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tv   Boom Bust  RT  January 25, 2019 12:30pm-1:00pm EST

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the byzantine the general secretary of the european trade union confederation who will join us to discuss that oxfam in the quality report we told you about the other day and the yellow best movement plus much more and we welcome pin tech expert joe duncan to talk block chain and its potential for a big future and later todd horwitz of public training will join us to talk precious metals and dr khan for all of that ahead but first let's it's a bad line to go. britain on the edge of brecht's that leads our global report again today is former prime minister tony blair indorse is the explosive idea of a second referendum speaking in davos switzerland to reuters before leaving the world economic forum the former unnoted remain are said quote people like myself except if the country votes to leave again that's good but i think if you leave without going back to the people with this mess and in these circumstances there will be even greater division. another bold faced name bank of england governor
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mark carney warned in davos that u.k. businesses are vastly underprepared for the prospect of a no deal brecht telling a rival network quote there are a series of logistical issues that need to be solved and it's quite transparent that in many cases they're not in the corporate realm u.s. automaker ford warned that a no deal brecht's it could cost the company as much as one billion dollars in losses while european aerospace giant airbus said a no deal scenario could cause the company to move nine hundred thousand manufacturing jobs out of the u.k. . earlier today also in davos european central bank president mario draghi discussed the e.c.b. decision to leave interest rates unchanged at a policy meeting set for later this week mr druggie explained the decision in light of changing circumstances telling reporters that risk on euro zone growth have moved to the downside under quote the threat of protectionism vulnerabilities in
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emerging markets and financial market volatility the e.c.b. recently ended nearly a full decade of so-called quantitative easing or q e policies enacted to stimulate the eurozone economy after the global crash of two thousand and eight by buying up government and corporate bonds in order to suppress interest rates the end of the stimulatory policy now leaves the policy makers in an awkward spot as worries grow about global growth and twenty nine thousand in the midst of trade fights brecht's it and other related political turmoil. and the drama around disgraced auto executive carlos goan seem to have reached a partly ending at least as the jailed executive resigns is chairman and c.e.o. of french automaker renault mr goh and also served as chairman of japan's nissan motor company as was the driving force behind a corporate alliance between the two companies before he was arrested in november on charges of underestimating his income to. as authorities mr gone to rest in
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peril the alliance and resulting in a subtle jockeying between two companies over the future terms of their relationship and untangled the french government which is renault's the largest owner the announcement of the resignation came from french finance minister bruno lemaire who was eager to turn the page saying quote the most important thing is to prepare the future of renault and the future of the alliance. and as news broke of what some are calling it cool in venezuela many people in attendance at davos have given their take on the situation while some of follow the leader of the united states in supporting the opposition leader one would go others have vowed to back president venezuelan president nicolas maduro for a more in-depth look at how davos reacted to the news we don't hand things over to our teams honest usha sure can. all eyes are on the venezuelan crisis here in davos spain's prime minister pederast sanchez is holding talks on the issue with his latin american counterparts on the sidelines of the world economic forum his office
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has said a phone call with the venezuelan opposition leader is also taking place spain's foreign minister has said the country is going to procure free and fair elections in venezuela the european union as a whole has been cooperating on a joint statement with a reaction to the developments in venezuela to express a common approach to the crisis individually a handful of european politicians have already expressed support for the idea of change in the country e.u. foreign policy chief. has said that quote the e.u. strongly calls for a start of an immediate political process leading to free and credible elections in conformity with the constitutional order european council president donald trump echoed this french president emanuel has tweeted that europe supports the restoration of democracy but his prime minister to resign may also supported donald trump stands by supporting the opposition in venezuela with downing street describing last year's election in venezuela as neither free nor fair if we take
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a look at reaction from latin america the president of brazil its largest nation has recognized. as the new leader of a nice whaler who declared himself as interim president of the country on wednesday now in its way when president nicolas maduro who began his second presidential term just two weeks ago has been denounced by a considerable list of nations spearheaded by the u.s. canada brazil argentina chile colombia costa rica guatemala honduras. and peru mexico has refused to do so it says it recognizes those elected in accordance with venezuelan constitution while cuba expressed its firm support from a duro describing what happened as a coup attempt bolivia's president ever. morales offered to stand by amadou roe sides and against what he sees as u.s. meddling in the affairs of others russia china and turkey have expressed opposition to any external intervention and expressed criticism towards those backing regime
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change in venezuela america's third top oil supplier reporting for boom bust and this they say it sure can go from davos in switzerland. and catching up with energy markets in the americas oil markets are fairly stable ease and even as the u.s. efforts to regime change in venezuela the us is fourth largest supplier of oil has escalated venezuelan oil production in the midst of a long slump dampening the effect of the political drama in caracas on wednesday the trump administration attempted to recognize it imposed mr good a man who never even stood for election to office of president earlier today president erika one of turkey said he was shocked by the tropic ministrations intervention meanwhile a spokesperson for the chinese foreign ministry told reporters quote china opposes foreign forces from interfering into venezuelan affairs china has reportedly lent more than fifty billion dollars to ben as well in the past decade. and for our
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continuing coverage of the world economic forum in davos switzerland we are pleased to be joined by our friend and a guest before we met him last year in davos the general secretary of the european trade union confederation look of decent t.v. look a welcome thank you so much for spending time with us hi how are you doing there in davos. yeah very good very good thank you it's cold out ok we resist. that's what you that's what you expect in davos. look there are some hot issues even though it's called there we wanted to talk with you about them one is this report that we discussed on the program the other day the oxfam report that shows that twenty six billion arizona one point two trillion dollars worth of the global wealth which equals half of the population that's a three point eight billion people so twenty six billion years old half the wealth
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of the whole country the whole world rather it seemed like a pretty stark contrast i wonder if you had any thoughts about it luca what. was such a shocking report of course about you know it confirms something we already know about it is the fact that inequalities are growing up and up but despite all the economic recovery there was no reduced to the usual and on the contrary i mean profits were to an old ways into the pockets of the few and so this is really and clearly i mean the bases should be at least the basis for the discussion going to be in devil's. will not always like that they have to say by the you have to say also that comparing davos today to the previous c.e.o.'s that he's an increasing awareness of even among the business man and the business community well the fact that if we continue boosting inequality in dnd there would be only social unrest and social unrest is not good for business he's not good for productivity is not
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good for compare. to finesse and he's not good for politicians as well and they from the rial center rest of the thought happening i mean everywhere in europe but also in other parts of the war show very clearly that people are unhappy and if the politicians and the business community don't take this into account well very our times are calming especially because another crisis has announced. the recovery lasted very shortly and the risk is too cool in any other big deeper if we are not already i mean to react the sun and the cyclical measures and ready to tackle the scene equality to be screwing up everywhere in the ward well as i say that it would be very difficult i mean to tackle people this but the patient people don't see a future for themself or sometimes because they are ready or able situation in other cases because they are afraid of losing what they have acquired over time and sold at least a really big sensation of uncertainty or finding out that in some cases even these
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then. yellowjackets in france and any other kind of a phenomena and we are facing a few bones the european elections the elections for there are in the vision of the european parliament and the risk is that. the police the and european and the establishment parties will prevail so it's a very odd moment and we have to be very vigilant and aware that we have to change . looka you you raise an important issue about these disturbances and the concern growing concern we see it in the e.u. in italy and in spain in catalonia we also are see it in the united kingdom with brax it and i'd say we also see it in brazil with a higher but also narrow who spoke there in davos and even in the u.s. i think so you know my question is this is a worldwide phenomenon that you see going on. what we have seen after the brics the
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referendum the results of the brics the referendum and then a serious health nation are and local elections that happened over the last couple of years you knew were open all these phenomena that you mentioned i mean the yellow vests and other kind of in the streets show very clearly that actually the places where decent rest is major and the places were. walking plus where people etc are voting for these two or the police the forces are part of books equally not to the places where there are more migrants so these are called their authority that say size because of migrants people are afraid of migrants coming in stealing their jobs etc etc this is only partially true actually if we go into a death in that in this respect and we have also deliver some service of among our members seen the different european counties we have seen that dorsal father members also for the working people i mean that are voting for the spot these are
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coming i did from the regions where the the i is levels of unemployment the social exclusion inequality follows the local for social protection well as care protection or on the other side places where people are better off for but there are afraid of losing everything because of globalization climate change digitalisation and all these things so it's clear that at least a new will but they should both of those within the united states the situation is very similar what we. called in the past the social contract so the pact between people and the business community but also to politicians etc has been broken as being broken unfold fell apart and that he's really a need to reconnect with the people that he's the need to to convince them that the politicians the trade unions civil society organisations business community are able to build up a better future for them because at the moment they will see a future and old decides syndrome successor to the same disease the same disease
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the luck of future the local full. a better perspective by their opportunities for themselves for their families the children and song and so forth and this is exactly the bad mood to that is now spread out everywhere the new world and if the people don't believe the shows the elites don't talk to very concrete was very concrete proposals for the future it would be very difficult to sort out from this situation i think. you know i couldn't agree with you more and you know in the u.s. we used to call that done of the american dream but it's really you know european dream it's a worldwide dream and it seems like that dream is so far fetched that it's turning into a nightmare for so many citizens or across the world look at we thank you so much for spending time with us it's been great to have you with us we hope you'll come back again you've been so generous with your time in the past and we appreciate your voice out there fighting for workers and for others average people in the
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european union that's not going to be as in t.v. the general secretary of the european trade union confederation thank you luca. thank you very much bob these hold we supply asia let's think dutch thank you. and time now for a quick break but hang here because when we return we welcome to tech expert joe duncan to talk about chain and its potential for a big future and later tata horwitz of the trade he will join us to talk to precious metals and dr copper and as we go to break here are the numbers the closing bell will be back in a flash. you
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know world a big part of the law and conspiracy 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 smart 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 truth the time is now for watching closely watching the hawks. and the instant media darling and certainly a fresh face the newly minted congresswoman alexandria ocasio cortez is rattling some democratic establishment cage's she calls herself a democratic socialist and she has some big plans is the democratic party and
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america ready to take a seat. if like there's someone else will be nuanced. side of me controlling my body. the byproduct. the drug that is the cause like severe depression. because it will need him into a zombie it's crazy. you know we don't have to do anything it's not our fault the sins crazy and all that. here's a traumatic time because of. us veterans who come back from war often tell those same stories. were going on for the people who were killing civilians they were not interested in the wellbeing of
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their own soldiers either they're already several generations of them so i just got this memo from the stargate adventures offices we're going to attack and destroy the government and seven countries in five years americans pay for the wars with them money those with dives if we were willing to go into harm's way and willing to risk being killed for a war. surely we can risk some discomfort for an easy or. welcome back the partial government shutdown of the federal government in the united states is in its thirty fourth day today the longest ever new story with no end in sight but threats to business and public safety are apparently approaching
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quickly we told you previously on broadcast about some of the vital economic statistics that are not available to farmers investors and policymakers at the federal reserve during the shutdown and the impact upon routine food. drug inspections well now air traffic controllers pilots and flight crews have issued a dire warning about air safety in a joint statement labor leaders representing those workers said staffing levels in control towers are already at a thirty year low now with even those limited staff and others working overtime the workers say quote we can not even calculate the level of risk currently at play nor predict the point at which the entire system will break it's unprecedented and adding insult to financial industry when billionaire trump carver secretary wilbur ross was directly told that many of the eight hundred thousand unpaid federal workers are seeking relief from food banks he said quote i don't understand why and then simply suggested that they take out loans talk about
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a disconnect wow house speaker nancy pelosi was one of many critics who noted the resemblance of mr ross's response to former french quae marie antoinette was notorious for the suggestion that presidents without bread should eat cake she lost her head for that a couple years later and we now turn to take a look at where we are in the development of blocks to do so we are pleased to be joined by phone tech expert joe duncan who formerly worked at citibank at morgan stanley joe welcome we're so glad to have you with us on the program we appreciate you spending your time and expertise with us mark when big going burst onto the scene a decade ago it was really the guts behind the block chain that was really it wasn't just because it was the entered the block chains that nearly everyone embraced it seemed that block chain was going to lend itself to like every single sector out there joe and in some fashion or form so where are we today in the development and deployment of blocked change technologies joe. you know i think you know that
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a common analogy we hear about where we are in the stage really of any new technology is a baseball right when are we in i think about a more useful analogy is actually a relay race what stage are we in and a baton being passed from one to the next the first stage was in this case was the technologists they were working on a novel solution novel solution to a problem which was double spending because in the digital age it's very easy to make digital perfect replicas of a file and you're only limitation of storage which is not very limiting these days but how do you do on a decentralized basis how do you pass unique files from one to the next so what what happened in the big white paper they came up with this consensus consensus mechanism called consensus which was a way to exchange unique files which obviously currency lends itself nicely to currency on a on a distributed ledger basis so there was no central authority in the middle so that
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was actually pretty profound powerful but what they what the technology is indeed at that point is somebody is going to help get it out for them so that's the second stage of this relay race and what the baton passed in that case of the early adopters because it's something that seems anti government anti establishment those types are are going to be who are going to have that orientation to them so i think of it as an individual i kind of figure for stage two to get it adopted is roger averred now roger you look i respect him a lot for what he did i know he has a passionate belief in what he's doing he was one the first people to go out there and knock on boards and stores to get them to use a lot of the legwork but you know he has a very anti establishment government mentality he recently tweeted something that said. ultimately amount to a death threat you know obviously that that's not going to go very far when we need to get to the next stage which is enterprise adoption so at this stage i think in this fourth stage relay race right now i think it states three where the baton is being passed from the early adopters who had the establishment matelote. to let's
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call them the enterprise and i think of an iconic figure in that case of like brett garling as the c.e.o. of ripple now they go to great lengths to differentiate their product from from because it is being something that's being friendly you know with the counter parties are there proof banks it's possible case something bad is being transmitted over the network and not only do they differentiate their product they they go to great lengths to distance themselves from the earlier history of blace you know when you have when you did have bad things going on and i think the and so that that's where we are now the baton being passed kind of gradually being passed as you can imagine you know from the. to the establishment enterprise years and then the final stage will be when the banks fully adopt it and then it goes in the consumer hands but you know we're not quite there yet. hey joe we're grow out of time but i want to have you back i want to come back because that is a great way that you laid it out there you know because i want to ask about the biggest obstacles and which which sectors stand to benefit the know the most jodan
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could formally have citibank and morgan stanley and a fin tech expert thank you so much joe hope you'll come back soon. you're very welcome love to thank you. and last week gold prices hit a key thirteen hundred dollar level and it seems to have released a lot of balls and gold here to talk precious metals and dr copper is todd bubba horwitz the chief market strategist at bubba trading who comes to us from chicago and todd we can't thank you enough for spending some time with us and you know gold was up around thirteen hundred sixty five dollars about a year ago and then last april right around the time the president trump announced these trade tariffs on aluminum and steel it took a deep dive which continued for months in august it was below twelve hundred dollars per ounce to something like eleven sixty five sixty seven something like
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that and it had hit some real lows near that in october but since november it's been above twelve hundred and had been closing in on what many thought was this key resistance level of thirteen hundred now that it's hit that what are the reasons that many more i guess including yourself say more bullish. it's great to be on with the boom and bust listen we've really been just in a while consolidation pattern for about the last three years if you look at gold we've been as low as one hundred high as thirteen sixty five there was a little turmoil from the trade wars the terror but again i don't think that the traders or the tariff really caused the selling i think you came to an area where it could no longer go higher so a bunch of sellers came and back in november we hit that key low of eleven sixty seven and actually we hit that overnight i would actually challenge tarty eleven eighty before that and of course we have now bounced so if we can get through this twat this thirteen hundred level i think the next leg up takes the thirteen forty and then takes us to new highs i think we are in the bull cycle you can see in the
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last couple of days we've tried to brew blue break below that twelve a level and we have not been able to do so successfully so as long as we stay above twelve i think going to see a lot higher prices i think also in that time there was a little stuff going on with with big coin and the cryptocurrency that were taking some of the store valued value away from the precious metals because remember big question was twenty thousand that money had to come from somewhere and i think some of the gold investors were trying to cryptocurrency a world. that's very very interesting ahead i hadn't heard of that i thought that maybe that might start happening tide in the future because we had a guest on the other day boris rashard who started talking about how power crypto of all because really they're at c.m.e. and cboe are starting to become more correlated he was choosing the vix the fear gauge and saying that they're becoming more correlated so i guess ultimately people
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want kryptos to be more of a stable currency a stable investment an asset like gold so let's move real quickly on to silver which saw some of that sort of same downward movement it didn't happen right in april but it really did drop until november and started making a little bit every cover what's your take on silver. actually i like silver a lot here bart i think that you know it's been really ugly it's been really challenging and basically if you go back to your parole of eleven when it was forty nine dollars obviously it's been extremely ugly i think silver is going to find a bottom here and i'm actually very boresome sober and i think again if you're looking at these as a potential currency that i think that sowers a great thing in it's a small change that i think you want to look in to solve and i think servers bottom and i'm looking for somebody start to move higher and i do think that it will close that ratio of gold and silver which is right now at about eighty three dollars eighty three to one gold over silver hey we've only got
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a few seconds here so be quick todd if you don't mind do you think that dr copper copper is a good barometer for economic moves i do think it's a good brahman i think it's telling us right now that going down that the economy is not as great as we think it is there are some global growth slowing around the globe which could lead to some problems in a possible recession which nobody wants to talk about. todd bubble horwitz chief strategist at bubba trading dot com thank you we hope you come back a lot of fun to have you on the program would love to bar thank you have a great day. and that's it for this time thanks for being with us you can catch boom bust on you tube dot com slash boom bust r.t. so long for now we'll see you next time.
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you go right publication but. who oh it will be able through a. lot of us who are old and old out. between i do and stuff. 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 read in truth to stand down the news business is just the dance the right questions demand the right answer. questions. in twenty forty you know bloody revolution to get the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it just no lawyer
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here i mean you are liz put video through to me in the new bill is that i knew scrolling needle the former ukrainian president recalls the events of twenty fourteen. of those who took part in this to do over five billion dollars to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic. me let me let you go where you know you're. going to. those whom you're most of the best to be in your years and years it was not a. good month but you know. please don't leave the ways but i did my
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best religion as the wife. left you can see me you see you know. this is one of those. these you. see you know it's a new year even close to. home a political advisor to the troubled campaign has been released after being arrested by the f.b.i. i wrote just to tell you the multiple challenges as part of the ongoing will approach. that is where the president nicolas maduro orders the closure of his country's embassy in the u.s. this is up to washington recognize venezuela's opposition leader.

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