tv Boom Bust RT July 7, 2017 11:29am-12:01pm EDT
income inequality stagnation gerrymandering of political districts polarization you know the lack of effectiveness in congress there are these are well documented trends going back decades and no there really are cute ten minutes fast to the point where people describe their system as being seized with a kind of paralysis. here's what people have been saying about rejected and that it was actually just pull along on the only show i go out of my way to lunch you know what it is that really packs a punch oh yeah it is the john oliver of our tea america is going to say we are apparently better than blue that you see people you've never heard of love redacted tonight. president of the world bank so very. seriously send us an e-mail.
by wednesday francis is broadcast around the world from washington d.c. tonight in the run up to the group of twenty summit in hamburg germany we take a look at the predictable economic and trade hotspots that are sure to crop up and a whole host of new political issues that are sure to get in the way and should firms plan to leave the u.k. even as brics that talks are just begun as british leaders shake and businesses are already planning their own exit strategies also where in the world the big point come from and where is it headed i discussed this with my gas stand by the bus starts right now.
as a group of twenty economic powers converge on hamburg germany for the annual summit we see a number of new leaders among the group and a number of new political tensions there as well ahead of the summit president trump gave a patriotic speech in warsaw poland which could indicate the tone he plans to strike in hamburg. the fundamental question of our time is whether the west has the will to survive do we have the confidence in our values to defend them because do we have enough respect for our citizens to protect our borders do we have the desire and their courage to preserve our civilization in the face of those who would subvert and destroy. trump is on course to separate himself from the pack over his stance on trade deals cue the exploration of new economic ties by other nations first stop japan and the european union the two have just announced
a free trade deal themselves also on offer here are a host of other hot topics north korea and its missile tests russia and the united states elections nato and climate change another area where trump diverged from the set path of course it's important to note that an agenda may be set but it's the sideline talks that sometimes bear the most fruit. traditionally the heads of state in attendance at the g twenty focus on global growth and market regulation but this year the expected topics of discussion are looking a little different for she has more on that for us now. we're heading into obviously very big thinking coming up what should we anticipate here right so as you said this year will definitely be more or less of a focus on disk roath and markets one big topic this year will certainly be trade because all of the other areas that are likely to be discussed derive from that so
it's kind of the root at this year's conference each year members from the g. twenty nations gather to talk about the world's most pressing economic issues after all they collectively account for over four fifths of global growth as well as three quarters of global trade and the latter has been a primary concern over the past year after breck's it and donald trump's president . victory the future of free trade became murky agreements like nafta and the t p p were threatened and it looks like the u.k. will not we're ten access to the european single market and it's not just the u.s. or u.k. that has to worry about that a change in any of those agreements could have global implications and it's clear that other countries like the richest member are taking note because i think we both agree on the facts that we want to strengthen multilateral relations as a consequence of the g. twenty s. work and we want to keep the trade flows open merkel made those comments next to singapore's prime minister just
a day ahead of the summit emphasizing their strong commitment to trade they also touched upon security issues which is another topic we can expect to hear about especially where nato is concerned during his trip to poland claimed billions of dollars have cordin to the organization since he called on all members to pay their fair share but he also issued a warning what we've inherited from our and. has never existed to this extent before and if we fail to preserve it it will never ever exist again so we fail. his remarks it didn't come as a surprise since he said before that he'd pull the u.s. out of nato if other members didn't pay up what might surprise some leaders though as the so-called welcome to help protests going on protesters descended into hamburg to bring attention to climate change just a month after the u.s. announced its exit from the paris agreement it's yet another issue that tension
between trump and his global counterparts considering the disagreement in policy the summit kicks off on this friday and will last for two days with protesters expected to be present for the full extent of it. of course we're sitting there watching what comes out of these meetings and as i've said before and i'm sure you've covered these stories enough it's not so much the meetings on the agenda it's the meetings that we see a lot of and source let's let's go back to talking about the japan the trade deal the just been announced between them what can you tell us about them so they just announce or trade deal it's a free trade agreement the e.u. is excited solid access to japan's cars japan is excited because they'll have access to the farming products manufactured in the e.u. we do not know every single detail of the deal yet it's pretty pretty broad but it is rather telling that it was announced on the day before the g twenty summit similar to similar to something other trade agreements that were just announced
particularly between you and asian countries you know some people are saying is this a sign that other countries are just not going to hold their breath any longer and just move past. america first policies and you know they're not going to wait for that to be official. going to go around him and not through him or through the united states really which is yeah important which is could be a sign for more similar agreements like that to happen sooner rather than waiting for breakfast to be officially over and waiting to see how the rest of the term presidency plays out. over climate change now is every member expected to jump on the u.s. for. pulling out of the paris obviously publicly they've made very harsh statements but all twenty members what do we see coming out of this divergence here yeah a little bit i mean most western european leaders like merkel and may have come out against it and said that they plan on challenging trump at the g twenty over
leaving paris agreement but a lot of other countries that have not signed on yet like turkey and indonesia are now being a little less clear on whether or not they'll end up signing on to the terrace agreement really so when trying to go i mean to see what happens on friday and saturday but it doesn't look like every single leader that's there is going to get after trying for not staying in the paris agreement that might be a little more of a mix i mean western europe will certainly be beyond him for it but the rest of the countries might remain a little more quiet. what do you anticipate just watching his posture and coming into this we've talked about you know two instances of him in speaking in paul about very sort of nationalist tendencies what do you think we're going to see as far as his behavior goes you know it will be different than his behavior in poland because he you know obviously walked into a very warm reception i think his reception at the g. twenty is going to be a little different so we'll see hopefully we'll push anybody out of the way this hopefully not you very much christine. after brags that the future of british
businesses came into question immediately will they stay or leave for pastures that the u.k. hasn't even left yet some firms are already planning very specific exit strategies and it's not sitting well with british leaders especially andrew bailey bailey who leads the u.k.'s financial conduct authority told a crowd at canary wharf firms should be able to take their own decisions on where they locate subject to appropriate regulatory arrangements being in place which preserve the public interests authorities should not dictate the location of firms he went on to say it would be regrettable if those firms moved before knowing what drugs that negotiations turn out to be but he welcomed the competition from other cities like frankfurt and paris to take over as europe's finance. canada's prime minister will be treading lightly at the g twenty summit as he attempts to manage a potential showdown between the us and germany are looking out for his own
country's best interests and that is just one of the possible fights there will be a number of divisive issues on at play during that meeting which could cause some sparks to fly including climate change terrorism trade and refugees or tease out some highlights has the latest for us from toronto alex. so far we've seen a bit of civility between the leaders from the u.s. and germany a little different than most of the white house not too long ago that may change though as the meetings progress how does prime minister trudeau intend to push forward his agenda while sort of mending these wrath let's face facts to those more on the merkel side that he is on president trying but their buddies let's not forget their buddies canada day which was just a couple of days ago right before the fourth of julys july the first which is canada day president trump sent out a message say you know my new found friend justin trudeau and hello everybody else in canada so they're buddies so that's the way that trudeau's playing this game so migration yes climate change yes you know we're talking about also free trade now
free trade is the big one for canada obviously the u.s. is our biggest trading partner so trudeau does to tread lightly he can't be as brash as merkel has been when she's talking about donald trump he has to tiptoe around mr trump and there's good reason for that i mean obviously trade you want to see canada making money and when you're making money with the states it's a good thing everybody's happy also the migration thing so you know how many refugees we take it to this country we had three hundred twenty thousand immigrants come in last year alone that that's a huge number it's a bit different in the states we know that and that's not something that canada is going to be pushing at all when it comes to climate change we are totally for the pair's accord and what mr trudeau is saying is that you know what the rest of the countries the g twenty summit including germany you need to walk around mr trump in a different way don't hit him head on necessarily there's a lot of advocates of the paris agreement in the united states they might be at a state level they might be at
a municipal level they might be just amongst people in the u.s. so looking at the popularity you know working for a better environment mr trump is not the be all and end all really but at the same time at the same time i think justin trudeau understands very well that to get mr trump to part. dissipate and all these things would be better so the way he does it is just with a little bit more diplomacy than i'd say a glimmer of hope does and it's been working and other leaders are actually read the world are trying to emulate what the present prime minister trudeau was doing when he's talking to president trump and that's you know a little bit of a stroke of the ego and then you have to move forward from there to say that coke's that ego and just welcome him with open arms that won the battle that's expected to continue at the g. twenty between germany and turkey so the latest on that. we know you know there's three million turks that live in germany so i mean that's a that's a lot of people and one of the contentious issues has been since last spring you know turkish politicians during election time there and even prior after election
they want to come talk to their people that are in germany and germany and the netherlands but said not to do it on our territory now president everyone was not very happy with that and that is still pushing forward right now we're seeing the installation art in hamburg that is and t. heir to one and that he's not very happy with that everything seems to be shocking to have those freaks out right away and as well as the fact that you know there was this whole agreement with the with the e.u. with refugees as well so you know we're talking about all these different aspects of it and just the fact that these two countries don't agree on a lot of thing media let's not forget there was a turkish german reporter a journalist back in february who was arrested in turkey angela merkel has asked turkey to return this woman many times over and present everyone say look no way first you've got to kick over some of the kurdish rebels or rebel types that live in germany over to turkey and then we can talk about this you know this is not one
of those he said she said or one of these battles where you get a bickering back and forth like merkel and trump they're calling each other names sometimes this is actually the real deal stuff going on so they're not really friendly with each other right ok well let's. let's talk about the refugee situation jeremy in turkey are likely to bring this on. we know many countries of the g twenty are at odds when it comes to the subject very touchy any progress who might be able to see in this area probably not and one of those things that you know i just mentioned that the refugee thing there is a type tie between turkey and the e.u. and germany obviously being the powerhouse there the six billion dollars went to turkey for the turkish to take care of refugees from syria so that they wouldn't be going through greece into the e.u. the turks were promised visa free travel they were part of a quicker access to get into the e.u. and then the stuff that's really happened so president was not really happy with the way this is moving as we know also in germany i mean they lead over a million million point two refugees into their country so it's going be
a lot of discussion here especially with president trumpet then you have the canadian side where we are living in refugees the saudis who haven't lived in a single refugee but want everybody else to so i mean twenty countries there there's going to be a lot ahead but again this could be one of those issues all right thank you so much alcohol events from toronto thank you. time now for a quick break but stick around because when we return the u.s. trade deficit narrowed and brian patrick he hopped the author of how money got free bitcoin and the fight for the future of finance weighs in on the background of acorn and helicopter where it is now we had to break through the numbers because about. it was only a matter of time before congressional democrats would attempt to impeach and remove
donald trump from the presidency well it's happening at this point it is unlikely this endeavor will succeed but this isn't stopping the never trumper. company like comcast for example is a company that has an anti-american as they get it as it's a company as an anti-democratic as it gets comcast coarsely on n.b.c. and of course they are just out of any of course i live will already trump it epic sketches and see think that they're being sold liberal that's acting they heard of ministration while the same time serving the terrorists so those people who are in that association should understand that they are to. look. to do the same. they're going to be cheap first
and then you improve all the countries don't let you ideas their right to go to his country he said to me give them everything that's lifting to fast. leave. this country is up. this is what we don't understand how we are in such an hour. or so to the ones of the same time. i was in. the. similar. one. on board got to meet believe they do with the phone. with the plane to. come back to the story you have to see.
the u.s. trade deficit narrowed by two point two percent to a seasonally adjusted for forty six point five billion dollars in may according to the commerce department these numbers depended on an increase in shipments of cars and consumer goods like cell phones exports rose modestly to one hundred ninety two billion dollars the highest level since april two thousand and fifteen now the deficit in goods with china fell by six point two percent to thirty point one billion dollars the gulf of mexico rose by five point six percent to six point eight billion president donald trump blames bad deals and abusive practices by trade partners for america's deficit despite the dip in may the overall u.s. trade deficit is up thirteen point one percent so far exports are up six percent but import imports are up for more seven point three percent while imports fell
slightly. argentina has a mega merger on its hands cablevision is joining up with telecom argentina it will create argentina's biggest public company with a market value of more than eleven point five billion dollars in a first for the country the new company will legally be allowed to offer packages of. wireless landline fixed internet and television services to its customers this is something competitors want to get in on and now they've got to play catch up it puts the sector right in line with president maurice crees a to increase service quality and digitization across argentina telecom argentina will issue one point one nine billion new shares to the owners of cablevision cablevision's holders will own fifty five percent of telecom argentina. and cryptocurrency are everywhere these days from the king of the mall to up and comers like in syria today they have a total market cap of about one hundred billion dollars but why are so many hot
right now where did it all start joining me today to answer these questions is brian patrick technology journalists and the co-author and the author rather of the new book how money got free coin and the fight for the future of finance thank you so much for joining me to talk about this obviously the subject of cryptocurrency and block chain attack it can be intimidating to the average person but what got you so interested that you felt you had to literally write a book to explain it to people. well lindsay the first time i ever wrote about bitcoin was in the summer of two thousand and twelve i was a staff writer at c.n.n. money and i'll never forget when i i was already interested in big but i didn't know that much about it and when i pitched this story to my editor she said you know ok go and do it but don't make too much of it she said because it is just a digital curiosity it's a plaything for crypto anarchists you know there's really not much to it and i kind of had a feeling that maybe that wasn't quite right but i really didn't have the ammunition
at the time to make a good rebuttal so i just i went and did the story and i remember as i will never forget i'm as i talk to the employees of the start up in manhattan i just became overwhelmed with the sense that this was something that had real potential and then the guys themselves i became you know just fascinated with how they were risking everything to build the early infrastructure of a new economy these guys were young they were hungry they were passionate and you know what i what i realized was that big coin opens a window onto a lot of the most important issues and events of our time whether it be the financial crisis and great recession or the globalization versus populism and so on but it beyond that it was really delving into the lives and work of these early rebel entrepreneurs that made me understand just how rich a book length narrative about bitcoin could be right so you've mentioned these early rabble entrepreneurs and coders we know that big coins big coins themselves
each singular one are generated by using computers to solve these complex math problems but who created the code in the first place and who invented the big point for people who are curious or people who watch the skyrocketing numbers now. sure well it was created by someone calling himself a toshi nakamoto which wasn't his real name there's there's been kind of a massive worldwide manhunt how many attempts to discover his real identity with no . of resolution to that in fact we're not even sure that it was just one guy it could have been a small team working together under one pseudonym but there are some signs in the early versions of the code that this was the work of of one kind of idiosyncratic genius and before he released the first version of the software in january two thousand and nine he published a white paper on a mailing list an online mailing list for cryptographers this very small group that
was in august two thousand and eight and some of the earliest guys who looked at this white paper that explained soto she's invention they tried to tell him you know this is crazy this isn't going to work and they want to engage him in this theoretical debate and basically he told them look i actually have already written the code i wrote the code to prove to myself that it could work even before writing this white paper to explain it so rather than getting into the debate it be easier for me to just release the first version of the software and kind of prove that it would work he had seen earlier attempts to create a form of electronic cash kind of spider out and never really go anywhere and he wanted to make sure that his would be more than just a pipe dream so he he did that and pretty quickly some other coders actually got involved they were attracted by his vision and they sort of volunteered their time to help him refine the software they discovered there were some bugs in the earliest version of because they needed to be fixed and so you might say suppose she kind of attracted some disciples but after
a few years. vanished from the scene he kind of walked away he kind of gave the keys to the kingdom to his right hand man this other developer and and he withdrew him self and i honestly think that's one of the many brilliant things that he did because he needed to see if it could stand on its own and not just become a cult of personality around this this you know shadowy creator so right solely as you say call. the personality create it pass it on to seat see if they can make a go of it let's talk about the seedier side a lot of people say that aside from not wanting to to sort of legitimize that claim because it's a volatile and unpredictable that's not the seedier side of things and dark web buying missile launchers and drugs. this here is a lot of people away from even wanting to talk about bitcoin what do you say to people that say well this deal would get in my eyes is that because because it is so secret. well i think we need to understand. you know because it is
a form of money and like other forms of money it is going to be used some percentage of the time by bad actors you know whether it be one hundred dollar bills or you know gold coins like krugerrands or bearer bonds or these different forms of you know direct of value exchange they always get adopted by criminals to some extent you know one of the big examples of this in the early days of bitcoin was the crypto market silk road this was the first example of a new kind of online black market that mostly sold illegal drugs and it's true that the impact of silk road on the court in the early days really can't be overestimated i mentioned because it was created in january two thousand and nine but for the first two years of its existence it was practically worthless in terms of monetary value silk road opened its doors in january two thousand and eleven and within days the value of a bit coin had gone above one us dollar and has never fallen below it since so you
mention the volatility but but despite the volatility it has you know always kind of stayed at or above parity with the u.s. dollar and so ever since then it has had this real monetary exchange value book so crude was finally shut down in october two thousand and thirteen and it's its creator this young texan named who was running it he received a life sentence of life in prison and what was discovered at that time was that actually the black market is a fairly small poor. of the overall but corn economy that the big corn actually can endure and thrive without it at the same time just like with cash as i mentioned this is also a use case for because it has never gone away completely it is still the preferred currency of the digital underground there are these other copycat black markets out there that were inspired by so crowed i spoke with a researcher recently who said it's about a five hundred million dollar year market altogether and that's pretty significant but when you consider the fact that big corn itself has
a forty two billion dollars market cap and billions of dollars worth change hands every day you know it's really not the main use for big corn right and it's interesting to see if these different initial coin offerings end up going through when it gets more legitimized by places other than just you know south korea's as we've talked about on this show quite a bit lot of volatility but man the value no and i never thought i would see this very interesting book you've got very very illuminating on this on a subject that not enough people talk about thank you so much for joining me on this brian is an offer of how money got free big corn in the fight for the future finance thank you and see. tesla motors debuted its first electronic car back in two thousand and eight it has been a mainstay of automotive world excitement for nearly a decade but now it's ready for an upgrade the new model three is set for delivery on july twenty eighth c.e.o. elon musk took to twitter proclaiming that the newest electric car passed all
regulatory requirements for production two whole weeks ahead of schedule now for some of us that announcement not mean much however it does mean a lot to the three hundred thousand people who paid thousand bucks just to reserve it what really sets this car apart though is the price tesla model s. cost around seventy thousand dollars the model x. jumps up to more than eighty three thousand and the three stays right down around thirty five thousand bucks tesla is looking to have more than twenty thousand model threes on the showroom floor by december. that's all for now check out the show on your to you tube dot com. thanks for watching. income inequality wage stagnation gerrymandering of political districts polarization you know the lack of effectiveness in congress there are these are
well documented trends going back decades and now they're really acute unmanifest to the point where people describe the system as being seized with a kind of paralysis. welcome to the wonderful world of blood donation i come here every three weeks to get my transfusion to be specific i receive in. my body gets and some bodies that i cannot produce itself around the world giving blood is seen as a symbol of generosity and does this because it helps people it's just that one of the side effects is that it. applies more. to put money on your car immediately you don't have all plasma based drugs today come from private
breaking news here on r t international they rush in to u.s. president sit in for their first face to face meeting on the sidelines of the g. twenty summit in germany also. clashes between. protesters and police are going with more than one hundred officers injured and scores of demonstrators. on the program. the radar admits there around one hundred registered gun owners.