Bloomberg Surveillance

Highlights from the roller coaster week for Bitcoin as it hit record highs and gets the green light from regulators to allow trading on the CME and Cboe. Guests include:Steen Jakobson, Saxo Bank Chief Economist, Joseph Stiglitz, Columbia University Professor, Christopher Ailman, CalSTRS Chief Investment Officer, Anne Richards, M&G Investments Chief Executive, Robin Niblett, Chatham House Direc...

Geoff Dennis, UBS Investment Bank Head of EM Strategy, says they have told their investors to be careful being long on technology. Stephen Schork, Schork Report President, says the Black Swan for the 2018 oil market is Saudi Arabia driving Qatar into the arms of Iran. Ashwin Alankar, Janus Henderson Global Head of Asset Allocation and Risk Management, thinks a lot of people are misinterpreting bit...

Joseph Stiglitz, Columbia University Professor, says the tax 'trigger' in the proposed tax bill is the worst kind of economic policy that you can imagine. Yanis Varoufakis, Former Finance Minister of Greece, says the architecture of the European economy can't sustain the shockwaves of this post globalization era. Jeffrey Currie, Goldman Sachs Global Head of Commodities Research, says its very surp...

Money goes where it's treated best. That simple truth is a big reason why more and more money—trillions, in fact—flows into a powerful, low-cost tool that's quietly transformed investing in recent years. Exchange-traded funds, or ETFs, let you invest in everything from the stock market to gold like never before. This podcast will demystify them—and delight you in the process. See omnystudio.com/li...

Richard Clarida, PIMCO Global Strategic Advisor, says Jerome Powell is an excellent appointment for Fed Chair. Catherine Mann, OECD Chief Economist, says it's not clear how much corporate tax reform is in the GOP package but we haven't seen the full details yet. Diane Swonk, Diane Swonk & Associates CEO and Founder, says the payback from infrastructure spending has been lost on lawmakers over...

Julia Coronado, Macropolicy Perspectives President & Founder, says a 3% productivity growth is unrealistic under any economic investment boom. Guy Chiarello, First Data President, says people are getting comfortable with online and mobile retail. Jerry Storch, Storch Advisors CEO and Former CEO of Hudson's Bay, says the future is bright for retailers who make rapid changes. See omnystudio.com/...

Howard Davidowitz, Davidowitz & Associates, says he has a lot of doubts about Walmart being able to pull off the Amazon model. Grover Norquist, Americans for Tax Reform, says the Senate tax bill is likely to pass at the end of next week. Lin Noueihed, Bloomberg North Africa Bureau Chief, says the Egypt Sinai mosque attack is a particularly large scale attack.   See omnystudio.com/listener for...

Brian Levitt, OppenheimerFunds Senior Investment Strategist, says they're seeing a very nice investing backdrop in emerging markets. Philip Verleger, PK Verlerger President, says the recent events in Saudi Arabia are what are going to impact oil prices. Sony Kapoor, Managing Director, Re-Define, says businesses in the U.K. can no longer sit on their hands and wait to do their contingency planning...

George Bory, Wells Fargo Securities Head of Credit Strategy, says this year's M&A activity showed a notable slowdown because of politics and tax structure. Steve Bell, Bipartisan Policy Center Senior Advisor, says the Republican proposed tax bill will help the Democrats next year if passed. Tobias Levkovich, Citigroup Chief U.S. Equity Strategist, says Investors are caught between two very pow...

Harm Bandholz, UniCredit Chief U.S. Economist, says the time for tax reform is right but we don't need a tax cut in this environment. Jeffrey Sachs, Columbia University Professor, says the debt to GDP ratio has doubled in the last decade and will double again. Michael Nathanson, Moffettnathanson Founding Partner & Senior Research Analyst, says Twitter is not a great place for advertising and b...

Representative Jim Renacci, a Republican from Ohio, says he's a big believer in the 401(k) and that the Republicans risk holding the majority if they don't pass the tax bill. Prior to that, Willem Buiter, Citigroup's chief economist, offers his global growth outlook for the year ahead. Finally, Rich Greenfield, a media analyst at BTIG, says future generations aren't going to watch linear TV but th...

Kathy Fisher, the head of wealth and investment strategies at AB Bernstein Private Wealth Management, predicts we're going to be in the longest recovery for the economy and markets we've ever seen in modern history. Libby Cantrill, PIMCO's head of public policy, says at best, the GOP bill is "tax reform lite." Mickey Levy, Berenberg's chief U.S. and Asia economist, says the lack of wage growth is...

Richard Haass, president of the Council on Foreign Relations, says the U.S. has isolated itself from trading allies and that it shouldn't be complicit to Duterte's government in the Philippines. Dennis Gartman, publisher of the Gartman Letter, says the bull market for stocks has come to an abrupt stop. Finally, David Rosenberg, Gluskin Sheff's chief economist, says the bog bond story could be in C...

Stan Collender, MSL Group's executive vice president, says the GOP tax bill isn't economic in origin, but totally political. Prior to that, Conrad DeQuadros, senior economist at RDQ Economics, says we're not yet at levels on the yield curve where we need to be worried about a downturn in the economy. Bloomberg TV anchor Jon Ferro joins for a beat to mourn Italy not qualifying for the 2018 World Cu...

Jeff Sprague, founder of Vertical Research Partners, predicts upwards of ten percent of General Electric staff will be out the door in the next 36 months. Prior to that, Seth Masters, the former CIO of AB Bernstein, says the changes at GE symbolically highlight the passing of the baton from the U.S. being defined as a great manufacturer to the industry contributing to a smaller portion of GDP. Jar...

Barry Eichengreen, a professor of economics at University of California Berkeley, discusses global currencies and comments on China's move to open markets for financial firms, saying "it will take time, if it happens." Prior to that, Gabriela Santos, global market strategist at JPMorgan Asset Management, says we should be expecting some correction in the markets. Finally, Steve Rattner, chairman a...

Nobel Laureate Edmund Phelps says it would be good to try out higher interest rates and that reopening coal mines in the U.S. wouldn't send a good signal to the rest of the world. Prior to that, Jens Nordvig, CEO of Exante Data, says if U.S. tax reform doesn't happen in the coming months, the dollar may drift weaker. Finally, Krishna Memani, Oppenheimerfunds' chief investment officer, says the cor...

Timothy O'Brien, executive editor at Bloomberg View and Bloomberg Gadfly, discusses last night's election results and says collusion isn't a threat to President Trump, but bribery may "bring the hen to roost." Prior to that, Axel G. Merk, president of Merk Investments, says the biggest tail-risk right now is if China retaliates with trade policy. Steven Major, HSBC's head of fixed income research,...

Thomas Edward Perez, chairman of the Democratic National Committee, discusses today's elections and says President Trump is filling the swamp with his own alligators. Prior to that, Ted Alden, a senior fellow at the Council on Foreign Relations, says the U.S. is a reasonably low-taxed country. Ralph Northam, the lieutenant governor of the state of Virginia, says Trump has released detrimental poli...

Francine Lacqua sits down for a conversation with U.S. Commerce Secretary Wilbur Ross following reports of Russia linked investments. Then, Michael McKee discusses NY Fed President William Dudley's recent retirement announcement. Prior to that, Jonathan Golub, Credit Suisse Securities' chief U.S. equity strategist, says the markets are perceiving Jay Powell as a continued Janet Yellen governance....

Bill Gross, a fund manager at Janus Henderson, says it's getting much harder to generate alpha and the Fed can't raise rates much further before it hurts the economy. Prior to that, Adam Posen, president of the Peterson Institute for International Economics, says there's an 85 percent chance that the GOP tax proposal will go through. Finally, Joachim Fels, a global economic advisor at PIMCO, says...

Abby Joseph Cohen, Goldman Sachs' senior investment portfolio strategist, says the economy is at a point of structural change and she's disappointed that Janet Yellen won't be picked again for Fed Chair. Danny Blanchflower, a professor at Dartmouth College, says the Bank of England rate raise in an already slowing economy will slow it even more. JPMorgan's John Bilton says the U.S. has a reasonabl...

Scott Galloway, a professor at NYU's Stern School of Business, says it's not a question of can Big Tech become too big, but can it become too powerful. Prior to that, Steven Wieting, Citi Private Bank's chief global investment strategist, says monetary policy won't be the driving force changing economic markets if Jay Powell becomes Fed Chair. Rick Mishkin, a professor at Columbia University's Bus...

Richard Ben-Veniste, a partner at Mayer Brown and a former Watergate special prosecutor, says George Papadopoulos's indictment was a surprise and that Robert Mueller is running an efficient and appropriate investigation. Prior to that, Richard Clarida, a strategic advisor at PIMCO, says President Trump is choosing from the right group of people in the Fed Chair shortlist. Greg Valliere, Horizon In...

Mark Mobius, Templeton Emerging Markets Group's executive chairman, says China is a "planned" economy and the Communist party will step in at any moment of crisis. Prior to that, Christopher Grisanti, founder of Grisanti Capital Management, says Apple will sell a lot of $1,100 phones. Terry Haines, Evercore ISI's managing director, says the world of Washington D.C. won't stop, despite any Trump-Ru...