that's what the bank of england. walter bagehot wrote a book about and that establish some of the doctrine of what central bankers have been doing since 200 years since. you're the lead of last resorts your you lend freely at ability rate. you stand ready to make money available when it is otherwise not. it's not a seamless progress of, for the good when you look at its history. a lot of you probably know the stories of the 1920s what happened in germany. the power of the central bankers use and it sometimes misused. so this is a prime example. after world war i there's reparation payments the german government is supposed to make. and a mannamed rudolph was the central bank for germany in the early 1920s and he saw it as his priotic duty to print money, however much was needed fund the government to meet its obligations. you can imagine how the story ends. you just print without regard what happened to the price level. it becomes an inflationary force. he had this odd obsession with physical technical job of printin

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

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

the bank of england releases some information as well. but it was pretty solid that we don't want to be release the information about the meetings. it's a juggling act. powerful people meeting in secret are not going say i'll tell you everything we talked about. pressure is being put on them. it's happening. t a kind of, you know, it's a very pressure. terrorist a shift in about institutions around the world on social media and what happened in the arab spring and the occupy movement. people are demanding accountability nowadays. i feel the bis needs to adapt to that. >> i want to open the discussion to the whole room. just a housekeeping reminder, if you could wait for the microphone to come to you before you start speaking. and normally we ask everyone to say who they are. since the cameras -- not everybody wants to say that. you can say i'm roger rob rabbit. and i want to mention this. not are all on the record. please feel free, if you would like to tweet using #political forum. and@worldpolicy. do we have a question? >> hi, i'm bill.

the bank of england and all the banks and the u.k. as financial terrorists by creating this term of capital as he hottest but of course he's misapplying about 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 things cable now has become financial terrorist number one used to be george osborne but no vince cable your financial terrorist number one you love that right for stealing my material without actually beautician that right there is a copyright violation mark 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

with the bank of england mark carney's new shop. then the rate of interest is negative another word they pay you to take out a loan the bank of england pays h.s.b.c. barclays royal bank of scotland lloyds to take out a loan if i want to the bank of england and i was one of these banks and i borrowed a million dollars i borrowed a million dollars it wouldn't cost me any interest rate of all at all at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference does any aspect of wires or those huge wealth and income gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money is it any wonder the entire world is all rising so that they conclude this thought experiment is saying that basically they won't be able to unwind without threatening the entire financial stability of the store soon if i pu

the bank of england and the federal reserve to could have a place to meet that wasn't supremely protected and inviolable. well, what does that mean? it means that this is an international organization and it is a unique hybrid in the world. it is the world's oldest global financial institution before the imf, before the world bank. it got all of the same protections for almost all of the united nations and from the moment it was set up with a national treaty, it is just almost extraterritorial in the same as the british embassy that has that level of protection. during the 1930s, the central bankers had a place where they can meet and discuss things away from politicians and the way it goes from the eyes of reporters. during the '30s, things were so secretive. there was a "new york times" reporter who did report on this for the magazine. and he said after these meetings come he wasn't even allowed into the room when it was all gone. ..

a pole dancer and you could indeed be a mark carney the new head of the bank of england as a sort of pole dancer enticing you to take with cash remains in your pocket and stuff it in the collective g.-string of the banking system only in this case what that g.-string wearing financial system flashes back to you in exchange for your hard earned cash is a be don't be don't believe bottomed in toxic capital market that let's face it isn't really all that appealing to look at know best you close your eyes. stacey. yes max you know mark carney we gave him two days before we started talking about him because he started this week at the bank of england and of course the reason why he was brought in is not only because mervyn king was leaving but the sense is that he's going to rescue the financial system that collapsed along with the lehman brothers back in two thousand and eight now lehman brothers dick fuld is in the news in the sort of pole dancing kind of way folds tiny stock is penny from heaven and this is according to the f.c.c. filings of matrix advisors which he and his wife run he

a pole dancer and you could indeed be a mark carney the new head of the bank of england as a sort of pole dancer enticing you to take with cash remains in your pocket and stuff it in the collective g.-string of the banking system only in this case what that g.-string wearing financial system flashes back to you in exchange for your hard earned cash is a be don't be believe bottomed and toxic capital market that let's face it isn't really all that appealing to look at know best you close your eyes. stacey. yes max you know mark kearney we gave him two days before we started talking about him because he started this week at the bank of england and of course the reason why he was brought in is not only because mervyn king was leaving but the sense is that he's going to rescue the financial system that collapsed along with the lehman brothers back in two thousand and eight now lehman brothers dick fuld is in the news in a sort of pole dancing kind of way folds tiny stock is penny from heaven and this is according to the f.c.c. filings of matrix advisors which he and his wife run he is a

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

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 bank of england. expectations are pretty high that the former head of the canadian central bank can turn around the british economy. ♪ >> reporter: today a canadian is going to become one of britain's most powerful men. after 319 years, the bank of england governor is going to be a foreigner, mark carney. like his hero, ice hockey legend wayne gretzky, carney has been billed as the great one, even the best central banker in a generation. but with uk growth stunted and banks still in turmoil, the incoming governor will have to put his game face on to thaw the ice. ever since the chancellor chose mark carney as the new bank of england governor, he's been seen as the ultimate dove, happy to use and perhaps overuse, even if it makes us all feel a little bit too sick. back home in canada, the gloss has started to come off a bit. with the housing bubble caused by low interest rates and too much lick wis i had, the oecd have said that canada's housing is the third most overvalued in the whole developed wor

bank of england found their independence on the fourth of july. during the press conference, jeff pressed mario draghi on forward guidance. >> you were meeting another central bank in london was also having a meeting of its policy members. and in a break with previous tradition, we had a very clear forward guidance from mr. carney, the new governor. i wonder if because the bank of england has now changed its style on guidance it's time for the european central bank to also step forward with a new policy on guidance? it's clear from mr. carney's comments in the market reaction that he's moved the gilt market, moved the sterling curve. is it time that you put aside the precommit barrier to more detailed and specific forward guidance? >> thank you. if you ask this question, you haven't really listened to my statement. the -- >> sounds a lot like the statement i listened to when i was here in june. >> that's why i said you haven't listened carefully. the counsel took the unprecedented step to give forward guidance in a rather more specific way than it

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 us their physical this discount the bank availing 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 that day that you get settled in cash will be the day gaps up one hundred two hundred three hundred all this. thought right natural back thanks so much for being on the castle reports always a pleasure.

we're tracking it at 151.13 before the bank of england minutes hit. so this has been curious, the sterling trade has gone up. the mpc members will discuss alternatives at 2 qe overcoming months. perhaps qe isn't the only method that the members will adopt. a quick look at the unemployment rate as well. we got the jobless numbers crossing. the uk june claimant count is minus 21,200. expected to be minus 8,000 in terms of some of the other key parts to this component. the average weekly earnings were plus 1.7% year on year. the market expected this to be a little lower at plus 1.4%. this has been interesting too because when people are looking at the prices of houses over here, many are saying that the weekly earnings are not justifying some increases. we have seen already the pricing on sterling. >> that's a big surprise. i don't think anybody who is thinking the vote would be 9 million on whether to extend qe or not. i think it was 7-2, kind of just considered to be a definite, so the fact fisher particularly has now gone back into the no extension of

the bank of england mark carney's new shop. then the rate of interest is negative another word they pay you to take out a loan if i go to the bank of england and i was one of these banks and i borrowed a million dollars i borrowed a million dollars it wouldn't cost me any interest rate of all at all at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference does any aspect of wires or those huge wall think of gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of this interest rate apartheid wall then you get charged five thousand percent to borrow money is it any wonder the entire world is up rising. the u.s. congress has given the intelligence community and ultimatum scale back the mass surveillance or lose power entirely if this happened at a house judiciary committee hearing or across party lawmakers have demanded a greater accountability although some doubt that th

dealing with the bank of england marconi's new shop then the rate of interest is negative another word they pay you to take out a loan at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference though the only assets of wires are the huge wealth and income gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money and then you go on the b.b.c. and say well we are going to think well nothing but look at the bottom of the got bit make that the value of the back to the dictates of my vision my dear you know i didn't actually buy a post i mean i think that if i can i would. it's broad. and it's a whistleblower edward snowden could be looking to settle in russia at least in the medium term the man who exposed america's global surveillance network said he does not rule out applying for a citizenship shortly after filing an official request for tem

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 for insisting banks have minimum 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 their jihadi banking fraud is strapped 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. do stick around if you can for the cars report here on r.t. for the meantime though on the program the u.s. senate has held a hearing on the closure of guantanamo bay prison at the first since two thousand and nine and five years after obama's pledge to close it down many detainees will now have their cases reviewed by a special panel which will decide whether they should remain behind bars most haven't even been charged with any crime due to a lack of evidence but they were considered too dangerous to be released this report to. this is the first significant congressional hearing that has been held since two thousand and nine course preside

they charge annual to five thousand percent if you're one of these bankers dealing with the bank of england mark carney's new shop then the rate of interest is negative another word they pay you to take out a loan at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference though the only assets of wires are the huge wealth and income gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money and then you go on the b.b.c. and say when we haven't had one with me but nick i'm bothered by what the got to look at the value of the back to the dictates of my vision my career you know i'm not backed by a poster i mean those things and if i can i would. it's fraud f o r a q d.v. fraud. and civil rights leaders have called the acquittal have george zimmerman florida neighborhood watch volunteer who killed black teenager trayvon martin last year a setback f

dealing with the bank of england mark carney's new shop then the rate of interest is negative another word they pay you to take out a loan at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference though than the assets of wires out of the huge wall think of gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money and then you go on the b.b.c. and say well we are going into effect well nothing but mckibben but i'm of the got to make that the do the do the do it just means efficient market here you know i'm not backed by a post and you think it's only. if fraud f. or a you dig for. the u.s. government is facing domestic pressure over a controversial court ruling that sparked mass protests police officer george zimmerman faced second degree murder charges over the killing of unarmed black teenager trayvon martin last year but was found gui

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

the bank of england decision. for the time being, i'll send it back to you. >> we'll check in with you in a bit. let's return to the stories on markets, portugal in particular, ten-year yield now 7.2%. the retreat about 100 on basis points in the 24-hour period. significant improvement about the way investors are feeling around borrowing costs in portugal. joining us is laurent franzlo from barclay's. we saw that spike in yields yesterday, an extraordinary move across the curve. why do you think investors have reversed positions so quickly in such a short time frame now? >> the question is whether investors have really reversed positions or not. let's keep in mind in particular portugal -- portugal and greece are very small markets, very fairly ill liquid markets especially in terms of prizes. so it is not that there is a lot of volume that is going through at these levels. that's why you've got jumps up and down of 30, 50 basis points on a daily basis. so clearly there is more reprising of the risk premium on por

dealing with the bank of england mark carney's new shop then the rate of interest is negative in other words they pay you to take out a loan at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference though then you have to stop wires or there's a huge wealth and income gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money and then you go on the b.b.c. and say when we are going to fred well let me put mckinnon both of them i'm of the got to look at the do the do the dictator things efficient markets here you know i've got that by your post i mean do you think it's a right that would. it's fraud f o r a you do the frog. now and it's a blower and the word snowden could be looking to settle in russia at least in the medium term the man who exposed america's global surveillance network said he does not rule out applying for a citizenship sh

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

dealing with the bank of england mark carney's new shop then the rate of interest is negative in other words they pay you to take out a loan at one go they charge me five thousand percent at the bank of england they pay me two percent they pay me to borrow money that's the difference though the only assets of wires are those huge walford i think of gap in the u.k. and around the world well because if you're on the inside you get paid to borrow money if you're on the outside of the interest rate apartheid wall then you get charged five thousand percent to borrow money and then you go on the b.b.c. and say well we are going into effect well nothing but mckibben but i'm of the got to make that the do the do the do it just means efficient market steering i've got backed by your post i mean those things. that would. it's fraud and if you do the frog. in northern ireland unionists are planning yet another parade in belfast this despite a recent series of street clashes with nationalists the orange order has applied for permission to hold a march this weekend sparking accusations that it is d