while travelling in china i went to shanghai i felt i could live there it was the moment the project actually started a russian girl living on the floor below me was going to leave. one day i came to see her and noticed an easel there i was looking for one of the time. so i asked her to sell it to me but she didn't want to do that but it was a friend's gift apparently. that is why i offered to swap for it instead i gave her a painting in exchange for the easel it was my first barter so good when i got the idea to organize it as an art project and. i started to get letters which. one of them was from a couple that was going to get married and wanted that kind of portrayed as a wedding present for themselves. but i had already left odessa so they're asked if i could do it over skype story just because they told me they could give me all i need for my travel in return. so i asked if they could pay for the tickets from a deficit to stumble they agreed and as a result we had a skype portrait session now and waiting on the tickets. if i decided to take annie as a hostage and go together to

you had your own experience with all that didn't you didn't you spend all your money in shanghai more or less. that's what i'm going to spend it now. i'm going to the most expensive hotels. but the most expensive restaurants. are terrible picture. i just like a joke. i don't think is a great artist. but i don't think it's a con man of war. like the painting i just kind of given a thing it's up to the person. i asked him to buy tea for the painting he seemed to understand but then he went away. well. it's a tough job you have to take a risk just to get some food it's not difficult it's just not the way usually do things so how do you do. together. you have to plan it all in advance friends so you ask me may the ports you ask me to make a port that i made that i ask to keep for this where is my duty. for ports it's. i made it's. a lovely city it's for gifts not for free. sure you get used to people's attention very quickly but the people around me usually help organize it all but nobody knows me so things are a bit different. i don't know what it means to escape from yourself. quite the

go to exchange and shanghai people are buying gold and they are taking delivery of gold and they're doing so in big numbers huge numbers and you know when it's compared to mine production or even the imports that we're saying going from hong kong to china it's overtaking or at least reaching those levels on a weekly basis is what we're saying say all that physical is being pumped out of the us is just making its way to china how much. is flowing it is a crime to say it's flowing from west to east gold market well i would certainly say you know if you're looking at the federal global production that it's nothing's meeting anywhere at any other demand anywhere else in the world so it's going to china but we've been saying they rise in imports a long time from hong kong to china say all of that gold is going into hong kong it's being shipped instantly china people are taking to delivery of it i think in the last quarter. imports from china from hong kong is up sixty eight percent you know and last time i was on the day after we chatted the gold price fell quite significantly and has fa

of our country if we didn't pass this bill we could find london or frankfurt or years down the road shanghai becoming the financial capital of the world. now that the first guy we saw was mr dodd who put the dog in dodd frank he got that a little bit wrong he got that wrong jack reed would say today that he he regrets those words and mr schumer unfortunately because of this they have made singapore and london the financial capital of the world because with investment banks no no national borders and we talk about competitiveness what is it competitive that goldman sachs for example with its thirty two thousand employees has five thousand in london they are not american foreign exchange students they are london citizens paying the london payroll taxes this competitiveness is a feel good word that actually means exporting american jobs but it could also mean regulatory arbitrage not only between different countries but even in the states that we have them right yes regulatory arbitrage is the same thing as when a teenager wants the car keys and mom won't say yes so they go to dad so if you don

the future of our country if we didn't pass this bill we could find or frank for years down the road shanghai becoming the financial capital of the world. so the first guy we saw was mr dodd who put the dog in dodd frank he got that a little bit wrong then he got that wrong jack reed would say today that he he regrets those words and mr schumer unfortunately because of this they have made singapore and london the financial capital of the world because with investment banks no no national borders and we talk about competitiveness what is it competitive that goldman sachs for example with its thirty two thousand employees has five thousand in london they are not american foreign exchange students they are london citizens paying the london payroll taxes this competitiveness is a feel good word that actually means exporting american jobs what it could also mean regulatory arbitrage and not only between different countries but even in the states that we have them right yes regulatory arbitrage is the same thing as when a teenager wants the car keys and mom won't say yes so they go to dad so if you

and sixty cents announce a premium spot which is the cash market in london and i'm not talking about shanghai i'm not talking about vietnam where you can get between six and one hundred dollars premiums announced i'm talking about london the global market the global marketplace because so it is a true benchmark i.e. the fix comes up this morning whatever the price is is what i can sell or buy my book in for now why as an arbitrage or why as i have a bank or a hedge fund or somebody in the profit business wouldn't i take and it's up you know up to two dollars and fifteen cents a matter of days ago but an average of a dollar sixty why wouldn't i sell two million ounces today give you money give my bullion over take up to a two million dollar profit and not wait ninety days wait the contacts about to expire i could wait less than thirty days and get my bullion back well as you said why not. because there's no confidence that these markets like the comix eleven billion mark association are going to survive another thirty days intact as we know them you know and what i what i'd be worried about is