tv Boom Bust RT December 5, 2019 8:30pm-9:00pm EST
on in fact president has issued his plans for pension reform and that is what kicked off all of these demonstrations today let's head now to the streets of paris where our to correspondent charlie dubinsky brings us the latest developments and breaks down these strikes. a mass mobilization here in france with official figures suggesting more than 450000 people have taken to the streets to protest that of power lies the country all in a dispute over pension reform this is a reform that the french government wants to bring in under present to amalgamate the $42.00 current pension systems into one universal system the government says it will be fair i it will be more just but the protest isn't strikers say no it won't it will mean that we may have to work for longer and we may end up with less money in our pockets when we are pensioners those tensions have pulled over not just here on the streets of paris but on the streets of other cities across the country the
suggestion now is that this one strike that was initially planned by transport workers and is now encompassed teachers health work is the firefighters and even the police could now start a ruling strike in the lead up to christmas and going on until the new year as the strike his attempt to make the french government rethink these pension reforms if that happens it will be the 1st time that france is seeing such massive paralyzing strikes across the country since the french government back in 1995 try to do exactly the same and tried to reform the pensions for the moment here in france people are adamant that they want to have their voices heard and it seems like today they've come out to the streets to make sure that's happening. for boom bust in paris. meanwhile china continues to push for the completion of phase one of the u.s. trade deal sticking to the demand that tariffs. have got to be rolled back
a new round of u.s. tariffs are scheduled to kick in on december 15th and it would impact around 156000000000 in chinese imports on wednesday president trump walk back comments that a trade deal might not be done until after the 2020 election the new stance is that the talks are going quote very well u.s. negotiators claim that they may be close on a deal and negotiators do expect that phase one deal they say with china to be completed before the mid month deadline among the issues still being worked out or talks on how to guarantee china's purchases of u.s. agricultural goods and exactly which duties to roll back. well meanwhile japan's cabinet has approved a $122000000000.00 fiscal package on thursday which would help to boost the world's 3rd largest economy and issue though is how to sustain economic growth beyond the 2020 tokyo lympics this fiscal package is similar to what other major economies have used by reviving growth through spending and central banks rapidly run out of monetary policy options japan is attempting to use the stimulus to boost
infrastructure spending spending on education and also training for young people as well as for workforce retraining of the older generation and this is seen as a way of providing a short term boost for the economy as well as having a long term impact as well the spending will spread over a supplementary budget for the fiscal year to march and an annual budget for the coming fiscal year from april both to be compiled later this month and here to help us dig a little bit deeper into what this means on a macro scale plus some other things we're happy to welcome todd horowitz chief strategist over above the trading todd thanks for being here great to be with you guys as always so let's talk a little bit about this is this issue with japan there is there i guess i should ask you a value to japan moving forward with this stimulus strategy and do you believe will have the long term benefit that they claim it will have. well let's go back to 99 and there are the ones that started this ridiculous fiscal policy to begin with in 1009 this was their 1st attempt at trying to manipulate the currency to manipulate
what's going on so here they are 30 years later still in the same problem they were then they can't get growth they can't get anything going because again it's too much interference they already own i think about 55 percent of the stock market they're trying to prop up everything you cannot borrow your way out of that you cannot prop things up artificially you have thought the markets decide where they're going to go but of course the central banks will never learned as including ours they want to continue to meddle around and make a mess over there which is exactly what they've done which is why they continue to have the same struggle they had 30 years ago yeah the original bubble or i think took place in global markets came from japan let's talk a little bit about the trade deficit reduction that's a place we are actually seeing a little bit of that right now though right. well yeah but again you know you again we look at though there's the same problem right we've we've got this problem going on globally now you have everybody trying to raise their currency don every central bank is trying to manipulate around that which what that what does it really do it
really is nothing will really does it penalizes the average person who is holding regular money because it makes their money worth less so once again it's a ridiculous artificial attempt for a government to manipulate into a currency into a market whereas if they would just leave the markets alone their marks will figure out where they should be and where they should be priced and how everything should work itself out and then you know when you talk about the manipulation of markets obviously that affects as you said savings which ultimately robs people right of their savings but i want to also get your thoughts on what's happening today in france we you know we just have this report out of there it's pretty incredible the city of paris completely shut down 450000 people in the streets a lot of this is the result of a manual mccollum's attempt to reform the nation's pension system he thinks he's going to make he says the system more. fair the unions that are there right now say leave it alone don't touch it what say you. say 1st of all right we're an order of
country that they don't work anyways so where were the pensions coming from you know at the end of the day the government never knows what's best that is the problem that we're seeing again globally governments are trying to take over everything which is really just a way to reduce money reduce the debt that's out there in their own way by eliminate the cash which are actually holding so again i don't ever want government interfering in anything but of course you're france is and is are in their own category because they have so many benefits and no work that much to begin with but i can understand why they are on strike you know i don't know their entire system but it isn't like our shows are curious i'm here is a disaster well and it's everybody there i mean it's doesn't matter what industry or sector you're in you're part of this pension plan it also appears that the u.s. e.u. trade differences are being worked out somewhat german chancellor and angle of merkel said that the prospects are improving when she met with the president this week do you believe the u.s. and e.u. they're going to be able to bridge their differences in terms of the trade deficit
. then mike do you know again this is a president trump is aside to take a very hard line at what's going on here and i agree with him i mean i agree with the president you know we can't sustain without the help of other nations i get i'm not saying we want to do that but i think it's about time that they started to chip and do the right thing and quit capitalizing because we may have more money than they do i think this is one of the issues that we continue to deal with this is why president troublous taking such a hard line we've made enough bad deals with the e.u. with germany which china over the years that it's never worked out to our favor or even even you know we've never had an even deal we're always giving up the edge as we say and i don't i think that that's incorrect i think it's about time that we got to fair and free markets and free trade you want to charges 20 percent as an overcard we're going to argue 20 percent bad as an overcard you want to just do a straight even swap great i think debts the way it should be and again we have these these these politicians they get involved which is you know present trouble
is the anti politician he's more into just let's make a deal and let's make it fair for both sides and i don't think it get any simpler than that is the same as a prob with nato right they just they would just do what you're supposed to do we'd have a perfect relationship yeah deadly a big difference between so-called free trade and fair trade but before you go i want to ask you about the luxury jeweler tiffany and company kind of going now into the micro scale here tiffany is currently being bought by louis baton owner l v m h but just missed market expectations for quarterly profit sells it seems that a lot of that is the result of lower spending by foreign tourists in the u.s. and also in hong kong why does l.m.b. age even want to bother with tiffany and company at this point do you think. what they defeat is a stable and i think a look at some point the courage or and come back into some kind of order right the dollar is still well over priced to the rest of the world so it because it is good to become much more expensive but at some point we will get a balance and of course things like someone get back a somewhat normalcy i guess but that would i mean tiffany is been around forever
they are great company they're well run and of course once you start to see the dollar start to lower in value you will start to see the sales accelerate one's going to tiffany's because if people are going to buy something for somebody they usually want to buy at tiffany's they like that little blue box a lot of it's in the brand told horwitz about the trading thanks so much for your insight. thank you so much. well general motors and south korea's l.g. chem announced thursday that they will invest 2300000000 to set up an electric vehicle battery plant in ohio that move would create one of the world's largest battery facilities and would be located in lourdes hill ohio at a site near g.m.'s closed assembly plant which is also in lawrenceville construction on that plant will begin mid 2020 it will employ more than $1100.00 people g.m. c.e.o. mary barra says that the 5050 joint venture with l.g.
cameras aimed at dramatically and hansing electric vehicle affordability and profitability all of this coincides with james plan to introduce 20 new electric vehicles globally by 2023. well time now for a quick break but hang in there because when we come back in yet another front on the trade fight we follow up on the realm of telecom as wall way has made a major move against the u.s. government are to course want to ceremoniously oka linzess a hand to sort through the latest in wall ways a lawsuit against the f.c.c. and as we go to break here are the numbers at the close.
in this community there are people who believe that it's ok to sell fracking it's really hard there are no jobs and. see the kids. and as a parent. i can come up with arguments and there's a lot of conflict within the game and between the 2 things most of the conflict i would say. is made. close one of the children's children is good business the state of california alone makes $6000000000.00 a year of the prison complex just to get some $25.00 where. you don't care. anything. my feeling with this world is what now is we're so
confused and fearful and the certain generation that's controlling all the politics around the world when one generation dies off and children are brought off the smooth really are less materialistic don't really care about these things concrete even more automobiles want to live by the side job want to ride a bicycle in the special it's something we can benefit a citizen of the minute a. book just doesn't fit the bill for if. you thought the whole doping can russia think was over forget it initial part of the full military truly are complete but i sure have the most feel some of the models of it is. russian methods eligibility for the international competition says its stake this includes events like the to kill in pics and the fifa world cup in qatar if i am and we can all just not there when you can one of those just as it was 4 years ago in moscow anti-doping plavix
at the center of the scandal so who tampered with the duping samples database and one does greegor you want she could have to do with it and you know she's stupid but as we start to pull zameen it doesn't. mean that he's the fish on the machine he will ship by to expose me on the shuttle to the pollution a danish no. welcome back so get this while way is they'll sue in the f.c.c. the company is claiming that the us government's ban on carriers from using money from the universal service fund the u s f to buy equipment from both while way n z t e is unconstitutional the universal service fund provides a point $5000000000.00 for the purchase of equipment to build communications
interest. dr especially in rural communities there about is the ok joins us now to explain why why we reps are saying this band goes beyond the f.c.c. is authority and violates the constitution sir well then the lawsuit comes as no surprise as just last week when while we reportedly said it plans to challenge that f.c.c. decision while we see fleet officer song leaping announce a lawsuit at its headquarters and shenzhen china he called the order a violation of the constitution. when passing this the situation they've z.z.z. the north of are we close is all very far the feds but they are very loudly and very publicly labelled our company is. so good of you throughout. the days these older violates that comes the delusion. and they have no choice but to see the you go. and just last month the f.c.c.
declared a national security risk they voted to block rural u.s. carriers from using the $8500000000.00 annual subsidy funded or the u.s. have to buy equipment from wall way the last 2 in the u.s. federal court in new orleans says the f.c.c. acted improperly and outside of its authority chairman said both walk away and the t. have close ties to the chinese government and military apparatus and are subject to chinese laws requiring them to assist with espionage he went on to say the f.t.c. funds should not endanger national security through the purchase of equipment while weasley counsel glenn they are calling the lawsuit a shameful prejudgment the f.c.c. is a communications agency not a national security agency and it's based upon unsound unreliable and inadmissible accusations and innuendo not evidence which control or form the basis for actual factual findings it's simply shameful prejudgment of the worst kind.
nagre again reiterated that the f.c.c. has no authority to act as national security agency yeah that really becomes the central question here right whether or not the f.c.c. even is overstepping its bounds and authorities have they responded to this so far what are they saying well the united states actually uses u.s. secretary of state my pompei o who is currently in portugal actually said that he thinks that the chinese government will not hesitate to have while we use its backdoor is take a listen to what he said we've spoken to great length about the risk. that comes with bringing in 5 g. from trusted networks we must all carefully assist assess the risk of chinese investments in the strategic sensitive areas and ask hard questions. make this point because the chinese communist party will not hesitate to use any tool at hand to oppress their own people and others around the world. we want to make sure the chinese economic leverage is never used to suppress democratic voices anywhere in
the world. i mean if he doesn't want to suppress them why he didn't and portugal and portugal have become the latest european country to resist that while we ban the united states keeps pressuring its allies to not build its 5 g. networks with weiwei and you know sanctions are only getting higher with china and the us in the trumpet mr nation has really ramped up its campaign against weiwei and it's kind of fascinating how you know while on one hand the u.s. government says they don't want these back doors there the attorney general bill barr is demanding a backdoor into all encryption for whatsapp and facebook ceremony thanks so much thank you ben. well meanwhile the f.t.c. is taking a look at amazon over possible antitrust violations over its cloud computing business 8 of us it was 8 of us is without question it's the largest cloud computing business on the market where u.s. and i trust enforcers have already begun scrutinizing amazon dot com but they've now extended that probe to the cloud computing side of the business and that
extension of their look at amazon it signals that the f.t.c. is already taking a broader look at the company to determine whether or not amazon is violating antitrust laws and harming competition 8 of us accounts for 60 percent of amazon's operating income and is on also sells an array of products that run on top of those basic services such as databases machine learning tools and data warehousing products. well central banks have come under plenty of heat in recent years most notably in the u.s. and europe and this is cause some uncertainty for the future of these institutions but what would this scenario truly look like kristie i managed to catch up with international investor jim rogers in singapore a while back and asked him about this issue. so if you take a look back at history of quick in 1908 we had wall street they actually bailed out . one of the main hedge funds back in the day which was the long term capital and then we had in 2008 as you point out the central bank they bailed out wall street
so we have a name and brothers and then we have. and then on j.p. they were also on the prank and so now in 280-200-1000 with all of these banks now pumping money and now in massive debts who will bail out the central bank when it comes time. it's welfare for the rich you know if you're rich that want to need help and you'll call up the central bank and you'll say it's western civilization you must save me the central bank doesn't i want to better their bureaucrats and academics and so they'll save their friends or wall street if you're a problem or into lido and you call up the central bank and say you've got to save us they won't take your call so yes the central banks and the government to some extent have some power left and what will happen is when things get really bad then the central banks will try to do something or cause a big rally but. the market's going to say we don't care we're not playing this game anymore and that will be the big big big collapse and it will be the largest
central bank be the worst by a bear market in my lifetime and older than you when i'm older than all of us so be the worst bear market in my lifetime and your lifetime so do you think that there's something inherently wrong with the current monetary policy if you do see a day that the central banks can. of course there's something wrong what are you talking about i mean these guys are pretty staggering amounts of money debt all over the world are skyrocketing 2008 we had a problem because of too much debt oh my gosh since then the debt is going through the roof everywhere nobody has practiced austerity they talk about austerity but they haven't done anything about it no no no there's no law this is central banks. maybe the problem so just print print print print print but that's failure because if the currency goes to nothing or goes down a lot you and i are not better off so it's a lost of confidence and money so where does that leave us do we go back to
something. or do we pivot toward something more. such as crypto currency well throughout history when people lose confidence in governments or money they've always turned to gold and so it doesn't matter whether they should or not they always have and they always will or already turning to crypto currencies crypto currencies are all going to 0 in the end in my view but some people are rushing to them no. fun but there in my view i rather own gold and silver because it thousands of years. who buy gold and silver when things go wrong so actually i have a different opinion i do believe that. gold and that is the way of the future good coin is the one bitcoin is digital gold the correlation right now between bitcoin and actual physical gold has tripled in this past year especially now you see. me on board and you see the central government such as sea diving into currency and
trying to put the yen on the digital ledger i believe the singapore government is actually looking into that as well so why do you think that. what you are trying these money is on the all money is going to be on the computer there's no question about that yeah if i was in beijing the other day trying to buy an ice cream poor woman couldn't sell me i had money remember that it had to be done this year david i wish obama were say something money is going to be on the puter it already is in places but that's different from crypto currency you know crypto currency is not backed approved by anybody except maybe you in the 1930 s. . before the $98.00 people could use anything for money they wanted seashells gold coins you could print their own money and people would take it so you could use anything but then the central bank in england which was the most important the world the bank of england said from now on if you use anything for money except our
currency is. it's an act of treason. treason may say but execute you so people stop using all these other things. i could bring the money. the krypto say we're smarter than the government and they are you are certainly smarter than the government but the government has the guns and the government says you're not going to use that stuff anymore you're not maybe you are but most people are going to stop because they know that being hanged for treason is not a good experience so i think that's a very fair point that right now the money is just primarily backed by military might but in certain countries right now such as south africa some other very well countries where there is huge amount of political instability there are actually currently using decline places like argentina venezuela they are using. that simply because the military the government actually can't back up their own currency so
through that i think the currency world has taken it by the grassroots and will spread it through it that way so do you think. the things you said are actually correct but more people in places like that are using gold and silver. in places like. to be that recently trying to figure out what's going on you know if the computers go down or if the lead tricity goes down which usually happens in places like this what are you going to do and i scream in beijing if the electricity goes down but she will take my silver coins when i go to her so you still place more trust in physical gold i have more confidence in. crypto currency as i do on a fair amount of gold and so yes what about the recent what about the recent thing that came to light about the fake gold in the supply of the gold circulation. all seeming that the authorities have absolutely no lead on who is doing it how much
fake gold there actually is in circulation right now that's one reason that i buy the. it will go and i prefer to buy gold coins because it's less likely that they will be counterfeited but but it but you are correct but paper money is counterfeit bitcoin is counterfeit and people steal from the wallet is the big point cryptocurrency want you think it's easy to think it is easy making money in 2019. you're not or you're showing your age it's always been difficult and it's going to continue to be difficult you have to be careful about everything i wish it were easy oh i wish you would. and just for the record jim rogers says that if the electricity goes out and it is a way he's going to walk around and buy ice cream with the gold in this pocket sure all right so the fastest u.p.s. truck which was created by the company in order to advertise its nascar sponsorship is now up for auction and get this my friend's bid starts at $1.00 that's right the
auction house iron horse auction company claims that this truck has 850 horsepower it might remember it from the race the truck nascar commercials in the mid 2000 see it there look at this you're right. a commercial the law of the truck comes equipped with a fire suppression system it has nitrogen oxide systems injection in place it is fast but pretty sure it cannot take those corners very well that's it for this time you can catch boom bust on direct t.v. channel 321 dish network channel 280 or streaming 247 on pluto t.v. the free t.v. app challenge you 79 or as always hit us up at youtube dot com slash boom bust our team you see back here tomorrow.
ok in a special can somebody we can benefit so there's room for the men of the. book to get us to the gulf where. you thought the whole doping in russia think was over forget it. party of the commune told her about through a complete pressure we have the last day of summer as models of the. russian outlets eligibility for the international competition says at stake this includes events like the tokyo olympics and the fever world cup in qatar if i am in the early as last year we all just not sure where you're coming out though just as it was 4 years ago in moscow anti-doping plavix at the center of the scandal so who tampered with the doping samples database and one does greegor you want she could have to do with it and you know she still does restart the ball zameen it not put us in a duck a little spots will not use a push on the machine you ship might expose me emotion touch a little to the polish in
a danish note. the european union's tendency to believe that is only it represents europe has long been a major gripe for russia but as the e.u. experiences significant internal difficulties it is starting to reassess what it is and what it stands for what does that process mean for the countries sharing the continent with. and we're going to fulfill the repeated purposes of politics to the people and come on you know with all pots be. ready for a. fact. now
you want to. know. the. big. coming coming coming. the economic system known as capitalism has generated more wealth than any other system in history in many ways it is defined maternity itself hundreds of millions have been lifted out of poverty however capitalism has also witnessed growing income inequality the appeal of socialism currently on the rise can complement.
france is crippled by a nationwide strike over pension reform plans with protests in the capital descending into violence. russian foreign minister rejects germany's claims that moscow has not been cooperating with an investigation into the murder of a georgian citizen in berlin. and twitter faces fresh censorship accusations after a change it to its terms of service leads to fears of a shadow ban it.