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tv   Boom Bust  RT  October 31, 2019 4:30am-5:31am EDT

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in covering all aspects of our global economy in the 21st century i'm christiane wall and covering all aspects of our global economy in the 21st century i'm christiane washington here's a look at what we have in store for today the federal reserve has one here's a look at what we have in store for today the federal reserve has once again cut rates after the u.s. economic outlook remains shaky professor richard wolfe again cut rates at the u.s. economic outlook remains shaky professor richard wolfe lends a hand today to break down what does that mean for the future of finance in the states and around the globe and today to break down what does that mean for the future of finance in the states and around the globe. for their currencies further into the mainstream regulators are beginning to take. their currencies further into the mainstream regulators are beginning to take serious note of the technology jeffrey tucker of the american institute for economic research joyce of serious note of the technology jeffrey tucker of the american institute for economic research joins us so today in studio to help us sort through the safety concerns in
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the coastal states amid the still today in studio to help us sort through the safety concerns in the coastal states a myth. that is a let's go and. that is to let's go and dive right in. the u.s. economy grew at a 1.9 percent annualized rate. the u.s. economy grew at a 1.9 percent annualized rate beating expectations of 1.6 percent but still below the already weak 2nd quarter per expectations of 1.6 percent but still below the already weak 2nd quarter print this 3rd quarter report reflected increases in consumer spending household investment this 3rd quarter report reflected increases in consumer spending household investments and exports while business investment inventory investments decreased personal comments and exports while business investment inventory investments decreased personal. and was the main driver as
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american household spending rose 2.9 percent growth in private domestic investment higher consumption was the main driver as american household spending rose to 1.5 percent percent growth in private domestic investment however it continued to decline down 1.5 percent. this reflects the continued uncertainties and challenges facing mazing manufacturing. while the quarter growth beat the expectations this reflects the slowest. 420291900. 80 and fears of a slow slow doubt sat up private business investments in the u.s. and u.s. consumption can continue to show resilience and continue to need the one bright spot left for growth although the pace has slowed from 2nd quarters pace of 4 for squirrels although the pace has slowed from 2nd quarters pace of 4.6 percent
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so now the only question that matters is will so now the only question that matters is what so will the u.s. consumer hold up especially when confidence has fallen to an especially one company has fall into a 4 month. stock in the morning as the report highlighted underlying weakness in the economy giving the fed the green light in the morning as the report highlighted underlying weakness in the economy giving the fed the green light to proceed with a 3rd rate cut. the federal reserve seed with a 3rd rate cut. the federal reserve cut interest rates by a quarter point wednesday marking the 3rd cut since july of cut interest rates by a quarter point wednesday marking the 3rd cut since july the new range is 1.5 to 1.75 percent and was characterized the new range is 1.5 to 1.75 percent and
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was characterized as a mid cycle adjustment in a maternity economic expansion now the big question as a mid cycle adjustments in a maturing economic expansion now the big question is whether this will be the last rate cut for the foreseeable future the fed is whether this will be the last. rate cut for the foreseeable future the fed shifted into a hawkish tone indicating a higher bar for further easing analysts say shifted into a hawkish tone indicating a higher bar for further easing analysts say that the new language suggests an increased level of data dependence rather than an ongoing intent of the new language suggests an increased level of data dependence rather than an ongoing intent to adjust rates lower fed chair jerome powell characterized the us economy and to adjust rates lower fed chair jerome powell characterized the us economy as strong led by solid consumer spending but threatened by factors such as global the strong led by solid consumer spending but threatened by factors such as global
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weakness china u.s. tariff war and uncertainties associated with brags that weakness china u.s. tariff war and uncertainties associated with brags that this however is interesting because the threat of a no deal bragg's it has substantially diminished this however is interesting because the threat of a no deal bragg's it has substantially diminished the odds of a trade deal have risen so these excuses have been notified and yes we cut rates for the 3rd time while if we do that is the under of the odds of a trade deal have risen so these excuses have been notified and yes we cut rates for the 3rd time while if we do that if the under the lie economy is strong on top of cutting right lying economy is strong. on top of cutting rates let's not forget that the fed has been buying bonds again yet officials still insist that not forget that the fed has been buying bonds again yet officials still insist that it
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was to stabilize the funds raised further rather than a full blown q.e. but it was to stabilize the funds raised further 2 rather than a full blown q e well that stabilizing was at a clip of $60000000000.00 a month which is well that stabilizing was at a clip of $60000000000.00 a month which is almost p.q. each year in the great recession and let's not forget the repo pop is almost p.q. each year in the great recession and let's not forget the repo populace still isn't over yet as there is a $130000000000.00 revolving ripka let's still isn't over yet as there is a $130000000000.00 revolving repos the syllabi trying to reliquefy the banking system every night the central facility trying to read liquefy the banking system every night the central bank balance sheet expanded by over $100000000000.00 over the past month and is back into a bank balance sheet expanded by over $100000000000.00 over the past month and is
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back above the 4 trillion dollar mark if the economy were great why did we need of the 4 trillion dollar mark if the economy were great why did we need this big stimulus injection into the market to prop it up. this big stimulus injection into the market to prop it up. chinese steelmakers she was a group defaulted on $142000000.00 of chinese steelmakers she won group defaulted on $142000000.00 of bonds last week sparking concerns of a debt contagion effect in the region come ons last week sparking concerns of a debt contagion effect in the region companies in the sun don't province are well known for providing guarantees for each other's debts and the needs in the sent home province are well known for. guarantees for each other's debts so this default now raises huge concerns that other privately owned enterprises so this default now raises huge concerns that other privately owned enterprises may have been
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associated with hugh wall across guarantees among the companies may have been associated with you all across guarantees among the companies have the potential to cascade liquidity issues throughout the credit system neighbor firms 8 have the potential to cascade liquidity issues throughout the credit system neighbor firms group and sanctioning group spawns have both dropped to their lowest level as a group and sanctioning groups bonds have both dropped to their lowest level after she wants default more chinese companies are defaulting are private bonds this year after she wants default more chinese companies are de faulty on private bonds this year as a slow economy weighs down on revenue the nation's issues have missed prepare as a slowing economy weighs down on revenue the nation's issues have missed repayments on $4400000000.00 of private bonds this year and beijing is now on $4400000000.00
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of private bonds this year and beijing is now cautious on a large large scale. and systolic. risk. a market has been china's bond market has ballooned up to 13 trillion dollars and up almost up to 13 trillion as the amount outstanding else almost as big as the amount outstanding elsewhere in the world yielding negative interest rates. where in the world yielding negative interest rates. thank. you. there's a ton to unpack here and to do so we're joined by richard. there's a ton to unpack here and to. we're joined by richard wolffe professor of economics madness at the university of massachusetts amherst sobel of professor of economics madness at the university of massachusetts amherst so professor well let's start
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off with the news breaking within the last few hours the latest bad professor well let's start 7 off with the news breaking within the last few hours the latest bad rate cut by 25 minutes to a range of 1.5 to 1.75 percent rate cut by $25.00 to a range of 1.5 to 1.75 percent so is there any way to read these continued cuts other than a response to a slowing global economy so is there any way to read these continued cuts other than a response to a slowing global economy. yes i think there are many factors that are going into it . yes i think there are many factors that are going into it we have this bizarre split we have a president in the polls we have this bizarre split we have a president of the political elite telling us that the economy is strong even mr powell said that and little league telling us that the economy is strong even mr
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powell said that and yet doing the things you normally do when an economy is weak that's the 1st kind of yet doing the things you normally do when an economy is weak that's the 1st kind of confusing piece of information but there are other reasons to cut interest rates a confusing piece of information but there are other reasons to cut interest rates for example helping the republicans and mr trump get reelected boosting the for example helping the republicans and mr trump get reelected boosting the economy by making credit cheaper that's also going on here economy by making credit cheaper that's also going on here even though the people playing these games will deny it i think there's an import even though the people playing these games will deny it. i think there's an important key factor we have a split economy in another way there's the key factor we have a split economy in another way there's the real economy where we go to work and we
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produce things and so on and then there's the paper economy a real economy where we go to work and we produce things and so on and then there's the paper economy the stock market what has been going on is that the economy underneath this stock market what has been going on is that the economy underneath the one we all live in is very mediocre i mean i read the other day that the one we all live in is very mediocre i mean i read the other day that j.p. morgan chase is thinking of moving out of new york city to save money j.p. morgan chase is thinking of moving out of new york city to save money and the explanation was to prepare for the ongoing and the cuts and the explanation was to prepare for the ongoing and the coming recession so this is split between the real economy which is weak coming recession so there is this split between the real
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economy which is weak and the stock market which is booming but here's the explanation the uk and the stock market which is booming but here's the explanation the federal reserve is pumping up the money supply you mentioned yourself correct federal reserve is pumping up the money supply you mentioned yourself correctly the quantitative easing disguised as stuff from the republican really the quantitative easing disguised as stuff for the republicans and now the lowering of interest rates what that does is pump up money make and now the lowering of interest rates what that does is pump up money make it cheap to borrow and you know we're doing the borrowing people who play the stock market cheap to borrow and you know we're doing the borrowing people. to play the stock market that's why the prices of the stocks have gone so much higher while the underlying is good that's why the prices of the stocks have gone so much higher while the underlying economy is so mediocre
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that is a very dangerous dichotomy commie is so mediocre that it is a very dangerous dichotomy and i think we will look back on the fed's action as a worrisome sign be and i think we will look back on the fed's action as a worrisome sign they're more rigorous this did in keeping this is bubble gold always going then then they are and can confront it in the underlying problems of this economy so 2 this is a very dangerous thing the underlying problems of this economy so 2 this is a very dangerous dichotomy so well what happened in december if the fed given its very hawkish tunde i cannae so well what happened in december if the fed given its very hawkish tone this time if they decide to not cut interest rates again and the markets disappointed this time if they decide to not cut interest rates again and
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the markets disappointed what will happen i think is that it's you're absolutely right the key question because what will happen i think is that it's you're absolutely right to the key question because it would then suggest that the game of keeping the bubble going has become too dangerous the federal reserve is not supposed to flood the money was it would then suggest that the game of keeping the bubble going has become too dangerous the federal reserve is not supposed to flood the money into this a system and act this is paper. you know the joke of mr powell those rich remark to keep the pension go you can keep the tax mix of the generation above the goal that is or that every of the teeth of the federal reserve every teacher. should know who teach who. by the daughters of all i have my life to live off i love you but you increase interest rates when the economy is weak not
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one of the expanding you do that straight when the economy is weak not one of the it's expanding you do that in the moment of expansion is when you raise interest rates to slow the process in the moment of expansion is when you raise interest rates to slow the process down to build up the kinds of reserves you're going to need to get through all this down to build up the kinds of reserves you're going to need to get through our hard time the threat isn't this new and didn't we i know that it is piling more and more money on the on top of more top of more and more money it's nice while it runs up but when it runs down watch as money it's nice while it runs up but when it runs down watch out that's the out and that's the thing to worry worry about. so we also have in the 3rd quarter we are poor we see that the u.s.
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economy grew at a rate of 1.9 percent which as we previously still report we see that the u.s. economy grew at a rate of 1.9 percent which as we previously stated outpaced the expected 1.6 percent rate but still well below where we were in q 3 to outpace the expected 1.6 percent rate but still well below where we were in q 2 meanwhile consumer confidence has now fallen to a 4 month low so what do you to meanwhile consumer confidence has now fallen to a 4 month low so what do you take away from these latest figures. well i think let's put them together with the number 8 the way from these latest figures. well i think that's put them together with the numbers from a few weeks ago indicating that the chinese economy was growing at about 6 from a few weeks ago indicating that the chinese economy was growing at about 6 per experience and which isn't. the low it was has it in has been in the low in a long time long time what i'm what you're seeing here is that the trade war
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initiated by trump in the republican party here is that the trade will be or are initiated in the republican party is hurting both major players the chinese in one hand and the united states urging both major players the chinese in one hand and the united states in the other this is done mostly to get mr trump reelected but the cost in the other this is done mostly to get mr trump reelected but the costs we're paying on both sides are enormous that's why you had that bond the 4th we're paying on both sides are enormous that's why you had that bond the fog in china that worried people over the last couple of days and so on in china that worried people over the last couple of days and so on my guess is that we are going to see a building rage my guess is that we are going to see a building rage and anger at the economic costs that the world is asked to
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pay and the anger at the economic costs that the world is asked to pay for a political struggle here inside the united states and the good for a political struggle here inside the united states and again let's not lose sight in china the rate of growth was 6 percent end let's not lose sight in china the rate of growth was 6 percent this last period in the united states 1.9 percent this last period in the united states one point. 9 percent for people who understand what that means the chinese economy's growth for people who understand what that means the chinese economy's growth and the american economy is in the ability to keep up is the most of the american economy is in the ability to keep up is the most important historical reality of today's numbers
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a lot of assets important historical reality of today's numbers a lot of asset bubbles bubbling up all around the world better keep your watch on it's very worrisome professor bubbles bubbling up all around the world better keep your watch on it's very worrisome professor richard wolffe at the university messages amorous thank you so much for being here thank you sir richard wolffe at the university messages amorous thank you so much for being here. thank you. time now for a quick break but hang here because on the other side. time now for a quick break but hang here because on the other side as cryptocurrency has continued to climb in the public consciousness governments are taking notes as crypto currency is continue to climb in the public conscious and governments are taking notes on how to move forward in the states joins us in studio after the break to talk about the move forward in the states joins us in studio after the break to talk about consumer safety in the field and much much more and as we go to
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break here the numbers are consumers safety in the field and much much more and as we go to break here the numbers are close. close.
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and. for unions. and. for unions. rational assaults. assaults the. desire for love need a thief. desire for love need a thief. is
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. full. of them. full. of them should. it be. considered again do you feel 40. to be a couple. more avoiding aftershocks financially. and financially.
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we have this goal. we have this goal. we sure are talking prizes which was a surprise for me i wars we sure are talking prizes which was a surprise for me i was on the council all of them but that thought well this is these are media people become different there on the console all of them but that thought well this is these are media people become different their own kind so no need to trouble myself about it so i wasn't. kind so no need to trouble myself about it so i wasn't ready for the magnitude of things happening that when they
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began to read the flow of this magnitude of things happening that when they began to happen it was the sign that society as it is was reading it was the sign that the society as it is was ready to read. what i feel we are. what i feel we are. the age of us. the age of pacific economic cooperation summit set for mid november in santiago chile has been cans of economic
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cooperation summit set for mid november in santiago chile has been canceled amid widespread protests in the nation the government was forced to extend a state amid widespread protests in the nation the government was forced to extend a state of emergency to several cities last week as protests continue due to a proposed increase ambit of emergency to several cities last week as protests continue due to a proposed in. grease and public transportation fares and what they describe as economic inequality over public transportation fares and what they describe as economic inequality over the weekend mr pinera. sides including increased to men in the movies to minimum wage and raising taxes on the wealthy chilean president sebastian taxes on the wealthy chilean president sebastian pinera address the council isolation and the media address wednesday. as president deval chileans always address wednesday. as president deval chileans always have to have
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to put the problems it's an interesting subject to what a way millions and their needs their desires and their homes. in the. u.s. press president. or said to me in the summit to discuss phase one of a trade deal between the 2 countries were said to me in the summit to discuss phase one of a trade deal between the 2 countries initial reports claimed the 2 would sign phase one but white house initial reports claimed the 2 would still sign phase one but white house officials later clare clarified that the deal would likely not be ready in time for the summit at this time that the deal would likely not be ready in time for the summit at this time it is unclear when and where the 2 sides may meet to finalize phase one but it is unclear when and where the 2 sides may meet to
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finalize phase one boom bust will keep you updated. washington's on going bust we'll keep you updated. washington's ongoing war on huawei has apparently had the opposite effect in china where reports now showing war on huawei has apparently had the opposite effect in china where reports now show that the telecom the telecom. and has has captured captured a record share of the chinese new smartphone market on market while apple's sales continue to decline this as apple prepares to launch its own sales continue to decline this as apple prepares to launch its own series of 5 g. phones and it is back to ship more than $80000000.00 phones artie's rate is a 5 g. phones and it's back to ship more than $80000000.00 phones artie's rachel blevins joins me now to break down the latest so what are these latest numbers saying
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eleven's joins me now to break down the latest so what are these latest numbers saying well kristie while we continue to extend its lead in the 3rd quarter of twitter well kristie while we continue to extend its lead in the 3rd quarter of 2019 and it now commands 42 percent of the smartphone market in china 19 and it now commands 42 percent of the smartphone market in china which is far above both local competitors in its u.s. competitor apple which is far above both local competitors in its u.s. competitor apple now if we take a look at the numbers specifically reports show that wall way shipped 41 points now if we take a look at the numbers specifically reports show that wall way shipped 41500000 smartphones in china from july to september marking a $65000000.00 smartphones in china from july to september marking a 66 percent year on year growth meanwhile apple sells in the region continued to fall and 6 percent year on year growth meanwhile apple sells in the region
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continued to fall and apple's market share in mainland china dropped from 7 percent down to 5 percent apple's market share in mainland china dropped from 7 percent down to 5 percent so we see that even though there is continued criticism from the united states government chinese buyers so we see that even though there is continued criticism from the united states government chinese buyers are going even more towards why. all way and they're turning away from the american alternative are going even more towards wall way and they're turning away from the american alternative so what is the impact of these sales on the market specially for apple well this increase for so what is the impact of these sales on the market specially for apple well this increase for wall ways specifically comes at a really important time because as we've seen with the u.s. government they have wall ways specifically comes at a really important time because as we've seen with the u.s. government they have made no indication that they will be backing down any time soon and researchers made no indication that they will be backing down anytime soon
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and researchers have even noted specifically they have spoken out and they've said it's dominant position gives it have even noted specifically they have spoken out and they've said it's dominant position gives away a lot of power to negotiate with the supply chain and increase its a wallet a lot of power to negotiate with the supply chain and increase its a wallet share with channel partners meanwhile not only are companies like apple share with channel partners meanwhile not only are companies like apple feeling the effects of this ongoing trade war and the u.s. government stance feeling the effects of this ongoing trade war and the u.s. government's stance on wall way but at the same time u.s. chip makers also stand to lose a lot and they count on wall way but at the same time u.s. chip makers also stand to lose a lot and they could you lose more than $56000000000.00 in the next 5 years just in revenue do you lose more than $56000000000.00 in the next 5 years just in revenue
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if the united states keeps this ban on wall way and apple where you if the united states keeps this ban on wall way and apple where are they on the entire 5 g. race well it's interesting because apple is actually behind when it car they on the entire 5 g. race well it's interesting because apple is actually behind when it comes to these 5 g. phones and we've. companies like wall way and like samsung already 5 g. phones and we've seen companies like wall way and like samsung already putting out 5 g. phones and was kind of stayed behind and even with this new i putting out 5 g. phones and was kind of stayed behind and even with this new i phone 11 from apple they updated the camera which is what a lot of users were calling for phone 11 from apple they updated the camera which is what a lot of users were calling for but they still only had 4 g. technology but that's ok because their member but they still only had 4 g.
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technology but that's ok because there may be a 5 g. i phone as early as 2020 now reported to be a 5 g. i phone as early as 2020 now reports that are coming out are saying that apple is mobilizing suppliers to produce its 1st of its that are coming out are saying that apple is mobilizing suppliers to produce its 1st ever 5 g. i phones next year with 3 flagship models also set to include 5 g. i phones next year with 3 flagship models also set to include the most advanced mobile processors available and leading edge screens not the most advanced mobile processors available and leading edge screens now apple is expected to ship more than $80000000.00 of these phones out which means that they aapl is expected to ship more than $80000000.00 of these phones out which means that they are pretty excited about it they think it's going to be really popular but at the same time there are concerns that they may are pretty excited about it they think it's going
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to be really popular but at the same time there are concerns that they may be a little bit too late to the game and maybe by the time that they get their 5 g. phones out there be a little bit too late to the game and maybe by the time that they get their 5 g. phones out there their companies like wall way unlike samsung are already going to have the corner on the market or their companies like wall way and like samsung are already going to have the corner on the market so regarding the 5 to. technology can the u.s. what can you tell us about the upcoming f.c.c. so regarding the 5 g. technology can the u.s. what can you tell us about the upcoming f.c.c. vote so the federal communications commission is expected to have a vote on november 9th so the federal communications commission is expected to have a vote on november 19th where they will decide whether cellular providers here in the united states will be banned where they will decide whether cellular providers here in the united states will be banned from using government subsidies to buy equipment from chinese companies like wall way and from using government subsidies
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to buy equipment from chinese companies like wall way and like c t e now the chairman of the f.c.c. released a statement in which he now the chairman of the f.c.c. released a statement in which he said specifically quote when it comes to 5 g. in america security week he said specifically quote when it comes to 5 g. in america security we can't afford to take a risk and hope for the best we need to make sure our networks won't harm can't afford to take a risk and hope for the best we need to make sure our networks won't harm our national security threaten our economic security or undermine our values our national security threaten our economic security or undermine our values now it's interesting because if this vote passes not only will it impact wall way in c.t.e. it will now it's interesting because if this vote passes not only will it impact wall weigh in c.t.e. it will also impact any supplier earning company that the united states government decides is and also impact any supplier earning company that the united states
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government decides is a national security risk so it could harm the united states 5 g. network in the long national security risk so it could harm the united states 5 g. network in the long run rapidly changing environment richard love and thank you so much for breaking it down think you are on rapidly changing environment richard love and thank you so much for breaking it down thank you. thank you. the latest hack a bit point demonstrated to regulators that scrutiny and more regulation the latest hack of bitcoin demonstrated to regulators that scrutiny and more regulation does not equal to consumer safety the hack occurred due to an authorized x.
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does not equal to consumer safety the hack occurred due to an authorized access to the private keys of bitcoins hot wallet it lost approximately $32000000.00 as to the private keys of bitcoins hot wallet it lost approximately $32000000.00 japan is one of the few countries where quick those are legally accepted form of papers japan is one of the few countries where quick those are legally accepted form of payment and they have been at the forefront of blocked train innovation the exchanges are governments and they have been at the forefront of blocked train innovation the exchanges are governed by the japanese financial services agencies but now analysts are questioning the scrutiny by the japanese financial services agencies but now analysts are questioning the scrutiny and whether this is healthy or not crypto analysts. argue whether this is healthy or not crypto analysts. argue that more regulation and more scrutiny does not ensure that its subjects have stronger protected that more regulation and more scrutiny does not
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ensure that its subjects have stronger protection rather it could lead to a reduction in safety he said action rather it could lead to a reduction in safety he said the f.s.a. tightened enforcement significantly to prevent more hacks but they are not secured the f.s.a. tightened enforcement significantly to prevent more hacks but they are not security experts as far as i understand their main focus seemed to be more on k y c n n t experts. as far as i understand their main focus seemed to be more on k y c n a m l their scrutiny is the reason to put pressure on exchanges financially at melle their scrutiny is the reason to put pressure on exchanges financially and thus lose focus on security this comparison harkens back to zuckerberg stiff and thus lose focus on security this comparison harkens back to zuckerberg defense of libra where an reasonable amount of regular regular scrutiny actually dense of
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libra where an reasonable amount of regular regular scrutiny actually distracts focus from innovation and consumer safety which they apparently claim tracks focus from innovation and consumer safety which they apparently claim is their primary focus with more on the latest in crypto we welcome back jeff is their primary focus . with more on the latest in credit though we welcome back jeffrey tucker editorial director of the american institute for economic research so recovery tucker editorial director of the american institute for economic research so regarding this our regulars actually focus on the wrong things when it comes to scrutiny and security running this our regulars actually focus on the wrong things when it comes to scrutiny and security and that they're focused more on k y c n n and this is putting and that they're focused more on k y c n n and this is putting an unfair burden on exchanges it's really true i mean if we had had an affair burden on exchanges it's really true i mean if we had had this
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level of regulatory oversight in 2009 we would never some level of regulatory oversight in 2009 we would never have seeing because even come into existence we need permission lists environment of saying because even come into existence we need permission lists environment that allows experimentation that sort of thing the idea that regulators know block that allows experimentation that sort of thing the idea that regulators know block chain and crypto should work and should have oversight to wall the technology for a known crypto should work and should have oversight to while the technology for example is utterly ridiculous it's only entrepreneurs and innovators who understand that example is utterly ridiculous it's only entrepreneurs and innovators who understand this technology and these hackings by the way this is not a hacking of the core technology it's just technology and these hackings by the way
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this is not a hacking core technology it's hacking of wallets and particular application it's hacking of wallets and particular applications and typically the code is always buggy and and. typically the code is always bugged and it's actually a good thing when things get hacked you know because then we can discover the problems and it's actually a good thing when things get hacked you know because then we can discover the problems and it's private markets that manage this well regulators only want to control and it's private markets that manage this well regulators only want to control they're not actually interested in our security actually inside yet all they're not actually interested in our security. yes so i.b.m. actually issued a report that says a central bank right now is actually very interested as so i.b.m.
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actually issued a report that says a central bank right now is actually very interested in creating their own digital currency is as soon as 2025 but even if in creating their own digital currency sure it's as soon as 2025 but even if they do sell well and if they have actually changed because this will still be a centralized they do sell well and if they have actually changed because this will still be a centralized currency and nothing would have actually shifted in terms of monetary policy no i have grave doubts about i see nothing would have actually shifted in terms of monetary policy no i have grave doubts about the essential kryptos i don't blame them for wanting to keep up with the times and do the cool new thing the essential crypto i don't blame them for wanting to keep up with the times and do the cool new thing but actually you know by 2025 crypto is going to be voting but actually you know by 2025 crypto is going to be very advanced and there's so many private kryptos out there and so many very advanced and there's so many private
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kryptos out there and so many private blocks same technology is actually think central banks are so behind the curve on the stuff private block train technologies i actually think central banks are so behind the curve on this stuff you know reminds me actually of the old days when e-mail was 1st invented you know reminds me actually of the old. it's when e-mail was 1st invented the government said we're going to have our own e-mail accounts and everybody will adopt them because the government said we're going to have our own e-mail accounts and everybody will adopt them because everybody trusts the government you know and it didn't work and they had to shut it down it was just silly everybody trusts the government you know and it didn't work and they had to shut it down it was just a silly thing because by this time there were already so many private e-mail services and private email services the thing because by this time there were already so many private e-mail services and private email services solve the problem of security of spam and they became amazing i think solved the problem of
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security of spam and they became amazing i think it's the same thing the same same thing happened in the can into the kryptos. toto in who is inherently currently a probably a private private knowledge elegy because. not enough ideological reasons but. pretty for practical reasons and you know what i mean i mean in. markets just this better better of experiment with new technology all of the tech not all of those centuries so centrist as some central banks are trying desperately to catch up after having said no this is very bad for like some are trying desperately to catch up after having said no this is very bad for like 33 years and it's now the other leg up in ok it's good it's good we're going to be better if it's just a start up action actually believe it will so why why the u.s. is still also saying that this is bad that the chinese government mesh actually so
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they have actually just just paid 140000000 dollars to sub sub study. in order to promote blah blah change in initiatives and it's in their retirement age so what doctors are like what are at times also what type lots of problems in particular objects in particular people are thinking that they think they're focused on. the well and all the there's. not a lot by the way it's you know a couple 100000000 a does it actually amount to anything and probably by the way it's you know a couple 100000000 a does it actually amount to anything and probably the companies that get these gifts are not actually going to mount to anything so this is typical the companies that get these gifts are not actually going to mount anything so this typical member say a bit like the china's industrial policy is now being applied to block change member say a bit like the china's industrial policy is now being applied to block change it doesn't actually mean anything technology is
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a technology and it doesn't actually mean anything technology is a technology of documenting ownership rights which a woman is kind of part of risk and documenting ownership rights which a woman is kind of part of risk and. provides a much more effortless transaction peer to peer so that one of the app. is a much more effortless transaction peer to peer so that one of the applications of this infinite but nobody knows for sure but it's going to mount to the most nations of the infinite but nobody knows for sure but it's going to mount to the most marvelous thing that is of course private currency that's beautiful but it could also pertains marvelous thing that is of course private currency that's beautiful but it could also pertain to you know art auctions to anything that records go. to you know art auctions to anything that requires if you have a card titles property titles there's so many applications of card titles
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property titles there's so many applications are blocked and we're just in the early stages and i don't think any government knows for sure block and we're just in the early stages and i don't think any government knows for sure how it's going to work out i mean that's really going to be up to sure how it's going to work out i mean that's really going to be up to entrepreneurs and the private sector you know i think one of the things that we've been taught through entrepreneurs and the private sector you know i think one of the things that we've been taught through block chain. industries and because of the so on is that nobody blocked chain. industries and because under the so on is that nobody knows for sure what the future should look like and that's why we need to radically knows for sure what the future should look like and that's why we need to radical experimentation and for
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the regulators to get out of the way and just let proper mentation and for the regulators to get out of the way and just let private markets work and this is dr barbarisms are exactly right the other day and since testimony money. so says. saying up or they actually did something really interesting climate change has been such a big deal for singapore up or they actually did something really interesting climate change has been such a big deal for singapore and run right now they have created something called hot air carbon which recently just just launched this this we as a globalised carbon trading getting. warm and they now trade. value car value carbon trading trades. are $103000000000.00 so this is a big big deal for singer singapore and it looks looks like like all of all these blocks in innovations these latest ones are coming out of singapore coming out of china
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coming out of japan so right now innovations these latest ones are coming out of singapore coming out of china coming out of japan so right now south korea south korea as well as a huge dutch hub so though do you think that the that the us is already behind this it isn't hard. to use it at its best math if you go to any of these countries these are countries that are hungry for innovation desperate for the newest thing they want to countries that are hungry for innovation desperate for the newest thing they want to make money and make new beautiful products and it's really exciting everything make money and make new beautiful products and it's really exciting everything's been tokenized nowadays and it's just fantastic great . things being tokenized nowadays and it's just fantastic right south korea was just there not too long ago and the number of tokenization of everything that's korea was just there not too long ago and the number of tokenization of everything
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including climate change credits attached to social media like who would have thought that was including climate change credits attached to social media like who would have thought that that was going to be a thing where everybody is innovating in the space that i were intruding into. going to be a thing where everybody is innovating in the space that i were in train into a new world tokenization of of all important things if it's a value if it's important to you a new world tokenization of of all important things if it's a value if it's important to you right now in asia somebody is tokenized it. and in this right now in asia somebody is tokenized it. and in this country in the u.s. it's just like no no no you're bad you're bad you're bad let's go back to the old country in the u.s. it's just like no no no you're bad you're bad you're bad let's go back to the old days this control everything this is a good path forward and it's very close control everything this is
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a good path forward and it's very interesting for me to see see the way that the way the actress or actress or flesh is flesh her surety. all around the ground that we're. yeah except the exception of the you when you asked it's like it's like not you know you have you have an idea you better sit in front of the senate and the congress and we're going to grill you for hours and i have got it that's not a sit in front of the senate and the congress and we're going to grill you for hours and i have got it that's a massive exodus of innovators and entrepreneurs and talent all playing it's really very sad that exodus innovators and entrepreneurs and talent all playing it's really very sad and i think those of us in the space recognize exactly what's going on and i think those of us in the space recognize exactly what's going on it's been going on for probably 6 years now and it's deeply tragic and i don't know going on for probably 6 years now and it's deeply tragic and i don't know how to turn it
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round and we've got an american today has a culture of this punishing how to turn it around and we've got an american today has a culture of this punishing innovation and correcting entrepreneurs and investigate innovation. correcting entrepreneurs and investigating everybody regularly but meanwhile the rest of the world is what kind of cool new thing coming everybody regularly but meanwhile the rest of the world is what kind of cool new thing can we do to make money i think that's right attitude yeah exactly it's days where it's a really do to make money i think that's right attitude yeah exactly it's days when it's a really dangerous precedent when when you start starts i've put playing innovation right now. jeffrey tucker of the of the america and institute for economic research in that research thank you thank you so much for what's already being anti thank you. that's up to 5 by this time you can catch boom
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bust on youtube dot com i must r t c n x time i mean you can catch boom bust on youtube dot com i must r t c n x time. geysers financial survivor. max geysers financial survival. housing bubble. oh you mean there's
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a downside to artificially low mortgage rates don't get carried away oh you mean there's a downside to artificially low mortgage rates don't get carried away that's cause a ripple. effect additional reports. cooked additional subversives not on what was an ounce of to linger some of these if you could just do what you're supposed to not of what was an ounce of to linger some nice if you could just do it your old conditioning no. looking is no. simple yes swinging my feet and notional pulls me. simply yes swinging my feet and notional pulls me. look with a showing at the scully since last when i. looked with a showing at the bread which it was going to sing is lost when the church. has
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nickel ship movie you're pushing 30. do you think it will ship movie you're pushing 30. volts of shipping. yep and most of those. both of shipping. yup and most of those the book is the work of the person able still to say no i don't know what the book is the woman of the books and able. to say no i don't know what that or. something like that or. if it was the latest news in the puss. but arsenal. was the latest news in the puss. stuff no worries i'm all right so yeah that's right this was going to suck up more easily all right so yeah that's right this was going to so. little fish through the summer in the store
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oh yeah the soulful. lyricists through the summer in the store oh yeah the soulful . today there are good dentist and bad at it it's the bad. today there are good dentist and bad debt it's the bad debt it is said those in yemen who the united states deems to be a threat the looked at it is dead it is said those in yemen the united states deems to be a threat the looked at those one in syria the cia and the u.s. military were engaged in those what in syria the cia and the u.s. military were engaged in covert actions really throughout the world. where they were assassinating covert actions really throughout the world. where they were assassinating populist leaders they were backing up the right way military quintos
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funding an army opulent leaders they were backing up the right way military quintos funding an army death squads there's no any more because there's always a small squad there's no anymore because there's always a small town called for a really good. profit. or a really good. profit. during the great depression which i'm old enough to remember there was most of my family during the great depression which i'm old enough to remember that it was and most of my family were unemployed. and it wasn't it was bed you know much worse objectively unemployed working. there wasn't it was bed you know much worse
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objectively than today but there was an expectation of the things were going to get better. today but there was an expectation of the things were going to get better. there was a real sense of hopefulness there isn't today today's him that there was a real sense of hopefulness. there isn't today today's america was shaped by the turn principles of concentration of wealth and power where shaped by the turn principles of concentration of wealth and power. reduced democracy attack solid. reduced democracy attack solo down engineer elections manufacture consent and without engineer elections manufacture consent and other principles according to no i'm chomsky one set of rules for the principles according to no i'm chomsky one set of rules for the rich
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opposite. that's what the rich opposite. that's what happens when you put her into the hands of a narrow sector of what happens when you put her into the hands of a narrow sector of will which will is dedicated to increasing power for chills just as you'd expect will which will is dedicated to increasing power for chills just as you'd expect one of the most influential intellectuals of our time speaks of one of the most influential intellectuals of our time speaks about the modern civilization of america. about the modern civilization of america.
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with a snap election on the way and a break that extends. the snap election on the way into practical standards and in the back of the case parliament finally stops talking about of the things that the prime minister action in the back of the case parliament finally stops told. think about it the things with the prime minister and the leader of the opposition clashing over everything russia and so. i'm a leader of the opposition clashing with everything from russia. to the u.s. designs on the n.h.s. meanwhile the race to become the us democrats us designs on the n.h.s. meanwhile the race to become the us democrats 2020 presidential candidates is getting tighter many still undecided 2020 presidential candidates is getting tight many still undecided. there's such a big deal. there's such
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a big push to just get donald trump out of office because there's a lot of confusion with the democrats push to just get donald trump out of office because there's a lot of confusion with the democrats and they're not really thank you 19 together to make one strong candidate and they're not really you know i mean together to make one strong candidate on the big east this halloween seems to be walked away without causing offense but isn't the biggest this halloween seems to be without causing offense but is a.

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