tv Venture Capital RT December 29, 2013 7:29am-7:45am EST
i think christmas and you're enjoying the rest of your holidays in today so we're going to be taking on some of the financial when is on the loses of twenty team we'll be speaking to saxo bank chief economist stephen jacobson is outrageous. new publications always. been another of modest success to solve an economic woes for the general theme for the majority of the world's major economies has been the stuhlinger of great it seems that the recovery road in a financial crises is a long winding one the european debt crisis has managed to avoid collapse but yet there's no resolution that was the u.s. shutdown of of money squabbles the ukraine trade tug of war and russia fell to achieve its big growth so we're going to check in with our correspondents in washington. sent you most if more twenty thirteen another says his first check in
with period boring who's in washington for us a pan tell us twenty thirty who will take. recording is definitely the financial winner in the united states started the year at about thirteen dollars and peaked at twelve hundred additionally congress held hearings on virtual currencies last month were federal regulatory officials recognize the benefits of big coin closing the year on a very positive note and they want to invest it in the virtual currency did very well in twenty thirteen the biggest loser this year is the middle class this year alone at their quantitative easing the federal reserve spent about a trillion dollars in bond purchases which is devaluing the u.s. dollar and of course it's also hundreds the country's reputation on the world stage and helped lead to the talks of a possible debt default during the partial government shutdown anyone on a fixed income has been negatively affected by the feds and place unary policies thank you perry in washington. when i got across the pond in talking with mr peter
all of our european correspondents who tell us how has twenty thirteen treated them pay some of the data for business at the end of twenty thirteen in the eurozone and things can look quite rosy at first glance orders appear to be across all of the nations in the monetary union however when you look at it on the nation by nation basis you see that's not the case there's clear winners and clear loses when it comes to winners look no further than right here in germany both large and small scale manufacturers have seen increases in their all of the orders they're receiving critically when it comes to the automotive industry that's come from asian markets that they've been targeting particularly hard when you look at the losers though just across the border into france the eurozone second biggest economy well they've seen steady contraction of their business say something to cheer to be a worry heading into twenty fourteen and on to that still serious economic problems
in countries like greece spain and portugal and the end of year report really reads good work germany but the rest of you need to do better or new year warning there for mr page to all of our reporting from ballon just so let's now go next door on the map and join alexei our chefs he's been covering the events in kiev the trade will situation ever since they kicked off alexei twenty thirteen has seen ukraine pushed into the global spotlight but for all the wrong ways as could you summarize the country's situation they see it for us. well in a very burned early december it seems that ukraine would be a big time loser this year canonically the country's economy was in a pre default state trade relations with russia halted which seriously affected the economic situation in the country all add that to a huge external debt of more than one hundred thirty six billion dollars it was cited as the main reason why give did not sign the euro so season deal fearing.
that the country's economy might bludgeon to further abyss all that caused massive unrest the blockade of governmental buildings and that's why the budget for twenty fourteen could not have been passed for a some time but two weeks before new here the president a call which went to moscow and signed several agreements moscow promised to invest fifteen billion dollars into ukrainian bonds and eventually the budget has been passed and we can say that at the end of the ukraine might eventually turn out to be winners economically especially comparing to the situation in september and in the summer alexei s.s. the report saying in kiev for us rocking out twenty thirteen for ukraine look at m.l. rife back in moscow a legal case going off is to tell us what russia has achieved and what the country didn't manage to achieve in twenty thirteen eagle far away. well it's been a year of broken illusions for russia sort of with after missing though with the government talking about an annual growth rate of five percent but then it was
taken down to just one point four percent this year so what went wrong will simply russia is no longer immune to the global slow which means there's a weaker demand for russian export or domestic demand has been weak as well and investment recovery hasn't happened while promises for an infrastructure all remain just that promise but it's not all that bad at all the positive side russia's campaign against corruption has made progress in an effort to tackle offshore accounts bureaucrats were banned from possessing bank accounts of broad also the government is talking about introducing stricter penalties for firms of voiding domestic taxes thirty russian banks were shut down since they couldn't meet their new quality standards so an overall growth has been the loser but the winner has been russia's ongoing campaign against corruption you go there reporting it from moscow as you can see just outside the kremlin and saying with russia that the biggest winner personified for twenty thirty was mikhail khodorkovsky once russia's
richest man he was pardoned by president vladimir putin now the oil tycoon the former yukos oil company chief is spent ten years in prison for economic crimes including oil embezzlement but was freed on humanitarian reasons as his mother and this is putin's final much in twenty thirteen to improve the investment climate in russia the theme of anti corruption greed of law ongoing now moving on the saxo bank house released its annual outrageous predictions for the year ahead and these are the ones i think the most outrageous because there were ten inches or so i've picked five out so easy wealth tax harold to return a soviet style a con of a us the first one so with growth still pretty flat well taxes have paid. savings over one hundred thousand euros will be in force in a move towards equality for all the. alliance will become the largest group in
parliament yes so well you don't need me to tell you that this would mean that political and economic turmoil and perhaps the end of the union and that stuff is the text fact five wake up to a nasty hangover in twenty four t. so with the huge world of amazon netflix twitter pandora media and yelp could this be said to. brant crude drops to a c dollars a barrel that produces a fail to respond this would be a disaster for russia now all thanks to the non-conventional methods and increased saudi arabian as well then the fifth one i chose i'm probably in my opinion is the most outrageous i was most shocked by this one in particular so you're a powerhouse germany in recession what's your shocking stuff by let's get straight to saxo bank chief economist right now stephen jacobson to shed some light on these
scenarios and i want to start and ask you about the e.u. a wealth tax was all about also likelihood of this happening. thing is very likely it's already been tabled by the i.m.f. . as an indication of what is needed in europe europe needs of course as we also saw with the bangin deal this week is to secure a certain amount of funds that can be used to recapitalize the banking system and overall support that we get nations so mean the european economy has moved pretty much to almost to a soviet style me with planned economy and i think this will be the final straw confiscating wealth from europeans so if you've got money high debt and moving on and c.e.o. alliance will become the largest group in parliament now this is not kids and the
union completely. yes was what you probably noticed is that in the in england in the u.k. the u.k.i.p. party u.k. independent party is now bigger than the tories exactly this european parliamentary election similar in france maybe le pen is having strong we need to have cells and the far right in holland which also represent d.n.a. is also doing is two year olds an impulse so by end of may we could have a situation potentially where the biggest or the second biggest fraction of the european parliament would lead the n.t.e.u. vote which runs contrary to what the e.u. commission and most of the politicians wants of course because they want more europe not less but it seems like the voters one is exactly the opposite to certainly one less europe not more people who got the text five wake up sanaa still hangover in twenty forty because i've had a great year. yeah they had
a phenomenal year and it's what is interesting is that we're not actually saying the technology is expensive where we are saying is that these names which is household names the names that people recognize the people use that ones are the bigger risk of the bigger risk comes from the fact that when they buy technology they tend to buy what they do know and that's for sure trying to point out so take amazon the c.e.o. basis may be the most brilliant businessmen in the world but they do not justify that you prefer a hundred dollars for every one dollar of a profit the the company generate is simply got to expenses or in the language of language you just used to fat. and listen this was particularly worrying the next one the eighty dollars a barrel for the crude oil because obviously i'm talking to you from moscow here and eighty dependent stocks people could be sweating all over the place what's going to happen that's quite worrying. it is but if you think about it it's
actually quite laci gold because already right now in the w t i the u.s. space production easy extremely cheap and trading at a discount of fifteen to twenty dollars from the brenda oil but if we look at the brendel itself of course the bigger risk or the positive risk if you think it geopolitical is steady rain comes on line in terms of production again on top of that you have libya you have a some a number of the other countries that or the past couple of years has seen a much smaller production relatively if they do come on line and at the same time as i do expect that slightly we get global growth if you have almost a perfect storm in terms of price and as you correctly say there will be a challenge to not only russia but certainly to most of the middle east absolutely what's in that month or so now this one for may was my personal most outrageous one day in recess and because they've done very well this is the powerhouse of year out that's scaring
a. it is but it's again i don't think is that soft edged do not forget that the reason why you're a bad certainly germany did so well fearing through this crisis is the simple fact that the merchant decided to ramp up their investments all the way up to a significant part of the g.d.p. so they overly invested a lot of that investment they do do of course is german costs german production and then at the same time at home you know have minimum wage you have the most expensive electricity in the world you have seven million working poor so germany looks better on the surface than it does on the knees and i think that is what is coming to to the coming into full light in terms of twenty fourteen germany is already slowing down on the need but right now they're reporting top line very well staying jacobs and that joining us from sachs a bank told him to ask about the outrageous predictions for twenty fourteen which apparently also just all feels left thank you for joining me is indeed the last
twenty thirty years while we see you next to. the burley and social science center just published a study suggesting that two thirds of muslims in western europe hold their religious rules the laws of the countries that believe if you read the bible if you if you go into christianity you find the sentence that you should obey god more than. religious will one or two. more convincing those of the state it's in the very same thing that is now referred to muslim.
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