Transcripts For RT Boom Bust 20240713

Right lets not get top of cutting right lets not forget that the fed has been buying bonds again yet officials still insist that it was that the fed has been buying bonds again yet officials still insist that it was too stable as the funds were safe for water to fund raise for the for the full month rather than a few evil will keep doing well well that stabilizing was at a clip of 60000000000. 00 a month state which is almost as a was at a clip of 60000000000. 00 a month which is almost p. Q. Each year in the Great Recession and lets not forget the medieval pop in the greatest recession and lets not forget the repo populace still isnt over yet as there is a 130000000000. 00 revolving repos the syllabi bill isnt over yet as there is a 130000000000. 00 revolving repos the syllabi trying to reliquefy the Banking System every night the Central Banks banks trying to really liquefy the Banking System every night the Central Bank Balance sheet expanded by over 100000000000. 00 over the past month and is back above the 4 alan she expanded by over 100000000000. 00 over the past month and is back above the 4 trillion dollar mark if the economy were great why did we need this big the trillion dollar mark if the economy were great why did we need this big simulate Millicent Jackson action john injection of them are going to present up in march of market to prop it up. Chinese film tiny and he still knows she awake a group shall shit on one wrong group to fall for to read on 142000000. 00 most of my bonds left last week sparking counsellor and adept at conspire to do nothings that connected in the learn of the death page in a fat comic in the land reads in companies in the sand the subtle end product of an event well all more well known for now a programmer by providing didnt get care. And on t. V. s for each others job that is at the desk thats so this so this default now raises huge concerns that other privately owned enterprises may have the fallout now raises huge concerns that other privately owned enterprises may have been associated with she was cross guarantees among howden that many of us have the votes to take it with she was cross guarantees among the companies have the potential to cascade liquidity issues throughout the Credit System neighbor firms home general to cascade liquidity issues throughout the Credit System neighbor firms home child group and Sunshine Group bonds have both dropped to their lowest level after issue while group and son shane groups bonds have both dropped to their lowest level after she won default more Chinese Companies are defaulting on private bonds this year as a song default more Chinese Companies are defaulting on private bonds this year as a slowing economy weighs down on revenue the nations issues have missed 3 payments although economy weighs down on revenue the nations issues have missed repayments on 4400000000. 00 of private bond this year and beijing is now cautious of 4400000000 dollars of private bond this year and beijing is now cautious of large scale the falls and systemic risks. Chinas bond market has ballooned up to the large scale the faults and systemic risks chinas bond market has ballooned up to 13 trillion dollars almost as big as the amount outstanding elsewhere in the world 13 trillion dollars almost as big as the amount outstanding elsewhere in the world yielding negative Interest Rates. Building negative. Theres a ton to unpack here and to do so were joined by Richard Wolffe professor. Theres a ton to unpack here and to do so were joined by Richard Wolffe Professor Emeritus at the university of massachusetts amherst so professor of economics at the university of massachusetts amherst so professor well lets start 7 off with the news breaking within the wall flowers its stock spent with rate than a cup news breaking within the last few hours the latest sped rate cut by 21. 00 ready for change of buy 1. 21 rampage point one sign that backed who was so important is that empire percent so is there any way to read. All the labor that are to respond to the slowing economy comey other than a response to a slowing global economy. Yes i think there are many factors that are going into it. Yes i think there are many factors that are going into it we have this desired split we have a president and the political we have this bizarre that split we have a president and the political elite telling us that the economy is strong even mr powell said that and yet do it he telling us that the economy is strong even mr powell said that and yet doing the things you normally do when an economy is weak thats the 1st kind of confusing the things you normally do when an economy is weak thats the 1st kind of confusing piece of information but there are other reasons to cut Interest Rates for existing piece of information but there are other reasons to cut Interest Rates for example helping the republicans and mr trump get reelected will help the real cop on an applicant and mr trump get real meat that boosted by the economy thing but it by deeper than they can also get it cheap gutter going on diets also going off even though i mean the pedia even though the people playing the games will build the noni it i think theres a nickname important key factor we have a split. Actor in the other where we have a split because the real economy in another way theres the real economy where we where we go go to what are working we can we please produce the things and so on and then theres that one and then theres the paper a great column in qana me doing this the stock market what has been going on is that the economy underneath the one we ought market what has been going on is that the economy underneath the one we all live in is very mediocre i mean i read the other day that j. P. Or live in is very mediocre i mean i read the other day that j. P. Morgan chase is thinking of moving out of new york city to save money and the s. Morgan chase is thinking of moving out of the. York city to save money and the explanation was split may be share for the uns to preplan here go for the un and then go in the coming recession so there is this split between the real economy which is weak recession so there is this split between the real economy which is weak and the stock market which bush and the missing but heres the x. Model nation get that the Federal Reserve is booming but heres the explanation the Federal Reserve is pumping up the money supply you mentioned yourself correctly observe is pumping up the money supply you mentioned yourself correctly the quantitative easing disguised as stuff for the republicans and the little quantitative easing disguised as stuff for the republicans and now the lowering of Interest Rates what that does all ring of tarp money money to. Make it cheap what that does is pump up money make it cheap to borrow and you know when doing the borrowing people who play the stock market thats a borrow and you know were doing the borrowing people who play the stock market thats why the prices of the stocks have gone so much higher while the underlying economy why the prices of the stocks have gone so much higher while the underlying economy is so mediocre that is a very dangerous dichotomy and i is so mediocre that is a very dangerous dichotomy and i think we will look back on the feds action as a worrisome sign that there may think we will look back on the feds action as a worrisome sign that theyre more interested in keeping this bubble going then they are in confronting the more interested in keeping this bubble going then they are in confronting the underlying problems of this economy so 2 this is a very dangerous di canio underlying problems of this economy so 2 this is a very dangerous dichotomy so well. What happened in december if the fed given its very hawkish tongue this time doing so well what happened in december if the fed given its very hawkish tongue this time if they decide to not cut Interest Rates again and the markets disappointed. If they decide to not cut Interest Rates again and the markets disappointed what will happen i think is that its youre absolutely right the key question because i think is that its youre absolutely right to the key question because it would then suggest that the game of keeping the bubble going has it would then suggest that the game of keeping the bubble going has become too dangerous the Federal Reserve is not supposed to flood the money into this we come to dangerous the Federal Reserve is not supposed to flood the money into the system at this pace you know the joke of mr powell is remark to keep the expansion going thats not the job of the Federal Reserve every teacher know system at this pace you know the joke of mr powell is remark to keep the expansion going thats not the job of the Federal Reserve every teacher knows who teaches economics as ive done all my life you cut Interest Rates when the who teaches economics as ive done all my life you cut Interest Rates when the economy is weak not one its expanding you do that in the economy is weak not one of the its expanding you do that in the moment of expansion is when you raise all in of Interest Rates and the price masses when you raise Interest Rates to slow the process down on b. To build up the lines of can resign nerves of yield real hes a nerd need to get through a lot harder to get through our hard time the fed isnt doing that it is piling more money on top of more money time the fed isnt doing that it is piling more money on top of more money its nice why. Runs up but when it runs down watch out its nice and runs up but when it runs down watch out thats the thing to worry about so we also have in the 3rd quarter were poor thats the thing to worry about so we also have in the 3rd quarter were poor we see that the u. S. Economy grew at a rate of 1. 9 percent which as we previously stated outright we see that the u. S. Economy grew at a rate of 1. 9 percent which as we previously stated outpaced the expected 1. 6 percent rate but still well below where we were in q 2 the expected 1. 6 percent rate but still well below where we were in q 2 meanwhile Consumer Confidence has now fallen to a 4 month low so what do you take away meanwhile Consumer Confidence has now fallen to a 4 month low so what do you take away from these latest figures well i think lets put them together with the numbers from a few from these latest figures. Well i think thats put them together with the numbers from a few weeks ago indicating that the chinese economy was growing at about 6 percent or weeks ago indicating that the chinese economy was growing at about 6 percent which is the lowest it has been in a long time what youre seeing here and which is the lowest it has been in a long time what youre seeing here is that the trade war initiated by trump and the Republican Party is hurting is that the trade war initiated by trump and the Republican Party is hurting both Major Players the chinese in one hand and the United States in the other this is done mostly to get mr trump reelected but the costs were paid both Major Players the chinese in 1. 00 hand and the United States in the other this is done mostly to get mr trump reelected but the costs were paying on both sides are enormous thats why you have that bond the fog going on both sides are enormous thats why you had that bond the fall in china that worried people over the last couple of days and so on my guess in china that worried people over the last couple of days and so on my guess is that we are going to see a building rage and the anxiety is that we are going to see a building rage and anger at the economic costs that the world is asked to pay for a player at the economic costs that the world is asked to pay for a political struggle here inside the United States and again political struggle here inside the United States and again lets not lose sight in china the rate of growth was 6 percent this last lets not lose sight in china the rate of growth was 6 percent this last period in the United States 1. 9 percent for people who just period in the United States. 1. 9 percent for people who understand what that means the chinese economys growth understand what that means the chinese economys growth and the American Economy is in the ability to keep up is the most important and the American Economy is in the ability to keep up is the most important historical reality of todays numbers a lot of asset bubbles bubble historical reality of todays numbers a lot of asset bubbles bubbling up all around the world better keep your watch out its very worrisome professor richer were going up all around the world better keep your watch on its very worrisome professor Richard Wolffe at the university messages samaras thank you so much for being here. Thank you wolf at the university of massachusetts amherst thank you so much for being here. Thank you. Time now for a quick break but hang here because on the other side. Time now for a quick break but hang here because on the other side as cryptocurrency is continue to climb in the public consciousness governments are taking notes on how to move as cryptocurrency is continue to climb in the public conscious and governments are taking notes on how to move forward in the states joins us in studio after the break to talk about consumer szilard in the states joins us in studio after the break to talk about consumer safety in the field and much much more and as we go to break here are the numbers for close in the field and much much more and as we go to break here the numbers are close. All across the middle east. All across the middle east and beyond there are large scale protests a growing political ends. Ability in many countries and beyond there are large scale protests and growing political instability in many countries the old ways of doing business only in rich privileged elites while the prospects for the old ways of doing business only in rich privileged elites while the prospects for the many are few and far in between to the elites have answers to the many are few and far in between to the elites have answers. And. Need. Designer need. Slipstick its a. Full body of the systems that im. Selected its a. Small. A bill in co. Small. Fortune for the outnumbered a lot about a. Fortune for the outnumber a lot about a 1000000 and thats. More than that so. During the Great Depression which im old enough to remember that. During the Great Depression which im old enough to remember there was and most of my family were unemployed working class and it wasnt it was and most of my family were unemployed working class and it wasnt it was bed you know much worse subjectively than today but there was an expectation that things bed in a much worse subjectively than today but there was an expectation that things were going to get better. There was a real sense of hopefulness were going to get better. There was a real sense of hopefulness there isnt today todays america where shape by the turn principles there isnt today todays america where shape by the turn principles a concentration of wealth and power. Reduced amount concentration of wealth and power. Reduced democracy attack solid doubt in. Janiero elections. Attack solo doubt engineer elections manufacture consent and other principles according to no im joe manufacture consent and other principles according to no im jones to one set of rules for the rich office at least one set of rules for the rich offices. Thats what happens when you put her into the hands of. Thats what happens when you put her into the hands of a narrow sector of will switch will is dedicated to a narrow sector of will switch will is dedicated to increasing power for chills just as youd expect one of the most influential intellect preaching power for chills just as youd expect one of the most influential intellectuals of our time speaks about the modern civilization of america chose of our time speaks about the modern civilization of america. Well. You know. What. You mean what. You mean with. The. The Asia Pacific Economic cooperation summit set for mid november in santiago chile Pacific Economic cooperation summit set for mid november in santiago chile has been cancelled amid widespread protests in the nation the government was forced to extend being cancelled amid widespread protests in the nation the government was forced to extend a state of emergency to several cities last week as protests continue due to a proposed in a state of emergency to several cities last week as protests continue due to a proposed increase in Public Transportation fares and what they describe as economic inequality increase and Public Transportation fares and what they describe as economic inequality over the weekend mr pinera made concessions including an increase to minimum wage over the weekend mr pinera made concessions including an increase to minimum wage and raising taxes on the wealthy chilean president Sebastian Pinera address the council and raising taxes on the wealthy chilean president Sebastian Pinera addressed the cancellation in a media address wednesday. As president deval 2 a and sin in the media address wednesday. As president of all chileans always have to put the problems in interests have to weigh ins there needs desires and theres always have to put the problems in interests have to weigh ins there needs desires and theres hope that he 1st in line to get us President Donald Trump and chinese by the 1st and. U. S. President donald trump and chinese president xi were sent to me in the summit to discuss phase one of a trade deal between the 2 countries or said to me in the summit to discuss phase one of a trade deal between the 2 countries initial reports claimed the 2 would sign phase one but white house officials louise initial reports claimed the 2 would sign phase one but white house officials later clarified that the deal would likely not be ready in time for the summit at this later clarified that the deal would likely not be ready in time for the summit at this time it is unclear when and where the 2 sides may need to finalize phase one time it is unclear when and where the 2 sides may meet to finalize phase one boom bust well keep you updated. Washingtons boom bust will keep you updated. Washingtons ongoing war on huawei has apparently had the opposite effect in china where reports an ongoing war on huawei has apparently had the opposite effect in china where reports now show that the Telecom Giant has captured a record share of the chinese Smartphone Market now show that the Telecom Giant has captured a record share of the chinese Smartphone Market while apples sales continue to decline this as apple prepares to launch its while apples sales continue to decline this as apple prepares to launch its own series of 5 g. Phones and it is back to ship more than 80000000 phones own series of 5 g. Phones and it is back to ship more than 80000000 phones Rachel Blevins joins me now to break down the latest so what are these latest numbers he is Rachel Blevins joins me now to break down the latest so what are these latest numbers well kristie while we continue to extend its lead in the 3rd quarter. Well kristie while we continue to extend its lead in the 3rd quarter of 2019 and it now commands 42 percent of the Smartphone Market 2019 and it now coming on. 42 percent of the Smartphone Market in china which is far above both local competitors and its u. S. Competitor in china which is far above both local competitors and its u. S. Competitor apple now if we take a look at the numbers specifically reports show that wall way shipped 40 will now if we take a look at the numbers specifically reports show that wall way shipped 41500000 smartphones in china from july to september marking 1500000. 00 smartphones in china from july to september marking a 66 percent year on year growth meanwhile apple sells in the region continued to fall a 66 percent year on year growth meanwhile apple sells in the region continued to fall and apples market share in Mainland China dropped from 7 percent down to 5 1st and apples market share in Mainland China dropped from 7 percent down to 5 percent so we see that even though there is continued criticism from the United States government chinese that so we see that even though there is continued criticism from the United States government chinese buyers are going even more towards wall way and theyre turning away from the american alternative buyers are going even more towards wall way and theyre turning away from the american alternative so what is the impact of these sales on the market specially for apple well this inclusive so what is the impact of these sales on the market specially for apple well this increase for wall we specifically comes at a really important time because as weve seen with the u. S. Government pays for wall ways specifically comes at a really important time because as weve seen with the u. S. Government they have made no indication that they will be backing down any time soon and research they have made no indication that they will be backing down any time soon and researchers have even noted specifically they have spoken out and theyve said its dominant have even noted specifically they have spoken out and theyve said its dominant position gives wall way a lot of power to negotiate with the supply chain and increase its gives wall way a lot of power to. With the supply chain and increase its a wallet share with Channel Partners meanwhile not only are Companies Like our wallet share with Channel Partners meanwhile not only are Companies Like apple feeling the effects of this ongoing trade war and the u. S. Government all feeling the effects of this ongoing trade war and the u. S. Governments stance on wall way but at the same time u. S. Chip makers also stand to lose a lot of stance on wall way but at the same time u. S. Chip makers also stand to lose a lot and they could you lose more than 56000000000. 00 in the next 5 years just and they could you lose more than 56 1000000000. 00 in the next 5 years just in revenue if the United States keeps this ban on wall way and added revenue if the United States keeps this ban on wall way and apple where are they on the entire 5 g. Race well its interesting because apple is actually behind where are they on the entire 5 g. Race well its interesting because apple is actually behind when it comes to these 5 g. Phones and weve seen Companies Like wall way and like samsung and when it comes to these 5 g. Phones weve seen Companies Like wall way and like samsung already putting out 5 g. Phones and was kind of stayed behind and even with this ready putting out 5 g. Phones and was kind of stayed behind and even with this new i phone 11 from apple they updated the camera which is what a lot of users were new i phone 11 from apple they updated the camera which is what a lot of users were calling for but they still only had 4 g. Technology but thats ok because they only 4 but they still only had 4 g. Technology but thats ok because there may be a 5 g. I phone as early as 2020 now there may be a 5 g. I phone as early as 2020 now reports that are coming out are saying that apple is mobilizing suppliers to produce its reports that are coming out are saying that our. Will is mobilizing suppliers to produce its 1st ever 5 g. I phones next year with 3 flagship models also such a 1st ever 5 g. I phones next year with 3 flagship models also said to include the most advanced mobile processors available and leaving conclude the most advanced mobile processors available and leaving screens now apple is expected to ship more than 80000000. 00 of these phones out which means now apple is expected to ship more than 80000000. 00 of these phones out which means that they are pretty excited about it they think its going to be really popular but at the same time there are concerns that they are pretty excited about it they think its going to be really popular but at the same time there are concerns that they may be a little bit too late to the game and maybe by the time that they get their 5 g. Phones they may be a little bit too late to the game and maybe by the time that they get their 5 g. Phones out there their Companies Like wall way unlike samsung are already going to have the corner on the market out there other Companies Like wall way and like samsung are already going to have the corner on the market so regarding the 5 g. Technology can the u. S. What can you tell us about the upcoming us so regarding the 5 g. Technology can the u. S. What can you tell us about the upcoming f. C. C. Vote so the federal Communications Commission is expected to have a vote on november so the federal Communications Commission is expected to have a vote on november 19th where they will decide whether cellular providers here in the United States will be there 19 where they will decide whether cellular providers here in the United States will be banned from using government subsidies to buy equipment from Chinese Companies like walmart and from using government subsidies to buy equipment from Chinese Companies like wall way and like c t now the chairman of the f. C. C. Released a statement in way in like c t now the chairman of the f. C. C. Released a statement in which he said specifically quote when it comes to 5 g. In america secured which he said specifically quo. When it comes to 5 g. In america security we cant afford to take a risk and hope for the best we need to make sure our Network Security we cant afford to take a risk and hope for the best we need to make sure our networks wont harm our National Security threaten our Economic Security or undermine our vet wont harm our National Security threaten our Economic Security or undermine our values now its interesting because if this vote passes not only will it impact wall weigh ins e. T. E. Ill use now is interesting because if this vote passes not only will it impact wall weigh ins e. T. E. It will also impact any supplier or any company that the United States government decides it will also impact any supplier or any company that the United States government decides is a National Security risk so it could harm the United States 5 g. Networks is a National Security risk so it could harm the United States 5 g. Network in the long run rapidly changing environment rachel 11 thank you so much for breaking it down in the long run rapidly changing environment rachel 11 thank you so much for breaking it down thank you. Thank you. Thank. You. The latest hack of bitcoin demonstrated to regulators that scrutiny and more rate the latest hack a bit point demonstrated to regulators that scrutiny and more regulation does not equal to consumer safety the hack occurred due to an author lation does not equal to consumer safety the hack occurred due to an authorized access to the private keys of bitcoins hot wallet it lost approximately 32000000. 00 buys access to the private keys of bitcoins hot wallet it lost approximately 32000000. 00 japan is one of the few countries where quick those are legally accepted form dollars japan is one of the few countries where quick those 2 are legally accepted form of payment and they have been at the forefront of blocked train innovation the exchange of payments and they have been at the forefront of blocked train innovation the exchanges are governed by the Japanese Financial Services agencies but now analysts are questioning this are governed by the Japanese Financial Services agencies but now analysts are questioning the scrutiny and whether this is healthy or not crypto analyst scrutiny and whether this is healthy or not crypto analysts. Argue that more regulation and more scrutiny does not ensure that its subjects have strong argue that more regulation and more scrutiny does not ensure that its subjects have stronger protection rather it could lead to a reduction in safety he said more protection rather it could lead to a reduction in safety he said the f. S. A. Tightened enforcement significantly to prevent more hacks but they are the f. S. A. Tightened enforcement significantly to prevent more hacks but they are not Security Experts as far as i understand their main focus seemed to be more on k. Why not Security Experts. As far as i understand their main focus seemed to be more on k y c n m l their scrutiny is the reason to put pressure on exchanges financially c. N. A. M. L. There scrutiny is the reason to put pressure on exchanges financially and thus lose focus on security this comparison harkens back to zachary and thus lose focus on security this comparison harkens back to zucker breaks defense of libra wherein an reasonable amount of regular regular scrutiny and defense of libra wherein an reasonable amount of regular regular scrutiny actually distracts focus from innovation and consumer safety which they apparently actually distracts focus from innovation and consumer safety which they apparently claim is their primary focus with more on the latest encrypt though we welcome claim as their primary focus with more on the latest encrypt though we welcome back Jeffrey Tucker editorial director of the American Institute for Economic Research so ag Jeffrey Tucker editorial director of the American Institute for Economic Research so regarding this our regulars actually focus on the wrong things when it comes to scrutiny and so regarding this our regulars actually focus on the wrong things when it comes to scrutiny and security and that theyre focused more on k y c n m and this is putting an curity that theyre focused more on k y c n m and this is putting and unfair burden on exchanges its really true i mean if unfair burden on exchanges its really true i mean if we had had this level of Regulatory Oversight in 2009 we would if we had had this level of Regulatory Oversight in 2009 we would never have sing because and even come into existence we need permission lists and never of saying because even come into existence we need permission lists environment that allows experimentation that sort of thing the idea that regulators know vironment that all. Experimentation that sort of thing the idea that regulators know block chain and crypto should work and should have oversight to wall a tech block chain and crypto should work and should have oversight on the wall of technology for example is utterly ridiculous its only entrepreneurs and innovators who understand ology for example is utterly ridiculous its only entrepreneurs and innovators who understand this technology and these hackings by the way this is not a hacking Core Technology this technology and these hacking is by the way this is not a hacking Court Technology its hacking of wallets and particular application its hacking of wallets and particular applications and typically the code is always body sions and typically the code is always buggy and its actually a good thing when things get hacked you know because then we can discover the problem and its actually a good thing when things get hacked you know because then we can discover the problems and its private markets that manage this well regulators only want to and its private markets that manage this well regulators only want to control theyre not actually interested in our security actually inside control theyre not actually interested in our security actually inside yes so i. B. M. Actually issued a report that says a central bank right now is actually very and yes so i. B. M. Actually issued a report that says a central bank right now is actually very interested in creating their own Digital Currency should its as soon as 2025 but histed in creating their own Digital Currency should its as soon as 2025 but even if they do sell well and if they have actually changed because this will still be a central law even if they do sell well and if they have actually changed because this will still be a centralized currency and nothing would have actually shifted in terms of Monetary Policy no i have grave doubts as to currency. Nothing would have actually shifted in terms of Monetary Policy no i have grave doubts about the essential but crypto i dont blame them for wanting to keep up with the times and do the cool its about the essential but crypto i dont blame them for wanting to keep up with the times and do the cool new thing but actually you know by 2025 crypto new thing but actually you know by 2025 crypto is going to be very advanced and theres so many private kryptos out there and somebodys going to be very advanced and theres so many private kryptos out there and so many private block chain technologies actually think Central Banks are so behind the curve on private block change technology is actually think Central Banks are so behind the curve on this stuff you know reminds me actually of the old days when email was 1st invented on the stuff you know reminds me actually of the old days when email was 1st invented the government said were going to have our own email. Ever so we were going to have our own. Them to everybody but he will adopt them because everybody trusts the government you know and it didnt work and they had to because everybody trusts the good out of them and it was just going to and it didnt work and they had to shut it down it was just a silly thing because by this time there were already so many private email services and private emails just a silly thing because by this time there were already so many private email services and private email Services Solve the problem of security of spam and they became a maze that i thought was solved the problem of security of spam and they became amazing i think its more of the same thing as happened in the crypto space crypto is inherently a private more the same thing is happening in the crypto space crypto is inherently a private analogy because not for ideological reasons but really for practical reasons. Not for ideological reasons but really for practical reasons you know i mean markets just better of experimenting with new technology is so central i mean. Markets are just better of experiment with new technology is so central Central Banks are trying desperately to catch up after having said no this is very bad the Central Banks are trying desperately to catch up after having said no this is very bad for like 3 years now theyre like ok its good were going to do it better its just up actually bad for like 3 years now theyre like ok its good were going to do it better its just up actually believable so while the u. S. Is still saying that no this is bad the Chinese Government especially believable so while the u. S. Is still saying that no this is bad the Chinese Government especially kwans all they have actually just paid off for 140000000. 00 subsidy fund in order to they have actually just paid off for 140000000. 00 subsidy fund in order to promote the blockade initiatives in the region so what sectors are what types of blocking project promote blocking initiatives in the region so what sectors or what types of blocking projects in particular do you think that theyre focused on now well theres throwing money around particular do you think that theyre focused on now well theres throwing money around not a lot by the way its you know a couple 100000000 it doesnt actually amount to anything and not a lot by the way its you know a couple 100000000 it doesnt actually amount to anything and probably the companies that get these gifts are not actually going to mount anything so this is typical of the companies that get these gifts are not actually going to mount anything so this typical member say a bit like the chinas industrial policy is now being applied will. Say a bit like the chinas industrial policy is now being applied to block change it doesnt actually mean Anything Technology is a block chain it doesnt actually mean Anything Technology is a technology of documenting ownership rights which is a limit its kind of part of risk ecology of documenting ownership rights which a limit is kind of part of risk and provides a much more effortless transaction peer to peer so that one of the. Provides a much more. Effortless transaction peer to peer so that one of the applications of this infinite but nobody knows for sure but its going to mount 2 applications of this infinite but nobody knows for sure but its going to mount to the most marvelous thing that is of course private currency thats beautiful but it could also be the most marvelous thing that is of course private currency and thats beautiful but it could also pertain to you know art auctions to anything that requires if you have to pertain to you know art auctions to anything that requires if you have a card titles property titles theres so many have to do card titles property titles theres so many applications a block and were just in the early stages and i dont think any government knows for sure how its going to work out i mean thats really going up occasions a block and were just in the early stages and i dont think any government knows for sure how its going to work out i mean thats really going to be up to entrepreneurs and the private sector you know i think one of the things that weve been to be up to entrepreneurs and the private sector you know i think one of the things that weve been taught through block chain. Industries because and so on its hot through block chain. Industries and because of the so on is that nobody knows for sure what the future should look like and thats why we need to nobody knows for sure what the future should look like and thats why we need to radical experimentation and for the regulators to get out of the way and just radical experimentation and for the regulators to get out of the way and just let private markets work and this is where its october 3rd zachary right the other day instead of money let private markets work and this is october 3rd zachery right the other day and stuffed money so saying up are they actually did something really interesting Climate Change has been such a big deal for so saying up are there. Actually did something really interesting Climate Change has been such a big deal for singapore and right now they have created something called air carbon which recently Just Launched this we are singapore and right now they have created something called air carbon which recently Just Launched this week as a globalised Carbon Trading platform and they now trade value carbon as a globalised Carbon Trading platform and they now trade value carbon trade value over 100000000000 dollars so this is a big deal for singapore and it looks like all trades value over 100000000000. 00 so this is a big deal for singapore and it looks like all these blocking innovations these latest ones are coming out of singapore coming out of china coming out of japans already is blocking innovations these latest ones are coming out of singapore coming out of china coming out of japan so right now south korea south korea as well is a huge hub so the do you think that the u. S. Is already behind now south korea south korea as well as a huge hub so do you think that the u. S. Is already behind this and harbor is accused that its math if you go to any of these countries in this and hard work you said its math if you go to any of these countries these are countries that are hungry for innovation to desperate for the newest thing they want to these are countries that are hungry for innovation desperate for the newest thing they want to make money and make new beautiful products and its really exciting to make money and make new beautiful products and its really exciting everythings being tokenized nowadays and its just fantastic. Everythings been tokenized nowadays and its just fantastic great south korea was just there not too long ago and the number of tokenization of everything south korea was just there not too long ago and the number of tokenization of everything including Climate Change credits attached to social media like who would have thought including Climate Change credits attached to social media like who would have thought that that was going to be a thing where everybody is innovating in the space that i were in truman thought was going to be a thing. Well everybody is innovating in the space that i were in train into a new world tokenization of of all important things if its of value if its important to the new world tokenization of of all important things if its a value if its important to you right now in asia somebody is tokenized it. Right now in asia somebody is tokenized it. And in this country in the u. S. Its just like no no no youre bad youre bad youre lets go back in this country in the u. S. Its just like no no no youre bad youre bad youre lets go back to the old days those control everything this is a good path forward to the old days those control everything this is a good path forward and its very interesting for me to see the way the sector is just flourishing its very interesting for me to see the way the sector is just flourishing all around the world. Except except in the u. S. So its like not you have an idea of around the world. Except except in the u. S. Its like not you have an idea you better sit in front of the senate and the congress and were going to grill you for hours and i have got to you better sit in front of the senate and the congress and were going to grill you for hours and i have got it thats massive exodus innovators and entrepreneurs and talent all playing its really very massive exodus innovators and entrepreneurs and talent all playing its really very sad and i think those of us in the space recognize exactly whats going on very sad and i think those of us in the space recognize exactly whats going on its been going on for probably 6 years now and its deeply tragic and its been going on for probably 6 years now and its deeply tragic and i dont know how to turn it round and weve got an american today has a culture of this planet i dont know how to turn it around and weve got an american today has a culture of this punishing innovation and correcting entrepreneurs and. Innovation and correcting entrepreneurs investigating everybody regularly but meanwhile the rest of the world is what kind of cool investigating everybody regulated but meanwhile the rest of the world is what kind of cool new thing can we do to make money i think thats right attitude yeah exactly its days when think can we do to make money i think thats right attitude yeah exactly its really its a really dangerous precedent when you start so i playing innovation you know this Jeffrey Tucker of the america and so its a really dangerous precedent when he starts i playing innovation you know this Jeffrey Tucker of the American Institute for Economic Research thank you so much for being here thank you. Thats a positive for Economic Research thank you so much for being here thank you. Thats it by this time you can catch boom bust on you tube dot com you must r. T. C. N. N. s time you can catch boom bust on youtube dot com you must r t c n x time. Next time. Practitioner supposed to as a. Practitioner supposed to. Just blow your. Notes of the look for somebody. This isnt just a good usual thing its not known. Simply yet seen with huge notional proceed. With a simple yes swinging with huge notional procedure. Look at with a showing of the blue chips going to last 2 and a chance. He could make it with a showing of the blue chips going to see his last 2 and a chance. He think it will show. You have the same sort of. Vote total shit. Youre pushing so to. Vote of shipping. You up and most of the book hit the roof of the ship in. The open most of the book is the work of the person you will have still to say no i dont know what the move just in your book still to say no i dont know what the move. Was the blaze. Was the latest news in the put us. Boys and im all about suzys in the focus. Stuff no worries im all right so yeah ive put this list of those to move. To yet ive put this list of those to move lyricists through the syringe to repair the soul food. Through the syringe story of the soul food. During the dot com. During the dot com bob wall there was a lot of problems with c. E. O. s and insider dumping sabol there was a lot of. Problems with. Insider dumping stocks right after the i. P. O. Period. Right after the i. P. O. Period to force people. To stay on. Make sure. To stay on. Make sure this thing gets out of the gate without too many problems. Gets out of the gate without too many problems. Being a primary the founder. Being a primary the founder. Was. Almost a 1000000000. 00 for the i. P. O. Almost a 1000000000. 00 for the i. P. O. Dream. Dream agreed to. Remember that it was most of the family. Member that it was most of the family. There wasnt it was much worse. There wasnt it was much worse. But there was an expectation to get better. But there was an expectation to get better. There was a real sense of. To do 2 days in america wish there was a real sense of. Reason to do 2 days in america where shape by the turn principles of concentration of wealth and power shaped by the 10 principles of concentration of wealth and power. Reduced democracy attacks. Reduced democracy attack solo down engineer elections manufacture consent another prince engineer elections manufacture consent and other principles according to no on. One set of rules for the rich holds according to no on chomsky one set of rules for the rich opposite. Thats what happens opposite. Thats what happens when you put her into the. Narrow sector of trying to put her into the. Narrow sector of will switch rule is dedicated to increasing power for chills just as youd expect will switch is dedicated to increasing power for chills just as youd expect one of the most influential intellectuals of our time speaks about them one of the most influential intellectuals of our time speaks about the modern civilization of america. Modern civilization of america. As is the almost we just was talking surprise us which was a surprise as is the almost 2 weeks was talking surprise us which was a surprise for me i was on the call so i. Thought well this is these are for me i was. On the console alone but that thought well this is these are media people they can discount their joe klein so no need to trouble myself about media people they can discount their own kind so no need to trouble myself about it so i wasnt ready for the magnitude of things happening of it so i wasnt ready for the magnitude of things happening that when they began to happen it was the spine that society has found that when they began to happen it was the sign that the society as it is was ready to react to what it sees as the that is was ready to react to what it sees as constantly in the new jobs. Until youre done just as it. Was. It. Was and. It. Was. In the u. K. An inquiry into the deadly 2017 grenfell town of delays in the u. K. An inquiry into the deadly 2017 grenfell town ablaze calls out significant systemic failings in the london fire brigade but with little schools out significant systemic failings in the london fire brigade but with little spot but placed on city and government authorities just tell us the focus but placed on the city and government authorities just tell us the focus is misplaced. For photos no regrets is misplaced. For for those not because the Forward Group of our forefathers of north responsible for fixing it from the from old through our forefathers of not responsible for fixing it from from all the troops on the outside of the towers. A new report by Human Rights Watch on the outside of the towers. A new report by Human Rights Watch says u. S. Sanctions are preventing ordinary iranians from accessing lifesaving says u. S. Sanctions are preventing ordinary iranians from accessing lifesaving medicine. And meets with the hungry and Prime Minister. And meets with the hungry and Prime Minister viktor orban irritating western allies on the same day hungary. Irritating western allies on the same day hungary