tv Boom Bust RT November 15, 2018 8:30am-9:01am EST
and here to help us consider the business of the u.s. environmental protection agency here's a sneak preview they continue to have some pretty pronounced personnel problems all that straight ahead but first we had some headlines let's do it. we start today's global report with british prime minister theresa may who moments ago announced her cabinet has backed a draft withdrawal plan for brecht's that ms may said the alternatives to the draft were a no deal brecht's it or not leaving the european union at all as described the deal as the best that could be negotiated she also said that difficult days were ahead and that she believes with her head and her heart the deal is in the national interest the deal must now be approved by parliament we'll continue to get some details and bring you more. the continuing clash between the italian government and the european commission over italy's two thousand and nineteen budget continues a tie and finance minister giovanni tria defied previous objections in
a letter to the commission that notify them that mr tria and his colleagues would push ahead with a budget that projects a budget deficit equivalent to two point four percent of the a challenge and gross domestic product mr tria also insisted that he would stick with the underlying projections of a one point five percent growth on which the deficit figure depends the italian ministers rebuff late yesterday night came ahead of a deadline given by the commission which is now expected to move forward with a so-called excessive debt procedure or e.d.p. a process designated for nations that run deficits over three percent of g.d.p. against italy some even believe that italy may be subject to some sanctions going forward check it out i think we are approaching sanctions from the european union because i think that detention government unfortunately has chosen the conflicting course with the european union so i expect
a very tough reaction. yields on tell you and bonds rose to a three week high on the news and moving north to the german economy which has contract it for the first time since two thousand and fifteen according to the latest figures those reports indicate the german economy which is europe's largest of course shrank by point two percent in the third quarter be low expectations of point one percent contraction while the news was not shocking given those expectations and the recent troubles of german automakers over those european emissions scandals and those standards the news looks more more ominous for europe stability in the context of the things we talked about earlier the italian budget drama and today's british brecht's it cabinet meeting some analysts pointed to the weakening of view of chinese demand as a factor likely to suppress german growth going forward. and moving back to north america ford motor company has announced a huge partnership with retail giant wal-mart to develop
a grocery delivery system using self driving cars are autonomous vehicles i guess as they are increasingly termed delivery service post mates based in san francisco also be on the team helping to design the system for ford vehicles to deliver wal-mart's where's the project will start with conventional human operated vehicles and at least some of the testing will take place on the streets of miami florida miami dade county drivers take note in the longer term ford says they expect to begin producing autonomous vehicles by twenty twenty one. and in market manipulation news a previously unknown guilty plea from a former trader at j.p. morgan chase may give a big boost to a lawsuit to investors who say they suffered losses in the silver market it was real yesterday that john edmonds admitted to a legal efforts to manipulate the silver market when he was a commodity trader at j.p. morgan by means of so-called spoofing that sending out false signals prosecutors
alleged in the court. record that mr edmunds learned the tactic from more senior traders at the firm and as a note on prices silver is down fifty three cents in the last thirty days and down to thirty five in the last six months which is a fourteen percent drop on twelve months silver is also down sixteen percent and trading today comix around fourteen dollars and twenty cents per ounce. some of you who busters may recall when we did our weekly market wrap last week i noticed some south african gold related companies and said we'd have more on gold well as promised here we are and we're joined by peter schiff the c.e.o. of europe with afic capital peter welcome glad to have you as always before we get your thoughts we will be hold on gold what's your reaction to that news about those j.p. trader at the one particular trader on silver. well you know there's long been
rumors of manipulation when it comes to the gold and silver market and some of the rumors are probably true but i don't think that is the primary reason that the price of gold and silver have been going down i don't think it's just manipulation i think people just are completely clueless with respect to what's actually going on in the world they don't understand the u.s. economy that understand the fed but they're about to get a rude awakening and the smart money is buying gold whether it's being manipulated or not in the short run gold and silver of both going way up in the long run and the long run may be here much sooner than people think just as a quick note on silver peter you know when i was in my former job i called for an investigation into silver i was the guy that did it took five years and we found all sorts of evidence of attempted manipulation of manipulation but not enough to actually prosecute so from a personal perspective i'm glad to see this going forward at least in some degree on gold we saw gold prices hit a four week low of twelve zero one forty that's one thousand two hundred one dollar
and forty cents yesterday as the price traded lower for seven the last a training session put the day it was trading up midday at least two dollars and forty cents on call next that's a commodity exchange in new york what do you make of gold prices these days are we about to see an upswing as markets appear to be ready for some correction. well you know i think we're up about ten bucks a day so back around twelve hundred but you know the u.s. stock market is looking very weak the bond market you want to talk about manipulation it's the central banks that have been manipulating bond prices and interest rates far more than traders were able to manipulate gold and silver but i think the arrows coming out of that bubble and as this u.s. stock market implodes as more and more people realize that a massive recession that is even bigger than what we now call the great recession of two thousand and eight is actually around the corner and this credit bubble is far bigger than the one that popped in two thousand and eight that one produced
a financial crisis this one is going to produce something much worse so if people actually figure this out they're going to be buying gold they're going to be buy that a big way and today's small move up is just a taste of what's common hey peter can you give us just real quick take on where you think we should look at gold being i agree i think it's going to go up but i mean where would you say gold would be say a year from now. well look i mean i don't know where it's going to be i think it's going to be higher it could be a lot higher i mean it could be you know thousand dollars higher i don't know it all depends on how this thing blows up i think it's going to blow up in a big way this is a huge credit bubble we're going to see waves of foreclosures and insolvencies and bankruptcies not just companies but municipalities you know it's not just puerto rico where i'm reporting this from or broadcasting from you've got a lot of major cities in the kind of the united states that are a couple more interest rates away hikes away from from bankruptcy and look at these
underfunded obligations the pensions the health care look at what's coming going on with the natural disasters look at this catastrophe in california both northern and southern california in addition to the loss of lives and the human tragedy there is a financial cost to this that really we can't bear so all this stuff is coming to a head and it all depends on when you know when it blows and what it does goals going ballistic absolutely wreck to leave it there we hope you come back peter schiff the c.e.o. of your pacific capital thank you for joining us peter. we've spoken several times about that fatal lion air crash in indonesia which took the lives of all hundred eighty nine people on board that boeing seven thirty seven max well now u.s. aviation authorities are investigating the aircraft maker's safety analysis on the plane and what information boeing released to the airlines those who bought the planes related to potential problems with the new flight control system which is
used on the most recent versions of the seven thirty seven u.s. federal aviation administration is also examining boeing seven thirty seven training requirements for a pilot and for more on this here to discuss is former national transportation safety director jim essentially jamie what's the latest on this thing of sort of shocking lamprey shit you updating us what do we know since we were here last time well as we know from the last time the boeing failed to. address this issue that they have found with their their new flight control system that that regulates the altitude of the attitude of the nose and what he does is the new system that they designed for the seven thirty seven max series is a way to keep the pilots prevent pilots from raising the nose too high and making it go into a stall unfortunately this new system is causing this the nose to dive down because it thinks that there is a problem and then the pilots don't have enough sense of time to pull it back up
and to avoid a crash i know you're it's unfair and i get these questions to you removed from you know n.t.s.b. you're not there anymore you know and all the detail like so to speak generally how do these things sort of progressed at the f.a.a. at n.t.s.b. about what the company balling should have done in a circumstance like this and i guess not specific just generally well generally i mean i have to i have to give boeing their credit i mean they're very interested in making sure that this investigation goes well and they're being they're being full participants in this investigation and living their technical expertise that fay is a party to the investigation now the lead agency in this lion air crash that we're talking about the killed one hundred eighty nine people and in the last month that crash it was being led by the admission national transport safety committee. sitting out a report that should be out at the end of this month by international rules they were required to release some of the initial reports within thirty days of that
crash but it isn't the question though jamie whether or not as you say the attitude on this is angle of attack the like scared me by talking about in the last time isn't it that it if this could happen rather than wait till we've had this fatal crash and then sending out a warning shouldn't boeing have done something preemptively well and that's the that's the biggest right now and we're having there's already been complaints lodged by the southwest. alliance pilots association and allied pilots association which is american airlines pilots of both both the unions those are unions both use of come out. lodging their complaints because they were never informed and they haven't been trained on this and that it wasn't even in the manual for this new aircraft jamie fitch thank you so much for being here jamie appreciate the update absolutely. and we're going to squeeze in a brief pause for the promotional cause but stay with us because when we return we look at the huge hype surrounding the new amazon headquarters location and what were the deciding differentiators plus we consider the business of the u.s.
environmental protection agency which continues to have pretty pronounced personnel problems molly barrows was join us as we had to break oil prices snap their twelve days down we told you about last time west texas intermediate traded up just a little above six fifty six dollars per barrel at nymex as does the global benchmark brant crude which trades at the intercontinental and change in europe ice futures europe in london which closed just above sixty six dollars per barrel and here are those numbers at the closing bell. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race based on a sentence clearing dramatic development only and going to exist i don't see how
that strategy will be successful very critical time time to sit down and talk. you know world's big partners through mock ups and conspiracies it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell. more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the troops the time is now for watching closely watching the hawks. i mean the dollar a dollar is what. we got carried away here we care the music with us.
a flavor the lobola companies thought to block a competitor from selling a product called wise women's cheese that low ball a set has a flavor that's too similar to one of their own products sold under the name which is cheese the court pointed out in their ruling that quote the taste of a food product cannot be identified with precision and up to objectivity therefore the. norte the court found a taste cannot legally be treated as a work under the copyright directive. the day after amazon's official announcement on city exciting a supposed h.q. to which turned out not to be a new headquarters some critics are looking at a previously secret winning bid and calling them bad deals most notably in new york city here to discuss this controversial topic and the huge hype around the issue our noted amazon critic council member schama sawan of seattle john grace of investors advantage and servant of commentator steve malzberg thank you all for
being here and now we know that cities committed to offer the greatest incentives but not all of them one actually there if you do some quick math at one point five billion incentives from new york city divided by twenty five thousand jobs that suggest they per job such a city of forty eight thousand dollars new york magazine today asserted that real incentive figure is more about three billion dollars but either figure is it a good deal councilman you've got a whole lot of experience out there let's start with you what do you think. well i think the spectacle of two hundred thirty eight american cities trying to glue corporations like amazon with cash grants promised corporate tax breaks promising to behave themselves and not passing big business taxes i think this is an indictment of not only the system of capitalism but the corporate politicians that are serving these bosses i mean the you know how craven of andrew cuomo to say i'll
name myself on cuomo if that will get amazon here and i think the real point here is that the politicians in all these cities they are striving to make all all the cities participate in a race to the bottom as far as working people are concerned in order to give more and more of a sweetheart deal to amazon and bezos and corporations like them and that is why i really congratulate the working people in queens who are out there protesting and i congratulate ocasio cortez going into the new congress member for joining the people in saying that our city should be affordable and livable for us working people and not be a playground for the wealthy. well said i mean the other side steve is that all these two hundred thirty five two hundred forty localities competed in me this flight was going to go someplace and they hire jobs what are your thoughts steve. well you know being in the belly of the beast here in new york city i wonder if i
could get that which is cheese at amazon once they. open up anyway i think that the people are outraged in queens and around new york city the politicians say that the usual path to approving a deal like this or something of this nature was bypassed and they're going to court to stop it and they say it will never happen but that aside look the new york post the conservative new york post said that cuomo and mayor de blasio of new york city they got taken they got what word did they use specifically they got fleeced by based on amazon and when you look at it almost three billion dollars in tax breaks and you know it can't look at it really any other way what bothers me you know like you said bart they were going to go somewhere and good for admitting that they could get a deal like this but what bothers me is now you have the small business men and women who built up their business without subsidies without help they're now subsidizing atmos on who's going to run them out of business there's something not
right about that and john i mean it seems to me that sort of between the two chasm between the councilwoman who you know wants to protect the the localities her constituents and workers and i'm wholeheartedly there and what steve's talking about which is essentially increasing the tax base there really has to be something in the middle where these localities need to demand performance before they give all these hypes all these different incentives don't you think. well yes at the same time i mean you know we like a country that's about winning right that's what we learned and we see de blasio thinks he won the looks like he was able to kind of work through some of the difficulties with governor cuomo he thinks he's won in and at the end of the day you know if it's about jobs and amazon for the most part seems to attract people who work in the warehouses along with highly skilled people who work because of the knowledge that they have it was boston that was number one it was north and new
york city that was number two and three they split the difference to put fifty thousand people to work in two different locations i'm sure i'd rather work for amazon than go into the coal mine to get black lung disease so maybe this isn't such a bad deal and i will say to you that it makes sense for us to look at our education to look at where we need to be appealing where we need to look interesting to employers and move there and not just sit on our butt waiting for all of the goodies to come our way because we're so intitled we must pull ourselves up our bootstraps and look interesting to the employers of the future and certainly amazon would be one of them right councilwoman i wonder. i know it's hard to separate sort of the worker rights and what happened but just for a moment tell us about your experience in amazon creating sort of an ecosystem more than the twenty five thousand jobs what happens in a local economy when they land there what what should places like crystal city and
queens expect. well let's let's be clear for sure we are not against jobs and as a matter of fact the affordable housing movement in seattle includes the tech workers who work at amazon who are demanding that the city be affordable to people for all incomes but the reality is that amazon and jeff bezos are not powerful and don't make billions of dollars before because they create jobs they make billions of dollars in profit and bezos is the richest man in the world not because it creates jobs but because that's the way capitalism works and it is it is a winning system only for a very very small number of billionaires who take away the lion's share of the wealth and productivities that is created when millions tens of millions of workers go to work and so what we have seen in seattle is the housing becoming unaffordable for most working people and then when we fought for the amazon tax which is a tax on big businesses like amazon to fund social housing that is publicly owned
permanently affordable housing we saw bezos come out openly as a corporate bully and tried an ugly and dire city and we saw the democratic party establishment of the city that controlled the city completely capitulate to amazon's bullying and so the only alternative we are left with is exactly what the working people in queens are doing which is fighting against big business by building an independent movement on the ground in the workplaces and we need to unite workers in the warehouses that workers and all working people together and i should give a shout out to all the working people and their voters in san francisco in mountain view and east palo alto all three cities in california that passed a big business tax in this midterm past midterm election to tax big business to fund housing and infrastructure that's the kind of independent organized grassroots fight we need to build a movement we need to build to make housing affordable to fight against the inequality that we are handed down as inevitable under capitalism and i. why we
need to look beyond this system is well i mean the only way jobs are offered in this system in the system of capitalism is to make massive profits for a very few people of the top and the rest of us who don't fight over crimes as a socialist i don't accept that we can create a better system and for now i think as far as jobs are concerned then we should be demanding that the politicians in our different cities you know put forward a green jobs program publicly funded green jobs program accounts or have to leave it there steve just real quick thirty seconds give me your take i know you are some to say yeah well you know with all due respect corporations create jobs more than crumbs for everybody else i think they hire a lot of people these amazon jobs are going to pay one hundred fifty thousand dollars average that is far from crumbs and i think that cuomo said that we had to give these incentives in these breaks because they would have gone to a state with no state income tax well whose fault is that and they give great
advice on how they were forced to use unionized builders and construction workers that drives the costs up that's like new york had to give so much more in subsidies than virginia because that corn subsidies then virginia because it cost so much more to build in new york because of the unions we're going to leave it there but what a great topic we thank you all for joining us and we hope you'll come back to continue the conversation steve malzberg john greyson councilwoman we thank you so much for being with us. we now move to the business of the u.s. environmental protection agency which should be in the business of doing exactly what their title implies protecting the environment but the agency is face cando after scandal and specifically with some pronounced personnel problems as hard to report that continues ethics scandals cost former e.p.a. administrator scott pruitt his job now another trump appointed to the environmental protection agency's south east regency as been region has been indicted for violating state ethics charges in the. state of alabama president trump appointed
trey glenn as regional administrator of the e.p.a. in august of last year despite a history of ethical issues ironically mr glenn's indictment may actually help alabama clean up some environmental messes molly barrows contributor with america's lawyer is here to explain molly welcome back what happened with mr glenn. tre glen has been a center of ethics controversy for the state of alabama for some time but in essence he was a lobbyist working for a law firm opposing e.p.a. cleanup efforts in some predominately black neighborhoods north of birmingham where the soil was affected with substances like arsenic and lead and so the communities around there have been trying to get the soil cleaned up and one of the companies that was at the center of that was drummond company and they were looking at paying twenty three million dollars just to start with the clean up this area so in order to get this cleanup underway they needed these particular neighborhoods listed on
the e.p.a.'s national priorities list before glen became a trump appointee and headed up the southeast region of the e.p.a. he's been working as this lobbyist trying to oppose these efforts to make drum and company clean up this land well it didn't work out in his favor a state representative ended up going to trial was convicted on bribery charges related to another executive of this drum and company and during this trial last summer it became known that glen and his business partner scott phillips who were working as lobbyists for this company through a law firm in birmingham were part of this deal basically where they were potentially accepting bribes or misusing their position in order to further this cause especially once he became appointed as the southeast regional director now they're not saying that he misused his position in that role but before he was a lobbyist back in two thousand and seven he had been the director of the alabama department of environmental management and that's where he'd been the focus of
several ethics investigations there where is it quickly we've only got a little bit of time where is the silver lining in this thing. well going back to that neighborhood that just wanted to be on the e.p.a.'s national priorities list so they could get some funding for cleanup well as a result of this particular man trey glenn being you know indicted on these charges which he denies misusing his position in order to thwart this cleanup efforts. leaders in the state including senator doug jones are basically saying hey we're going to move around here we want to move forward with this we want to get this community listed on this u.p.a. national priorities less that we can qualify for funding and we can also force these companies that are response got i tremont company to pay for cleanup a mile you got to leave it there either time or live it thank you so much for appreciate it now that's it for this time so long for now we'll see you again next time.
join me every thursday on the alex simon show and i'll be speaking to guests of the world of politics or business i'm show business i'll see that. it's hard to imagine decades after the war a nazi doctor was still active. in the nineteen seventies cretonne had as the chair of its board a man convicted of mass murder and slavery ash was a german company develops in the denied a drug that was promoted as completely safe even during pregnancy it turned out to have terrible side effects what has happened to my baby anything. is just. minutes a little mind victims have to this day received no compensation they never apologized for the suffering. not only want the money i want the revenge.
us the benefit of tremendously economically through the cost of the wheels of the world by coming. back to the giving of the power to impose structure of the countries that it is and i fundamentally doesn't understand how these are these are useful tools of us imperialism of the facts right. so it's not clear what his gripe is i mean it's true that these institutions are deeply unfair thirds of the us their own affairs their to the majority world to the global south and that's really the reason we need to reform them and. nobody could see coming that false confessions would be that prevalent in the spot the waist up wrongful conviction if you had any interrogation out there what you'll see is threat promise threat promise threat lie a lie a lie the process of interrogation is designed to put people in just that frame of
mind make the most comfortable make them want to get out and don't take no for an answer don't accept their denials she said if i were to. say i stayed there i would be home by that time the next day there's a culture on accountability and police officers know that they can engage in misconduct that has nothing to do with solving their crime. the british prime minister the trees in my bathroom so get him things to back a draft plan that is key members of the cabinet including the man who helped negotiate until you quit the last in peace to consider the national interest and give it back to the withdrawal agreements represents a huge and damaging failure of the deal that is already dead in the water.