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tv   Boom Bust  RT  March 13, 2019 8:30pm-9:01pm EDT

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we'll have the answer to that question and more on growth in the u.s. and around the world with professor of economics americas richard well he's standing by plus there's even more news on those boeing seven thirty seven max yes as the u.s. also ground the planes today argue that actually banks brings us up to date on the circumstances around the globe and some crypto currency is have been outperforming they've been out for forming coins taylor letters and a simpler trading joins discuss the also rans and how fast they are running and later from a hong kong visit artie's branch of bora set down with the bully is good enough about innovative blocking use cases to use cases rather all that directly ahead but first we have some headlines let's go. a strategic shift in europe stance toward china leads our global report today as the european union designates the rising power as a strategic rival that term and the label economic competitor were applied to china in a paper released yesterday which will be voted on by the e.u.
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member states in a summit meeting on march twenty first after a meeting between e.u. foreign ministers and chinese counterparts scheduled for that week that meeting may turn out to be more interesting than most the paper intitled e.u. china a true teaching outlook cites familiar concerns over the future of five g. internet cyber security and transparency in chinese investment in arguing for the geo political adjustment reaction to the paper among e.u. member states was mixed with german officials welcoming the findings but others reportedly are more tentative about endorsing the new approach. and among the e.u. nations that are notably reluctant to endorse that report is italy as we've noted the mediterranean nations coalition government is moving towards greater economic cooperation with china under the auspices of the vaunted belt and road initiative or the b r i perhaps not wanting to appear out of step this week prime minister decepticon today told an italian news. paper that his government is exploring
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methods to monitor deals under the b. in our brand in the meantime mr conti also said italy will take special measures to safeguard what he termed strategic activities and national interest u.s. officials effectively responded in the same report warning that the b r i is a debt trap for other nations the eurozone third largest economy is certainly vulnerable on that point with public debt currently measured in italy at one hundred thirty percent of g.d.p. . and on the campaign trail back in two thousand and sixteen then candidate donald trump spoke of the u.s. economic growth between four five and six percent g.d.p. if only he were elected well he was and then his tax cuts were approved by congress that help the rich a lot not so much for the rest of us and last year's g.d.p. was get this two point nine percent now the economy is slowing based upon the multiple data points we talk about on the program all the time yet the trumpet ministration still says they expect three percent growth this year and into the
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future and therefore deficits will do windell here to discuss that and other global growth rates as professor of economics america university messages and hearst richard wolfe professor welcome always such a great pleasure and honor to have you was that all a bunch of just hogwash from a campaign speech. yes to make it the simplest way i know how yes that was the greatest example of wishful thinking or huckstering depending on your point of view that i can imagine the long term growth rate of the united states was and is returning now to the neighborhood of two percent if we're lucky two and a half the notion that we would have three four five and six that was pure grandstanding no serious economist thought that was a likely outcome it would have taken a miracle we haven't had miracles and so here we are i should mention that even the
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three percent that the official trump government is talking about is fifty percent higher than what their own federal reserve our central bank has issued as its prediction which is what much closer to the traditional two percent so even this government can't speak with one voice about what they are assuming will happen in our economy right it's just such a shame that politicians and look it could be either side of the political spectrum with it but it was pretty good agree just i think back there in twenty sixteen and made it just just a shame that those sorts of numbers were thrown thrown out but that's one of many but professor when we look back over the years you go back to twenty fifteen i mean barack obama next to his last year in office the growth was also what we had last year twenty eight hundred at two point nine percent back in twenty fifteen twenty twenty eight hundred two point nine percent and even during george w.
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bush's presidency we had three point eight and three point five back in zero four and zero five so what about the projections in the trump budget that if if we ran three percent g.d.p. growth would the deficit actually dwindle to zero as larry kudlow in the office of management and budget experts somehow predict. not necessarily again they are playing with numbers in a way that would get a graduate student in economics to get really bad grades on his or her exam if they talked all rote like that in order to guess what's going to happen to the deficit you have to know all of the aerial bulls that are shaping how much revenue the government is going to get and all the valuables that are going to shape how much spending it's going to actually do nobody can do that there are too many variables and each of them is shaped by so many different historical events going on around us that to say with confidence you know what is going to happen that's about the
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same thing as taking seriously the lady in the amusement park who tells you what your fortunes going to be next week that's an amusement if you take it seriously you need some help these politicians are playing with us and the hoping we don't see through the charade yup i want to move to the e.u. you know we the u.s. seem to just get out of this great recession maybe hopefully but the e.u. look like they are on a positive path also to do that but they may not have quite gotten to gotten there what do you make of the e.u. growth professor well i think it's a good cautionary lesson two years ago they were saying well we're out of the woods we're going to recover the current scuse me we're going to be in great shape. they're in very bad shape now that's why a couple of weeks ago the european central bank stopped all questions of raising interest rates and has started lowering them again which is the most obvious admission that they're in trouble which by the way they said the idea that this is
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going to happen to europe but can't or won't happen to us is ridiculous there are subject to many of the same affects and shape things of the world as we are and so what's possible there is very much possible here it's not good leadership to act as if we are in some special place where none of this is going to happen to us you know in the early days of the collapse in two thousand and eight there were also stories that the europeans would have a problem we wouldn't that didn't last very long it's not going to last very long now either a professor can you briefly comment on china's growth or run a little short on time but people talk about how they've over and play to the growth projection what do you know and what do you think. i think this is one of the great self delusions of the united states the chinese economic growth this year is depressing for them it's only six and a half percent notice that's two to three times what we have now that might be
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a special year but it's been that way for the last twenty five years every year pundits here say gee they're inflating their numbers bottom line over the last twenty five years china went from one of the poorest countries on the planet to the second most important economy after the united states you can't play the game of pretending because you don't want to face that that they have solved economic growth in the way we haven't forever then surely the reality of it comes home and that's part of why the tower of games the way we're seeing it's a little bit too little and too late but it's a recognition that the make believe that they were growing fantastically is now over because the evidence is there for anyone who goes to china to see they must be doing something right richard well professor thank you so much as always for being with us glad to be here. and the bad news continues to bear down on boeing as even more nations in airlines have cracked down on the use
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of those seven thirty seven max eight jets following that horrific crash in ethiopia over the weekend the u.s. is in the list the latest with an announcement by president trump just moments ago that they are actively grounded immediately meanwhile boeing stock has taken a nosedive over the past month falling from a peak of four hundred forty dollars per share at the beginning of march and hovering around three hundred sixty five dollars per share just before airtime to bring us up to speed on who is cracking down on that model here is r t correspondent ashley banks has been following the story. the pilot of the ethiopian airlines jet that crashed on sunday reported he was having flight control problems and wanted to return to the airport so this crash was the second fatal accident to take place involving a boeing seven thirty seven max jet and less than five months and october of last year max a jet crash in the java sea killing all passengers and crew onboard and both instances the flights experienced a drastic speed fluctuations during ascent and both pilots tried to return to the
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airport a few minutes after takeoff but weren't able to do so experts say a new feature was introduced to the max jets that would help prevent the jet's nose from raising dangerously high and in some cases accidentally nose diving resulting in either a steep dive or crash it's not yet clear whether the feature was ineffective due to the unknown more than fifty nations including canada australia brazil china the cayman islands the u.k. the netherlands south africa turkey spain and switzerland have taken steps to err on the side of caution by either banning or grounding the max eight jets and told investigation proves the jet is safe to take flight and now the u.s. is being added to that list after receiving criticism the airlines either banning or grounding the jets include now on southwest american the cayman airways iceland or aero mexico or all air morocco norwegian an easter jet at this time the f.a.a.
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says it's still too early to make a determination about what caused the fatal accident on sunday meanwhile boeing says it's working closely with american ethiopian authorities to investigate the cause of the crash reporting from the newsroom for boom bust our national banks. were to squeeze in a quick break here but stay with us because when we return some cryptic currencies have been outperforming bitcoin taylor lettermen of simpler trading joins us to discuss the also rans and how they're run and during a hong kong visit or to spread to poor. set out with. about innovative chain use cases of cases we'll have that for you as we go to break here the numbers the closing bell will be back in.
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whether you're for or against the venezuelan government for or against socialism it is obvious the mainstream media are committing a lot of journalistic malpractise once again mainstream media policy preferences of those in power if it comes to still another military intervention media response. seventy four. thousand. two. hundred sixty days of. the russian. show you how. the crimea bridge was. living in. the crimea.
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while google for more. although the latest skirmish on the indian pakistani border has faded from the headlines it left the leaders on both sides with high approval ratings will the spike in the polls lead to more risk taking when the next confrontation takes place . for.
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your. welcome back there are new developments in the scandal surrounding one m. d. b. the natori official development initiative of the malaysian finance ministry the us federal reserve this week banned two former employees of goldman sachs a large bank from working in the banking sector the fed accused the two with complicity in diverting billions of dollars from the one m. d. be fun mirroring legal charges filed against the two last year by the u.s. department of justice tim lesnar one of the two backers also agreed to pay a fine of one point four million dollars to the fed meanwhile a key figure in the one m. d. b.
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case wheeler dealer joe lowe is now suspected by federal investigators of being the true source for the one hundred thousand dollar donation made by larry davis of l. and s. capital to a campaign committee supporting president donald trump according to the wall street journal mr lowe is currently a fugitive avoiding arrest on one m.t.b. related charges in the u.s. and in malaysia. and bitcoin has been the eight hundred pound gorilla in the crypto space since it came onto the scene a decade ago but recent data show the sun that some other crip those are trading ahead of their two hundred day moving average can also explain the two hundred day moving average they call it the m a the m a for those who don't know is simply an ongoing account of the performance over two hundred days and give some indication of how whatever it is or currency of stock whatever it is is doing typically the other kryptos have followed bitcoins prices the other that moved up or down well now bitcoin is performing well below their two hundred day m.a.
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but that's not the case with some of the other kryptos here discusses taylor lettermen the currency analyst cryptocurrency analyst at simpler trading hey tell you it's good to have you back again thanks for spending some time with us and let's look at the out performers one by one if we might how about a theory of how about eighth. so is there a moment has been trending really positively over the past months as we approach twenty nineteen there was a price around eighty bucks and early on in january we got all the way at one hundred sixty dollars of doubling in price but there's been some consolidation since and it's kind of slowed that trend down and we are seeing right now is at them consolidated right around under thirty and that's where we want to consolidate before we try to retest that one hundred sixty dollars level so yes not the only one i mean when you think about the big ones out there and we'll go through and but ethan is one that we just spoke about how about ripple how's ripple doing yes a ripple xor p. is the token native to the ripple network. it's been trending as well but just
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sideways there's hasn't been a lot of price action there ripple swings around three cents here and there but there hasn't been any strong catalyst or any strong momentum in the coin just yet it's kind of following it but that's a big point where it's just trending sideways at the moment so when i say that there you know outperforming on the not just me that says that the data shows up above the two hundred day average and i want you to talk about light coin here in a minute but. it used to be i mean when i correct it used to be there really following bitcoin and maybe that is diverging so is there the correlation that we've seen in the past is that gone you think it's just gone temporarily taylor and then talk a little bit about light point too. yeah i think it's going to be really for the moment being big coin has sort of been stagnant it hasn't been trending or least tradeable it's been very boring as a traitor to kind of trade lately so we're looking for other assets such as like one which has been trending and has momentum on its side over the past couple weeks
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since early february it's been on a rocket and we've all been kind of following along with like one as big and stable i still think there's a correlation there but as long as foreign big going we're going to start looking for those assets and the rest of the market the lower cap assets such as like oh and maybe a theory just to start trading those that have momentum on their side it's simply because they can't just moving sideways is bitcoin cash i mean it's a. bit quiet because when they had a fork you got bitcoin cash right is is bitcoin cash another place for investors to consider and has it been outperforming on the two hundred day moving average it's been under the two hundred daily average simply because in november we saw a fork of big point catches self's of big cash like you mentioned being a four big coin cashed in fourteen to two different points so that's kind of splitting them are like when you're when you're stop when your stock splits so instead of going up twice as high it doesn't go up
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a so what do you think taylor is the underlying issue i mean is that you think it's temporary with regard to bitcoin but do you think that the tell me why you think bitcoin is sort of settled down which i think is probably a generally a good thing for all crypt those ultimately but what are your thoughts exactly i think it's good that they can settle and i kind of thing last time we spoke i mentioned make crypto born again so we'd see some consolidation the market we started to regain some footing and we'd wait for more products to enter the market or become tradeable and become more familiar adopters start using the corporate currencies more which are trending in timing that part of the market cycle with. the adoption of her picture and sees as an actual use case we're using them day to day and i think as we're seeing right now is that boring that the cycle as we're coming out of sort of a recession in crypto in the early stages of like you said the big point not
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actually being paired or being a primary mover in the market and allowing other provoker and seeds to flourish you know it be fun to do tailors some time we have a condom it's just been on the show on this year boris rashard with consulting and he's been doing some really interesting work showing that there is actually a correlation between the vix and bitcoin which had not existed before so maybe i'll come back with us next week or so we can get you both on the program to talk about that taylor about letterman cryptocurrency analyst at simpler trading taylor thank you so much for your time sure appreciate it and for having me. and we now get back to our hong kong trip as our two americas branch of bora sat down with gina to talk about the future of change and some various potential use cases. we can develop options solution for documents flow management in the company so if you have a big company and like just everyone has like reports me and minutes of meetings
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and custis to maintenance you every day we send one me the papers write digital favors sell what you want to me to make it really well managed so you can ask our company to build a solution where automatically. sometimes we'll have a different type of security x. has ten different types of star each time i was single based on love change apology we should all be really stable you know like you know secure and all the only process you know it how does the block chain work at that so if you're talking about almost document archiving yeah right how does the block chain help with that versus just storing it on servers in your business yeah well this is centralized mail so. if you want to have something this intra lived say that really straight rule something sas then you know how the truth of the send we still like going
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through that to get documents start taking not replaced or something bad to your id card and got the next as well the computer to come up that this will never happen. solution based on special framework which will register all these actions and how does this differ from say the buzzword of the cloud follow the cloud yeah well this is the traditional way which is also centralized if you want to have some for decentralized with that all the access you can you show us all. and all that. where do you see the future of walk where in real life. yeah i mean where is it going. wages go first of all i think that first here is where we can find chain adoption will be the. supply chain and syntax. biggest. change
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will solve the majority of problems since it's just years to my mind. you know like the world is big and police are stiffer and products from different places in the world and like you know like about for whites like clothes it wasn't made just across this maybe in hong kong it is. across the state but when you leave it that way or you live in minsk in moscow that it's quite like you have to solve this thing and like luck to you can solve a lot of problems. and bring more well yes for for logistic companies or any companies that sell us products from abroad so i think the spirit is like the real one that we'll see real love shame adoption and also health care where we need to tap like and supply chain health care and pharmacy and we need to be one hundred percent sure that these products i will look to place you
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in the logistics so in here we can also say that chained together with i had seen enough things will bring them in charge and how do you see. you know how do you see like a full implementation of like block chain technology throughout the medical industry throughout the finance world throughout. i don't know the business you know i want to say business world but you know i mean through any any area where information is transmitted you have the full implementation happening yeah first of all. what is called face what is i mean we're becoming the standard yeah well this is a problem we know that cheney is just a teenager not even a teenager yeah yeah and we need to see how these little boy let's say boy will grow out how they sleep will keep will love life and future and then when it is a grown up like entity and then we can say what is full adoption what is full
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functionality what is their school. regulation of things like holidays the scout believe what people want one hundred eighty year supply and for a moment we have a little kid push just really active going from one direction to another one and this is why for a moment it's quite difficult to say what is full adoption to its stand that way because we don't know what is at the top of it and do it to space there will be you know as we get into the teenage years of young blacks. do you anticipate that there will be a lot of talk about regulation regulation is one of the biggest question in the community of course because i mean we know if your entire sound frames to fold they still hold these frames and the relations like i or personally hope that's in the nearest future we will do our business in the more you know. more
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stable way without any. fear that to do something legal or illegal is illegal because in sound from from there at different countries where we believe she is not sad like south africa there is no regulation doesn't mean that we can do any business in south africa or we cannot do any business because we put our it system up to what is it me we are now because there is no sirree glacier island begats a customer from south africa for example from switzerland all. almost regulated conjure up a stunning right yeah in her eyes you can say your company you just do it you know why it's like you get your clients to do the development of the cult but we want to do something more for the community and we see like me on to these projects so if it's not single a good if it's. feels like a scam project with the same this is st peter we want to do more for the community
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so that's what we really feel seeing you know maybe i'll wait for normal stable regulation i mean each. nobody does bitcoin and watching coverage like we do we thank our two correspondents brad job or for his help there we thank you gina to how she was great wasn't she and that's it for this time thanks for being with us you can catch boom bust on you tube dot com boom bust our to see you next time. someone. bought thing aquatic. for
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your. focus on the. hall of fame and i don't think i want to. go for it was a couple cause i did my usual singing she got me. look stupid ok so i'm here. because i think i'm a. stabilization because you. are from your thoughts can think of nothing. but i can only. ok. so what if i don't want to deal with the united. states negative interest rates coming to your bank account soon it's being done on the wholesale level right now between countries and now it's going to come to your local bank account so instead of getting thirty basis points on your money market
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fund or on your savings account the bank will get native three percent so that's three percent will be taken out of your account and given to someone that a central bank says a systemic claim for. physicists is a stick for the water bottle found in the stomach of a fish the brand is spawns of the coca-cola company which sells millions of bottles of soda every day the idea was that let's tell consumers there are the bad ones there are the litter bugs are throwing us away industry should be blamed for all this waste to company has long promised to reuse the plastic. in maine that seems cool sets new plastics away and are you staying at
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a special projects funded me. on the new vest that is the end of it for the team but for now the mountains of waste only grow higher. thousands today provides a clear majority against leaving the city home however. i repeat i have sent this. deficiency in westminster deepened as peace votes against a no deal breakers that raising more questions over the future came to exit from
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