Good morning and welcome to westminster on an historic session of parliament. Mps are sitting on a saturday for the first time in 37 years to vote on borisjohnsons brexit deal. This morning it still looks extremely close, although in the last few minutes the Prime Minister has received the backing of the prominent conservative brexiteers known as the European Research group who now say they will vote mps are also likely to vote on an amendment to the deal which would still force the government to seek a delay to leaving the eu, described as an insurance policy to avoid the risk of a no deal brexit. Nick eardley reports. More than three years after the brexit referendum, is today the day mps finally back a deal . Some of them hate what borisjohnson has negotiated, arguing it takes us too far away from eu rules and will damage the economy. But most tories think its a good deal that gives the uk back the control they want. Weve got the deal that allows us to get out of the backstop, thats
Repayments i dont think that is as much an issue as we thought weve sort of gone away from our debt and deficit fetish in a stride because its been saying its more political scare campaign than anything of you know grounded in an economic theory. Does debt matter i mean i guess it does for argentina still under its i. M. F. Program what is the state of argentinas economy right now. Well i was i was listening you know to the to the other answers and thinking well if you print money for long enough then you push it into so many electoral cycles then it becomes a structural problem so youre talking about you know that a Monetary Policy no matter what stage you are within a government so i mean of course that matters to argentina and the key question right now is whether the next administration whoever it may be you know will be able to repay dead or needs to restructure the payments schedule with the i. M. F. You know its unrealistic for argentina to face its that payments in 20202021 so
In europe and japan, Government Bonds pay no interest at all. In fact, when you buy a Government Bond there, you dont even get all your money back. Never in Human History has the lender paid the borrower. Rates are tumbling. This amounts to a worldwide race to the bottom in Interest Rates. Where it leads, i dont know. But its now very likely that our Federal Reserve will drop rates aggressively from here on out, simply to keep pace with everyone else. If they dont, the u. S. Dollar will keep going up, keep disrupting our trade and our economy. I thought that with all this free money flooding into the world, that a lot of it would go into the stock market, our stock market. That is not the case, at least not right now. The dow will open with a big drop, over 250 points to the downside and there will be losses on the s p and nasdaq as well. Other markets are convulsed by it all. Look at gold. Theres a rush to the safety, what they think of as the safety of gold. Its back above 1500 an ou
And small caps are outperforming. Joining us for the hour is steve grasso taken by semis, is is that ahead of micron, g20 . I think that it is a bit of both bullard was not bullish. Market was expecting one thing, not the other. And micron is after the bell, so people are getting ahead of that people so either earnings or semis, chicken or the egg there, but that took us down. Something the bears point to, semiconductors are traditionally a tell on the economy and they are not at record highs. I think that they are still in correction so if you had to poll everyone now within the marketplace, people are going to err on the side of growth is slowing. Cant find anyone that says growth is ratcheting up. So these have been the bullseye for growthand they have been your cautionary tale thus far within the marketplace and with g20 and with china and everything all encompassing. Microsoft also suffering. Ten year back below 2 all factoring into the selloff lets drill into the big stories. We
Which of them is the real conservative . And its always good to round off with some positive news. While the cost of living crisis continues, a beam of light has shone through the dark, rainy clouds of romania propaganda. The revised figures propaganda. The revised figures from the office for National Statistics have shown the uk economy is 2 larger than initially thought and that we outgrew the german economy. Over the past four years. All as the bbc would say in spite of brexit state of the nation starts now. State of the nation starts now. Ill also be joined by a scintillating panel this evening. Gb news is very own ray of sunshine. The historian dr. David starkey and gb news is senior political commentator nigel nelson. As always, you nigel nelson. As always, you know what im going to say . I want to hear from you. Its a crucial part of the programme. Email me. Mail mog at gbnews. Com. Now its time for the news of the day with ray addison. On addison. On thanks , jacob. Good evenin