called off the rim of president trump while the planes were already airborne all of which is to say nothing of the perennial rivalry between iran and saudi arabia multilateral proxy conflicts between the path still raging in syria yemen and you brought the history of the middle east ties to a very large extent being directed by five used to predict what is going to happen next in the middle east as such old dispatches from inside the crystal ball should be regarded where really but it is very likely the case that iran has overplayed its hand as much as the rest of the parties to juxtapose won't keep agreements alive few of them especially you will choose iran over the united states if forced to pick a side if iran bluff is cold turnaround faces a choice of un would climb down or risking wall hoping that regime that violated you it will be able to blackmail the world into making concessions and reducing conomic pressure on it we should do v exact opposite now is the time to increase the pressure now the time is royal regards the prospect of nuclear armed iran as an existential threat not unreasonably giving you apocalyptic rhetoric of iran and its client militia hezbollah in extremist israeli doubtless act as it has previously acted against nuclear facilities in iraq and syria it is also clear that there is a faction within washington dc perhaps still simmering v hostage humiliation of forty years ago that regards iran as and account as yet unsettled and would relish any excuse if you cross us allies are partners you harm our citizens if you continue to lie cheat and deceive yes there will indeed be held a pay raise belief of welcome to two thousand and nineteen ice iran may still hold is donald trump his apparent cold back over last month striking demonstrated again but for all his bellicose busta trump has little enthusiasm for war tyrone may perceive in trump's withdrawal from poet another integration of trump's trademark damn but of course problem solve problems claim credit and be waiting now for she's counteroffer because just as trump has been determined to destroy ever bama bills he also clearly wants anything obama had and if north korea will deliver his nobel peace prize rapprochement

Iran Three Hundred Kilograms Ninety Eight Percent Forty Years
"global financial system" Discussed on KQED Radio

KQED Radio

10:57 min | 1 year ago

"global financial system" Discussed on KQED Radio

"When the global financial system was melting down in two thousand eight Ben Bernanke, he was head of the Federal Reserve Henry Paulson junior was Treasury Secretary. Tim Geithner was president of the Federal Reserve Bank of New York and later became Treasury Secretary as the crisis went on. Now, the three men of written a book together about their experiences called firefighting, the financial crisis and its lessons. They joined us to share those lessons, you write that many of the things we did appear to reward the very financial industry that a dragged the world into the crisis in the first place chairman banenky. Why was that? Well, it's tough to prevent a financial system from collapsing without indirectly helping some people in the financial system. Our goal, of course, was to try to prevent the financial collapse from having broad implications for the. US economy, which ultimately, of course, it did secretary Paulson in a system that is is complicated and intertwined is ours. You had to go to the source of the problem if you want to stop the bleeding that's Wall Street, and it's just a sensual preferred to continue to create jobs for people to to get the loans. They need to send their kids to college to to buy a car to buy a home. Timothy Geithner should the administration of been more populist in its approach to this lashed out at bankers, a little more prosecute people do anything we didn't the three of us. We're not the arbiters of Justice in the criminal side. We couldn't be that was not rule than the scandal. Is what was legal not so much was the legal and even in the typical financial crisis. You know, the the right? Thing to do is to protect the depositor, let the Bank fail the bankers lose their jobs. The from doesn't exist to survive to another day. But in the extreme crisis where you have to panic you'll end up with mass unemployment and a decade of bread lines soup kitchens across the country. And that's that's the dilemma that. What is necessary and essential injust feels moral in a normal crisis is dangerous and unfair because to sit back and let the crisis burn system collapse. And causing the most damage in the most unfair way on people completely innocent of most of the mistakes. People made that help close the crisis all the money put into the banks came back, plus almost fifty billion dollars. So the purpose was devoid a a collapse of the financial system. That's why we did it. But the money came back with the profit and the financial institutions alternately paid for it. You're never going to get credit for avoiding a collapse precisely because we avoided a collapse of the economy, and the people were rightfully unhappy about the huge burden that the crisis placed on Americans, many of whom you know, were of modest means enlists least able to it so trillion dollar deficits turned out not to be fatal in that situation. In fact, well over a trillion dollar deficits now we're in a situation where the deficit is climbing back up to a trillion dollars in good times. Is it possible? The deficits really don't matter at all if left unaddressed, then we're on a dangerous unsustainable path that doesn't mean they're things that we could borrow rationally for today. The would have very strong powerful comic returns for the country today. But there are limits. How much you can do that? And you can't safely need all the broad challenges. We face the country. By leaving the deficit path on the current. I would say scary trajectory, you say, it's scary. Because why because if there was a recession and the government needed to borrow in order to boost the economy the government ought to be borrowing. There'd be no way to go. Is that it in the long run, you'll leave yourselves with much less room to protect people from the next crisis for the next downturn. Do you believe the country is ready for the next financial crisis? If a crisis does happen. Many of the tools that we used and other countries have used would just not be available. So we better in a sense that the crisis might be less likely, but we are concerned, and this is a female of our book that if a crisis occurs. We just don't have the powerful tools that would end the crisis quickly in avoid the damage that otherwise might occur. I think the central lesson of this crisis is that it's very dangerous. Let your system outgrow the protections you need to put in place to limit risk. Limit the risk of pants in the financial system. And that's forever challenge. It never goes away. You can't sit there and let invasion a row those protections. They have to constantly evolving. Adapt. And you make sure that conservative enough that they provide protection when things are really bad secretary Paulson. Yes, I agree with that the other thing that I think is. Really important to keep in mind. Is the need for financial literacy there are many well educated people don't really understand finance to the that. They should every American is got to be more vigilant and God ask themselves. If I don't understand all the complicated language on this agreement of don't understand what's going on. I better worked understand that. And make sure that I don't get myself over extended to the point where we're I can't be seriously hurt by reversal in markets or a downturn. Chairman Bernanke you get the last word here financial systems are prone to to break down panic or a run or crash. You know, you can't leave it that's some supervision and smart supervision and the Federal Reserve and other agencies that oversee the finish system is really important to keep our system stable, and we want to avoid having a kind of events we saw a decade ago that danger again, not only the financial system, but but the entire economy, Ben as per Nike Timothy Geithner and Henry Paulson junior are the authors. Co-authors of firefighting, gentlemen. Thank you very much. Thank you. Thank you. This is NPR news. Well, Sudan was a student at Columbine high school twenty years ago when two classmates killed thirteen people now she's a school counselor on the lookout for troubled kids. I see little things that can be concerning. Like, you're having a hard time, controlling your anger. You have a lot of rage built up. How mental health care in schools has changed since Columbine plus reaction to the Miller report this afternoon on all things considered from NPR news. All things considered coming your way at five o'clock this afternoon here on. Roughly one in seven people around the world, do not have any form of identification. This is holding them back from accessing public services and the World Bank is now looking for new ways to think about ID's you'll hear about that coming up right after NPR news, which is next on K Q E D public radio. Live from NPR news in Washington. I'm Janine herbs. Russian agents leveraged social media platforms to so division. They broke into the networks of a major political party and the attack the American voting system special counsel, Robert Muller's report details all of that just in the first sixty pages. But now is NPR smiles parks reports. The question is how safe will the twenty twenty election be there's no question that US will be better prepared to combat election interference congress after all allocated three hundred eighty million dollars last year to improve election security, but security advocates that's not enough. They want money allocated every year on a rolling basis to combat an ever changing threat landscape NPR's, miles parks reporting strong storm system that hit the midwest and south yesterday, leaving at least three people dead and Mississippi and Alabama setting to the east today. National weather service meteorologist gerege ire as a day whereas on Friday. It does look like we'll have an increasing severe risk across the eastern thirty the United States running up from parts of Florida through Georgia and the Carolinas into for Julia in the Damara peninsula of the Senate does look like that severe risk will steadily increase during the day on Friday and likely peak somewhere in the afternoon and evening timeframe and tornado watch is already up for parts of the panhandle of Florida and Georgia Wall Street is closed today in observance of Good Friday. You're listening to NPR news. In paris. Members of the clergy at Notre Dame cathedral, which survived a ferocious fire on Monday are suggesting that a temporary cathedral erected nearby while the restoration work. Proceeds and ofeibea Quist arcton reports the rector of the cathedral says an interim structure should be made available for everyone. The rectal of that most senior you'll be says, well, the Catholic is being repaired. An interim wooden church should be built in the shadow of the famous bell towers, the nearly nine hundred year old gothic masterpiece has been closed since swept through condemns rooftop and destroyed its distinctive spy president Emmanuel McCoy's promising the cathedral will be restored within five years. The rectus suggests a temporary structures needed to serve as a home for west as visitors alike. French media reporting, an electrical short-circuit as likely called the blaze that governor. Them. Prosecutors say they're not ruling out any hypothesis and a fulling several lines of inquiry of Akwa Stockton NPR. News Paris, the National Enquirer has been sold. James Cohen, the former head of the airport newsstand retailer Hudson news, the paper, the sale comes months after the tabloids owner American media was accused of trying to blackmail Amazon CEO Jeff Bezos and amid allegations of buying stories to protect candidate Donald Trump. I'm Janine Herbst. NPR news in Washington..

NPR Henry Paulson Tim Geithner Ben Bernanke Federal Reserve secretary chairman United States president Federal Reserve Bank of New Yo Washington paris National Enquirer Janine Herbst
"global financial system" Discussed on Black Agenda Radio

Black Agenda Radio

04:58 min | 2 years ago

"global financial system" Discussed on Black Agenda Radio

"The people are angry and deeply angry at all of the elites be they in the house of representatives or the media or academia or the corporate board rooms the population is angry. It's about the take matters into its own hands. I would say in terms of the option of World War on the weaponize dollar front the United States caused the arrest. They top official of China's biggest electron IX firm, and there's been a tit-for-tat what's the level of conflict here. I think it's a high level of conflict. And I think that that is going to have to be resolved quickly. Indeed, China is a major competitor are the two economies about the same size at this point. And certainly by twenty twenty. Twenty twenty one of their bouts China would be the largest economy in the world. But you know, that to me that's not tell the whole story because a lot of popular unrest. That is weeping the west your American world, China's not exempt from noise India, I think that with booking at an end to the Neo liberal world order China cannot be champion without already upon its own people. And then, of course, the normal process of levelling, which comes as a result of number recession. We've been ten years in this current cycle. And I think is coming to an end. But here we have as I think our team reported a hundred and eighty seven trillion dollars of debt in the world. Even though how you get your head around that or how you manage that. Or what that means in the midst of? A recession will that debt? Bring the global financial system down in the way was almost brought down and twenty eight that cigarette result twice as much as the world gross product. That is the value of the all the goods and services made by all the people of the earth. That's right. The eight trillion dollars or so that is the wealth the measure of the wealth income and other things in the global economy is less than one half of what the debt is. Now. Of course, that is a measure this debt is a measure of the power of the financial oligarchy this one tenth of one percent of the human population who control almost everything. Yes. That is the way that we should see it. These are seized SNL or assets that the financial class has. Claims on. That's right. And, you know, something I don't know that the world system, and it's modern it ration- has ever experienced the type of contradictions that we have in the world today, and to put it another way the crisis is comprehensive and total. It is affecting every area of human life, especially in the west, and it's not just economic. It's social it's civilizational. It is a fact ING the human personality the psychology of individuals. This is a total crisis. And ultimately, it can only be resolved through a change of systems. Now will that occur? It. It's hard to say could we enter into eight prolong dark ages. Yes, very probably could. Could it be something similar to seventeen eighty nine in France where popular uprising overthrew the old regime, and then political parties emerged out of that popular uprising rather than what some of us always thought that the popular masses would be led to revolutionary change by a vanguard that was probably romanticizing of the Russian revolution. But certainly the popular masses are not going to go back home anytime soon, they have glimpsed something of their potential power. And I think they're gonna look for most people ways to use it against the elites and their class and race enemies. Just looking at the debt situation, we see a scenario where a financial class, which became even more consolidated during.

China twenty twenty United States official France SNL India eighty seven trillion dollars eight trillion dollars one percent ten years
Danske whistleblower says big European bank handled $150 billion in payments

FT News

02:06 min | 2 years ago

Danske whistleblower says big European bank handled $150 billion in payments

"Scale and scope of the Danske Bank, money laundering scandal. We open with a clip from whistleblower. Howard wilkinson. Not to spend too much time on this chart, but you can see this ten banks ten banks there. I think how many countries are. We got Russia. This you Ania Estonia, Denmark, US, we've got European subsidiaries is a lot of countries involved. And in the case of this Danske Bank, money laundering, scandal, they all failed. It's not just stonier and not just their Mark. Every single one of those banks had an obligation to check the money that was going through them and every single one of them failed. Think is important to remember that we're not just talking about thirty money going through Danske Estonia thera to other Danske units in vote Lithuania and Denmark, and I think very important is to look on the foreign no one really knows where any of this money went all we know is that the last people to see it with these three banks in the US there. The last the last check. And when that failed the money was into the global financial system. It was clean. It was free. Howard Wilkinson the whistle blower at the heart of the Danske Bank scandal has been giving evidence to the Danish parliament. And it's rather blowing the lid open on this whole thing. A couple of very big revelations, Richard tell us exactly what struck you. Well. Well, it was an extremely interesting performance from him. He was the whistle blower who warned in four occasions on twenty thirteen in two thousand fourteen than Bank, and what he said in parliament east really taken aim at just about everybody involved in the phase being breaking critical of Danske, Bank and its management. He's taken a big short. Danish regulators. But I think the biggest headline rarely is the he looked at the three correspondent banks that helped and skirt process the money out of it sustained in branch, and in

Danske Bank Danske Danske Estonia Howard Wilkinson Richard Denmark Ania Estonia United States Russia Lithuania
"global financial system" Discussed on Biz Talk Radio

Biz Talk Radio

08:08 min | 2 years ago

"global financial system" Discussed on Biz Talk Radio

"Joining us from London is Bradley hope for for the Wall Street Journal. This is really. An indication of what's going on out there. This is the craziest most unsustainable kind of schemes that I've ever come across. Because you know, we often joked about if they had just kept if they had just stayed with the first billion they would never probably gotten caught because the reason all of this has come out is because one MVP became saddled with so much debt eventually rose to almost thirteen billion dollars of debt. And and it had it had no no like savings from the country's leisure. It didn't it didn't have any disbursements from Malaysia. Like, they're like, most sovereign wealth. Funds would have would be the savings of the country from their oil sales or something. So because it was so unsustainable the whole thing just kind of came tumbling down. And then the investigation started, and that's kind of where they are. But it's just mind boggling, I mean, you'd think if you want to steal some money out of a billion, you take fifty or twenty million, but to take seven hundred million of the billion and think nobody's. Going to notice that he was like twenty seven years old when he did that deal. I think when it first started and you call him, a serial fabulous. What does that mean, by the way? Well, basically from from a young age, he was he was kind of telling stories to people that weren't really true know. So he he told friends that he he was Richard than he was when he was in news in this kind of very high end British boarding school. And he just kept telling stories I mean, in a way, he's he's kind of serial fabulous. And he's also the greatest. Stage manager he would he would kinda pull you aside and whispers, something Q, and you felt like you were getting to know the truth of something. And and only later maybe years later, you realize that he was doing that with everyone, and he was telling them each a different story. You know? So he always had this uncanny ability to figure out exactly what makes them work and to use it to he know. In large the scheme on covered up by some more time. So I think and the serial fabulous part in a way. He's just he's never really told the truth on about the steel ever, you know, throughout the whole course of it. And there's always an, and it's kind of sloppy in a way, you know, sometimes the story would change after the fact, and there would be no way that there's no way to really change the money flow. So it was almost kind of it's kind of crazy that you would even try to do that. This whole thing appear to me to be really rooted in the failure of monitoring, the global flow of funds, and you have money laundering offshore banks, not following laws. Corruptions law firms involved. You you use a figure thirty two trillion dollars of money laundering, which is bigger than the US and China's GDP's. It's just it's just rooted really in the in the failure of the system to figure out how to control these flow fund. Yeah. I mean, I would say there's there's kind of two levels the more micro level is that. The global financial system is kind of assumes that deals between countries between sovereign wealth fund. A in southern will fund B are going to be big ticket numbers. And so when the seven hundred million going this way and a billion going that way. No, no, no, don't worry. This is Malaysia the government of militias. Money's this is their sovereign wealth fund. There was kind of this assumption that that's you know, that's how things work. You know? I can imagine being the guy who seeing these clothes. It'd be pretty hard to imagine that someone just stole seven hundred million dollars in the course of like ten minutes. So so that's one level. But then the higher level. I think this year is becoming ever more clear is that for for a long time, all especially the western kind of leadership countries when it comes to the global financial system had allowed this offshore opaque system to get larger and larger and larger, and it depends on all these different pieces, you know, offshore secrecy companies banks that don't don't do proper compliance. But you know, it's an incredibly large system. And it's so big now that to turn it back. It's almost going to be a monumental task is all that money will fight the efforts attempted to turn things back. You know, even I'm not sure if you see follow this case in Europe called Danske Bank, the Danish Bank. They had this tiny Estonian branch that over the course of nine years saw two hundred billion dollars flow through it. They now think is probably all suspicious. Most of it from Russia. So there's like tiny branch was doing that. You can imagine. What what else is going on out there? What is Larry? Larry layering in these airing overhearing. Sorry, sorry. Leering is is I mean, basically a lot of the a lot of money laundering techniques are just meant to make it harder for people who are maybe not even very well paid compliance people to press a button that says suspicious. Layering is just it's just it's just efforts to disguise the origin of funds. So just having a company owned by a company owned by a company. So that if you wanna if you wanna try to follow it and get lost you find this company is owned by a BVI company, and and that's been turned on by Seychelles company, and it goes on and on even slows down law enforcement to if you follow that money. They have to file you know, like a legal request in each jurisdiction. And some of those restrictions are just not very friendly because those kind of requests, so they can they can really slow down a lot of the of the law enforcement actions against people like this. I was surprised also that there's a lot of laws in place for anti money laundering through banks and stuff and reporting. But there's a thing called interest on lawyer trust that is not part of that reporting requirements so top law firms can actually serve as money laundering out. Well, I would say it's not clear that for example, in this case Sherman throwing didn't know what was going on. They didn't know where the money came from. But it's it's it's an A like gaping huge hole in the US financial system that basically the way it works is. He's law firms originally crazy special accounts that were meant to let's say you have to send over let's say you're going to buy a hotel or by something huge. You send us money over its held in this account at the law firm and the interest on that would go to this kind of charitable cause. She's the all the law firms, they contribute to paying for people to have a free lawyer if they can't afford one that was the idea, but it turns out it's also just like a huge money laundering tool in some cases. And because what it does let let's say that you're some sort of counterparty in the US and somebody from Malaysia. They wanna buy something you get the money from Sherman in sterling you don't get there's no way to follow that money before that. So it makes basically eliminates the ability for anyone to do any diligence on the on the buyer, and these these pooled account just they're extremely dangerous. And I think it's obviously an abuse of of what they were meant to set up four. But that's what you find so often money laundering is that something that has this innocuous purpose. Like even the idea of a trust. Trust was I think I was reading somewhere. It was. It was created during the time of the crusades in England when people were leaving to go to war, and they didn't know what was going to become of their their assets. So they create trust. This is talk with Jim Campbell all talking all business. Sixty minutes of radio with leading figures from the world of business along with the business of politics and sports right here on biz talk radio network..

Malaysia US Sherman Wall Street Journal MVP Larry layering London Bradley Richard Danske Bank Jim Campbell England Europe Russia Danish Bank
U.S. budget deficit already 21% higher than last year

News, Traffic and Weather

00:43 sec | 2 years ago

U.S. budget deficit already 21% higher than last year

"Socks in the US and Europe skidded as. Investors worried about the stability of Turkey on Friday and how it might affect the global financial system investors sold stocks and bought US dollars government bonds the dollar also rose against other currencies is the Turkish lira nosedived. The Dow fell one hundred ninety six points the s. and p. fell twenty NASDAQ lost fifty to the federal government racked up a seventy six point. Nine billion dollar deficit in July with increased government spending and tax cuts keeping. The country on track to record its biggest annual deficit in six years, the treasury department reports that are. The first ten months of this budget year the deficit totaled six hundred and eighty four. Billion, dollars up twenty point eight, percent, for the same period

United States Komo Europe Ad Council Treasury Department Turkey Football Nine Billion Dollar Five Seconds Ten Months Six Years
New York probes alleged tenant harassment by Jared Kushner's family firm

Bloomberg Markets

01:09 min | 2 years ago

New York probes alleged tenant harassment by Jared Kushner's family firm

"The Kushner. Companies is being sued by renters that one of its largest residential buildings in new york for allegedly using construction crews to make living conditions so intolerable they leave freeing up apartments to be sold as high priced luxury condos twenty current and former tenants of a converted brooklyn warehouse say the family firm once run by presidential adviser jared kushner also expose them to dust containing lead and a carcinogen crypto currencies are starting a new chapter on wall street bloomberg's gina cervetti has details the institute is adding block chain crypto currencies has topics for the first time next year the two subjects will be a part of the level one and level two curriculums and a new reading called ben tech and investment management this is the world's of finance and crypto increasingly merge well digital coins have tumbled in two thousand eighteen some observers say the tech good change large areas of the global financial system which added the categories in response to interest from surveys and focus groups says the top Not a passing fad material for the twenty nine teen exam will be released in August, Gina Cervetti Bloomberg radio.

Gina Cervetti Jared Kushner Bloomberg New York Brooklyn
"global financial system" Discussed on Monocle 24: The Globalist

Monocle 24: The Globalist

02:02 min | 3 years ago

"global financial system" Discussed on Monocle 24: The Globalist

"Ace is companies always indebted as they are this just sows the vulnerabilities of the system and quite how much damage has been done to the global financial system since the financial crisis and i think the figures a startling a capacity pre the financial crisis and that huge amounts of debt is possibly why in the uk we're not buying so many new cars yes so suit so what's happened what is happening is when consumers a really endebted an an and what's happened in the uk is quite like that in the uk pit like americans not let the germans he prefer to save but but what's happened is over the last year household incomes have been squeezed so wages and this is not just the case in the uk but in states and in germany many developed countries despite really low unemployment wages aren't really going up and it's very old nobody quite knows why so what we've seen in the uk this year is little wage growth despite record unemployment and inflation higher higher than wages so house also being squeezed because the pound in their pocket at the end of every week that wages end of every month a worth less by less because prices ago foster and so this year for the first year you've seen uk car sales full in the uk in 2017 now why this is important is because uk consumers have been gorging on car debt they've been gorging on debt in order to buy the latest flashiest car to impress their neighbors and it looks like this is finally coming to an end and that is that he's warriorking about the state of the uk economy because consumption is like sixty five seventy seventy percent of the uk economy and we're starting to see signs the uk consumers all less willing to gorge on that and more slightly more concerned about the future as a this has implications for the uk economy is hope well from buying caused to selling them or indeed selling a car company will though that's the reason the the problem is super info.

Ace global financial system financial crisis uk car sales car company germany sixty five seventy seventy per
"global financial system" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:02 min | 3 years ago

"global financial system" Discussed on Bloomberg Radio New York

"Position reminds and remains relatively supportive of the of the spice we were talking about central bank action being uh particular uh wildcard of course for 2018 but a lot of asian central banks have stayed on the sidelines as the fed is telegraphed three hikes coming forward uh we had the be okay of course be the first of the asian central main asian central banks to hike let the other ones have stayed relatively on their hands yeah an and i think again that's that's a certain this element of supportive nison and ironically i mean we're probably as you know i guess when it comes to to credit fundamentals would probably as positive at agent fundamental sweeping for a for for a number of years uh uh and part of that is the flexibility that the central banks have got an end the sort of supporting environment that that will foster uh so you we're not overly worried about fundamentals 80s more sort of a global asset valuation story since a walk me through this because you don't we don't talk about bonds as much as we do about currencies in equity so as yields rise in the west uh that would attract money out of asia into those securities that's one of the things that you concerned about this year but as those yields are rising those bonds are dropping and isn't that a disincentive to a certain extent for that for that flow will i think i mean the worry that we have is that all acid process go ugly of become car lighted sites are normally you'd get rescheduled its rallying and and risk for yes it saad bonds would would would start to sell off the net if arman i think what we've had for the past few years whip with monetary policy is just pumped i i guess liquidity into the system is that you've had these traditionally decor elated f it's become correlated so bonds of rallied at the same thomas equities us estela bones of rallied at the same time as you know with many cases local currency bones and and we worry that has liquidity get sucked out of the global financial system ever think suffers as well do you see though if the fed may be overshoots and there is a.

central banks fed asia global financial system central bank
"global financial system" Discussed on C-SPAN Radio

C-SPAN Radio

01:44 min | 3 years ago

"global financial system" Discussed on C-SPAN Radio

"Entirely new system that wouldn't just prevent world wars but would ensure a lasting peace roosevelt new that stable global financial system financial systems were critical so he tasked his treasury secretary at the time in henry morgenthau to design the treasury department's plan for a fund to oversee global financial stability and a bank to support reconstruction and development was the for what became the imf and the world bank group in the summer of 1945 a four in the mount washington resort in in in bretton woods a group of people met and at that time the allied forces were were were fighting in normandy and and so the remarkable thing about the bretton woods conference it happened while the war was still going on china had center representative course that the uk under leadership of john maynard keynes and henry morgenthau with leaders but the forty four nations that attended spoke about the most critical issues with secretary morgan that opened the conference he said that the goal was to create and i quote him a dynamic world economy in which the people of every nation will be able to realise their potentialities in peace to raise their own standards of living in enjoy increasingly the fruits of material progress for freedom of opportunity is the foundation for all other freedoms for the past seventy here's up that world order the united nations nato the world trade organization the imf the world bank group oecd has helped ensure relative peace and stability and from the very beginning the mission of the world bank group has been to help ensure.

john maynard keynes secretary representative normandy mount washington global financial system oecd united nations morgan financial systems uk china bretton woods imf treasury department henry morgenthau treasury secretary
"global financial system" Discussed on Chat With Traders

Chat With Traders

02:13 min | 3 years ago

"global financial system" Discussed on Chat With Traders

"So it's old said i tried to think through how good or how bad something might be impaired with one most probable estimate and even if the badge situational school would then on our of got something with klein on and look i mentioned ed comes from more of a gambling background and his sort of applaud some let's theory through financial markets and ed actually said understanding gambling games like blackjack and some of the others is one of the best possible training grounds the getting into the investment world because you learn how to manage money how to compute odds and how to raise than what to do when you have an advantage or when you have an edge now not going to gloss lawyer that loss point because i think that's absolutely kate reasoning what to do when you have an advantage so i was talk that trading with an age this tightens one step further when you've got an age how you actually make the most of that start your i interviewed a gentleman victor hit ghani now victory was one of the founding partners long term capital management now longterm capital management for anyone who doesn't was a hedge fund that came about in the nine taste uh did extremely well had an amazing track record 1990 and they filed an as spectacular fashion like filed started badly that the the federal reserve i think it was actually had to in and organize a buyout in order to prevent the possibility of a collapse in the global financial system so it messed up pretty bad anyway i the opportunity of spacing waits victor and he still rounds died and victims actually run ran this experiment funding off with the hill old ed soul and this was an experiment i did recently i gathered sixty one participants in a row for.

klein financial markets victor ghani global financial system ed
"global financial system" Discussed on The Majority Report with Sam Seder

The Majority Report with Sam Seder

01:52 min | 3 years ago

"global financial system" Discussed on The Majority Report with Sam Seder

"Two treasury bills which are debt to make concessions on now at the at the base if you like of the global financial system we end have gold anymore as a reserve currency we have the us treasury bills effectively people people by us treasury bills to put it into their central banks to show that they have some assets in the bank valuable assets in the back so it's not american debt which is at the base of the global financial said we're getting into deep waters well yes no but as such i mean a but this i mean this this to visit so as much because now the us dollar function as like a commodity in that sense right mean uh two other sovereign nations that we can actually print more money right that is we're we're not necessarily tethered to is something let's say like a greece is to the euro uh because they don't have the ability to just basically print money we could theoretically do it because we're we're headed towards a debt ceiling crisis and and and there are some question as to whether or not the executive uh the treasury department has the uh uh you unilateral authority mend i've seen it argued pretty compellingly that it does to simply prints or i should say meant a um a trillion dollar coin let's say uh and uh could pay off the debt and uh theoretically the cost of things a under a modern monetary theory is that uh is is not an obstacle if we're talking about us dollars because we can print those dollars.

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"global financial system" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

01:43 min | 3 years ago

"global financial system" Discussed on Adventures in Finance: A Real Vision Podcast

"Those two things are so essential to the plumbing of the global financial system that in what was listening to this i hope you guys do dig a little bit deeper and if you are religion tv subscriber go and check out jeff's presentation as he goes through the whole thing omission detail it's it's great end and you'll come away thinking about the goal financial system very differently and you'll definitely learn something new so it was great to get jeff to answer that question for us yeah the other the other question that we received so many inquires on was the fang stocks obviously they've taken up so much space in the headlines for coming out of was kind of how many months now and again you know araneta nauseating it it it really is but we decided the small thing to do for everybody's benefit was to get a good ons from someone that really follows this stuff and and we just figured who better than michael oliver momentum structural analysis our so we have michael oliver on the line michael it's great to have you join us today thank you for putting the honor showed great it for our listeners who are not familiar with you or your workout just give us a brief introduction momentum structual in our private technical research firm we i started 1992 uh we provide technical research institutions high networth individiuals investors um our approach is totally different than most probably short bait technicians oh we do look at price but we considered a secondary technical feature we consider what's more important the momentum trends structures that are developed when you analyse price in not in relation to a money unit like a regular priced short whom you analyse price in relation to.

global financial system jeff financial system michael oliver araneta
"global financial system" Discussed on KOA 850 AM

KOA 850 AM

01:32 min | 3 years ago

"global financial system" Discussed on KOA 850 AM

"It may diplomatic crack the opposition is symbolism in their symbolism some court can give you you blew him i think you the dowd your uh i think it if the drier who simplify who and uh you know the the the the modern american in global financial system ordinary complicated and when you combine back complications with the with we have no doubt that we saw in in beginning the youtuber named the great recession the people are angry people people people think he if it makes no sense big blaming the lack of a gold and the blame yup money they blame the federal reserve it all the eu dick they came up ward and and and obviously they're from roe v to that criticism but the government for for for me and a lot of the mainstream economy didn't follow from that gold go if the answer i gave you a either the a pretty good um but uh one of the reasons why will the book is that we had a gold standard in play when the really worst financial meltdown in the nation's history to play it it was very meek who kevin the revere the now if can live there in the great depression we were operating on the gold.

global financial system great depression roe kevin
"global financial system" Discussed on Radio Motherboard

Radio Motherboard

01:36 min | 3 years ago

"global financial system" Discussed on Radio Motherboard

"For a way to bigger percentage of the world's population that all these things need hacking they need changing and then you have to have the conceptual tools to analyse where's the basis of the problem and then what would the solution spee as the citizens working together so that it isn't it i guess in especially in my circles said the science fiction community the is there a technical solution that you could just institute is a kind of silicon valley a activist or or um someone working in computers to change the structure of our uh of the internet and uh versus a overt kind of politics legislation is our technical solution notices it remain simply a social solution of all of us talking together about what we wanna make the laws and maybe it's a combination of both but it's worth exploring in stories the stories now need to be concerned with this interface and very seldom are they concerned with this interface this is what maybe what science fiction can do that ordinary fiction doesn't do maybe this is what you topi in science fiction can do that ordinary science fiction or space opera doesn't do at least for me as a working writer where i only you know a book every two years i can't take on every cool story so which story do i tell and this one condom took over and said this is the story to tell talking about interfaces there are a lot of interfaces not just to the global financial system or to society and the novel but to the city itself i mean the city is almost its own.

writer global financial system two years
"global financial system" Discussed on Let's Talk Bitcoin!

Let's Talk Bitcoin!

01:56 min | 3 years ago

"global financial system" Discussed on Let's Talk Bitcoin!

"Come maybe one one last question sort of on these are yanni ever lucien in early stay so in menu think back to when you i learned about bitcoin and said to understand the concept and implications and in unocal projected forward okay wears is all going to go what's going to happen what but did you get right about this and what are some things in developments have happened urges completely surprised you yeah great question so when i got right was that bitcoin would be huge and it would start to takeover the global financial system that is absolutely happening so that's been really exciting to see you know bitcoin costing a couple thousand dollars every major financial institution investigating this technology tens of millions of users around the world and that you really just a incredible growth in the transaction count in a number of services and it's it's just dumb continuing to expand which is what i hoped in what i predicted would happen uh what i didn't predicts was of that money as a usage would be just one little branch of what blockchain's would end up doing i'm still most interested in the money branch i think that's what the world needs the most deserve a form of freemarket money but blockchain's of mouse bond all sorts of these other tokens some of which are really fascinating even other not related to money and in two thousand eleven i didn't didn't imagine that kind of thing would ever whatever happened in and certainly up until about late twenty thirteen i was very much bitcoin maximalist night thought all these other digital asset coins were were stupid or distractions at best and i was totally wrong about that so that's something i got wrong as well.

yanni global financial system blockchain unocal thousand dollars unocal
"global financial system" Discussed on Epicenter Bitcoin

Epicenter Bitcoin

01:56 min | 3 years ago

"global financial system" Discussed on Epicenter Bitcoin

"Come maybe one one last question sort of on these are yanni ever lucien in early stay so in menu think back to when you i learned about bitcoin and said to understand the concept and implications and in unocal projected forward okay wears is all going to go what's going to happen what but did you get right about this and what are some things in developments have happened urges completely surprised you yeah great question so when i got right was that bitcoin would be huge and it would start to takeover the global financial system that is absolutely happening so that's been really exciting to see you know bitcoin costing a couple thousand dollars every major financial institution investigating this technology tens of millions of users around the world and that you really just a incredible growth in the transaction count in a number of services and it's it's just dumb continuing to expand which is what i hoped in what i predicted would happen uh what i didn't predicts was of that money as a usage would be just one little branch of what blockchain's would end up doing i'm still most interested in the money branch i think that's what the world needs the most deserve a form of freemarket money but blockchain's of mouse bond all sorts of these other tokens some of which are really fascinating even other not related to money and in two thousand eleven i didn't didn't imagine that kind of thing would ever whatever happened in and certainly up until about late twenty thirteen i was very much bitcoin maximalist night thought all these other digital asset coins were were stupid or distractions at best and i was totally wrong about that so that's something i got wrong as well.

yanni global financial system blockchain unocal thousand dollars unocal
"global financial system" Discussed on Unchained

Unchained

01:54 min | 3 years ago

"global financial system" Discussed on Unchained

"Completely disrupts their business model would like some specific challenges right now where you're kind of like oh would be helpful if needed the regulators did excellent z yeah i think the biggest challenges really around bitcoin companies there's all currency companies getting bank accounts that's really really the biggest biggest challenges you jal hothouse still even now even every day this problem we have operating accounts but more importantly transactional accounts where you can actually transact with your customers really challenging to obtain but more importantly really really challenging to maintain as this is where i think as an industry are one of the dialogue sutphin having a lot is would it be possible to create a selfregulating organization can we as an industry sort of develop a set of best practices and start to self govern to sort of creates that relationship with regulators to show bank so we are being very forwardthinking in in how we're sort of viewing the role of big coin digital currency companies in the global financial system out of getting audited by professional auditing firms having data aggregation around market structures to sort of ensure that there isn't too much risk in in the way the digital currency market is growing and evolving there's a lot of risk is sexualization of digital acid exchange on specific platforms and i think we have a new eu minute centralisation would we mean by that what i mean is on there's a lot of systemic risk if you have a lot of being hacked or something right but even the risk of the destruction of service today is seventy percent of the volume of trading happens on one platform that's really problematic for the industry rights if all of the companies in the space rely on four or five key partners and one of those banking partners.

bank accounts global financial system seventy percent
"global financial system" Discussed on TalkRadio 630 KHOW

TalkRadio 630 KHOW

01:46 min | 3 years ago

"global financial system" Discussed on TalkRadio 630 KHOW

"The national journal why was easy to understand the forces drove a young voters to the extremes his hotel room to and how much they're willing to tolerate corbyn vote labour candidate from the united kingdom has been a lonely defender of various terrorist group has been under fire for tolerating creeping antisemitism within his own party melacou on raged against the global financial system like a from french revolutionary compared to these bernie sanders looks like a horton tea party activist american politics for generations was fought between the centreleft on the centreright between the forty yard lines of politics trope obliterated the dynamic unless jeers election and will likely fuel even more polarization from the opposition we could be witnessing growing extremism on both sides for years to come with future generation only expediting that depressing prospect the rejecting capitalism the rejecting democracy as long as the jeered polices and the democrats the progressive left in this country continues to push ever furthering leftward ever further left who was bullied said the more likely that somewhat jury pulled is running for go can we're not because he stands on principles not because he might or might not be a good businessman not because he is the leader lot because he's a good manager but simply because he promises free you're listening to the michael brown jio.

national journal united kingdom global financial system bernie sanders michael brown forty yard
"global financial system" Discussed on WCBM 680 AM

WCBM 680 AM

01:34 min | 3 years ago

"global financial system" Discussed on WCBM 680 AM

"Of massive change to the global financial system and as when the face of united states changing its role as the primary structure primary supporter of the global international system you know as a u s pulls out remember nature of horse a vacuum and so what we see now is that china is stepping in to the role that the us used to take the china's values are very different than those the united states however as we pull back someone is going to step in there and china has been the primary beneficiary of the unilateral actions that the trump administration is taken as we pulled out of the trans pacific partnership we basie handed asia over to china as we pull out of the global climate deal the paris climate accord china has the opportunity to step in and the be could the global leader and near right now as the us dollar gets weaker you know one of the things that's happening is that china is in the process of passing the united states as the largest economy in the world and so that's on track for this year maybe next year but i think it's this year two thousand seventeen and so basically what we're doing west stepping back we're telling the rest of the world that we're gonna take care things ourselves you guys have to take care of this and by doing that by creating a vacuum there's going to be major changes in the global system in international trade and just the economics of what's going on out there and as things.

global financial system united states china asia basie paris