Transcripts For ALJAZAM Real Money With Ali Velshi 20141113

When it comes to combating Climate Change, money talks and nonsense walks and, some are calling nonsense on an agreement made by the u. S. And china today on Climate Change. Announced in beijing during president obamas visit. John kerry called it a milestone. President obama said a new target that would cut u. S. I mention is by as much as 28 of 2005 levels over the next decade. The chinese president wouldnt commit to carbon cuts instead he set a target date for chinas emission to his peak li by 2030. But power economics will stand in the way of new regulation, Industry Groups here in the u. S. Claim mandated cuts in Greenhouse Gas emissions have cost the economy 2040 and 52 billion a year in lost production, the u. S. Chamber of commerce, the allpowerful business lobby in washington predicts the economy will lose 224,000 jobs per year on average, between now and 2030. Because the emission cuts will be costly to industry, and weaken Economic Growth. The white house has fired back with its honest mat. It claims americans will save 1. 7 trillion on lower fuel costs over the next 15 years. Because of stricter mileage rules on new cars. At the same time, the Obama Administration says new efficiency standards are on electrical appliances will save americans 30 billion a year. But now, president obama has a new Republicancontrolled Congress to deal with. Some of whom deny Climate Change is even happening. Already hes under fire for using hit executive powers to push new regulation on his the amount of carbon released by power pants the single biggest polluters in mesh today. China still relies to heavily on coal making it the worst carbon polluter in the world after the u. S. The United Nation is his calling for a global treaty to be signed next year in paris that would require country to his curb emissions and come up with alternative plans to Generating Energy for industrial use and transportation. But this new congress will fight that every step of the way. And for more on that, lets go to libby casey and washington. Great to see you. All day we saw a drum beat of statements from republicans decrying this announcement on Climate Change. Reporter thats right, stefanie. Ranging from House Speaker john boehner, who called it a job killer. To the Incoming Senate Majority Leader Mitch Mcconnell who said its not a fair deal. He said china has pledged to cap its emissions to hit peak by 2030. He says that means they dont have to make any big reducks or do anything for a decade and a half. So hes saying the u. S. Is having to have these impact. Reductions whereas china is getting off pretty much scott free. A lot of push back on capital his and dismay by republicans. Think about Mitch Mcconnell who just won a surprisingly easy reelection bid in kentucky it looked like it would be tight. A lot of what he ran on was as a big coal supporter telling his own constituents that he would fight this administration on trying to reduce the use of coal and other fossil fuels. In toured meet this new ambitious target set by president obama, obviously more regulations are going to be needed beyond what the epa is already doing with the power plants as you heard us describe at the top of the show. How could a Republicancontrolled Congress actually block new regulations, libby . Reporter the biggest tool that they have is through the budgeting process. As you alluded to, one of congress biggest Climate Change deny, he jim will sit as chair quite likely of this Senate Environment committee. Hes a ranking republican right now and hes eager to take the helm as its a chairman, he has gone on record many times, hes written about not believing that Climate Change is real. But its a hoax that is been perpetrated on the american people. So he will try to use his position, holding the gavel on that committee and other republicans like Mitch Mcconnell will try to push back right early at the start through budgets, because that can be a really effective tool. If you defund certain agencies, limit their power that way you can go a long way if the president tries to act through he can executive authority and the power that he wheels, congress can exert a lot of control through the Purse Strings and that may be the biggest way that they can make an impacts, stefanie. Libby, before i let you go, i understand there will be a vote in the house tomorrow regarding the keystone xl pipeline. What can you tell us about that. Reporter two big votes, one in the house, this is also even bigger news, one in the senate. The senate has been the place where the Keystone Pipeline legislation couldnt get through because democrats havent been supportive enough to see it come to the floor and pass. This is a big political moment for one senator in particular, democrat mary lan drew, she has to do a run off election because she couldnt get enough votes to retain her seat in louisiana on Election Night a week ago, so december 6th she faces off against congressman cassidy who hopes to be promote today senator. As the senate takes up mary loon drews bill the house will take the congressman cassidys bill both trying to play it for all the politics that its worth. Its m momentous that the sen wl will hold this vogues but question is can they rally through to get it through. And just how would the white house react. At the end of day she will be able to go on the record for casting the for the Keystone Pipeline before she goes home to for a vote. Thank you, libby. Jillian writes for the conservative leaping National Review and a fel fellow for the Franklin Center and independent womens form. Join is to us get back to the announcement made by the president of china and president obama on Climate Change. Thanks for being here. Thank you for having me. Is this announcement of great consequence as john kerry wrote in a New York Times op ed today . I think its of great consequence for u. S. Political spin on obamas proposed regulations. But according to what will actually happen. I am spec tick the of china. They are saying they will let them peak in 2030 which is saying not next 16 years they will allow it to grow. The regime rest on his inner growth so i am skeptic. Thats true. But there is another part of the agreement that seems to have a little bit more meat. It says by they will make their Overall Energy use 20 sustainable in the next 15 years, that seems to have real meat on it . Well see if it happens, right now about 10 is. But you have to understand, chinas economy growing, its an Energy Market and they are using dirty coal for a reason. Thats because its the most feasible for their Economic Growth. They have a lot of it. They have a lot it have. And its cheap. Exactly. And they have 200 Million People in china that are living on a dollar 25 a day or less. You have to understand with the Renewable Energy that will cost more money, it will put more hindrance on their economic mobility and fa for ship that could end up in a stability problem. They are worried about economic stability but also stability when it comes to increasing environment the protests over air pollution and water pollution. So isnt it possible that they are serious about making the environment a priority . Mini moon, i may have cynical after having lived there that things will bet getter. They win in both ways they get to strengthen the economy for 16 years, on the other hand they look like they are taking a a hard line on the environment. Whether they do anything its up for grabs but it seems like something. Never mind the chinese may not be doing anything; the u. S. Going to be able to meet these targets. 26 to 28 reduction of 2005 levels in 10 years. That goes above and beyond the 17 that president obama had talked about. How are they going to do this . Its going to be expensive. You have chamber of commerce saying its 51 billion every single year. There is a new study out by National Economic Research Associate saying its actually 73 billion a year. So thats going to be a huge, huge cost. Now, i think that is a talking points that they are use, they are saying, of course, the developed world cutting emissions wont have that much of an effect unless the developing world also does it. This is a political talking point but doesnt remove other objects to his these regulatio regulations. Call me naive, but the concern by republicans and pro business interests in this country are that reducing emissions in those regulations will hurt americas economy. Lets just say that china was really serious about introducing new regulation, in that situation, would that sort of take the edge off of what impacts the u. S. Economy might experience . I dont think so. You can also look right now we are going through a huge energy boom. And with natural gas kind of already crowding out dirty coal, i think we have the lowest level of carbon he minutes in 20 years and thats something that the Energy Information Administration Says is the result of natural gas. So you have the free market doing what we kind of hoped that policy can do. So, you know, i think whether china does it or not, that doesnt really matter for what we do. Gillian, economics and world pal ticks writer at the National Review, thank you so much for sharing your perspective on this. Thank you. The sum knit beijing was an opportunity for china and their president. Well look at what they gain odd the global stage coming up. Plus foreign skins traders accused of ripping off the rest of news a global fraud scandal. You are watching real money. Scared as hell. As us combat missions end in afghanistan theyre going to make plans for an attack. The only thing i know is, that they say theyre not going to withdraw. Get a first hand look at what life is really like under the taliban. Were going to be taken its so seldom you get the access to the other side fault lines, Al Jazeera Americas hard hitting. Today they will be arrested. Ground breaking. Theyre firing canisters of gas at us. Emmy Award Winning investigative series. Special episode on the front lines with the taliban on Al Jazeera America all next week. A new cold war is a reality. From europe to the arctic circle. The ukrainian crisis has pushed the relationship over the cliff. Ali velshi takes you to the front lines. One minute new war games. The impact of sanctions on russia. The most immediate effect has been to consolidate support for president putin. How Climate Change is reshaping geopolitics. New shipping lanes created by the melting of ice in the arctic could save a lot of money. It would be tremendously benificial for russia. Dont miss our indepth series the new cold war. All next week, 7 00 eastern. Only on Al Jazeera America. The twoday apex summit concludeed in beijing with a rare 48minute joint News Conference with president obama and the chinese president. Rare, because the chinese president doesnt usual lip take questions from the International Press corp. The president was asked about obamas negative treatment in the governmentrun chinese press. And other thornier issues including the hong kong democracy protests. He never wavered from his views that Chinese Affairs are none of washingtons businessing. Capping a relatively productive meeting of the two leaders. Reporter party school of glow affairs at boston university. She join joins me now from bost. Ming, thanks for being with us. So in the last couple of days, the u. S. And china agreed to tariffs on technology products, agreed to extends pizza length. And made the surprise announcement on prime at change today. Did one party come out top in all of these deals . I think this summit is really successful because both of them can claim success. President obama two major achievements the visa and Climate Change deal. And the president from china can also speak to the domestic audience that china has emerged as a great power and they mate all these programs in the free trade in the apec pacific region. Lets get in to that a little bit more. One thing that did not happen a apec was the final deal on the p. P. P with. China did get the Asian Countries to study a proposed free trade zone in asia. Are these really rival plans as they have been characterize asked do you think Asian Countries are taking chinas free trade zone proposal seriously or was that a face saving mesh nurse. They are not on the same level. The tcp agreement has been in negotiation for quite a while and probably will be concluded relatively soon. And the Free Trade Agreement in asia pacific, china managed to get the proposal to study is still very tentative proposal. And until this Free Trade Agreement, it will not be led by china. The United States is a part, the u. S. Asian allies are also members to this asia pacific Free Trade Agreement proposal. So the u. S. And Asian Countries had ample opportunity to shape its general du agenda. I dont think it will be in any concrete stage of negotiation any time soon. One thing that is being steer headed by china is this new silk road plan it calls it to revive trade in central asia. How does that plan fit in to the overall vision of the chinese president to maintain chinas dominant power status in asia . The president really is behind the silk road strategy. Thats his brainchild. And he has all the support he needed in Domestic Coalition to implement the silk road strategy. On the euroasia continent, the construction instruction and contracts already started. But the president of china does face challenge in the maritime silk road part. In the maritime silk road some of the southeast aiyegbeni Asian Countries are a part of the t p. P. Negotiations, so they will be more uncertainties. Lets talk about this Climate Change announcement to maintain the socalled Harmonious Society that the communist party in china says it needs to stay in power, the party knows that it needs to sustain Economic Growth and yet it also has this growing problem of chinese citizens protesting about polluted air and water. Does this announcement mean that he is balancing his priorities . I think the president of china is very secure domestically. The earlier oppositions to any climate commitment made by china are the localities and industry that were involved in pollution pollution producing manufacturing. He can ignore those interests at this time. You are right, stefanie, the chinese Public Opinions or the middle class opinions and immaterial leeliteopinion have e past few years. In the economy and environment. Now the consensus is behind the environment. I dont think the president has anything to worr worry by sign e ground this Climate Change accord. Assistant pro tes professor f internation relations in boston university. Thank you so much for your time. Traders using secret chat rooms to rip off the rest of us. Well look at what regulators should do to put a stop to it. Plus how the ebola scare in america has led to an epidemic of discrimination. Well be back in less than two minutes. Six big global banks are paying more than 4 billion in penalties for rigging the enormous market where foreign currency is traded of the fines follow a yearlong investigation by regulators in britain, the United States and switzerland of the u. S. Banks are jp morgan chase, bank of america and city group. Also targeted were british banks hsbc ask the royal bank the scotland as well as switzerlands ubs. Regular slater slate laters said traders used chat rooms with names like the three musketeers to secure poff its for themselves. The u. S. And pretty i can authorities are still per saying criminal investigations. Most of us dont trade currency to earn profits, but the speculators and banks that do trait currency have a major impact on what the rest of us pay for everything from hotel to his foot when we travel abroad for example a weaker euro means your stronger dollar buys more in france. Currency Exchange Rates can make the difference between a profit and a loss for Companies Selling their products in other countries. But despite it its size or important it remains a mystery to many of us so we asked mary snow to explain how it works. Reporter whether its dollars, euros, orien, other any given day traded in Climate Change<\/a>, money talks and nonsense walks and, some are calling nonsense on an agreement made by the u. S. And china today on Climate Change<\/a>. Announced in beijing during president obamas visit. John kerry called it a milestone. President obama said a new target that would cut u. S. I mention is by as much as 28 of 2005 levels over the next decade. The chinese president wouldnt commit to carbon cuts instead he set a target date for chinas emission to his peak li by 2030. But power economics will stand in the way of new regulation, Industry Groups<\/a> here in the u. S. Claim mandated cuts in Greenhouse Gas<\/a> emissions have cost the economy 2040 and 52 billion a year in lost production, the u. S. Chamber of commerce, the allpowerful business lobby in washington predicts the economy will lose 224,000 jobs per year on average, between now and 2030. Because the emission cuts will be costly to industry, and weaken Economic Growth<\/a>. The white house has fired back with its honest mat. It claims americans will save 1. 7 trillion on lower fuel costs over the next 15 years. Because of stricter mileage rules on new cars. At the same time, the Obama Administration<\/a> says new efficiency standards are on electrical appliances will save americans 30 billion a year. But now, president obama has a new Republicancontrolled Congress<\/a> to deal with. Some of whom deny Climate Change<\/a> is even happening. Already hes under fire for using hit executive powers to push new regulation on his the amount of carbon released by power pants the single biggest polluters in mesh today. China still relies to heavily on coal making it the worst carbon polluter in the world after the u. S. The United Nation<\/a> is his calling for a global treaty to be signed next year in paris that would require country to his curb emissions and come up with alternative plans to Generating Energy<\/a> for industrial use and transportation. But this new congress will fight that every step of the way. And for more on that, lets go to libby casey and washington. Great to see you. All day we saw a drum beat of statements from republicans decrying this announcement on Climate Change<\/a>. Reporter thats right, stefanie. Ranging from House Speaker<\/a> john boehner, who called it a job killer. To the Incoming Senate<\/a> Majority Leader Mitch Mcconnell<\/a> who said its not a fair deal. He said china has pledged to cap its emissions to hit peak by 2030. He says that means they dont have to make any big reducks or do anything for a decade and a half. So hes saying the u. S. Is having to have these impact. Reductions whereas china is getting off pretty much scott free. A lot of push back on capital his and dismay by republicans. Think about Mitch Mcconnell<\/a> who just won a surprisingly easy reelection bid in kentucky it looked like it would be tight. A lot of what he ran on was as a big coal supporter telling his own constituents that he would fight this administration on trying to reduce the use of coal and other fossil fuels. In toured meet this new ambitious target set by president obama, obviously more regulations are going to be needed beyond what the epa is already doing with the power plants as you heard us describe at the top of the show. How could a Republicancontrolled Congress<\/a> actually block new regulations, libby . Reporter the biggest tool that they have is through the budgeting process. As you alluded to, one of congress biggest Climate Change<\/a> deny, he jim will sit as chair quite likely of this Senate Environment<\/a> committee. Hes a ranking republican right now and hes eager to take the helm as its a chairman, he has gone on record many times, hes written about not believing that Climate Change<\/a> is real. But its a hoax that is been perpetrated on the american people. So he will try to use his position, holding the gavel on that committee and other republicans like Mitch Mcconnell<\/a> will try to push back right early at the start through budgets, because that can be a really effective tool. If you defund certain agencies, limit their power that way you can go a long way if the president tries to act through he can executive authority and the power that he wheels, congress can exert a lot of control through the Purse Strings<\/a> and that may be the biggest way that they can make an impacts, stefanie. Libby, before i let you go, i understand there will be a vote in the house tomorrow regarding the keystone xl pipeline. What can you tell us about that. Reporter two big votes, one in the house, this is also even bigger news, one in the senate. The senate has been the place where the Keystone Pipeline<\/a> legislation couldnt get through because democrats havent been supportive enough to see it come to the floor and pass. This is a big political moment for one senator in particular, democrat mary lan drew, she has to do a run off election because she couldnt get enough votes to retain her seat in louisiana on Election Night<\/a> a week ago, so december 6th she faces off against congressman cassidy who hopes to be promote today senator. As the senate takes up mary loon drews bill the house will take the congressman cassidys bill both trying to play it for all the politics that its worth. Its m momentous that the sen wl will hold this vogues but question is can they rally through to get it through. And just how would the white house react. At the end of day she will be able to go on the record for casting the for the Keystone Pipeline<\/a> before she goes home to for a vote. Thank you, libby. Jillian writes for the conservative leaping National Review<\/a> and a fel fellow for the Franklin Center<\/a> and independent womens form. Join is to us get back to the announcement made by the president of china and president obama on Climate Change<\/a>. Thanks for being here. Thank you for having me. Is this announcement of great consequence as john kerry wrote in a New York Times<\/a> op ed today . I think its of great consequence for u. S. Political spin on obamas proposed regulations. But according to what will actually happen. I am spec tick the of china. They are saying they will let them peak in 2030 which is saying not next 16 years they will allow it to grow. The regime rest on his inner growth so i am skeptic. Thats true. But there is another part of the agreement that seems to have a little bit more meat. It says by they will make their Overall Energy<\/a> use 20 sustainable in the next 15 years, that seems to have real meat on it . Well see if it happens, right now about 10 is. But you have to understand, chinas economy growing, its an Energy Market<\/a> and they are using dirty coal for a reason. Thats because its the most feasible for their Economic Growth<\/a>. They have a lot of it. They have a lot it have. And its cheap. Exactly. And they have 200 Million People<\/a> in china that are living on a dollar 25 a day or less. You have to understand with the Renewable Energy<\/a> that will cost more money, it will put more hindrance on their economic mobility and fa for ship that could end up in a stability problem. They are worried about economic stability but also stability when it comes to increasing environment the protests over air pollution and water pollution. So isnt it possible that they are serious about making the environment a priority . Mini moon, i may have cynical after having lived there that things will bet getter. They win in both ways they get to strengthen the economy for 16 years, on the other hand they look like they are taking a a hard line on the environment. Whether they do anything its up for grabs but it seems like something. Never mind the chinese may not be doing anything; the u. S. Going to be able to meet these targets. 26 to 28 reduction of 2005 levels in 10 years. That goes above and beyond the 17 that president obama had talked about. How are they going to do this . Its going to be expensive. You have chamber of commerce saying its 51 billion every single year. There is a new study out by National Economic<\/a> Research Associate<\/a> saying its actually 73 billion a year. So thats going to be a huge, huge cost. Now, i think that is a talking points that they are use, they are saying, of course, the developed world cutting emissions wont have that much of an effect unless the developing world also does it. This is a political talking point but doesnt remove other objects to his these regulatio regulations. Call me naive, but the concern by republicans and pro business interests in this country are that reducing emissions in those regulations will hurt americas economy. Lets just say that china was really serious about introducing new regulation, in that situation, would that sort of take the edge off of what impacts the u. S. Economy might experience . I dont think so. You can also look right now we are going through a huge energy boom. And with natural gas kind of already crowding out dirty coal, i think we have the lowest level of carbon he minutes in 20 years and thats something that the Energy Information<\/a> Administration Says<\/a> is the result of natural gas. So you have the free market doing what we kind of hoped that policy can do. So, you know, i think whether china does it or not, that doesnt really matter for what we do. Gillian, economics and world pal ticks writer at the National Review<\/a>, thank you so much for sharing your perspective on this. Thank you. The sum knit beijing was an opportunity for china and their president. Well look at what they gain odd the global stage coming up. Plus foreign skins traders accused of ripping off the rest of news a global fraud scandal. You are watching real money. Scared as hell. As us combat missions end in afghanistan theyre going to make plans for an attack. The only thing i know is, that they say theyre not going to withdraw. Get a first hand look at what life is really like under the taliban. Were going to be taken its so seldom you get the access to the other side fault lines, Al Jazeera America<\/a>s hard hitting. Today they will be arrested. Ground breaking. Theyre firing canisters of gas at us. Emmy Award Winning<\/a> investigative series. Special episode on the front lines with the taliban on Al Jazeera America<\/a> all next week. A new cold war is a reality. From europe to the arctic circle. The ukrainian crisis has pushed the relationship over the cliff. Ali velshi takes you to the front lines. One minute new war games. The impact of sanctions on russia. The most immediate effect has been to consolidate support for president putin. How Climate Change<\/a> is reshaping geopolitics. New shipping lanes created by the melting of ice in the arctic could save a lot of money. It would be tremendously benificial for russia. Dont miss our indepth series the new cold war. All next week, 7 00 eastern. Only on Al Jazeera America<\/a>. The twoday apex summit concludeed in beijing with a rare 48minute joint News Conference<\/a> with president obama and the chinese president. Rare, because the chinese president doesnt usual lip take questions from the International Press<\/a> corp. The president was asked about obamas negative treatment in the governmentrun chinese press. And other thornier issues including the hong kong democracy protests. He never wavered from his views that Chinese Affairs<\/a> are none of washingtons businessing. Capping a relatively productive meeting of the two leaders. Reporter party school of glow affairs at boston university. She join joins me now from bost. Ming, thanks for being with us. So in the last couple of days, the u. S. And china agreed to tariffs on technology products, agreed to extends pizza length. And made the surprise announcement on prime at change today. Did one party come out top in all of these deals . I think this summit is really successful because both of them can claim success. President obama two major achievements the visa and Climate Change<\/a> deal. And the president from china can also speak to the domestic audience that china has emerged as a great power and they mate all these programs in the free trade in the apec pacific region. Lets get in to that a little bit more. One thing that did not happen a apec was the final deal on the p. P. P with. China did get the Asian Countries<\/a> to study a proposed free trade zone in asia. Are these really rival plans as they have been characterize asked do you think Asian Countries<\/a> are taking chinas free trade zone proposal seriously or was that a face saving mesh nurse. They are not on the same level. The tcp agreement has been in negotiation for quite a while and probably will be concluded relatively soon. And the Free Trade Agreement<\/a> in asia pacific, china managed to get the proposal to study is still very tentative proposal. And until this Free Trade Agreement<\/a>, it will not be led by china. The United States<\/a> is a part, the u. S. Asian allies are also members to this asia pacific Free Trade Agreement<\/a> proposal. So the u. S. And Asian Countries<\/a> had ample opportunity to shape its general du agenda. I dont think it will be in any concrete stage of negotiation any time soon. One thing that is being steer headed by china is this new silk road plan it calls it to revive trade in central asia. How does that plan fit in to the overall vision of the chinese president to maintain chinas dominant power status in asia . The president really is behind the silk road strategy. Thats his brainchild. And he has all the support he needed in Domestic Coalition<\/a> to implement the silk road strategy. On the euroasia continent, the construction instruction and contracts already started. But the president of china does face challenge in the maritime silk road part. In the maritime silk road some of the southeast aiyegbeni Asian Countries<\/a> are a part of the t p. P. Negotiations, so they will be more uncertainties. Lets talk about this Climate Change<\/a> announcement to maintain the socalled Harmonious Society<\/a> that the communist party in china says it needs to stay in power, the party knows that it needs to sustain Economic Growth<\/a> and yet it also has this growing problem of chinese citizens protesting about polluted air and water. Does this announcement mean that he is balancing his priorities . I think the president of china is very secure domestically. The earlier oppositions to any climate commitment made by china are the localities and industry that were involved in pollution pollution producing manufacturing. He can ignore those interests at this time. You are right, stefanie, the chinese Public Opinions<\/a> or the middle class opinions and immaterial leeliteopinion have e past few years. In the economy and environment. Now the consensus is behind the environment. I dont think the president has anything to worr worry by sign e ground this Climate Change<\/a> accord. Assistant pro tes professor f internation relations in boston university. Thank you so much for your time. Traders using secret chat rooms to rip off the rest of us. Well look at what regulators should do to put a stop to it. Plus how the ebola scare in america has led to an epidemic of discrimination. Well be back in less than two minutes. Six big global banks are paying more than 4 billion in penalties for rigging the enormous market where foreign currency is traded of the fines follow a yearlong investigation by regulators in britain, the United States<\/a> and switzerland of the u. S. Banks are jp morgan chase, bank of america and city group. Also targeted were british banks hsbc ask the royal bank the scotland as well as switzerlands ubs. Regular slater slate laters said traders used chat rooms with names like the three musketeers to secure poff its for themselves. The u. S. And pretty i can authorities are still per saying criminal investigations. Most of us dont trade currency to earn profits, but the speculators and banks that do trait currency have a major impact on what the rest of us pay for everything from hotel to his foot when we travel abroad for example a weaker euro means your stronger dollar buys more in france. Currency Exchange Rates<\/a> can make the difference between a profit and a loss for Companies Selling<\/a> their products in other countries. But despite it its size or important it remains a mystery to many of us so we asked mary snow to explain how it works. Reporter whether its dollars, euros, orien, other any given day traded in Foreign Exchange<\/a> markets averages 5. 3 trillion. Thats a little more than the Gross Domestic Product<\/a> of japan. Despite being the Worlds Largest<\/a> market, experts say its highly unregulated. Currencies are traded electronically around the world at dizzying speed. Roughly 40 will yo are you havy 40 percent done in the u. K. Followed by u. S. , singapore, japan and hong t hong kong. They are not traded with the set open and close, but there is a pause for 60 seconds at 4 00 p. M. London time called the fix. Con standly moving on Economic News<\/a> and highly sensitive to rumors. The pause sets a value of a currency for the day. But its around this time of the fix, that 4x traders are accused of market manipulation, its at the heart of a 4. 3 billion fine against six major banks, mary snow, al jazerra. Dan freed is a Senior Reporter<\/a> for the street where he closely follows wall street and the banking industry. Dan, welcome to the set. Stefanie, good to be here. How much of what we are seeing is part of the normal course of business for 4x traders. Well, traders are their own little private club, not only for 4x but pretty much every other instrument there is. There is an Equity Analyst<\/a> who once told me that what is the quote that he gave me . He insisted it be off the record, but Something Like<\/a> what is illegal in the equity markets is merely, you know, unwelcome in bond market or Something Like<\/a> that. So in essence it happens in other markets as well. Absolutely. But sticking with the 4x in this case it seems like really a secretive club. Yes. These were traders from different banks conspiring to fix prices with one another. And very much the way of the mob would do . They were colluding. Yes. It really does effect the price of when we bike coke, cocacola is hedging constantly in Foreign Exchange<\/a> markets and if these traders they are effectively stealing from coca cola and coca cola will then raise price on his us, so, yeah, this is serious. So the traders know the rules, ignore them . Were they not enforced by managers and Compliance Officer<\/a>s . Its very clear that the traders knew that they were up to something bad here. You can see from the cftc, the u. S. Regulator that has its complaint on its website today, you can see the traders are conspiring to, you know, can we trust this guy, can we let him in to our club. Will the they comply they are deliberately evading their Compliance Officer<\/a>s. And they use secret language . Do they use code so that it isnt clear to a Compliance Officer<\/a> whats actually going on . You know, yes. The short answer to that question is yes. There is a lot of secret language that goes on on wall street all the tile. Some of it is i guess probably perfectly innocent. But the less everybody else knows the better. So if you can use secret lounge within, why not. At the end of the day the fines report all that big, they are kind of a drop in the bucket, arent they . About 300 million per bank. Would you expect criminal indictments to be in the offing . Yes. I would. I am hearing you know, i have asked some of my legal source about his this, and one guys who is especially plugged in told me, yes, we are going to see criminal indict. Okay, so this is a crack down. Is all of this scrutiny or the fines enough to change culture this. The fines, no. Though we have been seen all the fines yet. The department of justice will have much bigger fines. The numbers that analysts throwing around are all over the place ranging from 14 billion for 40 billion for all the different banks, even so, even at 40 billion thats not going to stop anybody from doing this. Putting people in jail will. And who would those people be. Would it be the traders themselves . Thats a good question. What from what i have seen it would have to be the traders because it looks like at least i read there are many banks involved, there is a detailed complaint about each one. I havent gone through all of the paperwork yet. But in the case of jp morgan, i from the cftc complaint it makes it look pretty clearly like the traders are up to no good trying to evade their bosses. Will this get bigger than these banks . How pervasive is this practice . Yeah, there are other banks being investigated. This is a global investigation. This is going to get a lot bigger. I think it comes to us as a surprise to a lot us not in the Financial Markets<\/a> what really goes on. Is this the beginning of sort of shedding light on these practices . A way that we havent seen before . We are seeing yeah, its been trickling out. Really ever since the financial crisis. But i think people are still very much in the dark about the way wall street operates. All right, dan freed, sr. Report fore the street. Thanks a lot for your insights. Thank you, stefanie. It is a big day for a big and powerful bank on ball street. Goldman sacks promoted 78 new partners today and that means big races for bankers who were already making a lot of money to begin with. The salary for a goldman partner is close to 1 million a year. But they also gets gibbs on a huge bonus pool that can rank in millions in Stock Options<\/a> in a firm with 30,000 employees, less than 500 have been tapped as partners and they are said to have the most coveted titles on wall street. Up neck the side effect on ebola. Nurses go on trying to demands better production against the virus and there is an outbreak of discrimination against african immigrants. Those stories and more when real money continues remember keep it here. And the fascination of george r. R. Martin im writing the equivalent of a medieval world war ii. How his imagination keeps millions of devoted fans always wanting more its nice to be doing something everybody is so aware of. Every saturday, join us for exclusive. Revealing. And surprising talks with the most interesting people of our time. Talk to al jazeera, only on Al Jazeera America<\/a> real reporting that brings you the world. This is a pretty dangerous trip. Security in beirut is tight. More reporters. They dont have the resources to take the fight to al shabaab. More bureaus, more stories. This is where the typhoon came ashore. Giving you a real global perspective like no other can. Al jazeera, nairobi. On the turkeysyria border. Venezuela. Beijing. Kabul. Hong kong. Ukraine. The artic. Real reporting from around the world. This is what we do. Al jazeera america. The death toll could be much higher than anyone known. Posing as a buyer. People ready then. Mr. President who should answer for those people u. S. Health officials today pressed congress for 6 billion to fight ebola. Administration officials saying beefing up. U. S. Response is a key part of president obamas emergency eight request. Republican lawmakers are skeptical of the request saying the administration hasnt taken enough security measures. Health and Human Services<\/a> secretary Sylvia Burwell<\/a> told senators they need the money to continue training 250,000 nurses, doctors and other Health Workers<\/a> on how to handle any ebola patients who arrive in this country. Since the virus start today spread nurses have complained about having to treat patients without adequate safeguards and today 10s of thousands of them a across the country and around the world participated in a global day of action demanding better training and equipment to combat the disease, melissa chan is at one such protest in oakland, california. Melissa, describe the scene. It looks pretty active behind you. Reporter well, stefanie, we are outside Kaiser Permanente<\/a> then taye hospital one oone of e nurses are striking. I think its necessary to explain the situation. Nurses are participating in a national day of action on their day of concerns with ebola. But here the nurses are also in labor negotiations with Kaiser Permanente<\/a>. So they have more beef going on. It does under the score with hospitals. Each hospital is different. Its a casebycase basis. The hospital has to make a decision how much resources they want to put towards ebola preparedness if you look at the number of people who have actually been ill with ebola in the United States<\/a>, you can well imagine that for some hospitals they just dont want to put too much money in to preparations. Thats the concern that nurses have. Thats the complaint that nurses have, stefanie. When it really comes down to it. Only two people have actually contracted ebola in the United States<\/a>, melissa. So what are hospital officials saying that these protests . Reporter in the case of Kaiser Permanente<\/a> the they accue the nurses of leveraging the ebola scare for their own negotiations. Hospitals are saying that they are providing training, but the nurses are saying they dont they arent getting enough training. They want more training and need more consistent intensive training you cant just hold a few workshops. Each hospital that is to decide what kind of protective gear its going to get in the event of an ebola patient arriving their doorsteps and thats going to be different in each case. Collectively the nurses are concerned so they have decided to call for a national day of action and express their concern, they dont think they are getting enough of the kind of support that any need. Melissa, do hospitals seem resistent to increasing safety for their nurses. I think you just broke up there. But i will talk a little bit more about what the nurses are concerned with, because they say its not just about ebola, they are using this as an opportunity as a jumping off point to talk about the greater issues in the Healthcare System<\/a> in the United States<\/a>. They say its not working. The hospital incentives are wrong. Its for profit that means they are looking at the bottom lionel, they are often very short staffed and not getting the kind of support that they need. That means that they cant provide the assistance to patients that they deserve. So its not only just a nurse issue. They really emphasize that its also about patients care. Melissa chan reporting live from oakland, california. Pa melissa, thank you. One ugly side effect of the ebola is the stic stigma being h today african immigrants here in the your honor. As chris fine reports there has been an outbreak of discrimination. Reporter he recently brought his son to his new york for senegal. Hoping to give them an education and a better life. What they have gotten is a beater at the hands of other children. And taunts of bola. Daddy i want to go home. I tell him, are you crazy . Here is your home. Reporter senegal has, in fact, declared ebola free nearly a month ago. So he, an american citizen, and other west african immigrants are hoping to better educate the public about the relatively minor river of transmission here. The Group African<\/a> communities together has launch a hot line and website where people are beginning to share their stori stories. People are experiencing discrimination, harassment, stigma. Related to the bola virus this false perception that because people are african they are an ebola risk 67 the group is also planning to offer Legal Assistance<\/a> after hearing that some africans have been told not to do think to work after travel ago broad. This area of harlem is home to many west african businesses, and just about everyone we have spoken to has expressed concern that misinformation about bola and how the disease is spread, is having an impact on their business. So much that they didnt want to talk about it on camera. Community out reach worker has been hearing it first glad people dont want to go to their stores. Which means there is no income coming in. Its really hard for them. Reporter and so african immigrants are doing what they can to fight the disease abroad and the stigma here at home. Kristen, al jazerra, new york. Up next, you know if you dont pay the mortgage the bank may take your home. But imagine losing your home because you owe a few hundred dollars to your Homeowners Association<\/a>. Ill tell you why some homeowners have reason to were. An all new airplane in a once in a generation achievement of human ingenuity. Three years late. Fleet grounding. Fires on the airplane. Theyre short changing the engineering process. From engineering to the factory floor. Al jazeera investigates broken dreams the boing 787 only on al jazera america if you live in a condo, coop or any one of hundreds of thousands of planned communities you are part of whats auld a Housing Association<\/a> or community association. Nearly 70 million americans are living under the watchful eyes of these groups. They are formed to handle communitywide chores like making sure the hallways, ground and common areas are clean so most people dont pay much attention to them. All as we report a recent Court Ruling Shows<\/a> just how strong the associations can be and what their number one goal really 16789 Community Associations<\/a> maintain the pool, clean the ground or if you are in an urban area, they make sure hallways are swept and garbage is collected. But they are also much stronger than most people believe. They can take aware your house. They can foreclose on you. They can foreclose on your home and force a sale. Reporter Housing Association<\/a>s do all of this in the name of protecting the financial value of homes within their boundaries. Community associations started more than 50 years ago as americans rushed to the suburbs, cities and towns didnt cant too use tax dollars for the extra services that comes with newlybuilt neighborhoods, so developers created associations. Made anybody ship mandatory and toners and transferred the legal responsibility for maintaining the common area to his the Homeowners Association<\/a>. How big is this one . This is like this is a three bedroom. Reporter these associations have lobbied lawmakers, sometimes erected gates and restricted access, their powers fair friday state to state, but in general they can regulate residents activ action activitin loud noise after hours, mandate the outer appearance. Limit the age of adult buyers in senior communities. In 1970, there were about 10,000 Housing Association<\/a>s in america. That number has steadily grown, today there are more than 300,000. The number of People Living<\/a> in these communities has also soared from around 2 million in 1970 to around 70 million t tod. It is the fastest form of housing for home buyers, Association Dues<\/a> fair friday a few dollars to in some cases more than 10,000 a month for amenities that are as varied as the buyers drawn to these communities. From basics like electricity and water to p spa services, Golf Services<\/a> and even chefs. Together americas Community Associations<\/a> collect more than 65 billion in fees a year. Those assessments are the life bloods of the Homeowners Association<\/a>, they are the fund that his keep the community had his looking good, keep the communities safe. Reporter 22 states and the District Of Columbia<\/a> have laws giving associations the right to put leans on homes and foreclose on property if dues are not paid. That happened in nevada when a homeowner fell behind on both his 885,000dollar mortgage and owed past hoa dues, before u. S. Bank could foreclose on the house, the hoa did, selling the home at auction. For a mere 6,000. Three Nevada State Supreme Court<\/a> justices ruled the sale was legal siting the right of Homeownership Association<\/a> to his protect the financial interests of their interest members. That left the original own are without a house, the bank with no bay to recoup the money it loaned and Community Associations<\/a> around the country feeling stronger than ever. Al jazerra. Just to make sure that you got that, a Homeowners Association<\/a> sold a house no nevada for 6,000 even though that house had a mortgage of 885,000. Joining me now to discuss why that makes any sense at all is thomas, the chief exec test Community Associations<\/a> institute. Thank you for being with us. You say that Community Associations<\/a> basically need to exercise their muscle to keep foreclosed property from dragging down the value of an entire neighborhood, could you explain that . Well, lets start with the fact that no association wants to foreclose. And good associations maker for closure the very last step they take in an attempt to collect the delinquent assessments. Every Association Board<\/a> is made up of homeowners volunteering their time their community. And they understand that a lost job, unanticipated medical bills and other things effect peoples lives and most of them will work with that owner to figure out a way to set up a payment plan, to come to . Other arrangement. The situation in nevada is a little different. Here we are talking about a bank that chose not to fore close and chose no to foreclose for an extended period and i guess i have to take issue with the previous report. They had plenty of opportunities to do just that. And chose not to. So, yes, the Association Board<\/a> has a legal responsibility and frankly an he want cam responsibility to protect every home own never that community. Not just one individual. And it does affect the association when banks foreclose on these homes, where a home within an association is foreclosed on. Explain how that actually affects the community. Well, if you look back to what happened in the reception in 2008, 2009, and beyond, 10s of thousands of associations suffered dramatically. They had to find ways to cut costs. They had to find ways to do more with less. More importantly, associations are set up as nonfor profit copses so they dont budge notes a surplus, they basically say this is how much money we need. We divide that up wrong all the owners of the association. So if one person or two people dont pay their assessments, the other owners are going to have to pay more. Thats rule the circumstance that drives having to make some of these hard decision decisionn communities. They have to pick up all that slack and sometimes it can be a lot of money as el. All right, we contacted the mortgage bangers association and asked them about their rea, to nevada Supreme Court<\/a> ruling and say it could hurt local real estate markets. Considering this new risk, and in the absence of legislation or other clarification, loans can be expect the to be less available for certain hoa properties or costlier for consumers. Are those concerns justified . I certainly understand the Mortgage Bankers<\/a> concerns because they have been very good over the last six or seven years about prior tieing profits and socializing expenses and liabilities. And this is just another case. The longer they the longer they hesitate to foreclose, the longer somebody else is paying the bill. Because once they do foreclose, they are now legally bound to pay the assessments, pay the property taxes and to maintain the property. This doesnt make any sense, for two reasons, one of which is the nevada courts decision in fact reflects more than 100 years of property law all across the United States<\/a>. And isnt in conflict with past history. And secondly, every other state that has this structure that the court has determined is appropriate for nevada, is still getting loans. Massachusetts, connecticut, other states already have this structure in place. It hasnt affected the ability to get loans it hasnt affected the cost of money. The cost of capital for home buyers. Irrelevant not seeing that yet. Before i let you go housing is a big issue for the middle class, how important are Community Associations<\/a> for homee affordability and the surge in urban living . I think they are very important. For a lot of americanss their first home, starter home might be a condo. And empty nesters are looking for a smaller, more manageable home looking for a condo, coop or community living. More Important Police<\/a> you have a couple of Different Things<\/a> that are driving it. Local governments are requiring it because it helps them in tax revenue and experience. The urban planners like it because it allows them to build smarter and closer to infrastructure and the developers obviously like it because they can build denser within communities within the property that they have and maximize the value that they get out of the property. Thomas, the chief executive of the Community Associations<\/a> institute, thank you so much for being on the show tonight. Thank you, stefanie. Up next, a bulls eye in space, scientists land a probe on a common he had 300 million miles away and moving 34,000 miles an hour, ill explore how this he do it when we come come back. Dead prematurely. An entire almond orchard. Row after row of trees uprooted and dying in the sun. Everything looks good, check the crop. You know, when i grew up as a younger kid farming used to be great. Uh, you know harvest would come around. Uh, you know once harvest was done, you know, wed get a lot of rain come through. But now jay mahil must dig super wells reaching 2,000 feet deep thats longer than the empire state building. I mean, this is all we can do right now, thats the only control we have in our tool box. Until now farmers have drilled wells of a few hundred feet, but that water has run out and the next option is to go down past a thick layer of clay that separates the Central Valley<\/a> shell ground water from its deeper ancient aquifer. Farmers like mahil are pulling water faster than the aquifers can recharge, all the new drilling means that in some places the ground is actually sinking. Mahil admits its a short Term Solution<\/a> thats producing long term damage, but he doesnt know what else to do. Critics say the state needs to step in and manage ground water before its sucked dry, until then the landscape across the Central Valley<\/a> will be dotted not just with crops, but with drill rigs. Here is something that may appeal to your interspace geek. Heritage auctions kicks off its Space Exploration<\/a> auction today. Items up for grabs include a platter casting of buzz aldrins boot print on the moon during the historic apollo 11 mission seen here behind me. As well as the United States<\/a> flag flown aboard that same flight in 1969. Bidding end tonight. Scientists have taken another giants leap to unlocking the mysteries of the universe for the First Time Ever<\/a> they have land aid space craft on the surface of a moving comet and now giddy scientists are he go y awaiting images and dad a it was run by the u. S. Space agency in germany where al jazerra reports. Reporter the triumph and celebration more than 20 careers in the making. Is a signal from deep space confirms the first ever landing of a space craft on a comet. Okay, so we are there and hes talk to us, the first thing hes told us is the harpoon have his been filed and rebound and the landing gear has been moved inside so he is sit on this surface. Reporter later it was revealed the harpoons used to fix it to the comet had failed to deploy. Unclear what this would 19 for the ongoing mission. We could trigger it by command but you first want to know what the statistics, how the landing is there, i dont want to fire them in the wrong moment. Reporter the release of the lander came after a 10year, 6 billionkilometer pursuit of the comet. Its landing was a technical and mathematical feat described as ridiculously difficult. For the hundreds of scientists working on this mission, the other rival of the probe on the surface of the comet was a huge relieve. Now there is uncertainty as to whether the probe is attach today the rocks as it should be and they are not sure it can be the sampling they hoped it could. It has 10 scientific instruments on board and there is stick hopes they can examine the rocks as it gradually warms during its approach to the sun. We have to land now while we are far from the sun we dont want the comet to be too active. That will be dangerous, next year water and glass will noah way at much higher rates. Reporter the mission team is now examining the data from the lander. And they may try to trigger the harpoons manly think its hoped this will mean it can start running tests and seeing sending Scientific Data<\/a> back to earth. Scientists are hoping that will give us clues in to the origin and evolution of both the solar system and life on earth. At that i can bassly, germany. The concept is pretty mind boggling a comet more than 300 million miles from earth traveling at 34,000 miles an hour and scientists able to lands a probe on it. Science and Technology Reporter<\/a> jake ward here to explain how they do it. Who else, jake. What an exciting story. What other are the basic membere mechanics of this i read something about ther harpoons ad shooting ice screws. You are trying maneuver this tiny box, its a 220pound thing, imagine trying to put a refrigerator basically on this rock which is really just a few kilometers around, its like a big statue ripping through space, and you are trying to put this thing down on it. Its not like trying to land on a planet, something smooth and predictable as the moon or mars, this is a very forbidding environment. Its, are you unpredictable, jag he had, all kind of things they could have done in putting it down, they could have flipped it over. Whats really crazy not only did they have to fly the rosetta probe all wait there, 10 years to get there. But then the rosetta has to release the hand lander and let it go on its own no control over the lander once they release it, over a course of seven hours that, thing which is 10 years old, minds you, older than the phone that you have in your pocket that thing managed to maneuver itself in position and land on this target that has no gravity whatsoever without necessarily bouncing off, its pretty unbelievable. A couple of interesting things i read, one that the comet is shaped like a duck. And two, that they have th ed to use the gravity of mars and earth to sort of slingshot it onto the thing. Thats exactly right. So it is like a duck. That is a great way to describe it. It is they dont know whether its two ancient objects that somehow smashed together and formed this shape or whether its slowly eroded over the time to the shape it is, its it is like a huge rubber ducky kind of sculpture and the lander is sitting sort of on the head between the head and shoulders of that duck. And, yeah, i mean, they did have to take this incredible route to get there. You cannot propel any object straight to something as far away as this particular comet. They had slingshot around the earth and around mars and other celestial body to his pick you want speed to whip it out all the way over there. So even though the comet is only only is the wrong word, 300 million miles away it had to travel over 4 billion miles to get there. So its just this incredible journal that i it took over the course of, as you say, 10 years. Besides it just being a really cool concept, why does it matter that we can land a space craft on a comet . Sure. A comet is just very different than anything we have been able to get this close to before. Comets are made of the most ancient stuff of the solar system they come from a time before time. And so you are really getting an opportunity to get up close and personal with organic mall call that his they have not been able too inspect before. You get to see what its made of they suspect it has a certain amount of methane and ammonia and other things in it. You will be looking at the original organic material that eventually formed, you know, water and you and i on other planets. This is like origins sorry. To interrupt. This is like origins of the universe kind of thing. Exactly right. I want to get to one other thing before i let i go. There was another bit of unbelievable news today the National Transportation<\/a> safety board said the surviving pilot from the crash of spaceship two did not in fact eject but simply fell out of the craft. As such, turning a really joining a really small and lucky group of survivors and how he lived. Its unbelieving al of the the idea that the copilot could have survived the experience is unbelieving am of the ntsb figured out today after having interviewed him that he did not eject. He was, instead extracted as the word they iceed from the disintegrating spac spaceship. Meaning he fell out at 50,000 feet in to negative 70 degrees temperatures and somehow managed to survive that experience. And as you say, it means that he joins a very small and exclusive club of people who survived the break up of a plane that attitude and speed its truly a miracle that that man is alive today. Two unbelievable stories jake ward thank you for your expertise. And now here is our final thought as u. S. Troops get ready to exit afghanistan next year, its worth looking at what the last 13 years of military intervention have done for that country. By many measures it didnt look good. Let us fol focus on one, opium result indication, they are producer more than ever, producing 90 of the worlds only yum products. For decades it has been the lead supplier of haren to th heroin , the u. S. Has spent bill yards of dollars to try to irradicate at that. They are expected to produce 6400 tons of opium. Afghan farmers the poorest of the poor can fetch up to 200 a kilo by selling raw opium on the black market thats enough money to lift a community out of grinding poverty. But opium production breeds corruption and everyone from politician to his insurgents gets their cut of the trait. Thats our show for today. I sam stefanie sy in to ali velshi. Thanks for joining us. Consider this the news of the day plus so much more. We begin with the growing controversy. Answers to the questions no one else will ask. Real perspective, consider this on Al Jazeera America<\/a> im joie chen, im the host of america tonight, were revolutionary because were going back to doing best of storytelling. We have an ouportunity to really reach out and really talk to voices that we havent heard before. I think Al Jazeera America<\/a> is a watershed moment for american journalism a massive shake up at the top of iraqs approximate military. The Prime Minister<\/a> sacks more than 30 senior officers. The top stories on al jazerra. A war of words at the United Nation<\/a>s, russia denies accusations its its moving its military any to ukraine. Barack obama prepares to meet myanmars leader just hours after accuseinginaccusing the host con stalling on democratic reform. And a source close to fifa tells al jazerra qatar will avoid punish","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia801609.us.archive.org\/18\/items\/ALJAZAM_20141113_070000_Real_Money_With_Ali_Velshi\/ALJAZAM_20141113_070000_Real_Money_With_Ali_Velshi.thumbs\/ALJAZAM_20141113_070000_Real_Money_With_Ali_Velshi_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240621T12:35:10+00:00"}