tv Boom Bust RT August 23, 2017 3:29am-4:01am EDT
think kids certainly for a lot of us you know that we question what he says and some of this i wonder is it a little bit of you know the dog where remember that one nine hundred ninety seven movie lindsay where they tried to create a diversion for some bad stuff that was going on with the president by creating a fake or in albania well you know i think there might be a little bit of that going on now where he's had really arguably the worst week ever last week or worst twelve blushes if it's possible but it was a nadir in my view and this shifts the debate and shift the topic from charlottesville and and i'm not saying that these are important national security issues they are in the president did a good job last night but that doesn't mean that we shouldn't be suspect of the timing and i for one given charlottesville and suspect ok we'll have a impact of these key economic policy proposals he's put forward tax reform as little as as we got from that infrastructure improvements do you think last night
you know makes that. well given more traction on capitol hill i guess is what i'm saying it may not have anything to do with us to mastic issues but will something like that given the little more traction especially within south party i think that's the hope that this is sort of a minor reboot of the presidency and this is only the second time lindsay that the president's actually spoken to the american people one was that joint session of congress back in january where he did so very well and people like me said this shows that he can be a good president but then we've seen all this other you know mishmash going on through several months last night was another presidential performance by mr trump i think the question is whether or not he can follow that up and so far he's been want not to follow up with the right thing on message and it's hurt himself on the . things that you're asking about tax reform infrastructure and coming up we have not only the spending bills of the fiscal year in the us the government fiscal year
runs out at the end of september that's fast approaching and second we have the debt ceiling which will need to be increased and whether or not this this thing on afghanistan propels him to more popularity on capitol hill much less in the general populous remains to be seen i wouldn't hold my breath on a lot of his sort of going forward getting done in the near future though ok so shifting from capitol hill to the markets they've been on a tear this month is one of the worse in a long time do you think last night's speech. is going to sort of have an effect on that going forward we've seen ups and downs massively everything was elected well you know we saw all these you know record breaking high and we even had a high earlier this month but this is on track to be a pretty bad month the worst months since october because still pull it out and i'm hopeful it does but i think there's a sort of a bubble licious euphoria i've been calling it in my speeches that's been there in
markets because of tax reform and infrastructure and i think that's waning i think it started waning with charlottesville and whether or not markets continue will have to to grow we'll see it was nice for a little bit of a rebound today the dow closed at one ninety six both nasdaq and the s. and p. five hundred were up today so that's good nasdaq at three down days in a row so there are some positive signals bright but again we'll have to wait and see i think that there was a dip people were selling off in the last ten or twelve days and people are buying that dip as they do and they've made a little bit of money but whether or not it continues i think will in large part append upon what the president does in the coming days markets don't like dysfunction in washington right so their military presence in afghanistan you know maybe it could mean something significant for the markets and you know defense spending and then there. contracts and elderly lindsey to interject real quickly there are joint us south korean military exercises in south china sea the right week and so there's
a possibility that could raise unintended conflicts so everything sort of a little bit sketchy at this point ok last question before we go real quick going forward tonight president giving a speech in arizona it's been a debacle so far just setting this thing up what are your predictions for what we're going to hear and what might general john kelly face as his chief of staff he will say something not really nice about the incumbent senator jeff flake who opposed him early on in the primary and he may see something that does shovels this whole thing that he did yesterday that was so good i have to wait and see the mayor the mayor there did not want him to come but he's coming there are protesters out on both sides so we'll wait for a few hours and see and then we'll wait and see the tweet war after that thank you so much former u.s. attorney commissioner part chilton thanks as always for joining us. the iconic american automaker ford motor company is such a joint forces with privately owned chinese auto maker on the high the automobile
company there in china it's aimed at developing and manufacturing electric cars in that country now china has pushed way past the united states in two thousand and sixteen as the leading market for electric vehicles those highs auto electric vehicles saw a fifty six percent jump to sixteen thousand in sales so far this year that's compared to the same time period in two thousand and sixteen ford said it expects china's market for all electronics and hybrids to grow to six million units per year by two thousand and twenty five volvo is set to join the club with plans for chinese manufacturing of its electric cars which will it says be ready for the showroom floor within two years and then nissan general motors and volkswagen have made similar announcements. time now for a quick break. stick around though when we get back my guest weighs in on the libre scandal that has baking giants in the hot seat and monsanto and buyer have an
the ball club and such will lead you to one of the joys and also to why he's a still unsure i should think more so if you pulled me through pulsars would. it be done. it. seems wrong but i. just don't. get to shape out just to. add to it and in. the trail. when some find themselves worlds apart we choose to look for common ground the. peers will people been saying
about rejected in the senate is full on. the only show i go out of my way to. the really packs a punch. is the john oliver of party americans do the same we are apparently better than. the c. people you've never heard of love redacted tonight president of the world bank so very. seriously send us an e-mail. the play station network which power sony's play station four video game has allegedly been hacked according to the hackers. a group named our mine claims to have breached the p.s.n. system infiltrated the database and stolen user information is representative of
our mind says it obtained user names names and emails and that it is a security group so it won't actually release the information it's something experts have seen many times before groups get famous with a big hack then turn and get hired by big corporations to protect them from hackers so many social media accounts were taken over and then quickly retaken but the company hasn't yet issued a statement and who can forget that cataclysmic sony hack back in two thousand and fourteen unreleased movies were leaked along with explosive corporate emails and chaos was unleashed expenses connected to that have cost sony upward of forty one million dollars. usually when we talk about the block chain it's because the values of bitcoin and other crypto currencies are making headlines but this time around it has to do with major u.s. food companies and retailers nestle unit lever and
a handful of others plan on joining i.b.m. to block chain project to track supply chains and improve safety instead of relying on a third party it would allow companies to use a network of computers to record important data the announcement was made in a statement on tuesday which said that ten companies will begin sharing this data with i.b.m. the program though has skeptics but it also has many success stories an example wal-mart which has worked with i.b.m. since october it said it narrowed the time it took to trace the movement of its mango stock from nearly seven days to two point two seconds. almost a year ago buyer announced its multi-billion dollar takeover of monsanto but the deal remains under scrutiny in the european union where it might not go through after all to bust down the fishing is here with more on that for us now bianca
that's a big thing that is worried about it's taken a hard look what's it got going on so that is worried about competition in the crop sciences sector and if it were to go through it would basically become the biggest part of buyers entire business operation if buyer is able to go through with the takeover of monsanto it would create the largest seeds and pesticides company in the entire world that's according to legislators in the european union which are fairly concerned about competition and a statement on tuesday the european commission said the commission has pulmonary concerns of the proposed acquisition could reduce competition in a number of different markets resulting in higher prices low. were quality less choice and less innovation in response to that the germany based buyer issued a statement saying buyer looks forward to continuing to work constructively with the commission with a view to obtaining the commission's approval while it throws another wrench into buyers plan the commission's latest statement doesn't come as
a surprise in fact plenty of other companies in the agro chemical sector have had to make some sacrifices to finalize deals tao was only able to acquire dupont after promising to sell research and other assets and kemp china had to sell off parts of a subsidiary and some of its business is to get the commission's approval to take over syngenta in order to get the blessing of south african regulators buyer offered to sell its liberty crop chemical and seed that resists its plant killing effect so far it hasn't done much to impress some of the deals biggest critics like environmental activists afraid of how it could impact farmers and consumers however the commission has made it clear it will be reviewing the deal only from a competition perspective and won't be debating other potential facts but that doesn't mean buyer won't have to face those critics especially in the us or monsanto is busy taking on a global health organisation. let's talk about the sponsor
a story which organisation is it actually going after they are going after the world health organization and yeah so in two thousand and fifteen who released a study that said round up which is one of monsanto's we'd killing products could cause cancer and as you can imagine it was caused a lot of problems for monsanto it became the basis of a lot of lawsuits against the company and in california they had to start adding labels on their products out specifically said this could lead to different types of cancer so since then you know that was two years ago now there have been many organisations in the us and in the e.u. that have dismissed the study but that hasn't been enough for them so they created their own study that basis. debunks the one from who and they would like to be investigated by the us and come out with a formal apology specifically stating that it does not cause cancer ok back to the deal it's trying to go through is it just the e.u. that's issuing i want to say a review of
a review almost of this deal where it's oh it's the e.u. that is conducting the study but they're basically working with counterparts from many other countries australia brazil canada south africa and also the u.s. and there's a pretty big emphasis on the u.s. they are at earlier in the summer a group of senators wrote to the justice department saying that they would like the justice department to conduct a review of the deal as well and expressed concern about trump's meeting with c.e.o.'s from both companies shortly after he was inaugurated so they have a lot of concerns about any sort of influence coming from the white house or if it's going to be easier for them because of connections that they made have all right thank you so much boom bust down for that. the u.s. government has a number of the u.k.'s biggest banks rigged libre rates the daily measure showing the interest rate at which banks can lend to one another the lawsuit brought by the
federal deposit insurance corporations high court claims that each bank defendant had a common financial and profit based incentive to collude to lowball us dollar library submissions and in turn to cause us to live or to be lower than it otherwise would have been this in turn increased profits now the f.b.i. see which bailed out a number of these affected banks during the financial crisis points the finger u.k. giants including barclays lloyds banking group and royal bank of scotland the claims on behalf of thirty nine american banks it's part of a much broader rigging scandal which came to light back in two thousand and twelve joining me now. now from london steve keen the author of can we avoid another financial crisis and the world's first crowd funded economist at page tran dot com steve thanks for joining me now let's talk about this case do you think the u.s. government actually has a solid case here. or has
a rock solid case this is a classic case of collusion and market manipulation and the trial is a model just go into the court and so i like them as they were guilty what's the follow on that's that's frightening but let's look at what a lot of people are asking which is essentially who sets and enforces the rules where was the oversight in this panel this is a huge scandal. well the problem is that if you look at a lot of our actually came from an actual concept of using it as a by sustaining interest rights. mainly private bonds but also some government bonds around the world is that libel was seen as being the world's broadest market for the buying and reselling of bombs on the basic reason behind that was that the conventional economic theory says that banks have to have reserves to lend when a deposit or goes from one bank or the moves reserves that forces the banks to have
to borrow reserves from each other which they prefer doing the borrowing directly from the bank of england and that they will get a picture of an extremely large market with lots and lots of transactions that is all a myth and it's now being cited by the by the central banks of the world events the idea that banks need reserves lindt is a complete myth and consequently what it means is that the amount of lending that actually goes on borrowing or of reserves from one through each other and and buying bonds of each other to have sufficient reserves and so on is quite trivial in fact in one of the markets linked to the setting of the label right i think there is something about twist in twenty five transactions over an entire year now of course in that situation it's very easy to manipulate the market rather than being extremely broad lots of transactions and therefore impossible to fix it's one of the narrowest markets in the world and very easy to fix and that's what the english banks have been caught red handed doing ok well the case has been made that instead of doing away with that we should just actually change the composition in the calculation that instead of saying that there are enough observable market
rates that could indicate how much a pound or dollar cost to borrow do you think we can actually rework. or is the risk of this manipulation in you as you pointed out just too great. i think it's too great i mean legal if it's priced on the model of transactions and a model of lending which is false so if you make any real world system on a fallacy it's bound to blow up and if i sits on the that's house happened this time around. the whole idea that there is some market said right of interest is itself problematic and then that's it that's we've got the a lot of economists supply demand curves into sicking supply and demand set the process that whole vision of how financial markets operate is completely false and the economist of belief is what they call a natural right of interest again this is based on a model called learnable funds which says that this is
a supply of money created by people saving and the interest right the that is there isn't a demand in the interest rate is the lower that demand is and bang or each equilibrium in it's a total myth so we have to do something which actually acknowledges the real world situation and that is twofold one that the level of interest writes is driven by the level of debt the ha the level of profit that the lower the roots rights can actually sustainably bay and then what those rights saw are set by central banks but the trouble of course the central banks are now talking about setting negative rights so the whole idea of having the right set of the label becomes if you made a decision right said over the average right of federal central banks around the world it could will still be negative and nobody well nobody selling bonds wants but he wants to have a negative right of return on those bonds so it is really going to be a big mess and they have best situation my will be just an average of rights on
bonds around the world and try to buy shit to some extent on the average but to use labor i think does dies or ok let's talk about the technology meant that you reference. failed work to citi group and company of tom hayes who were thieves more than fourteen year. years in prison for his part in the scandal famously said the bank did not engage in low balling quote to the best of my knowledge and quote so given the scope of this scandal how likely is it that top players these banks didn't know what their company was doing. i think that i mean the extent to which the financial sector has got away with blue murder in the financial process is quite remarkable so i'm not about to. finally make the the day the time meant but you know we had think one person when joe could see of the two thousand and eight cross as well as bill black who ran the prosecutions back in the sightings in the lunch process which is a follow a skull event compared to the financial process of two thousand and i bill reckons
he put three hundred people behind us and we just don't have regulators with bowls like bill blackberries these guys so the lock to get away with it anyway but this is the whole problem we we have people who are in control of the not just the management of money but the actual creation of it and can make large amounts of money by manipulating those rights and we're expecting him to be trustworthy the temptation is just too great not to be. do you think anyone's going to actually serve time based on this. this this is rock solid case as you point out and now i know. oh it's possible i mean some of those a miles or so outrageously blyton what would you like the right to be would you lock it up would you lock it down i mean it is absolutely is the satellite down the zick eyes of of market manipulation so the possibility of some of those people will go to jail but the really likelihood is it will be lower level people rather than people at the top and we're seeing
a similar thing happening in australia right now i mean there's been an outrageous costs of of the struggle in the major strand bank the commonwealth bank being involved the money laundering and turning a blind dog hundreds of billions of dollars worth of probably fraudulent transactions and the outcome of it is have been a twenty percent cut on the bonus for the chief executive and he's going to retire in a year's time during which time he learned something like about fifty to one hundred times the last time the ending of an average the struggle we simply cannot punish the financial sector at the level unless they end up going that the behavior will continue right the heads will roll but be anything the big dogs thank you so much steve kean author of can we avoid another financial crisis and the world's first crowd funded economist at patron dot com thank you. what do you usually well look for in a partner do you like a rugged good looks or the guy who always makes you laugh maybe she's the girl with the prettiest eyes or maybe you should be rocking
a high credit score instead two thousand online daters were surveyed and sixty nine percent agreed that if your rocking a high credit score you basically had the most important quality it beat out humor attractiveness ambition courage and modesty fifty eight percent even agreed it was more appealing than a flashy car there's a bit of research that supports this too apparently in a two thousand and fifteen paper. researchers analyzed more than fifteen years of new york federal reserve data and found that if you had a higher credit score you were more likely to form a long term relationship with someone someone of a similar credit score so this love really is a numbers game after all that's all for now from all of us here thanks for watching see you next time.
but. the relationship between. it was suggested. and a fairly strong one there were two thousand. in the study it's a very extensive study done by a well respected scientists. do chemicals that the advertising. really increase the risk of cancer. damage in the launch a test of skepticism. that is true by independent scientists so. compensation for my time as well as you know others why is that in the media happy definitely do. like what we've been doing and if you want to learn more you'll get a definite on that float in the. back.
is it big business against health. as a starter show. welcome to max kaiser financial survival guide. looking forward to. yanks this is what happens to pensions in britain. you watch kaiser report. the two thousand and eight economic crisis turn some countries into paid these are the countries with we can recall them is that needed austerity policies if you are in a situation of flow bloat even the recession austerity is a very bad idea it doesn't work it makes millions of people very unhappy those who are unemployed see their wages decline almost a decade how good are the results. peaceful by the people gathered in greece to
watch the world get people to see what i. believe will be she was i mean to for legal. challenge. she was always the case she somehow they're not getting paid while the same mission is still in place who one of the consequences is to weaken bluebirds food. will first one of the suits the truth be consider is the consequences are actually quite acceptable to the decision. one.
we would drain he told to by the coalition it was very clear that they would no insurgents in the area the un expresses the concern over the mounting civilian casualties in the syrian city of raka coalition as trucks reportedly killed dozens . of. protests erupt outside a trump rally in the u.s. state of arizona following the president's keynote speech about the charlottesville violence and its change to war over afghanistan. and it's a yemeni boy age twelve.