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tv   Boom Bust  RT  August 22, 2017 4:29pm-5:01pm EDT

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perspective so that we're not hearing one echo chamber that mainstream media is constantly spewing. we're not beholden to any corporate sponsor no one tells us what to cover how long the conference or how to say it that's the beauty of our t.v. america. we give both sides we hear from both sides and we question more that journalists are not letting anything get in your way and bring it home to the american people. most people think just stand out in this business you need to be the first one on top of the story or the person with the loudest voice of the biggest race in truth to stand down in the news business you just need the right questions and demand the right answer. the. question.
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i i i i. i'm lizzie francis is the boss broadcasting around the world from washington d.c. tonight american icon ford motor company is that's produced its electric cars in china and numerous others are following suit also the european union is taking a hard look at buyer's sixty six billion dollar takeover of months on so it calls into question the fairness of competition over pesticides and my guest weighs in on president trump's new plans for afghanistan we explore the economic implications stand by for right now.
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i. lockheed martin has just snapped up a four hundred twenty seven million dollars contract to supply the u.s. military's f. thirty five joint strike fighter aircraft with pilots flight equipment and ancillary military equipment the f. thirty five program has been mired in budgeting problems and technical issues in recent years and has suffered public criticism by president donald trump for its cost overruns this is on the back of a massive deal struck in february when the pentagon agreed to pay lockheed martin eight point five billion dollars for ninety f. thirty five that's a cut rate deal in the face of the president's criticism and public backlash in
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january news emerged that the program was delayed. and would cost taxpayers five hundred million more dollars than expected the f. thirty five program budget hit four hundred billion dollars that's nearly double its original cost over the course of fifteen years this new deal is set to be wrapped up by december two thousand and twenty. monday night president donald trump laid out his strategy for the seventeen year old war in afghanistan and said the security threats are immense as a result despite years of calling for pulling out of the country he now says he has a secret afghanistan afghanistan strategy which will include an attack here to discuss the policy the political and market impact as well of the president's speech last night as former u.s. reading commissioner bart chilton barr thank you so much always a joy to have you sit at the table with me and break down the issues this really
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was a completely different donald trump on afghanistan anyway from candidate trump or even private citizen trump if we go back to two thousand and twelve take a listen to what he had to say on this. conditions on the ground not arbitrary timetables will guide our strategy from now on america's enemies must never know our plans or believe they can wait us out i will not see when we are going to attack but attack we will. ok a quick ating on things is new for this president but does this show he's maturing in office or is that just too much to help right now i'm not sure about maturing in office lindsey i think it's pretty obvious that he is listening to the generals not only john kelly his chief of staff but general but master at national security council and a former general now secretary jim madison the department of defense i think they
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have more influence and rightly so i'm glad they're there and i think afghanistan is just a typical thing that you're seeing what you will see more and more of going forward the generals have a louder voice in the administration with all the shake up that's been going on there during the last. you know eleven days we've seen a lot of the president himself has taken some incoming fire a lot from members of his own party over as comments regarding charlotte's fell into new polling fact six in ten people say they're embarrassed of the president's remarks around in charlottesville president lost his standing and representing our values do you think i think kids certainly for a lot of us you know the question what he says and some of this i wonder is it a little bit of you know the dog where remember that one nine hundred ninety seven movie lindsay where they tried to create a diversion for some bad stuff that was going on with the president by creating a fake or in albania well you know i think there might be
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a little bit of that going on now where he's had really arguably the worst week ever last week or worst twelve bosses if it's possible but it was a nadir in my view and this shifts the debate and shift the topic from charlottesville and and i'm not saying that these are important national security issues they are in the president did a good job last night but that doesn't mean that we shouldn't be suspect of the timing and i for one given charlottesville am suspect ok but how about the impact of these key economic policy proposals he's put forward tack. perform as little as as we got from that infrastructure improvements do you think last night you know makes that. well given more traction on capitol hill i guess is what i'm saying it may not have anything to do with us to mastic issues but will something like that given the little more traction especially with us our party i think that's the hope that this is sort of a minor reboot of the presidency and this is only the second time lindsay that the
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president's actually spoken to the american people one was that joint session of congress back in january where he did so very well and people like me said this shows that he can be a good president but then we've seen all this other you know mishmash going on through several months last night was another presidential performance by mr trump i think the question is whether or not he can follow that up and so far he's been want not to follow up with the right thing on message and it's hurt himself on the things that you're asking about tax reform infrastructure and coming up we have not only the spending bills in the fiscal year in the u.s. the government fiscal year runs out at the end of september that's fast approaching and second we have the debt ceiling which will need to be increased and whether or not this this thing on afghanistan propels him to more popularity on capitol hill much less in the general populous remains to be seen i wouldn't hold my breath
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on a lot of his sort of going forward getting done in the near future though ok so shifting from capitol hill to the markets they've been on a tear this month is one of the worse in a long time do you think last night's speech. is going to sort of have an effect on that going forward we've seen ups and downs massively everything is elected well you know we saw all these you know record breaking high and we even had a high earlier this month but this is on track to be a pretty bad month the worst months since october you can still pull it out and i'm hopeful it does but i think. there's a sort of a bubble lucius euphoria i've been calling it in my speeches that's been there in markets because of tax reform in infrastructure and i think that's waning i think it started waning with charlottesville and whether or not markets continue will have to to grow we'll see it was nice for a little bit of a rebound today the dow closed at one ninety six both nasdaq and the s. and p. five hundred were up today so that's good nasdaq at three down days in
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a row so there are some positive signals right but again we'll have to wait and see i think that there was a dip people were selling off in the last ten or twelve days and people are buying that dip as they do and they've made a little bit of money but whether or not it continues i think will in large part to pend upon what the president does in the coming days markets don't like dysfunction in washington right so their military presence in afghanistan you know maybe it could mean something significant for the markets if you know defense spending and then therefore contracts and elderly lindsey to interject real quickly there are joint us south korean military exercises in the south china sea the right week and so there's a possibility that could raise unintended conflicts so everything sort of a little bit sketchy at this point ok last question before we go real quick going forward side president giving a speech in arizona it's been a debacle so far just setting this thing up what are your predictions for what we're going to hear and what might general john kelly face as the chief of staff he
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will say something not really nice about the incumbent senator jeff flake who opposed him early on in the primary and he may say something that does show this whole thing that he did yesterday that was so good i have to wait and see the mayor the mayor in there did not want him to come but he's coming there are protesters out on both sides so we'll wait for a few hours and see and then we'll wait and see the tweet war after that thank you so much former u.s. attorney michelle parker thanks as always for joining us. the iconic american automaker ford motor company is such a joint forces. with privately owned chinese auto maker. the automobile company there in china it's aimed at developing and manufacturing electric cars in that country now china has pushed way past the united states in two thousand and sixteen as the leading market for electric vehicles. auto electric vehicles saw a fifty six percent jump to sixteen thousand in sales so far this year that's
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compared to the same time period in two thousand and sixteen ford said it expects china's market for all electrics and hybrids to grow to six million units per year by two thousand and twenty five volvo is set to join the club with plans for chinese manufacturing of its electric cars which will it says be ready for the showroom floor within two years and then nissan general motors and volkswagen have made similar announcements. time now for a quick break stick around though when we get back my guest weighs in on the live or scandal that has baking giants in the hot seat and monsanto and buyer have an uphill battle as they try to tie up a massive deal in the european union as we go to break check out the numbers.
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all the world and all the news companies merely players but what kind of parties are anti america play are to america. america. anyways. just like the real. suit actors bad actors. you could never you're. so much part. well steve all the world's a stage all the world's a stage and we are definitely a player. i'm a trial lawyer i've spent countless hours poring through documents to tell the story about the ugly side of. corporate media re uses to talk about these. i'm not a pretty clear picture about how disturbing to love corporate conduct as
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a mom these are stories that no one else. might have known your host of americans question. would you have for breakfast yesterday why would you put those for the face. of dogs. what's your biggest fear a little bit on a hay ride when so let's talk a little bit bored you say if you ever miss the things the best quote about. let's point the topic that doesn't belong in the piece now i did did you do to question more. the play station network which powers sony's play station four video game has allegedly been hacked according to the happy years. a group named our mine claims
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to have breached the p.s.n. system infiltrated the database and stolen user information is representative of our mind says it obtained user names names and emails and that it is a security group so it won't actually release the information it's something experts have seen many times before groups get famous with a big hack then turn and get hired by big corporations to protect them from hackers so many social media accounts were taken over and then quickly retaken but the company hasn't yet issued a statement and who can forget that cataclysmic sony hack back in two thousand and fourteen unreleased movies were leaked along with explosive corporate emails and chaos was unleashed expenses connected to that had cost sony upward of forty one million dollars. usually when we talk about the block chain it's because the values of bitcoin and other crypto currencies are making
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headlines but this time around it has to do with major u.s. food companies and retailers nestle unit lever and a handful of others plan on joining i.b.m. to block chain project to track supply chains and improve safety instead of relying on a third party it would allow companies to use a network of computers to record important data the announcement was made in a statement on tuesday which said that ten companies will begin sharing this data with i.b.m. the program though has skeptics but it also has many success stories and example wal-mart which has worked with i.b.m. since october it said it narrowed the time it took to trace the movement of its mango stock for nearly seven days to two point two seconds. almost a year ago buyer announced its multi-billion dollar takeover of monsanto but the
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deal remains under scrutiny in the european union where it might not go through after all to bust out the fishing is here with more on that for us now bianka that's a big thing that you use worried about it's taken a hard look what's it got going on so the e.u. is worried about competition in the crop sciences sector and if that were to go through it would basically become the biggest part of buyers entire business operation if buyer is able to go through with the takeover of monsanto it would create the largest seeds and pesticides company in the entire world that's according to legislators in the european union which are fairly concerned about competition and a statement on tuesday the european commission said the commission has pulmonary concerns of the proposed acquisition could reduce competition in a number of different markets resulting in higher prices lower quality less choice and less innovation in response to that the germany based buyer issued a statement saying buyer looks forward to continuing to work constructively with
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the commission with a view to obtaining the commission's approval while it throws another wrench into buyers plan the commission's latest statement doesn't come as a surprise in fact plenty of other companies in the agro chemical sector have had to make some sacrifices to finalize deals dow was only able to acquire dupont after promising to sell research and other assets and kemp china had to sell off parts of a subsidiary and some of its businesses to the commission's approval to take over syngenta in order to get the blessing of south african regulators buyer offered to sell its liberty crop chemical and seed that resists its plant killing effect so far it hasn't done much to impress some of the deals biggest critics like environs . activists afraid of how it could impact farmers and consumers however the commission has made it clear it will be reviewing the deal only from a competition perspective and won't be debating other potential facts but that
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doesn't mean buyer won't have to face those critics especially in the us or monsanto is busy taking on a global health organisation. let's talk about the sponsor a story which organization is it actually going out they are going after the world health organization yeah so in two thousand and fifteen who released a study that said round up which is one of monsanto's we'd killing products could cause cancer and as you can imagine it was caused a lot of problems for monsanto it became the basis of a lot of lawsuits against the company and in california they had to start adding labels on their products out specifically said this could lead to different types of cancer so since then you know that was two years ago now there have been many organizations in the u.s. and in the e.u. that have just missed the study but that hasn't been enough for them so they created their own study that they say debunks the one from who and they would like to be investigated by the u.s. and you know come out with
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a formal apology specifically stating that it does not cause cancer ok now back to the deal it's trying to go through is it just the e.u. that's issuing i want to say a review of a review almost of this deal where it's oh it's the evil that is conducting this study but they're basically working with counterparts from many other countries australia brazil canada south africa and also the u.s. and there's a pretty big emphasis on the u.s. they are at earlier in the summer a group of senators wrote to the justice department saying that they would like the justice department to conduct a review of the deal as well and expressed concern about trump's meeting with c.e.o.'s from both companies fort lee after he was inaugurated so they have a lot of concerns about any sort of influence coming from the white house or if it's going to be easier for them because of connections that they made have all right thank you so much boom bust down for that.
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the u.s. government has a number of the u.k.'s biggest banks rigged libre rates the daily measure showing the interest rate at which banks can lend to one another. for a lawsuit brought by the federal deposit insurance corporation the high court claims that each bank defendant had a common financial and profit based incentive to collude to lowball us dollar live or submissions and in turn to cause us to live or to be lower than it otherwise would have been this in turn increased profits now the f.b.i. see which bailed out a number of these affected banks during the financial crisis points the finger u.k. giants including barclays lloyds banking group and royal bank of scotland the claim is on behalf of thirty nine american banks it's part of a much broader rigging scandal which came to light back in two thousand and twelve joining me now from london steve kean the author of can we avoid another financial crisis and the world's first crowd funded economist at page trend dot com steve
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thanks for joining me now let's talk about this case do you think the u.s. government actually has a solid case here. or has a rock solid because this is a question of collusion and market manipulation and the email trial is so blatant you might as well just go into the court and say lay down was there were guilty what's the follow on. that's that's frightening but let's look at what a lot of people are asking which is essentially who says and enforces the rules live or where was the oversight in this panel this is a huge scandal. well the problem is that if you look away a lot of our actually came from the actual concept of using it as the by sustaining interest rights. mainly profit bonds but also some government bonds around the world is that libel was seen as being the world's broadest market for the buying and reselling of bombs on the basic reason behind that was that the conventional
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economic theory says that banks have to have reserves to lend when a deposit that goes from one banker that moves reserves that forces the banks to have to borrow reserves from each other which they prefer doing the borrowing directly from the bank of england and that they will get a picture of an extremely large market with lots and lots of transactions that is all a myth and it's now being cited by the by the central banks of the world events the idea that banks need reserves lindt is a complete myth and consequently what it means is that the amount of lending that actually goes on borrowing or of reserves from one through each other and and buying bonds of each other to have sufficient reserves and so on is quite trivial in fact and one of the markets linked to the setting of the label right i think there is something about twitter less than twenty five transactions over an entire year now of course in that situation it's very easy to manipulate the market rather than being extremely broad lots of transactions and therefore impossible to fix it's one of the narrowest markets in the world and very easy to fix and that's what
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the english banks have been caught red handed doing ok well the case has been made that instead of doing away with that we should just actually change the composition in the calculation that instead of saying that there are enough observable market rates that could indicate how much a pound or dollar cost to borrow do you think we can actually rework. or is the risk of this manipulation to you as you pointed out just too great. i think it's too great i mean label it spice on the model of transactions on a model of lending which is false so if you make buys any real world system on a fallacy it's bound to blow up and if i said some that's how it's happened this time around. the whole idea that there is some market said right of interest is itself problematic and then that's yet that's we've got the all arguing all the economists supply and demand curves into sicking supply and demand set the process that whole vision of how financial markets operate is completely false and the
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economist of belief is what they call a natural right of interest again this is based on a model called learnable funds which says that this is a supply of money created by people saving and the interest right the that is there isn't a demand in the interest rate is the lower that demand is and bang or each equilibrium in it's a total myth so we have to do something which actually acknowledges the real world situation and that is twofold one that the level of interest writes is driven by the level of debt the ha the level of profit that the lower the rights can actually sustainably bay and then what those rights laws are set by central banks but the trouble of course the central banks are now talking about setting negative rights so the whole idea of having the right set of the label becomes if you made it is right said over the average right of federal central banks around the world it could will still be negative and nobody well nobody selling bonds wants but he
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wants to have a negative right of return on those bonds so it is really going to be a big mess and the best situation my will they just take an average of rights on bonds around the world and try to buy shit to some extent on average but to use labor i think does dies or ok let's talk about the technology didn't they you referenced. failed work to citi group and company of tom hayes here received more than fourteen year. years in prison for his part in the scandal famously said the bank did not engage in low balling quote to the best of my knowledge and quote so given the scope of this scandal how likely is it that top players these banks didn't know what their company was doing. i think that i mean the extent to which the financial sector has got away with blue murder in the financial crisis is quite remarkable so i'm not about to. finally make the the day of a chinaman but you know we had think one person went to joe could see of the two
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thousand and eight process where as bill black who ran the prosecutions back in the sidings in the lunch process which is a follow a skull event compared to the financial process of two thousand and i bill reckons he put three hundred people behind us and we just don't have regulators with bowls like bill blackberries these guys so the lock to get away with it anyway but this is the whole problem we we have people who are in control of the not just the management of money but the actual creation of it and can make large amounts of money by manipulating those rights and we're expecting him to be trustworthy the temptation is just too great not to be. do you think anyone's going to actually serve time based on this. this that this rock solid case as you point out and now i know. oh it's possible i mean some of those a miles or so outrageously blyton what would you like the right to be would you lock it up would you lock it down i mean it is absolutely is the satellite down is
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there guys of of market manipulation so the possibility is some of those people will go to jail but the likelihood is it will be low level people rather than people at the top and we're seeing a similar thing happening in australia right now i mean there's been an outrageous kies of of the struggle in the major strand bank the commonwealth bank being involved the money laundering and turning a blind dog hundreds of billions of dollars worth of probably fraudulent transactions and the outcome of it is have been a twenty percent cut in the bonus for the chief executive and he's going to retire in a year's time during which time he learned something like about fifty to one hundred times the last time the inning of an average a struggle we simply cannot punish the financial sector at the level and unless they end up going that the behavior will continue right the heads will roll but be nice if the big dogs thank you so much steve kean author of can we avoid another financial crisis and the world's first crowd funded economist at patriot dot com thank you. what do you usually well look for in a partner do you like
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a rugged good looks or the guy who always makes you laugh maybe she's the girl with the prettiest eyes or maybe you should be rocking a high credit score instead two thousand online daters were surveyed and sixty nine percent agreed that if your rocking a high credit score you basically had the most important quality it beat out humor attractiveness ambition courage and modesty fifty eight percent even agreed it was more appealing than a flashy car there's a bit of research that supports this too apparently in a two thousand and fifteen paper. researchers analyzed more than fifteen years of new york federal reserve data and found that if you had a higher credit score you were more likely to form a long term relationship with someone someone of a similar credit score so this love really is a numbers game after all that's all for now from all of us here thanks for watching see you next time.
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our culture is awash in lives dominated by streams of never ending electronic hallucinations that bird fiction until they are indistinguishable we have become the most. society on politics as a species of endless and needless little politicians war just celebrities are to ruling parties are in reality one party corporate. those who attempt to. run universal to be designed to push through. an exploitation of your little. so far to the margins of society including by a public broadcasting system that has sold its soul for corporate money that we might as well be. squeaking against an avalanche little squeak we must.
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lead the local blogs sell you on the idea that dropping bombs brings police to the chicken hawks forcing you to fight the battles that the lead to salt spreaders tell you that every gossip and probably one of the most important. of them off the matter doesn't tell me you are not cool enough and let's not buy their product. all the hawks that we along the border the one. i'm going to do just. that you're watching are.
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coming up on r.j. america president donald trump lays out his plan for afghanistan or does he and the trumpet ministration is planning five hundred million dollars worth of expansion and renovation of the one ton of a detention facility. the famed columbus circle statue in new york city to be next on the statue chopping block all that and more coming up right now. good evening it's tuesday august.

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