no and the bank of england has to step in on a daily basis fixes and make up any shortfall out of the six hundred tons of gold cleared by the o.p.m. c.l. every day and the five thousand tonnes of silver incredible amounts but that's what trades through the b.m.a. every day they step in when people actually have the audacity to offer their physical this discount the bank of ling has to england has to step in and provide that bullion on a short term basis well in the bank of england and the treasury and george osborne when they failed to match the books at the end of the day and there's left over doesn't that just get through the circuitous nature of these inciting deal doesn't just end up on the debt of the u.k. absolutely and they're going to stroke an electronic check. and they're going to pay everyone off and anyone that hasn't got a physical the reason i don't offer trudging is the day that you get settled in cash will be the day gaps up one hundred two hundred three hundred dollars. three right everywhere thanks so much for being on the pass reports always a pleasure. and that's g

we have lot of news coming out with the fed, bank of england, mof -- i'm sorry, ecb, jobs report. we have a lot of things, and i do believe the market's being a little casual, maybe even naive about what could happen. i'm not calling for a crash, i'm just saying we have a lot of information, and we just don't know what's going to happen by the end of the week. david: p be e for the s&p going forward is still not overvalued, so people say there could be room for growth. >> yeah. david: larry, thank you very much. pharmaceuticals, we haven't talked about them today. two big giants reported earning3 earlier. let's head back to nicole petallides on the floor of the new york stock exchange. how did they fare, nicole? >> both are dow components, two huge names in big pharma, pfizer a winner, up about half a percent, merck down about a half a percent. both companies have tried to keep their costs down for marketing and such, but also they both have the same situation which is generic competition. having the patents expire. merck, for example, for singulare lost 80% of sales because of th

in japan, the ecb, bank of england, and our fed. we have a very false market which is buoyed by this tremendous amount of money that's been created by nothing, checks for free, and if there's any crack at all anyplace in the world, you're going to see a tailspin that's going to be very unpleasant to be on the plane for that ride. >> many of us, including yourself, art cashin, myself, talk about it's more than that. do you think even with the logic of that distorting the taper, it's a subsidy. i don't care logic or no logic, any form of removal is going to give us more hiccups. agree or disagree? >> no, i totally agree. as a matter of fact, the real number with the rollovers and so forth is about $100 billion a month. also the treasury came out and said that they're going to be cutting the amount of money that they're going to require so that means the fed is even going to be buying a bigger percentage, and it's, as i said a very false market created by all this free money. >> well, mark, i'm going to have to cut you short. thanks fo

she was the person who succeeded in getting the bank of england to put the face of author jane austin on the ten-pound note. austin, as you probably know wrote "pride and prejudice." england often puts historical figures on its money. darwin to churchill. how did that lead to death threats is hard to imagine. keep in mind some 49ers fans tweeted death threats to david akers because he missed a field gold. the british bank barclays will offer a second round of stock, billions and billions in order to put more money in the bank. british bank regulators says barclays was undercapitalized and forced to move. why do you care? because it's 2013. barclays says it's fine. we don't want to hear a bank has been forced to raise $12 billion. that's the kind of stuff we talked about in 2009, not 2013. >> we don't need economic scares. >>> 5:56, let's check in with christina loren to get our tuesday forecast. >> good morning. we are getting such beautiful sunrise shots. i can't wait to show you those in the 6:00 hour. this morning, though, nice and crisp to start. you'll probably need a jacket. 84

to have an agreed couple so union you know stanley is as much i couldn't say as it's been the bank of england was founded by a scot so we're going to see well indeed you know lots and lots of things of the world to be offended by scots but the point i'm making is the ship comes at the present moment doesn't belong to england it doesn't belong to george osborne the chancellor is part of the assets of the united kingdom so the point is quite simple we are prepared to take a share of assets and a share of liabilities in the way both these are huge but if of course he was to argue as he suggests he might we can have a share of assets of the common currency then by definition we don't have a share of the liabilities and the liabilities for the native kingdom. the many international precedents for example the breakup of the soviet union will be newly independent countries did not by negotiation end up paying the national debt of the soviet union so the debt belongs to wonder. the present moment if they are to persuade us to accept a share which we are willing to do the new only basis in whi

now the head this all happening ahead of the bank of england monetary policy decisions due thursday. it is not just the fed this week of course. those policymakers in the u.s. will kick off their own two-day meeting tomorrow. take a look across the major european markets now. mixed picture as you can see on your screen and also mixed when we look at the fste adding literally a couple points this morning. france down by a few, germany up by a few. the big mover appears to be italy, down by 0.9 of 1% and smaller moves elsewhere. britain a wpp will be taking over by the omnicom group assuming that is approved as the world's largest ad company. shares adding 1% and wpp up about half a percent. elan trading higher in their home country of ireland after they agreed to be acquired by perrigo. they have been talking details all morning. those shares up 3.8%. >> bring in bob and see what's moving to the downside in this case, bob. >> started at 11:00. this is a little bit of a -- immediately i got top lines of people saying judge say lawyers for hank greenberg should be allowed to depose bern

the federal reserve, the central bank of england, and the european central bank all meet on what's being called "super tuesday." trading volumes in the stock market could slow down ahead of the fed's announcement. friday, the dow bounced back from a 150-point drop to gain 3 points. the nasdaq edged up 8 points, and the s&p tacked on 2. gold picked up 4 dollars, and oil fell 80 cents. at the pump, gas prices are on a slow drip. a gallon of unleaded is 4 cents less than about a week ago. and, as backdrop to trading, israeli and palestinian negotatiors meet this week in washington for peace talks. we are off to the races on this monday morning with scott bauer of trading advantage. good morning, always good to see your face on our show. thanks for coming on, and what do you expect ahead of the fed? we have a big fed meeting happening this week. - not only fed meeting, but just a slew of economic reports. and you know, the market actually finished strong last week on the heels of some earnings which weren't really that great, but the market was really resilient. i think we're going to see ea

central bank meetings, the fed, the bank of england, ecb, plenty of data, pmis and the jobs report at the end of it. no one really wants to get in the way of that. the index down at five-week lows. dollar/yen currently at 97.96. let's talk about japan. shoppers are spending more. june's retail sales climbed 1.6% from the same month a year ago after little less than analysts' forecast. recent economic data in the country has improved steadily, prompting some to highlight the effectiveness of abenomics. kuroda said a retail sales tax hike is needed, and it won't kill economic progress. the bank of japan governor said it's important for the government to get its books in order to show that the central bank isn't monetizing cabinet spending. his comments come as prime minister abe's review, the government wants to soften the blow to the economy. a final decision is expected in august. joining us with his thoughts, miles branchle at pimco. miles, good to see you. >> good morning. >> how much does it matter what they do with the sales tax? >> i think it's quite important. it's about the pac

is basically the governors of the bank of england from the bank of france, european central bank, salon, india, brazil and the bis general manager. that's the elite meeting where i think a lot of the discussions have gone on about cordoning the response to the global financial crisis. there's 18 of them at that in the find and on the 18th floor. a fabulous diamond. it has views over friends and switzerland and germany. it's very global. the next day there's the global economy meeting. that's 30 countries. and vignette countries like turkey and the philippines and indonesia will attend the as was the 15 or 18 that were there the previous night. they sit around the table and another 15 countries are allowed to attend the meeting but are not really supposed to speak unless it's really, really urgent. countries like hungary, for example, or macedonia. they are allowed to attend but they don't talk. sorry, i think macedonia is not allowed to attend because the final 15, the third division, they're not allowed to attend. they just have to hang around. but they are allowed to attend the launch

so it would be the bank of england and france and germany headed to the u.s. and they urged the u.s. to lower the fed to lower its interest rates and this was very good that they did that this was for that purpose the idea that the fed lowered interest rates in the u.s. the u.s. would be a less favorable place to invest the fed lowered rates in one thousand twenty seven from four to three point five percent and many economists believe that this actually fueled a lot of the speculation right before we saw the great depression you had one of the one of the economies view at that time well there's actually an economist at the federal reserve who said it quote this was in one thousand thirty four the greatest and boldest operation ever undertaken by the federal reserve system and it resulted in one of the most costly errors committed by its or any other banking system in the last seventy five years and many economists do believe that this the fed lowered these interest rates that actually encouraged the speculative finance that we saw leading up to the great depre

the bank of england and all the banks and the u.k. as financial terrorists by trading this term of capital as he hottest but of course he's misapplying that term the banks of course they would need capital reserve requirements to be functioning banks in a free market system you don't want banks involved in ponzi scheme economics like vince cable is proposing like vince cable is perpetrating like vince cable is supporting by saying no we don't want minimum capital requirements for banks we want financial terrorism so this cable now has become financial terrorist umber one used to be george osborne but no vince cable your financial terrorist number one you love that right for stealing my material without attribution that right there is a copyright violation smart well he's comparing them to tap the taliban capital taliban . so basically here's the bank of england and you can look back for three hundred years of their interest rate policy their money their capital policies are looser than they ever been this is the equivalent of a woman

cable saying that the bank of england are jihadi he's for insisting banks have minimal capital reserves vince. boy as i've searched for use of bank of england are indeed like the taliban but only because they provided the safe haven for their jihadi of banking fraud is trapped on the debt.

is to say because they are indeed terrorists now vince cable is saying that the bank of england are jihadi for insisting banks have minimum capital reserves vince. old boy as i've said for use the bank of england are indeed like the taliban but only because they provided the safe haven for the jihadi of banking fraud is trapped on the debt pact suicide vests and blew up the entire frickin economy and that same taliban central bank is now papering over the bloody aftermath with little pieces of digital paper that explain more we turn to stacey or when max first of all i did look at jihad and i'm sure the n.s.a. knows i looked it up on google and the definition provided by google was that it's a war a struggle against unbelievers so this is important for the rest of the episode this notion of unbelievers which i think we should return for the west as disbelievers nobody believes their lies and fraud anymore vince cable calls bank of england capital taliban vince cable has stirred tensions within the bank of england by apparently comparing policy makers to the taliban over restrictions

as i've said for years the bank of england are indeed like the taliban.

it would be the bank of england and france germany added to the u.s. and they urged us to lower the fed to lower its interest rates and this was very good that they did that this was for that purpose the idea that the fed lowered interest rates in the u.s. the u.s. would be a less favorable place to invest the fed lowered rates in one thousand twenty seven from four to three point five percent and many economists believe that this actually fueled a lot of the speculation right before we saw the great depression you had one of the one of the economies view at that time well there's actually an economist at the federal reserve who said it quote this was in one thousand thirty four the greatest and boldest operation ever undertaken by the federal reserve system and it resulted in one of the most costly errors committed by its or any other banking system in the last seventy five years and many economists do believe that this the fed lowered these interest rates that actually encouraged the speculative finance that we saw leading up to the great depression

the bank of england and all the banks and the u.k. as financial terrorists by creating this term of capital g. hottest but of course he's misapplying about term the banks of course they would need capital reserves.

the day after that you will get the bank of england and the ecb and to finish off the week you will get payrolls. if you're sitting on a little bit of a gain and you got up here and as i wrote a couple days ago, market looked like the check engine light came on, so maybe you want to just ease back. so the combination of all those things i think is what put us there. >> and you haven't even brought up the fed which we have been talking about in terms of the personnel movements but do people need to be focused on that or can we kind of ignore it if we know we're not going to hear from the white house until september? >> i think you will see it become more active conversation next week. traditionally bernanke would go up to jackson hole. he would make the keynote speech that would lead off what strategy might be. we haven't heard who is going to replace him in that manner, and with the summers/yellen debate the place am might become very interesting. that's yet one more thing for people to be a little edgy about. >> we know there's going to be a protracted legal battle between the fed and

feminists are rejoicing after the bank of england announced the face of jane austin will appear on the 10 pound note. here's mark carney. >> the unintended impression of the churchill decision was the possibility some people were concerned these groups were concerned about the possibility that there would be no women on a notes. we understand those concerns, we listened, and so we brought for the decision and the announcement. >> the photographer was today's guest. the social landscape project is showing at the photography festival until september 22. thank you for joining us. now we are going to play out with work from a german surrealist artist ernst that is being shown in basel. you can follow us on our social networks. thanks for company. >>> welcome to "newsline." it's friday, july 26th. i'm catherine kobayashi in tokyo. >>> investigators are trying to determine the cause of spain's worst rail accident in decades. at least 80 people were killed after the train rounded a curve and jumped off of the tracks. 140 others were injured. police suspect the driver had pished the train well

goldman who's the head of the bank of england so you've got all these coincidences and mario monti of course who used to be the head of italy then i think also you know running all these markets running all these countries running all these regulatory agencies while the same companies buying up rights to all the commodities why is that not a dangerous monopoly position was that like soviet union was lloyd blankfein to get rid of that the big wall street the big issue is the debt right the debt has spiraled out of control so if you compare q.e. to the titanic voyage on the titanic and actually if you look at the pictures of the captain of the titanic they look like ben bernanke with the same beard ok so what are they going to do you've got to resolve the debt issue people were wearing life jackets on the deck of the titanic while the band was playing saying i don't understand why we're wearing these life jackets out here it's the same thing the problem is the hole in the boat and you're sinking the problem is the debt nobody's addressing the debt max least of all if you're just one we'

bank of england r g hardy's for insisting banks minimum capital reserves. the bank of england are indeed like the taliban but only because they provided the safe haven for the. banking fraud strapped on the debt pact suicide vests and blew up the entire frickin economy. and that same job and central bank is no papering over the bloody aftermath of little pieces of digital paper. the u.k. government is opening up a new front in its struggle to deal with illegal immigration violence carrying signs urging immigrants to seek free advice on how to go home to appear on the streets of london and this isn't the first initiative like this the fight against immigration begins beyond britain shuls a previous had written is in campaign aimed to stress the negative parts of life in britain hoping to turn off potential immigrants from the e.u. from november a pilot scheme will see those who do arrive from countries deemed high risk have to pay a three thousand pound bomb to and to britain to be returned only when they leave and here are some questions from the new citize

the bank of england are jihadi for insisting banks have minimal capital reserves. then then this is all boy as i've said for years the bank of england are indeed like the taliban but only because they provided this safe haven for the jihadi of banking fraud who strapped on the debt packed suicide vests and blew up the entire frickin economy and that same taliban central bank is now papering over the bloody aftermath with little pieces of digital paper. are nearly time for the aussie walt update but for now the u.k. government is opening up a new front in its struggle to deal with illegal immigration vans and carrying signs urging immigrants to seek free advice on how to go home to appear on the streets of london and this is not the first initiative like this for example the fight against immigration begins beyond britain's shores previous advertising campaign aimed at stressing the negative parts of life in britain hoping to perhaps ward off potential immigrants to the e.u. from november a pilot scheme to see the need to do a ride from countries are deemed high ris

that the bank of england r g hardy's for insisting banks minimum capital reserves. vince then sven is all boy as i've said for years the bank of england are indeed like the taliban but only because they provided the safe haven for the jihadi of banking fraud who strapped on the debt packed suicide vest and blew up the entire frickin economy. and that same taliban central bank is now papering over the bloody aftermath with little pieces of digital paper. why walled up a time here a nazi straight to spain we go to some devastating seems to show you where at least seventy seven people have been killed on high speed passenger train derailed in the northwest of the country over one hundred thirty others injured some critically it's being labeled one of europe's worst ever rail disasters the crash happened on a curve in the track report suggesting the train could have been moving three highest officials were quick to rule out sabotage or terror. and to iraq where at least twenty two have been killed dozens injured in a spate of attacks and bombings in the deadliest assaul

saying that the bank of england are jihadi for insisting banks have minimal capital reserves. vence then sven is all boy as i've said for years the bank of england are indeed like the taliban but only because they provided the safe haven for those he hardy's of banking fraud who strapped on the debt packed suicide vest and blew up the entire frickin economy . and that same taliban central bank is now papering over the bloody aftermath with little pieces of digital paper. and i why give you a preview of the kaiser report and we can give you the whole program right now live from moscow it's on. boy oh boy there are a lot of conspiracy theories out there for a mysterious extra planet strip kilian creatures living among us but there also may conspiracy theories that are very plausible and some never will actually true one that i've heard for a long time is that they are specifically trying to fill the police with dimwits to abuse the american people which is silly right right well according to a.b.c. news the discrimination lawsuit revealed that robert jordan was denied the chance

the bank of england are jihadi he's for insisting banks have minimum capital reserves then then this is all boy. surgery use of bank of england are indeed like the taliban but only because they provided this safe haven for the jihadi of banking fraud who strapped on the debt packed suicide vest and blew up the entire frickin economy and that same taliban central bank is now papering over the bloody aftermath with little pieces of digital paper. or before we get to the r.c. world update finale put our attention to cuba as the us senate has held a hearing on the closure of guantanamo bay prison for the first since two thousand and nine five years though after obama's pledge to actually close the prison down now many detainees will actually have their cases reviewed by a special panel which will decide whether they should remain behind bars most have been charged with any crime due to an overwhelming a lack of evidence but they were still considered too dangerous to be released this report to r.t. correspondent this while. this is the first significant congressional hearing that has bee

cable has accused the bank of england of choking off an economic recovery by imposing excessive demands on banks. describing sections of the boe as, quote, the capital taliban. he echoed the views of the chancellor george osborne concerned a reluctance of financial institutions to lend is damaging the prospects of british business. this comes as figures from the british bankers association showed borrowing by nonfinancial firms edged up by 172 million pounds in june. and the number of mortgages hit a 17-month high. >>> the top job at rbs is still to play for apparently. this after black rock confirmed that mark mccombe who heads the asian operations, turned down the role of rbs chief executive. it follows a report in the financial times which said he was the external front-runner for the post. the uk bank told cnbc they could announce a replacement as soon as next week. here is a look at how rbs shares are performing, firmer, up more than 1% today. >>> and some interesting news as well in the banking sector. icbc lost its title as the world's biggest bank by market capitalization. after

england and france and spain in particular so the basic program was to pay off the debt from the war that was crippling to create a centralized currency, the central bank, industrialized developed to trade treaties where jefferson had the bigger vision but he became president and as they tend to do sees the world differently after the war in office it is sharpened his focus and he wrote to a friend that basically says thanks to the blitz just like satan told adam and eve at a paradise the british have pulled us out of the agrarian model now we have to become the industrial society so you will see jeffersonian and hamiltonian republics with the party that we associate today. a and your second question? >> [inaudible] >> today's business the educational and i go into detail how the association came together. it is very much active as a knowledge society today with his wonderful and prestigious to be appointed they have a great library collection and sponsors dollars pfiffner and lecture series and in fact, if you read the official injury reshape their own founding to the 1743 proposal

of england, bank of france. and india and brazil. dis general manager. that is the elite meeting where a lot of the discussions have gone on about coordinating the response to the global financial crisis. those are 18 of them in that. of fine dining room on the 18th floor. at fabulous dining room. use of france and switzerland and germany. very global as befits a global institution. the next date that is the global economy meeting, and that is 30 countries, and then you have countries like turkey and the philippines and indonesia that will attend as well as the 15 or 18 that would have the previous night. and they sit around the table. in another 15 countries are allowed to attend the meeting but are not really supposed to speak unless it is really, really urgent. countries like hungary, for example, or macedonia. they are allowed to attend, but they don't talk. or no -- actually, macedonia is not allowed to attend. the final 15, the third division, they're not even allowed to attend a global economy meeting. th