those numbers again two days in a row down triple digits on the dow the numbers the closing bell right in front of you. we've seen that market failure many times we thought two thousand and eight we thought in one theme ninety seven we thought in one nine hundred eighty seven and we're going to see it again probably in the very near future because the underlying design of this capital has not been modified to account for changes in technology over the past fifty sixty seventy year and we keep having these catastrophic value . systems will bundle of joy he would have no chose of surviving in the woods. as can only win one cup at a time but usually good business to. china puts a lot of effort into making up for this cruel mistake of nature.
china has penned the breeding has become something of a production line. it's almost as though they've been copied three d. printed and put on show for the public. several come here each year. but only left would buy dedicated scientists will be for nothing if panda love can't be encouraged in captivity it's not as though they don't practice a tool but in the lazy way they do everything else this proud to twins and has no idea that a special love potion was formulated just for the. eighteen years ago i traveled across the united states exploring america's dead. love affair
with the gun bad guy tried to get to one of my family member as he went had better a lot better and i think it's fair and hurting when i have my my baby since my book was published in the year two thousand more than half a million americans have been killed by silence in the us i mean how does the team yes we did this is a middle school we go through drills and we put ourselves in real scenarios it was interesting to see who actually got here. i decided to return to the subject to track down each gun owner who i'd met and photographed those years ago i don't know that but we are not. apple will cut anticipated production of the i phone x.
by half the first report that apple's new plans to build only twenty million units of their latest model of the flagship phone broke late monday in november the company had said they planned to build over forty million units the i phone x. carries a list price of nine hundred ninety nine dollars and holiday sales fell be low expectations apple stock fell on the cutback news and has been in decline since january eighteenth although the stock is up year over year by more than forty five dollars. a market moves record after record high over the last year we also see some signs of pullback in selling as we've talked about just a moment ago triple digits first time in two days first time in a year we've seen that and the largest dip in the s. and p. five hundred. munns here with more is actually burning through spoke with chris
mortensen the c.e.o. and co-founder of peak prosperity dot com. twenty seventeen and twenty eighteen have seen record highs for the stock markets but will that continue and what does that mean for people here to discuss and give his take is chris martenson the c.e.o. and co-founder of peak prosperity dot com thank you so much for joining us chris and now what is your opinion on the current status of the u.s. markets and do you think this will be a strong year for the u.s. economy. two separate questions there actually we've got obviously record high stock prices all over the globe but in the united states we see the same condition and we see records being set all over the place record bullish sentiment record low levels of cash an investor accounts record high stock prices by multiple different valuations so we're we are seeing technically fundamentally conditions that have
literally never before been seen in all of stock buying history so that certainly is the definition of buy high and hope for the best so that's part one and for the economy it looks like we're seeing some signs of life at the same time this recovery is very long in the tooth it's it's been almost i guess the third may be closing in on second longest expansion in the record books so lackluster for sure but do we see the things there that are necessary to really take this thing to the levels of growth that these equity and bond prices have been implying i don't see it and i want to switch now to an article you wrote on thinking alpha you say that when people think wealth they think about money and stocks but you make the claim that wealth is the stuff we actually buy like oil land food and egg fatter and now evan those are the things that really determine wealth why is it that we see a bigger focus on stock than money. well you know history is clear on this
actually we see the pendulum swing from fascination with things those are the real tangible assets you just mentioned to a fascination with paper we're coming out at the tail end of the longest period of financialization in our history of so there's a lot of fascination with paper right now but i'd love reminding people that real wealth is not money it's not stocks it's not bonds it's not derivatives each of those is a claim on real wealth and to make it simple if you're on a deserted island it's just rocks there's no fresh water no soil no nothing you are a big pile of cash isn't going to do you any good so it's important to remember that real wealth is land its resources that's primary well that's the means of production that secondary wealth everything else is a claim on those first two and history is complete actually we see times when those two things got badly out of balance like in y. marger money or in some bob way or recently in venezuela and that's what we think
is where we are is it an extraordinarily imbalanced market with the highest levels of debt the highest levels of unfunded liabilities and the highest equity prices these are all claims not real wealth chris some say that most of the largest bubbles and has three have occurred when price inflation on after that becomes higher than and comes can sustain that now if that holds true what would you say is the next great bubble to burst. i think we're in the everything bubble here actually what we've seen is since the late one nine hundred seventy s. early one nine hundred eighty s. depending on which country we're talking about an experiment started to be run and the experiment was this could we expand credit it's twice the rate that the underlying economy was expanding so in this story the credit fuels the asset bubbles that you just talked about those asset prices and on the other side the economy's your income that's what can sustain the prices of these things so where
are we seeing sort of bubbles listen i don't know you know every bubbles in search of the pin but i don't think that we just have a housing bubble in vancouver in toronto in sydney in san francisco those are true we don't just have a bubble in european junk debt which is now trading with a lower heeled than us ten year debt figure that one out if you can we don't just have a bubble in equity markets which are priced at the highest they've ever been this is kind of the everything bubble unlike the prior bubbles that we saw in two thousand and seven and two thousand i can't find any really undervalued places to hide this time except cash in commodities chris every word to experience a financial disaster in the near future do you think our current markets are ready and how do we you think we've learned enough to offset the damage that could be done. no unfortunately the lesson that we should have learned in two thousand and eight was hey that was a bad idea creating so much credit not that you defined what
a bubble is it's when yes had prices rise beyond what incomes can sustain but to have one in the first place you need one thing always one thing and that's too much credit so our credit markets fell apart in rightfully so we were running a bad strategy in the federal reserve along with the bank of japan bank of england bank of canada european central bank said not on our watch let's get those bubbles going again we're going to push credit is the markets they did a great job we have a normas amounts of new debt in the system since two thousand and seven but we haven't had is the organic underlying economic growth that would justify those actions so you know when this next crisis comes are we ready for it the answer is no we have more debt just as much derivatives on the books and worse we don't know where the risks really are because don't forget these big banks big financial institutions are still allowed to account for the derivatives on their books by something everybody calls mark to fantasy whatever that whatever number they want they are still not marking to market we see emergency provisions stuffed into place
in two thousand a still muddying the waters all the way here ten years later chris let's switch over to tax reform what kind of impact do you think will think now that trump and the g.o.p. have passed their latest version of it. well we're seeing some i think some very positive developments with companies deciding to give some of that cash in bonuses to their employees that's going to come straight into the economy i've long been a critic that if you want to do emergency cash infusions go ahead and do it money for main street at least then it gets to the places it should money for wall street not a fan of that for wall street fritters that stuff away so that's on the positive side i will take the other side of the estimates where they say maybe a trillion dollars in new debts will result i'm going to say that numbers at least off by a factor of fifty percent maybe more it could be two trillion could be three trillion because actually the way they calculated that number first you can disagree with that under any circumstance but they also assumed no recessions are going to come
along and we're going to get really robust economic growth the at a rate we haven't seen in ten years so from those two bases alone i think that we're going to see much higher deficits coming down the future and of course i think the u.s. treasury markets already agreeing with that as we watch interest rates climb everywhere from one year to the thirty year paper we're going to leave it right there chris martenson the theme you know and co-founder of keep prosperity dot com thank you so much for joining us today. my pleasure. before we go donald trump will or should show up at the state of the union but who will be there will it be teleprompter trump or davos trump that i witnessed in davos last week at the world economic forum well he should probably be that davos teleprompter prompter trump and here's why going into the forum there were a few trump opposition protests primarily in zurich when air force one touched down
in a small group there in davos itself while a few davos attendees walked out of the president's speech one eyewitness with a t. shirt proclaiming i stand with eighty the president's remarks remained uninterrupted he was scripted and stay glued to the words that appeared in the teleprompter and it worked the result he spoke about his america first agenda not meaning america alone he was in fact warmly received and avoided up setting global political and business leaders most of us recall that he didn't do quite that of the one his few forced four and four raise last year to the middle east and to europe and the reception in davos with business leaders was likewise pretty positive his davos speech home to many and was a success by almost any measure that's the fellow who should show up for the state of the union davos teleprompter chump so doing so is particularly important given
the heightened an angry untag unism of many democrats the president shouldn't inflame already smoking embers many recall rep joe wilson's shouting out you lie during one of president obama's state of the union addresses it was by any reasonable standard pretty bad form the u.s. house of representatives where the speech is delivered is not the u.k.'s house of commons where booing and hissing cat calls and shout out sorry. regular regimen the state of the union address should be a place for inside voices and making progress for our nation but this isn't just about being respectful of the speech of venue or of those in the room it's most importantly about doing the right thing for our nation and the only true way to make long term positive progress is to work with members of both political parties that's particularly important on an issue that president trump has touted all the way back to the twenty sixteen campaign infrastructure reform today the president
and his administration has only provided a six pages six pages of bullet points on infrastructure it's a trillion dollar plan for gosh six six pages come on that needs to be fleshed out with more detail and the state of the union tonight is an obvious opportunity to do so furthermore infrastructure is not a very partisan issue the policy debates around infrastructure usually center more around urban versus rural transit versus roads debate than partisan politics a davos teleprompter trump could make a heck of a lot of progress if he speaks about the need for infrastructure reform the official sees that would be created not to mention the jobs and boom and business to the overall economy for the democrats they should really refrain from any bad behavior whatsoever that will be decidedly difficult for some who believe the president has toward it opportunities to work together and put in place the tax
reform program that will only exacerbate the current wealth gap and has to mean the office of the presidency nevertheless democrats should be respectful and civil we want people in public office who believe passionately in causes that's what our democracy is all about what it's based upon but the state of the union address however it isn't the place to deride or demean the president nor the president to be particularly partisan or sort of go to his learned worst instincts we can all do better we'll see if the president and the congress republicans and democrats alike can do a better job tonight will see and will listen. that's it for now thanks for watching be sure to catch boom bust on you tube youtube dot com slash boom bust r.t. catch you next time.
this is harlan kentucky. we're all in this group of them boys it was very funny. a co money city with almost no coal mines left. the jobs are gone all the coal mines the fed i'd. love to see these people the survivors of a world disappearing before their eyes. i remember thinking when i was younger that if anything ever happened to the coal mines here that it would become a ghost town but i never thought in a million years i would see that and it's happened it's happened. to. this little bundle of joy he would have no chance of surviving in the wild mother cat this can only win one cup at
a time but usually give birth to two. every year china puts a lot of effort into making up for this cruel mistake of nature. is just it was you or any of. china's penda breeding has become something of a production line. it's almost as though they've been copied three d. printed and put on show for the public. several cubs are born here each year. but only left work by dedicated scientists will be from the thing if panda love can't be encouraged in captivity it's not as though they don't practice until. but in the lazy way they do everything else this proud mommy gave birth to twins and his new idea that a special love potion was formulated just for. the
release the memo moment is upon us republicans are billing it as some kind of silver bullet revealing political corruption at the highest levels of the department of justice and f.b.i. the democrats on the other hand and their supporters in the liberal media college of distraction finally the public will decide. run of the with the flow the best out of the tools of. the concepts of pain to perform i actually prepare myself to. heed what. sorry trust me. as most of. the snow and homo stuff her. scanty. deity.
representatives from most syrian groups including the government opposition and tribes agree to form a committee on a new constitution and despite heated discussions during peace talks in the russian resort of sochi. in an unprecedented move the pentagon bans a us watchdog overseeing the situation in afghanistan from publishing information on who controls water on the ground that's that made a string of deadly terror attacks in the country. that's the message u.s. officials were given by angry palestinian protesters huge storm their meeting as tensions over donald trump's recognition of jerusalem showed no signs of abating.
i'm kate partridge and you're watching the latest headlines here at r.t. international thank you for joining us groups from all sides of the conflict in the syrian war have been involved in a heated day of talks during the peace summit in the russian resort of sochi and it seems they have produced a tangible result more against the of reports. first of all they've agreed on twelve points twelve points along which a future syrian state will be built it's it's a guideline the document itself made the rounds at geneva multiple times but ultimately it got nowhere it was finally side here in sochi and it's a road map that governs everything from syrian from syrian governance itself to
syrian sovereignty to how the military will be overhauled the other big thing that was agreed on is a constitutional reform committee to amend or rewrite the syrian constitution the interesting thing here is that seats on it will be saved for those that were unwilling or unable to attend these talks this will be passed on to the u.n. so the u.n. will oversee this new committee and the u.n. special envoy to syria will personally guide this initiative there was also of course drama nobody saw it coming this morning there was no into bit but from late arrivals to cancel participation even arguments and shouting matches there's even heckling i want to express my sincere gratitude to our colleagues.
and friends again i would like your attention. if it's long lives russia then let me speak please. there was sides as i mentioned the. unwilling to come to these talks we're talking here about the hardcore position of the high negotiations committee that is based in saudi arabia and compromises many rebel groups they've sent a delegation and the turkish pressure reportedly that came to sochi but they refused to leave the airport they stayed for about ten hours at the airport of sochi and they took offense at the various banners that were hung up in the city for these talks the turks tried to get them to come but to no avail nevertheless there were many other parties many denominations ethnicities christian he's indian muslim susan shias there's certainly a lot of debates internationally turkey russia iran three big players the
guarantees of the astronaut peace process they were all here in the western part of this for example united states they really sent junior representatives and from what we've been told by a level of they haven't displayed much optimism much enthusiasm for this sochi peace peace conference as the true new year to go towards yes it's way more difficult to negotiate when it's not like minded people who sit around the table like in paris and washington but opposing sides but agreement by opposing sides are way more stable money lasting and sustainable than those achieved in an industry of like minded states taking decisions for the syrian people and the syrians can decide the fate of their country the other thing that organizes and the russian foreign minister wanted to make very clear is that sochi is no alternative and it is not a competitor to the geneva process the geneva process will continue under the auspices
of the u.n. controlled by the u.n. and overseen by the u.n. and the u.n. security council the u.n. special envoy to syria he will. as here as an observer seeing what was happening seeing the discussions i'm aware there were intense discussions in the room today and you're proving it. this is normal in a democratic environment so we don't really normally we now have the text we have the theory we have the documents that have been signed by everyone what when means to be seen is whether they'll be put into practice you know whether they'll be enforced and what will come of this well u.n. special envoy for syria stuff on the restorer says the sochi meeting office a unique possibility for political rivals to join in crafting a new constitution. we never had to be going into it but seizure actually getting involved in do discussion or you will get to shoot
because it would not give it me agreeing on the possibility of creating a call to show commission which in that would be a good un to do it but i think we have reached that point. and staying with syria where one person has died and two have been injured following a bomb attack on a turkish military convoy in live that's according to the turkish army two of the victims were civilians including the person who died the attack was carried out by kurdish militants the convoy was on its way to it live to assist in the creation of the deescalation zone or meanwhile an iraqi kurdish television channel has film some of the damage in the turkish enclave of afrin in syria afrin has been under attack by turkish forces for over a week the video shows the aftermath of shelling as well as civilian casualties.
now the u.s. inspector general for afghanistan says the pentagon told the office to keep quiet about how much of the country is controlled by the government and how much by the taliban and other insurgent groups however the spokesman for the resolute support mission in afghanistan says the data isn't classified and there was no intention to conceal it he says human error is to blame for the misunderstanding here is what the inspector general's office said in its report. this development is troubling for a number of reasons most least of which is that this is the first time since has been specifically instructed not to release information marked unclassified to the american taxpayer the instructions are coming from the pentagon and they are given to the special inspector for general afghan reconstruction and from what we understand they've instructed him not to give out certain pertinent information especially about casualties among afghan forces but one of the key things that
they've told him to leave out of his reports is the balance of power on the ground he's essentially not being permitted to reveal what territory is controlled by the taliban and what territory is controlled by the afghan government what territory is controlled by the i still forces and that's key information if you want to understand what progress is being made and how the war is really going now at this point the usa has been in afghanistan for almost two decades it's had its forces on the ground there have been air strikes and such and we actually have a kind of an admission from secretary of defense james mattis that not a lot has been achieved during that time this is what he said during understand the urgency to understand it's my responsibility we're not winning in afghanistan right now and we will correct it now at this point there has been a little bit of a change in strategy in afghanistan the usa is escalating its airstrikes and bombing of afghanistan at this point four thousand three hundred bombs were
actually dropped in the year of twenty seventeen that's more bombs that were dropped in two thousand and fifteen and twenty sixteen combined however it hasn't really had the effect of changing things on the ground in fact the i still forces and the taliban forces have actually increased the number of attacks that they've carried out let's take a look. now
at this point the usa is sending mixed messages about the possibility of negotiations with the taliban we heard in october rex tillerson the u.s. secretary of state say that the usa was not willing to negotiate with the taliban entirely but that it was willing to negotiate with what he called moderate voices among the taliban now we've heard from donald trump that there will be no negotiations with the taliban no talking to the taliban whatsoever there's no talking to the taliban we don't want to talk to the taliban and we're going to finish what we have to finish what nobody else has been able to finish we're going to be able to do it now we've heard a response from the taliban essentially mocking the united states and saying that if the usa wants to find them it knows where their office is located in the city of doha at this point we are not hearing moves from either side the taliban or the united states about resuming negotiations so i.