tv Boom Bust RT August 15, 2017 5:29am-6:01am EDT
billion for lindsey france you're watching boom box broadcasting around the world from right here in washington d.c. coming right up korea crack down china ban from north korean imports complying with u.n. sanctions but it comes with a warning to president trump plus public private partnerships the u.s. expects to use these to prop up america's failing infrastructure will work and bit coin bubble new heights for the crypto currency as it breaks free for a thousand dollar barrier but our government secretly trying to stifle it stand by all that more starts right now. china is banning key north korean imports starting tuesday a move made to comply with u.n. sanctions and possibly placate u.s.
president donald trump china announced monday it's a whole ting imports of north korean coal iron and seafood the announcement follows a week and phone call between chinese president xi and trump about how to deal with north korea's nuclear advancements trump's been threatening to investigate china's alleged theft of u.s. intellectual property which could or could result in severe trade penalties beijing has warned trump not to use the threat of a trade war to pressure china on north korea calling ratio between china and the u.s. should be based on mutual respect and each other's needs are interesting the issues of the korean peninsula and trade are two separate lines china and the u.s. should respect each other and enhanced cooperation on these two issues it is obviously inappropriate to use one issue as the tool of imposing pressure for another one china is by far north korea's biggest trading partner accounting for roughly ninety percent of pyongyang international engagement the first half of two thousand and seventeen in beijing. reported
a ten percent rise in trade with north korea compared with the same period last year which china says is normal for its relationship that is not covered by think sions iron ore imports had jumped sixty percent and chinese exports spiked nearly thirty percent but because of a coal ban coal imports were down seventy five percent the move to ban more north korean imports conform with the latest u.n. resolution saying that china signed on to support. in response to recent sanctions the u.s. imposed on iran iran's parliament has agreed to increase spending on the country's missile program and military according to state media lawmakers sunday overwhelmingly approved the outlines of a new spending bill to quote counter america's terrorist and adventurous actions in parliament they chanted death to america the new u.s. sanctions had targeted iran over its ballistic missile program and missile tests but iran maintains the tests do not violate its twenty fifteen nuclear agreement
because the tests are for defensive purposes there's been rising anger in iran over trying to threats to renegotiate or dump the nuclear deal struck under former president barack obama this spending bill is a response to that anger so what's in it the measure would give hundreds of millions of dollars each to iran's ballistic missile program and the foreign operations of its revolutionary guard said to be operating in iraq and syria the government of iran is a moderate president hassan rouhani is said to support the bill which now heads to an oversight committee for approval. another corporate leader has resigned from working with trump on policy because of political controversy on monday the c.e.o. of pharmaceutical giant merck and company kenneth frazier resigned from the president's american manufacturing council after trump's widely criticized reaction to an attack in charlottesville virginia trump condemned violence on many sides after the day long melee between white suprema. this encounter protesters ended
with a man driving into a crowd of counter protesters killing a woman and injuring many more merch c.e.o. frazier announced in his resignation that america's leaders must honor our fundamental values by clearly rejecting expressions of hatred bigotry and group supremacy saying he felt a responsibility to take a stand against intolerance and extremism triumph opt out tweeting less than an hour later but now that can frazier of merck pharma has resigned from the president's manufacturing council he will have more time to lower ripoff drug prices. while most of trump's agenda has failed to gain steam so far in congress one area where he has arguably the most bipartisan support is in his promise to make american infrastructure great again the wheels have yet to start turning on this and the details are slim but we do know is that he plans to heavily rely on public
private partnerships known as pete three's that's when a government contracts with a private company to finance build and maintain a public works project but how does it really work on a grand scale and will it work at all joining me is michael bell and president and c.e.o. of the associated builders and contractors michael thanks for being here oh it's a pleasure ok first of all i would love for you to explain to me what the point is behind peete three well public private partnerships essentially do a couple things for you but first and foremost we leverage the strengths that private sector brings with the strengths of the government sector so in other words the government has the faith and credit of the united states behind it so for instance if there's an income stream there can be backed by that faith and credit that's highly valuable to the private sector in terms of getting an infrastructure project done because they can go out to the debt market and securitize that fund and in that preservation you for met you. and build the project but where does this
funding come from the funding comes from an income stream so all public private partnerships sick that are successful have to have a sustainable income stream that can last the length of the public private partnership or the life of the infrastructure this is very very important that this is taxpayer dollars correct i mean this it we're talking about tolls and taxes here that could fund things like roads yes but not necessarily taxes really the best infrastructure project projects have a revenue stream based upon the use of that particular project so i spent thirty years in the industry and part of my career was in the public private partnership area with military family housing and so basically what the federal government does is they give a housing allowance to our troops the military that defend our country what the private sector did was securitized that particular housing allowance over
a twenty five year period in exchange for building new higher quality housing something that the federal government could do because the annual appropriation process so taking advantage of that private sector innovation and you know the debt markets they were able to accomplish something that would have taken the government hundred years got it done twenty five or so in people are talking about securing new sources of funding right off the back it has more to do with being able to secure it right away through a private company rather than with the government you're saying because of the annual appropriations it would take multiple years to gather that kind of state it's no different than when you or i go out and get a mortgage on a home basically the bank is saying hey small you've got a great job you've got a lot of income but you don't have the money right now i'll loan you that money to buy your house and you'll pay me back over that period of time through that income stream but you have same thing if a road has a good writer. ship military family housing has a good base housing allowances
a building has a good lease or you're doing you're saying over that period ten twenty twenty five years i know that income stream is solid so i want to give you the money now to build michael you're talking about perfect scenario situation if the road has a lot of traffic if this if that unfortunately we know things don't always work out very well with p three s. and there's obviously someone in trump's own administration who has a good good relationship with this in fact and that's his vice president mike pence he greenly a lot of people three interactions in his own state of indiana but it has not come without its criticism in interstate sixty nine there's a lot of issues with that they found that the project was severely behind schedule by years there were longer commutes for the travelers and on top of it there were increased traffic accidents so what happened in that instance i think is probably a little bit too early to tell from the articles that i've read you know the jury's
out there trying to do some after action reviews but we've done a lot of public private partnerships in the country and also across the globe and i think there's three things first you have to have that financial income stream that's sustainable income stream because it was not financially stable and sustainable over a long period time it will fail second thing you need to do if you need to set up the agreement so that it's a win for everybody because these partnerships are twenty five years long fifty years long so if you're a partner that's losing money or you're not winning you're not going to be around maybe you'll go bankrupt or whatever it might be so you've got to get that right upfront and the third thing you do is the cost to pursue these jobs is very high it's very complex so the government needs to do its best job to streamline to make it as transparent as possible so that we can come up with that win win on that secure sustainable income stream those three you've got a winner so how can we learn from the failures that we've seen. well i think that
those are the learning so there's not an age or learning because that's where public private partnerships push on that income stream what happens is people get very speculative on economic impact except for but if you have good solid writer ship numbers good solid lease rates good solid income stream you're going to have a good opportunity to do a successful public private partnership where else in the world have we seen p three s. work to great success or canada does these quite a bit they do it a lot of social infrastructure they do it in health care they do it in education so canada does quite a bit over in europe as well as in asia and also down in south america with power infrastructure things like that so it's very very successful it's been tested there have been failures but generally speaking those failures are because no income stream is not a win win deal and it's not in the best interests of the tax or michael i think we're all interested in hearing a little bit more about trump's ideas for his infrastructure plan michael president
and c.e.o. of associated builders and contractors thank you so much for your time today thank you to all right time now for a quick break stick around when we return china looks to take over an iconic american company and facing floods of asylum seekers from the u.s. canada to an old olympic stadium. as we go to break here the numbers the closing bell. welcome to. one employer that.
the city of minima so moch was hit hardest by the twenty eleven tsunami but it was damaged mostly by the radiation after the nuclear disaster. not even enough to let you know the. contamination is not complete but many locals could not leave their houses and farm those of us here with you know i thought. maybe if nice
and i get. six to one they stay strong like their ancestors centuries ago did. not mean. a lot but i want. to be sure that will their wounded soldiers find a way to rebuild their lives in the. one of detroit's big three automakers could become property of the chinese a prominent chinese automaker made a bid to buy chrysler automobiles according to an automotive news report monday
f.c.a. reportedly rejected the bid for not being enough money the bid was believed to be a small premium over the company's market value f.c.a. is declining to comment on this report but automotive news claims this bid came from one of just multiple chinese automakers that are weighing similar takeover proposals a chinese takeover of iconic american brands like jeep chrysler and donje could face pushback from the u.s. because in early two thousand and nine the u.s. government bailed out the big three automakers g.m. ford and chrysler to the tune of eighty billion dollars chrysler received twelve point five billion dollars in taxpayer funds the original american company has been zero now by german automaker daimler the federal government and now italian automaker fiacha but the chinese could be next the chinese government is said to be pushing companies to seek takeover opportunities overseas and chrysler seems to be a prime target. more than half of belgium's economic output is being
funneled into tax havens that's according to belgian media. belgium's gross domestic product was around four hundred billion euros in two thousand and sixteen according to tax authorities belgian companies have sent two hundred twenty one billion euros to tax havens or more than half the country's g.d.p. back in two thousand and fifteen the european union released a list of thirty international tax havens to crack down on companies that might try to avoid paying tax in the block. these havens include hong kong monaco and the cayman islands if a belgian company pays more than one hundred thousand euros into bank accounts or to people living in one of the blacklisted countries it must declare those payments according to authorities last year eight hundred fifty three belgian companies reported making payments totaling two hundred twenty one billion euros or an average of two hundred sixty million euros per company. well
a significant sum the amount miss is twenty fifteen's marked by more than fifty billion euros the drop could be explained by the exclusion of luxembourg where belgian businesses are no longer required to report dealings luxembourg was at the center of a financial scandal uncovered in two thousand and fourteen known as the looks leaks which showed a concerted effort by the country to help save some of the world's largest companies billions in taxes belgian businesses and luxembourg about sixty billion euros annually while tax avoidance is technically legal in the e.u. officials in brussels have been fighting to crack down on it. because it may not be considered mainstream yet but its success has been hard to ignore this week the cryptocurrency broke a no other major record surprising many skeptics that thought it was headed for
a downturn instead. it has more on this for us now it's pretty unbelievable what led to bitcoin surge over the weekend well there's a few reasons that led to the surge but the biggest one is the fact that bitcoin survived the recent split into two currencies when most people were expecting a very different aftermath about a week ago that coin passed three thousand dollars for the first time ever it was more than just another record breaker though it came shortly after a bit when split into two currencies and that led many analysts to say that it would have a very difficult time overcoming that breach but instead the opposite happened on monday morning that quinn was trading at four thousand three hundred four dollars and twelve cents up almost three hundred dollars from the day before and that's nearly a one thousand dollars jump from last week so now everyone's asking why and there's a few reasons for starters confidence and bitcoin survived after the split which was highly unexpected and days later
a change in the code modification. it was installed allowing users to store more transactions in the block chain we can also look to the craze surrounding initial coin offerings in fact the amount raised through i c o o's has surpassed the amount raised through venture capital funding in april of this year at the total raised it was just under one hundred million dollars by may almost two hundred fifty million and by june it hit over five hundred fifty million jumping past venture capital for the first time it fell in july but still remained higher than v.c. funding while it's exciting for bitcoin advocates the chance of that story continuing is at risk regulators around the world have criticized as vulnerable to money laundering and terrorist financing due to its end on him in the us the f.c.c. announced recently that securities laws may apply to the sale of digital coins and if there was a significant drop in i.c.l. funding it could drive the price down since most investors have to convert their
currency to bitcoin even if it's known for its volatility bitcoin has been gradually making its way to popularity and legitimacy which explains the increase in proposed for it deletions. let's talk about some of these regulations what are u.s. lawmakers proposing when it comes to crypto currencies while there are a lot of proposals but most recently earlier this month president trump side to do sanctions bill against iran north korea russia and so on but in that bill they slip in the mandate that didn't really get much attention at first that targets cryptocurrency and bitcoin advocates are very frustrated with it because they see it as the beginning of a sort of silent war on coins so in this bill it calls for a discussion of and data recording trends in a licit finance including involving forms of value transfer such as so-called crypto currency is other mess that methods that are computer telecommunications are internet based cyber crime or any other threats that the secretary made choose to
identify and congress is also. expected to come up with a more detailed and thought out plan on how to attack terrorism financing and cryptocurrency illicit finance world later this year and that's why you know that quote advocates are upset they see it as an attack on them that could of course affect the price or just general usage. we don't have much time left but i know that there's some speculation on coins rise in venezuela you know there's a huge economic crisis there could it work as an alternative to their currency it couldn't it has in a very small way but that's only if the government doesn't continue to push exchanges offline. if they continue a crackdown it's not going to be a true alternative all right boom bust the sheeny thank you so much for covering that for us amazing games there are. thousands of refugees from the us are pouring into canada mostly crossing from new york state into the province of quebec with most from being of haitian origin many are blaming the influx on an upcoming end to a temporary u.s.
order which brought sixty thousand haitians escaping disaster to the states in two thousand and ten mile of it explains how canada is handling and housing these refugees. the supply containers are down. and the tents are up as the canadian military prepares for more refugees from the us starting in like late evening yesterday we had up to twenty eight people during the night that has moved to the camp as we speak with the continuing inflow and outflow of those immigrants by the little total over sixty five hundred asylum seekers have made a claim in quebec since the beginning of this year hundreds of who have entered the province illegally in the past few weeks. this camp on the quebec new york border will be the first stop for many illegal immigrants who are still on the move one completed these tents are going to house about five hundred people that's going to be the total at this site but considering that hundreds of people are flooding in from the u.s. each and every day over this border authorities are in
a constant search for housing. just as for refugees in the montreal area now number close to twenty the biggest being the iconic olympic stadium which sleeps up to nine hundred men women and children each and every night precious a nigerian refugee who crossed from the u.s. into canada with his wife and seven year old daughter it's glad to be here he says he was a journalist in his home country and feared for his life he hoped the u.s. would be a better place to live but after only a few short months in the states he says the constant fear of deportation and a toxic atmosphere was just too much on the flip side after just a few short days in canada he's ready to make it his new home from what's. at that he stays that is a place you had teams come to me. to states he's saying a place we had him sad lost.
if any and different impression. and that's. the. way this is. a. big piece i mean it struck you very unhappy. to have discipline so good not to need means that good to us. when i grew up. to be. nice to have people helping people is something cedric a symphony has become very good acts after a call from the authority use and with the help of a small team at the olympic stadium he had it up and running as a refugee shelter in less than twenty four hours the vibe is good and people are smiling considering the situation you know so there's no tension we're here to provide. a room not not a room but beds bed sheets and wife i electricity showers and food you know it's
rudimentary it's not class it's not high class it's not luxury but it's functional but believe it or not that lack of luxury has come as a surprise to many asylum seekers especially some of those of haitian origin fake news sites which many blame for the recent surge of illegal refugees into canada have reportedly promised haitians in the u.s. that canada was automatically accepting them i suppose at what's up hoax even told them that canada was paying the bill for all their costs with ninety percent of the recent refugees and being of haitian origin this might explain why many of them chose to enter canada now according to canadian lawyer claudia molina these people have been misled it's very unfortunate that they're getting this information because haitians that are claiming refugee status are getting exactly the same treatment as a refugee so they have to prove before the court that they have
a well founded fear of persecution and that's not something that's easy to do canada views haiti as a country that is stable and safe in fact. the routinely rejects asylum claims filed by haitians in the first half of two thousand and fifteen or only thirty eight percent of asylum claim it's from haiti or accepted as for haitians crossing from the us their greatest fear may be totally unfounded. but then i don't want people who stay a day. he say nobody dies there will be back the fact is trump simply contemplated suspending the temporary protected status for haitians in the united states which was implemented in two thousand and ten after a disastrous earthquake in that country the moratorium is set to expire in january nothing has been done about this so far unlike in canada where the moratorium for haitians what's suspended two years ago canada continues surprise itself on
welcoming people from all over the world but for illegal immigrants it's not as simple as some would like to think canada will continue to treat these people with dignity and respect chances are though many will be told to go home and that won't be back to the good old u.s. of a i'm alex mileage for our america in montreal canada. ok so we all have those days when work can be stressful especially like today toward the beginning of the week anything could cause it to could be your coworkers it could be working conditions or just the job itself well a recent survey only stresses the fact that americans are really stressed at work this is the rand corporation that conducted a survey of three thousand u.s. workers with some interesting results they did an in-depth study for two years what
they found was that fifty five percent of u.s. workers claimed that they had unpleasant jobs seventy five percent complained about intense repetitive labor and in this stat which the study called disturbingly high one in five workers say they face hostile or threatening conditions that work including sexual harassment and bullying so we're stressed at work we knew that but is there anything good that can come of all of this while buried in this grim study not everything about working in america and in such misery most americans feel like they can take a lot of liberties at work eighty percent said they were able to try out their own ideas at work and about house of them say they can fall back on the support of their bosses and friends so good luck with the rest of your work week that's all for us for now you can check out the show on youtube youtube dot com slash boom bust r t thanks for watching we'll see you tomorrow.
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a busy day. walking dead. and it will make up for the fishes though says he doesn't know the. health care. in fattening up administrators they're not hiring doctors they're not actually improving health but they are creating more bureaucracy more fees more infant mortality a life expectancy is dropping overall health standards are collapsing. and book a clinical place cause they police a key to keep. up