A bold claim about the attack on thursday and who he believes is behind it. It is the assessment of the United States government that the Islamic Republic of iran is responsible for the attacks that occurred in the gulf of oman today. This is based on intelligence the weapons used the level of expertise needed to execute the operation recent similar rating attacks on shipping and the fact that no proxy Group Operating in the area has the resources and proficiency to act with such a high degree of sophistication. Secretary pompei also cited video that he said showed iranian sailors were moving a mine from the side of the japanese tanker but on friday the president of the company that owns the cook said the crew saw flying objects and not a mine cause the damage and that a mine was never attached to the side of the ship Company President you too could qatada said to put a bomb in the side is something that we are not thinking multiple outlets also reported that iranian soldiers. Helped rescue tanker crew members the attacks and Global Oil Prices higher with benchmarks for brant crude in west texas intermediate increasing by more than 2 percent on thursday. Moving from the middle east to China Industrial output there has reached reached a recent record low the latest official figures put factory output at just growing at just 5 percent year over year in may the weakest growth figure in 17 years and well below surveyed expectation closer to 5. 5 percent and while year over year growth and retail sales for may beat expectations logging in it 8. 6 percent recovering from a historic low in april however the unexpected size of that balance may be more an artifact of a recent uptick in chinese inflation. And our 1st 2 stories may have led to this next one gold is coasting on a 13 month high as investors seem to seeks a safe haven in the precious metal from worries on chinese growth and growing risks of u. S. Military action against iran aug gold futures climbed above 1359. 00 an ounce in early trading on friday the concerns about risk also seem to have pushed silver futures for july above 15. 00 per ounce. Tanker attacks trade wars and resorts to low risk investments are moving markets worldwide this week and now there seems to be a new player hopping into the global tariff game as india has now said it will slap certain American Goods with the tariff putting the stalled shipping shoe on the other foot if you will here to help us sort it all out is Richard Wolffe professor ecan professor of economics americas at the university messages shes its amhurst and the author of democracy at work a cure for capitalism welcome back professor wolf 1st we have a question about tariffs involving the u. S. And india not china p. T. I. News agency of india says the government is preparing to impose tariffs on 29 u. S. Products an apparent retaliate for u. S. Metals tariffs against india and the trump administrations cancellation of g g s p trade privileges for india this is happening despite a warm relationship between parent President Trump and he is nationalist Prime MinisterNarendra Modi what is the economic and geo political significance of these tariffs. Well the 1st thing in economics is that we have spent most of the last 50 to 75 years basically since the Great Depression and world war 2 trying to prevent International Commerce and trade from becoming a battlefield because of the long history that trade wars have a nasty habit of becoming military wars trade wars had something to do with world war one and world war 2 and we didnt want to have that happen again so the rules that were developed under the United Nations under the g. 880. 00 now under the World Trade Organization were designed that countries would not go to war with one another around trade and arabs because of the danger to the country that broke this agreement more than any other in recent history is the trump United States with the attack of tariffs on china on mexico on india and on europe and more in the works so that the whole world is in a kind of shock because the United States did something that the whole thrust of the last 75 years was not to do and the assumption perhaps with mr trump and his advisors was that we were so strong and we are so powerful in the United States that we can do that and nobody will retaliate wrong the next the can did the chinese did and now the indians have and that means that the burden then the cost of all of this is only going to go up and for americans just as much as for others for geopolitics it means that even our friends like mr modi who likes the United States who is a little bit of a trump and his own country he has to turn to the indian people he can allow the United States to put tariffs on their site. Off without appearing at least in form to kick back otherwise he looks like not the nationalist leader he tried so hard to be so now youre seeing he pushes back and others will do and speaking of pushback on the trump trade agenda c. E. O. s from 600. 00 large u. S. Companies including target and walmart have signed a letter to the president urging him to reach an agreement to end the tariff with china this is the latest initiative from an Industry Group called tariffs hurt the heartland how loud is the clamor from the Business Class in the United States have to get to offset President Trumps apparent personal attitudes and commitment to being seen to win a power struggle. Well i think this is one of the most important developments since this whole tower of business began an enormous number of many of the most powerful business communities and organizations in this country have now gone on record telling President Trump and the Republican Party in charge of this policy that they dont want it they dont like it its going to hurt the American Economy they want it stopped and that puts mr trump and the republicans in an incredible bind if they continue and refuse to listen to this urgent demand theyre going to make and that means out of some of the richest and most powerful political and economic forces in america mr trump risks kissing his reelection goodbye if he does it on the other hand if he falls back at the tables in the way he already did in mexico by canceling those tower us then you will look to his own Political Base like having caved in and not being mr tough guy leader that hes worked so hard to develop mr trump has worked himself into a very tough corner interesting and turning to another issue tying the u. S. And china together economically demand for cars seems to be slowing in both countries in may like vehicle sales were down 16 percent in china that month and down 7 percent globally what does this data point tell us about the prospects for china the u. S. And the global auto market. Well i think weve had a problem with the auto market in the sense that theres overcapacity too many countries have gotten involved in the automobile business so that the monopoly that used to be held mostly by american and European Companies is long gone the japanese were the 1st to break it. Now its being broken in china by a whole new capacity to produce cars partly by Chinese Companies and partly by companies from the west who have to go to china General Motors that produces more cars in and for china than it does in the United States because thats the big growing market and what youre seeing dollars slowdowns that are signs that the damage done by the tower of war which is why theres been such pressure not to do it is now beginning to really show up thats what the letter from those 600 business groups in america roughly are flecked theres do much hurt theres too much damage and mr trump who may have thought that he could get this by everybody and get the benefits without paying the costs is now learning that the political costs put it in a bind and for me the great fear is how desperate will this make him be and what will he do having boxed himself in this way hard to predict and turning to your always interesting twitter feed you took note of a poll of attitudes toward socialism and capitalism which has been an increasingly trend trending topic what were the findings there. Remarkable both the high risk pool and the gallup poll 2 major polling industries have focused their questions recently on asking random collections of americans which do you prefer capitalism or socialism and the amazing to me and to many others reaction is roughly 40 percent in some polls even more of the people asked are in favor of prefer socialism and you have some interesting side results wimmin 55 percent preferred socialism a majority men significantly less that 40 percent youre beginning to have. Society divided over this question in a way that was unthinkable 5 or 10 years ago but also gives you another measure of what the question of 2008 did interesting always interesting with professor Richard Wolfe professor at mit emeritus of economics at the university of massachusetts amherst thanks as always. Thank you. And its now time for your global stock market walk for the week we start off as we do with m o x in russia which is up on the week this comes on expert this comes on the news that Russias Central Bank will cut a key Interest Rate the hope is that this will boost Economic Activity with cheaper lending then moving down to asia we take a look at the nikkei index which is also up on the week the index was boosted on the week following the jump on oil shares following that tanker attack in the strait of hormuz and sony stock rallied around 4 percent support the index over the top then jumping over to the shanghai index the market finishes the week up but just barely following the rise midweek next began sloping downwards in trading on friday then over to the hang seng in hong kong that in next is down for the week and theres not much of a surprise there following the massive protests that swept through hong kong streets over a very controversial move on extradition laws now heading over to the sensex in india where that index is down for the week a pretty steep fall on friday was the proverbial red arrow nail in the coffin to drag that in next down and heading down under to australia the a. S. X. Is in the green this charge was led by the Iron Ore Price spike in Energy Stocks according to Yahoo Finance is a peak of 11. 00 and a half years for the aussie market the last time the a. S. X. Index was at this point was in 2007 jumping across indian ocean we find ourselves at the all shares in south africa where that index is also finishing up for the week now that in next also just barely in the green after major rally earlier in the week it found itself falling on friday and landing at nearly 58200. 00 points jumping to europe now where we see the cac has fallen for the week the index rally at the end of the week led by Health Care Gas water and financial sectors but it wasnt quite enough to make up ground last earlier in the week and they missed. Even on the week by just 6 points in germany the dax finishes the week up but just barely following a major spike earlier in the week and then a smaller one on thursday trading fell on friday but a late rally helped put it into the green hopping across the channel the footsie finishes the week up next slid on wednesday but then that sanker attack in the strait of hormuz cause crude prices to surge the stock market moving over to the americas the coal kept in colombia and i believe in brazil both up on the week now i will best buy has remained fairly steady this week with a steady incline however the fate of the stock market hit Going Forward will hinge on those pension reform plans proposed by the balsam naro administration now lets head to the states where we can see a trend the n. Y. S. E. The s. And p. 500 and the nasdaq all down on the week a lot of poor performances came from you guessed it trade tension which is being felt pretty heavily in the tech sector among others and finally we move up to the great white north where they ended up on the week after a choppy 5 days of trading with pretty drastic spikes and slopes and that is your Global Market round up for the week. Time now for a quick break but hang here because when we return big coin may make up the lions share of the Crypto Market but there are other options out there earlier we spoke with taylor lettermen of simply trading in rocky miller a bit see on the breakdown the future of kryptos and what decides the centralisation and as we go to break here are the numbers at the close. I think cubans all over the world. All very similar you know west the west in those did not invent democracy you know democracy everywhere in World History in india in china if you go far enough back creating inclusion in soviet union after 990 was not a matter of adopting the u. S. Constitution it was a matter of finding what works in that cultural context. Welcome to max kaiser financial survival guide. To your pension account. This is what happens to pensions in britain. You watch kaiser report. So you say that brings us to the end of the series if we could just let josie marino walk away so we decided to truly talk still close to a very special farewell party. But this time to go back to the punch line and thanks for putting on such a good body. With. The only thing i didnt enjoy was my eyes. My. Eyes. Well thankfully we nailed it literally a week. Workers at Brazilian State Oil Company petrobras have lent their strength to a nationwide strike against president hairball sonar as proposed pension cuts the union Union Representing petrobras workers the f u p says workers at 9 facilities will strike on friday in opposition to proposals that include raising the retirement age which the government says would save nearly 240000000000. 00 over the next decade subways and buses schools banks in universities have also been closed by the strike in several major cities including brazils largest city sao paulo this is all just before the copa america kicks off in the south american nation in those cities most notably Rio De Janeiro police fired stun guns toward masses of protesters. Make up the lions share of the Crypto Market but there are other options out there earlier christiane i spoke to taylor lettermen of simply trading in rocky miller on to break down the future of kryptos and what decides decentralisation. China as one of the most important players in the crypto currency market almost one 3rd of all Trading Volume originates from china and the center of Information Industry Development now came up with a crypto project ranking system last year which consists of 30 projects where theyre ranked by 3 aspects the basic level of Technology Display the usefulness of the application and the innovativeness of the project the ranking is updated every 2 months and in the most recent one the top spot followed by tron steam and ontology so right now where there is a lot of controversy surrounding the system and surround me especially since another Rating SystemWeiss Ratings recently slammed saying that there are Serious Problems with centralization now people are actually questioning this allegation as a why its rank it ratings previously praised earlier this year as the backbone of the new internet whats happening here and for those who are not familiar give us a quick rundown on what is and what it does. Is really just a blog change platform that allows other developers or business is. Essentially launching a quick scalable and feel this. Or a decentralized application with on the spot change. Concerning the the whys rating i think a lot of that from our recent announcement block one which is the start up thats funding our well funded start thats backing a lot of the development now and seeing new media decentralize. Social media called voice and voice. Is kind of a play on just kind of moving all the user data keeping a decentralized and allowing users to kind of own their data and so what were seeing is this weiss rating kind of attacking in a way blog one because theyre kind of centralized and the word the word dative over the. Rockies steam is another interesting one here they are an extra experiment in social media and could be best described as a mixture of read it and blogger where users get paid to post and vote the platform has attracted over a 1000000 active users posting and voting and interacting the platform allows publishers to get income without relying on pay walls and this amounts to content premium over facebook especially after its facebooks fake news scandal do you think this could emerge as a real facebook competitor. Yeah i think this Business Model in this case is definitely ripe for destruction using block i think steam has been one of the original ones they started in 2016 you know founder dan lehrer is very well known and respected in the space their technology is solid you know the as you said they have over a 1000000 subscribers and about over 300 different applications built on it so much more popular than the others. Are passive income and so it is a completely different model and its there to disrupt exactly facebook you know twitter and other social media out there you know whether steam will be the one that cracks this code its still early to say but you know there are solid project and i see many more coming into into this space and really opening up ownership and content creation and rewarding people for their own data and their own content. Tron always seems to be in the spotlight and known the founder justin sun has won the right to have lunch with Warren Buffett. After bidding 4600000. 00 for the lunch buffet has been known for his skepticism of new technologies how do you think the conversation at that lunch will go. Im not quite sure i think theres a lot to be concerned with just as on stepping in hes really a man for tron and i guess now. So its interesting to see stepping into the limelight i think a lot of us in the proposed face would probably for somebody else not see them as out of sort of a self aggrandizing and if you want to have some sort of think a lot of the conversation right now. With Warren Buffett is probably too soon like you said hes a very skeptical towards what growth we can see with thing or appearance hes. More of a gambling mechanic rather than block chain so i dont think anything really all that positive in terms of expectation for the ones are going to be held in the proposed and rocky if i can just get your take on that what do you think a fly on the wall would here at the launch conversation. I think you know because its been pretty public about his opinion on this whole space as have many of his peers you know i think it comes down to incentives and you know the what theyre invested in at this point and certainly not block chain and certainly not this new ecosystem so yeah i would love to be a fly on the wall theres been a lot of posts on linked in social media and one in particular that i was reading went into a dialogue Warren Buffett would say to the sun and i have to tell you honestly i thought it was the truth until maybe you know an hour later someone said no this was essentially but it should be a really interesting conversation absolutely we saw last year we even saw like giants such as facebook and google all denounced but now theyve all come around and now theyre actually very involved in the space coming out their own applications so now rocky moving on we heard about ontology. Now this is something we havent talked much about before but its actually founded by the 2 guys who did neo a multibillion dollar project and essentially ontology is a way for businesses of all sizes to install blocking technology within their Company Without having it to completely change all their current systems give us their take on it and how fast its grown recently and how will this exactly work. Yes ontologies of really interesting and intricate project and a few things theyve done to basically allow businesses to on board to it quickly and use it as their backbone is things like things that you know for example if youre trying to build something on a theorem you have to learn solidity they support java script which is much more widely used so thats thats one of them theyve also broken charting problems implemented charting on their platform which is again something that looking to do with their 2. 00 release so basically what this does is the type of horizontal scaling Cloud Computing has given again mainstream Application Development so these are really exciting developments the team is very technical recently theyve been in the news with their pretty big partnerships with movie blog with. You know huge chinese conglomerate my understanding is its something to do with their Loyalty Programs but all of these partnerships i think indicate a strong a strong platform they also have a very interesting. Consensus mechanism which is a marriage between steak and basically a verifiable red function so what that means is its proof of steak but it adds a sense of fairness through randomizing how the consensus works so a little technical but very interesting project and seems like theyre doing really well. Rocky miller and Taylor Letterman thank you both so much for being here and breaking down all these all points. Thank you very much. Finally a major cultural shift may be coming to the. And in Metals Exchange traders at the element have developed a reputation for drink sodden midday meals but now the element has followed up on a recent code of conduct that advise that drinking at after hours l m e related event should be in moderation with an apparent ban on day drinking the element spain during is the last year of pain markets a conduct face to face trading and booze and bravado are said to be ingrained in the rings culture a spokesperson for the l i me said the element appreciates the high standards up held by its members and has formalized the general position that ring base personnel should not consume any alcohol prior to conducting business busy well lets hope the new role leads to more responsible financial choices and fewer hangovers have a good weekend and drink responsibly thats 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. Or free t. V. s channel 132 or busy as always hit us up at youtube dot com slash boom bust r t c next on. Oh. Yes its. Just so. Playing. Very well now can see you watching us and see us. The seal will. Hold. A memory real world will know what. Crews are. Up on the board. With the one that. You would usually eat what. Leads you to surround us. One of them wanted something even younger than you believe there are these which. Youll see in the local. You own one luke your words please leave your speech yesterday look at your bullshit to get you through to someone shoot. That. You know it is not the last chapter. The u. S. Says its looking to build an International Consensus over the alleged oil tanker attacks in the month and continues to blame iran without providing evidence to look back at washingtons track record when it comes to convincing the Global Community about the present state. And also this hour hong kongs administration postpones a controversial bill on extradition to china after hundreds of thousands take to the streets in protest. And there are axed in britain after a watchdog rules that gender stereotypes are harming society. In advertising is appalling and part of that is denigration of men we dont want to see