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Issue of raising rates next year. >> we know that moving too slowly, keeping interest rates to low for too long could risk other issues with the form of higher inflation or destabilizing financial imbalan imbalances. >> that is fed speak. the two words that sent the dow 620 points higher. powell said the rates are just below the so-called neutral range. that is the level central ban r bankers will believe will move the rates. the fed left rates unchanged this month. investors believe the fed may hike rates once or twice next year as opposed to earlier forecasts of three or four rate hikes. the...

>> and they get stuff wrong all the time. here is what ben bernanke said went wrong before the housing bubble burst. >> the sub prime market seems to be contained. >> wrong and sounds like they are printing money. >> sounds like they are printing money. >> nuh-uh. >> one myth out there is what that we are printing money. we're not printing money. >> is that tax money that the fed is spending? >> it is not tax money. much more akin to printing money than borrowing. >> you have been printing money. >> effectively. >> so good to jon stewart for getting that one right. >> why? >> they are creating...

Destroy the money. way back to ancient chinese history, they tried this and nothing worked. this is what the constitution said. nothing but gold and silver can be legal tender. i can suggest the transition is to legalize competition. >> currency competition. >> right. currency competition where the market, you know, maybe bit coin offers competition. >> which is legal, as far as -- >> yes. but the government doesn't like it, either. we have to wait and see what they do about it. they will probably crack down on it. >> when they say attach it to gold. i look at gold since 1970, and that hasn't ...

High inflation. and it is not just the expansion of the monetary base. that's what i think a lot of the, let's call them the gold bug is, people afraid of immediate inflation, look at the expansion of money and they say, hey, hilton friedman taught us that expansion of money means inflation. what matters is not just the monetary base, it is also the velocity of money. our bank's lending is the financial system healthy. on one hand the fed is on one side printing money. if you want to think of it as that way. for every bank not lending, where as in the 2000s they were, that's doing the reverse....

Dragged meat back to the city. just to have food. it was a lot worse than some of the anecdotes would lead you to believe. >> and it lead to anger and rise of hitler. >> correct. it fed directly into that. and other things were involved. but with inflation or hyper inflation, you get winners and losers. winners are people who can see it coming. they have hard assets. warren buffett is an example. there is land, mining rights, he was dumping dollars and getting into -- >> the industrialist is still okay because he has his factory. >> they are okay and the banker is okay. for them, dollars is a ...