tv Boom Bust RT July 27, 2018 8:30pm-9:01pm EDT
should put their country first also but america first does not mean america alone when the united states grows so does the world he made his argument that focus on domestic policies such as tax reform for individuals and corporations have boosted the national economy citing companies like apple who plan to repatriate billions of dollars back stateside a sober trump state on script without any off the cuff remarks assuring the economic titans that a prospect a prosperous america is good for the world. and european central bank president mario draghi joined the critics of u.s. treasury secretary steve menuhin on thursday druggy pointed pointedly suggested that nugent's comments that a weak dollar is good for the u.s. economy was a violation of an agreement reached with washington in october to avoid competitive
currency devaluations druggy went on to say several members of the e.c. the governing council quote expressed concern that this was broader than simply the exchange rate it was about the overall status of international relations right now . in the us aid trump appointee is pushing a major change to the legal process for settling alleged labor law violations peter robb general counsel of the national labor relations board or n l r b outlined plans to affectively demote the regional directors who result about eighty five percent of n.l.r.b. cases by placing them in a new smaller tier of civil servants who could overrule the regional managers the changes expected to tilt the system toward ruling in favor of employers.
all right let's head back now to davos with our children for reaction to the president's speech let's get parts thoughts on this as well as those who are in attendance. monella present trump speech was warmly received by a polite audience most of the time was spent on what the president himself describes as being a cheerleader for the united states he told the crowd that the u.s. was open for business and competitive again he said the economy was strong and smashing one stock market record after another consumer and business confidence was high and unemployment was low since by election we've created two point four million jobs and that number is going up very very substantially small business optimism is at an all time high new unemployment claims are near the lowest we've seen in almost half a century on the international front the president said that america first does not mean america alone he said we cannot have peace without security and that other
nations need to contribute their fair share to that security on trade he said he wants free open and reciprocal trade and made a declaration that he is open to re entering the transpacific partnership or in agreement with a subgroup of the proposed eleven nation pac we support free trade but it needs to be fair and it needs to be reciprocal. because in the end unfair trade undermines a so he also noted briefly about fighting terrorism together and mentioned his support for a merit based u.s. immigration system what was notable about the president's speech and his trip here to davos generally is it was absent of any major focus was the president spoke from a teleprompter except for two questions at the end of his speech the speech was undistracted by any protest although there was a large protest earlier in the week in zurich the city where the president's plane
air force one landed before departing to davos on several helicopters with the presidential entourage during his davos trip the president met with several world leaders including british prime minister to resubmit he also met with many business leaders when asked earlier today if he was bringing back any big deals from his visit here and how much those might be worth the president simply said the united states is doing fantastically well businesses are coming back and then when pressed to reporters on how much any business deals might be worth the president simply replied probably a lot. so far there hasn't been any more specifics on any deal or deals manila that's the latest on the president but it boom bust as you know we're not all trump all the time over and over again so i'm pleased to tell our viewers that we are now joined by the bitcoin queen of switzerland all got filled myer whose day job is c.e.o. of smart valor all good thank you for being with us thank you very much part for
having me here explain smart valor and what you call the smart valor network of our it's worked well or it's a decentralized marketplace for tokenized alternative investments and for everybody who doesn't know what to can use ation is maybe people heard about i suppose so so can. any public blog chain you know backed by some kind of ownership of the company or realize that this is to can use ation right and to davey sees the first examples of to can ization but actually anything can be too straight real estate infrastructure project diamonds so the ability. to market place for those two alternative investments or when we met a few months back at fin tech week in hong kong you spoke very eloquently about something near and dear to my heart as a former financial regulator transparency and compliance explain your perspective
for our viewers on that yeah you see a regulation this kind of legs the biggest toddle today on survey of adoption of plug chain technology in finance it started was based because you know i was very fortunate to be involved in one of the first major regulatory. cases for bitcoin in switzerland. we've made significant progress in switzerland and switzerland is developed in the crypt hop for finance right it's been just last week. the president of switzerland proclaims the wish of establishing the crypto nation. switzerland right so we hope you know that also swiss sort of financial regulator will continue to suppose that if development and create an appropriate regulation framework to enables us kind of technology and businesses do you have a background at u.b.s. working with high net worth individuals it seems they might have some roadblocks to
investing in crypto currency i mean one there are so many out there how do you choose and to it's a really technical space how are they doing this that's true actually you see there are a lot of exchanges for cryptocurrency spirit this is not the focus of business but you're absolutely right to. to to invest in crypto currency is today in the smart way you actually need a technical knowledge and pretty difficult and you need to understand the difference and protocols or does it you know why. this protocol is better as india has abandoned scalability interoperability and so on so for most people this is not possible so most people just read what people say this is you know a lot of votes but you listen rate to good development is that you know resolve and we see some kind of institute in state institutions structures come into place like
crypto. rights and there are funds that that have teams that you know have a very deep technical understanding and they select in the proper investments so so the industries evolve and the things that are a few interesting opportunity to get exposure to this industry so a larger question for you this is davos in the theme here is creating a shared vision in a fragmented world how does block change and or digital currencies play into that oh it's very good question bart i really so. a vial about it and then the starts you know fraction world i mean there are so many aspects to look what we're talking about forms of technology side knowledge aside here is actually about this central ization and disinter mediation right so blog in this is a technological power that will be trying to central this zation even faster right
so the first example is of course bitcoins a first to sensual post national currency right so that means you know that that actually how i was a citizen decides what i do was my money and where i send it government has no influence on that right so that potentially has been you know. potentially this is. a way to we can monitor the monitor of policy off of the states rate so basically you can say that we're talking here about riddiford nation of social contract between government and people in a certain way right and this is just a first step parade because from decentralized money will go to decentralized wells and decentralized property and so on right decentralized identity
right i den public ledgers where you can store your identity and it's not government who is in charge chose that right so i think you know it's it's kind of fractioned world on the one side but technology wise to get the support of full underlying trend is towards a decentralized society and it's a good. one final quick question are you personally invested in crypto currency is . actually today you should know should know they do and then you statements about it but i think that was one of the best decisions i've made all go felt the big coin queen. and c.e.o. of smart valor thank you so much for being with us thank you bard. and time now for a quick break but hang out with us because we want to finish out our week here at davos and here are the numbers at the closing bell. please.
the one on the lobby while collins i'm all. for a. cut. you'll. see this is hotter than kentucky. we've always moved them voices you've already agreed families are you know you're. a co money city with almost no cars. mines left. good jobs are gone all the wisest showed. that it was love to see these people the survivors of 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 the million years i would see that and it's
happened it's happened. so we really only hear of davos like once a year for the world economic forum right but what happens to the town during the rest of the year what do they do there all year and what does it have to do to get ready for the biggest economic meeting in the world let's go back now over to our children who's there and what's really. for most of the year davos switzerland is a quiet town of under twelve thousand people as the highest town in europe of monks the swiss alps most of the winter is about snow and winter sports there skiing and snowboarding and skating but the week before and the week of the world economic forum this city shifts and tremendously transforms fashion during the forum week one is as likely to see folks on sidewalks with old school wingtip shoes and
briefcases as they are with people with skis boots and poles even buildings shapeshifting just days ago there's a pizzeria dance club that is transformed into what is now called crypto h.q. a local wander a shop blue lemon this week is a temporary home to sales force the cloud computing company costs for these rentals can run in the tens even hundreds of thousands of dollars a church was even transformed for the week into a money making venture as they run out the establishment even nations like argentina and ukraine have rented various buildings we've interviewed guests this week at the india house and the russia house and the local economy is also boosted by big bucks at hotels where if you can find a room it will cost you five hundred dollars at a minimum and at restaurants the cost of a steak meal with no frills can run you one hundred dollars this year has been especially transformative and not in
a great way davos has experience more snow than any year since the one nine hundred ninety nine st snowblowers fill large truck which take and dump the snow outside of town as another truck quickly replaces the older one and while the removal process is a fission all that snow has made the already small roads not much more than a single lane making traffic totally terrible that's even with hundreds of police officers from neighboring communities joining the security and traffic effort on tuesday for example it took the boom bust team two hours to travel only two blocks as a forum ends today. many attendees will stay over the weekend come monday residents and businesses alike in davos will begin to get back to normal but they will do so with a little more money in their wallets and their bank accounts. as you know the world is becoming smaller and smaller every day one of the things that's helped us connect is the ability to talk to virtually anybody almost anywhere with the
advancement of technology a person here in the u.s. could be skype ing or on the face time with somebody in china in just a matter of seconds this theme of global messaging has played a huge role at davos and bart managed to catch up with one man who knows a little bit about the subject check it out. and we're back again and this time we are fortunate in actually honored to have philip metzger who is the director general of the federal communications office here in switzerland but more important than that he's also a global leader on technology and communication issues director general thank you for being with us thanks very much for having me and in davos of course the conversations about what we do in the world and how does communications and digitization play into creating a less fractured world serve well of course that is that is the one million dollar question because on the one hand the communication per se we know that's that will
be used to interact as human beings but on the other hand digitization is changing our entire lives how we work our we live how we play and so i think we have on the one hand the challenge of having a communication that reaches anyone and that we can have open channels of communication that we have a certain freedom to express ourselves and on the other hand with the new digital potential that we have we have to make sure that we move forward into a digital world without leaving the people behind so incluse inclusiveness into a city will be key and that requires i believe new forms of interaction as well to reap the benefits of the just as a she and director general you certainly know about our reversal of net neutrality which for lack of a better phrase rations knowledge because it rations choice and information whether or not it's on the internet or on television but how do you balance as a regulator the free market and demands for open access etc at the same time
privacy of individuals how to how do you walk that tightrope and i think that's of course a key aspect of how we make sure that going forward we keep the internet open and free and that people can use that tool not only just to communicate to interact but a. so to develop innovation and to develop the new services new goods and of course to allow for sustainable development which is our overall goal if you think about the twentieth erkki agenda and so i think that having said said the question of neutral access open access is key if i look at it from a swiss perspective we certainly want to make sure that our networks are open that there is no restriction there is no blocking of content we are keeping a close eye on that we have good initiatives from the sector we have good business initiatives we have good interaction between the stakeholders because citizens are
concerned about this is well but ultimately also need a number of number of rules without over regulating it because that can be counterproductive as well and so as we speak we're discussing in switzerland the revision of our telecoms act where we would like to in trying a number of rules regarding transparency so that the customer actually knows how his or her data is being treated and that they have a choice and i'm familiar i've been in this circumstance before where you know there is often times in overreaction to by politicians and i don't say that a negative way they're accountable to the people but legislators they want to do something and it's really your job director general jobs like i had before where you have to say nah let's make sure we do the commonsense approach and you go in and listen to people so it's a really a complicated balance to hold as we've talked about all the other issues well of course i mean i'm speaking again from my own country you know our fundamental freedoms are key to us there in trying to our constitution the freedom of
expression is an absolutely key tool for having the democracy that we have in switzerland the director more prosy work and so we certainly want to make sure we keep that openness having said that we are also aware and that's one other point we're going to try and change in that act that would the government. proposing a telecoms act to make sure precisely as you mentioned the child pornography that we can crack down on that more efficiently because there are a number of rules today and so it is a fine line as you said it is a fine line that we have to walk we want to be sure there is no overreaction but clearly there are fundamentals where days frankly a political consensus as well where we want to make sure that there are clear limits and with regard to big data this term that's often thrown around where your phone companies can follow you around in your mobile device eccentric how are you balancing that freedom of big data and at the same time looking at
scams and fraud internet crimes etc well again i think for us to have that freedom and to preserve it is key we have a believe a constitution which allows for a lot of private initiative to come up with solutions that work that people are hearing to that they're also buying in a sense if you speak about business but on the other hand what we realize of course is that we also have clear maybe european views if you will when it comes to data privacy and they may be different from other continents i think we have a sort of a common understanding that we want to have a control over our own data as well and i think is that one of the major challenges going forward big data and data per se is becoming an incredible resource and incredible. some people call it infrastructure rather would say it's like a raw material in any case it's something which allows us to progress a society the question is on the what conditions and the can and the question is
for us also in switzerland is how can we provide for a framework which allows us to generate added value because what we see at the moment to be quite honest is that a lot of this value is being created elsewhere and here there are major corporations global corporations which are of course have had fantastic inventions that they're using though that they're promoting that they're. we have great infrastructures i.t. infrastructures in our country but i don't think today we are getting enough of the share that we would like to get from the potential of data so we will have to find there as well find the right balance between the data protection which is a key component in our culture again and i think in a why european context on the one hand but becoming better in trying to provide the right rules that allow businesses that allow a also the use for commercial purposes and i think the key component is to bring that together so they would be more tools for the individual to decide what he or
she wants to do with his or her data and then enter into a kind of a transaction mode with business director general i travel a lot all over the world but i travel in rural america too and i can tell you in the states there are some places that you know it's not how much how many bars you have it's whether or not you have a bar whether or not there's even service there and it needs to be much better but i'm curious what's the circumstance you travel all over the world to what's the circumstance here in switzerland in the europe and in the world do they even have some of these internet or internet connections in some areas like sub-saharan africa etc well i think we have as i mentioned earlier we have i think we have certainly for speaking for switzerland very good connectivity and the providers the telecom providers operators are investing to keep investing a lot in that both fixed and mobile but as you mentioned i mean if you look at the global scale if you look at this this issue there is clearly. something a risk in
a sense that we get to a digital divide where we have people with access and we have others which don't and we know at the moment on the global scale it is not a really positive picture because too many people don't have access to the internet and again as important as the open internet the fundamental freedoms that can be expressed over the internet and unfettered. axis is important of course is to get the physical infrastructure in place and there i believe technology helps us in the sense that we have a lot of mobile great mobile technology or satellite also that helps to leapfrog in a number of countries where they couldn't just deploy you know fixed wires in the ground and on the other hand we have to ask ourselves what policies and what regulations are actually conducive to investments we are right now working in the within the broadband commission for sustainable development to which i am a member on a set of policy recommendations which should be you know be looked into by decision
makers when they decide what kind of rules they set because they can greatly influence the will and the willingness. of operators of investors to come to those countries who desperately need the access so i think it is a fundamental point if we don't crack the question of the digital divide we will have major major issues and we will leave the vast vast populations across the globe in a situation that they are not supposed to be that they deserve to be much better much better connectivity and so i think that's that's ultimately what we're here for director general of philip metzger we thank you so much for your time for your dedication to public service and for being a global citizen and helping to work on these issues all over the world thank you so much for your time is an honor to be with you thank you. all right that does it for me here in washington today but be sure to join us next week we'll have a ton more stuff that we didn't get to share this week in davos finally back with
us here in studio next week thanks for watching i'm an elegy and let's check out now with art over another. that's all for now it's been an interesting and really fun week actually and we hope all of you got a full flavor of what's been going on here at the world economic forum in davos switzer. you can check out boom bust youtube youtube dot com slash boom bust r.t. so long now from switzerland see you next week from washington. it's a very rough road there and you sort of try to move and you have to win fights to
be able to them if. it was gunshots going top them and so many friends ok what happened in the morning and i've been even not. don't let me back up but. you know i don't when you see a bit of what is in the true and is ready to participate in the good is both to me a book to read in which. you don't think about these three of these soldiers who don't know you got three teams played and you know i do and other patients. far away. down there aka paul go he does the dollar vigilante and he's an anarchist and that is anarchy it's anarchy in that there is no centralized authority that is corrupt of all that leads to all kinds of bad outcomes when you have anarchy we've
got to centralization of power you know you have the wherewithal to have a more peaceful existence. some for something. people as you know we that. feed in. the quiet trees. mostly incest so that only the eyes but yes the beasts. out of a sudden the man just done and will be there with. i said i will enter it even if they will not allow me. if they will shoot me.
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