now the recent report says that citizens believe greece italy lithuania spain and the chest the public are the most corrupt the corruption is considered rare in denmark finland and sweden in fact in two thousand and twelve the corruption of perception index ranks finland as the least corrupt country on the planet and in twenty thirteen denmark was ranked least corrupt however for the same year greece greece came in at eighty tied with china not good and the e.u. commissioner of home affairs she said quote corruption undermines citizens confidence in democratic institutions and the rule of law it hurts the european economy and deprive states of much needed tax revenue bottom line keep it clean keep in the green at least in theory it should be that way.

investor and all sorts jim rogers is a bull on china and asia now he sees a shift in the economic importance of asia and has even relocated his family to singapore to be a part of it but right now the emerging markets are a big concern for many people now working to get jim's views on the crisis in emerging markets as well as his view on the u.s. european and chinese economies check it out. now jim i want to start off by asking you about the u.s. and specifically its propensity to rebuild after it destroys now the u.s. they spent one hundred billion dollars in today's money on the marshall plan to rebuild europe and in total the u.s. has spent about the same on afghanistan a country with a g.d.p. that's estimated to be about twenty billion by the i.m.f. now the question is is this an example of how america's militarism is wasting money that could be spent investing in the domestic economy. there is no question that

we're wasting a huge amount of money here and a hundred billion dollars on afghanistan most americans don't know where it is afghanistan is a very little consequence to the us and yet we have had a hundred billion dollars and lost a lot of lives of american and afghan what is this can you know you know how much one hundred billion dollars is now when we could do a lot of stuff with one hundred billion dollars schools highways lots of things a lot i mean it is a tremendous amount of money we're talking billions with a b. here not millions so there's a lot that can be done now i want to ask you about trade agreements and there's a lot of talk lately about the trans-pacific partnership here in america what are the what's your view on it and would the deal be good for growth well open markets and free trade is good for everybody it makes everybody have a higher standard of living yes some people suffer as they get dislocated but overall in america three hundred twenty five million americans we're all better off

some people will some people be much better oh so i'm less better all put overall we're better off so cheap free trade and t p p assuming the conditions are more equitable is a horrible would be wonderful for everybody there's no question that opening markets is great do you want to go back and buy expensive t.v.'s again of course you don't you want to go back and buy expensive cellphones again of course you go you want to buy cheap of fish and cellphones and products and that's what you get when there's open markets and free trade now i want to ask though as a follow up is it really free trade when there's these multilateral trade agreements there between countries and now have to specifically that didn't turn out to be great until about twenty years later and you know where do we stand today what about free trade just free trade no trade agreements just the whole global trade market being free. well if i did it my way that's what it they would be no no restrictions no tariffs no no customs duties or anything else people just do you

know hundred years ago two hundred years ago that's what it was you think if you wanted to send something from europe to the middle east or something a hundred years ago you had to go through all these trade regulations and agreements of course not people if they had something good they sewed up you remember marco polo you went to a bar all kinds of stuff brought it back it was all kind of trade on the what's it called. the trade route between china and europe was huge amounts of trade with no it was no restrictions government controls or anything else that's the way the world would be better off the silk road that's what i was trying to remember the silk route. i mean what are your ties made out of we do we know that. buys from somewhere in there you know jim we spoke with george magnus last week it's kind of a non sequitur here but he told us the emerging markets crisis that it has only just begun and i want to play you a clip from that interview so here it is. people are calling the volatility in

these markets and emerging markets crisis is it an emerging markets crisis. well i think it is ok because i think every crisis needs. a long road. now jim do you agree with george that an emerging market crisis is only just beginning. well the problems in the emerging market and first for lots of emerging markets some better than others but there are some serious serious problems out there and they are going to get worse turkey indonesia india this is not over yet brazil plenty of them that have serious serious problems and it's not they're not being resolved part of the problem of course the major problem is the federal reserve in america has interest rates at such a time in the low level that people can borrow lots of money and that america is printing a lot of money so there's plenty of money and they quit

a lot of money to be borrowed and so a lot of countries have borrowed the money which cover it's cheap rates which covers up their problems they haven't addressed their problems and so now now we've got a huge problem facing us and it's going to get worse this is not over yet you should be worried and be careful and be prepared now what i want to ask you now about a lot of markets have seen turmoil places like south africa turkey india argentina where do you see trouble being the most warranted and why were the debtor nations are the ones that are going to suffer the most because they've been they have the ability of a lot of money at very cheap rates america is going to have a lot of problems in the ones you mentioned are all going to have problems it's a countries a big balance of trade deficits that need to borrow a lot of money such as america some in europe and mainly america mainly the countries you mentioned that's where you're going to have the that's where the crisis is going to get worse but everybody's going to be affected when america and

europe have problems have anybody has problems those are the largest economies in the world yes and last time we spoke you actually said that the fed printing money it was causing a wave of liquidity to spread out but that someone presumably awesome is going to dry up when that wave receded now the question is the fed is tapering now is the wave of liquidity is receding do you think this is what's triggering the crisis. of course it is that's part well the main problem is the huge debt that keeps building higher and higher and higher second is many countries did not take advantage of the good times to restructure themselves get rid of restrictions and controls and thirdly now the u.s. is pulling in its money. a lot of people been relying on that money so now you're going to it's going to snowball and get worse and worse and worse but what's going to happen aaron is you're going to see the pain get worse eventually the people in washington are going to panic you've got to remember these of bureaucrats these are

academics they never had a that's why they work for the government because they can't get a real job so they're going to panic they're going to say oh we're sorry we're sorry they're going to stop maybe even print money again some more then people are going to heave a sigh of relief markets will rally and then we're going to have the real crisis because the next time it when the money starts receding there's nobody to bail us out jim in your opinion what's your emerging market share the most promise for investors right now. the best of places like me and mar north korea china to some some parts of the chinese economy they have said that they're going to give incentives and spend a lot of money on some parts of their economy you should to russia russia is in good shape i mean this is astonishing to me russia doesn't have exchange controls russia has huge international reserves vast natural resources totally disliked by everybody i mean russia's i'm sorry to put money in russia well i'm astonished i

was very sure russia for forty six years even i even i am putting money in russia now. time now for a very quick break but stay tuned because coming out more with my interview from more from my interview with jim rogers is giving us his thoughts on europe china and agriculture now farming you won't want to miss it plus in today's big deal ed harris and i break down the cryptic messages living inside your wallet and definitely not going to want to miss that stick around. new york london. the whole world is. free to you the original one the one on the end there are further to the point that believe at the end of the street another one the more transparent society gets the money or

the proper tears become we see military and state police forces mobilized against people who blend into the city to meet the hobbit the city the more people trust electronic devices the more defenseless they are the fear that it is a thousand days on our key.

there's a city you know when you're in the arctic you have the entire world at your feet. she looks like a fairly simple ship but really she's no symbol of the. end sort of people have access to the nuclear icebreakers the real king here is the polar bear and ice breakers come second not a single complex expedition to the arctic can be conducted with the russian nuclear powered fleet of ice breakers we undertake in a unique operation in. the northern sea with russia's arctic ice breakers. we're back with more from investor jim rogers and author of the recent book street smarts now jim was recommending investing in russia before the break and i asked him though if he thought his country recommendations were insulated from the crisis

or they too will feel the pain. everybody's going to feel the pain america's the largest economy in the world it's also the largest debtor nation in the history of the world so when those problems come it's going to be if it's going to affect everybody europe as a whole is an even larger economy would go to serious problems facing them too many potential problems out there and you should be worried i'm trying to get you worried i am terrified jim i have no doubt that as a diamond came up at night nightmares over this i'm glad you brought up europe there because you know in greece spain italy in portugal government bonds are all on the rise what's going on over there tell me. well things things have calmed down things are not getting dramatically worse and falling off a cliff at the moment the bonds fell off a cliff a year or two ago coke totally collapse the world didn't come to an end so now they're rowdy but when the crisis comes next time seventy crisis whatever comes

next and they will go back down the problems of the world are not over greece is not solved it's problems spain is nobody nobody has solve their problems yet i mean it seems pretty clear now now japan japan is engaged in massive quantitative easing and deficit spending as the government debt to g.d.p. the level has reached its i want to go straight it's two hundred thirty per cent do you think this. wealth confiscation how could it possibly and otherwise other ways . it's a terrible shame because i love japan a great deal but you just pointed out japan as staggering internal debts they do have a lot of international reserves but internally they've got very very high did mr abbate and you guys printing huge and he has said i will print unlimited that's his word unlimited amounts of money and he is borrowing even more money now i own japanese stocks at the moment because of all that all this money that's going to be

pushed into the economy but twenty years from now or even sooner maybe we're all going to look back and say you know mr abbay ruined japan that was the final death row of japan when they just went over the cliff having a declining populations there's a you know i'm sorry i interrupted you you were saying continue please obviously they have declining population staggering debts increases debasing the currency i mean it's going to be a nightmare in the end he's going to go down in history as the disaster you know on the other side of the argument people say that japan can't afford it because they can print their own currency what do you say to this. because they can you know the currency goes to nothing. you may get paid but you get paid and worthless currency every country in the world it's done that there aren't as ended up in the tank this is this is never worked in the long never as it works in the long term never has it worked in the medium term i said sometimes it works in the short term i own japanese shares i even own the japanese currency as we speak today but but twenty

years from now can you imagine i want to own the stuff in five years pan is going to be going over the cliff now let's talk about china last time you were here we talked about china as well the third up plan i made it clear during that time of the chinese is going to move towards a consumer led growth economy in your view jim will that shift lead to further slowing in the growth of china. some places will slow down yes when you cheer for your economy from one place to another the people you shift away from the slowdown the people that you shift to grow in the meantime the whole overall may slow down so but yes this but nothing goes straight up forever ever in american in one thousand nine hundred two is we were on the rise we had fifteen depressions with a d. and yet we came out of the one thousand nine hundred three is the most successful country in the world in the twentieth century this is just

a normal transition that china is going through some people will suffer some will benefit if you look at the plan in which you imagine you will see they say we're going to help these industries aaron if the chinese government which has best amounts of money and a great track record is going to put a lot of money into some industries i him to invoke because i know that somehow he's going to make a lot of money and i hope i'm one of them. now what about the bad debt in china there are in twenty thirty non-performing loans of banks in china they increased in for an eighth straight quarter then in december we saw this mini funding crisis and the chinese government is now letting banks roll over all of this debt roll roll the debt over are the chinese doing what the americans and japanese did before them and putting off the inevitable write downs like we spoke about. what absolutely of us think when people go bankrupt you just go bankrupt and you start over you know kicking the can down the road or denying reality is never good for anybody china

will certainly have problems everybody has problems as they rise including china who's done a brilliant job in the past thirty years whatever and i'm not going to stop getting involved with china just because problems start developing in them they said we're going to help these industries are going to do well those industries are going to continue to do well the people will suffer i'm not sure the chinese stock market has made its bottom yet but i do know that some industries going to come out of all this making huge amounts of money ok now. i know that you're keen on china the future is bright in the long term and all that but here in the u.s. a lot of our guests they're very troubled and they've been talking a lot about the financialization of the u.s. economy driven by wall street instead of main street now do you think this financialization is key to why the u.s. is having problems today of course it is i mean people wall street are making fortunes right now they think died and gone to heaven i won the lottery is

something but aaron unemployment in america is higher now than it was before two thousand and eight this hasn't solved any problems yes if you they're printing a lot of money obama spending a lot of money that people are getting all this money and therefore is a very happy they think things are great but in the role of the overall situation underneath is deteriorating more and more more and. now i one last question for you i want to ask about commodities because i like commodities and i like talking about them i know that you were really really long on sugar for a while but that ended what are you looking at in the commodity market today well sure go it up came back down you should buy sugar i'm very keen on sugar right now agriculture is what i'm most most interested the moment you know you look around the world most financial assets are down agricultural products are up in two thousand and fourteen and i'm very optimistic about the future of agriculture in america worldwide you should become a farmer and i should become the front was that i me specifically what in as i and

you just gave it to me you said to become a foreign but i'll side of i like my job i love being a reporter but what do you mean specifically if i'm going to pass what would you say. first i would as you know how to drive a tractor i can drive a stick shift car does that count. all of the help anyway if you don't want to become a farmer farmers have been a terrible terrible business for thirty years that's about to change in the form or is it going to be driving the lamborghinis in the future the stock brokers who will be driving tractors or taxis perhaps even the good ones will learn how to drive a tractor so they can work for the rich farmers the world is in the process of changing the financial center has had its thirty years now it's going to be the people who produce real goods you should buy become a farmer bio farm you could become a tractor salesman so if the seed for lots of ways to get involved you could become the agricultural correspondent you love being

a reporter be the farm car reporter got it thank you i'm not i'm glad that i found my new mentor and this is awesome. jim thank you so much we always love having you on your end say your comedy for a lot of better word sad comedy but comedy nonetheless and we love hearing from you thank you so much please come back on very soon. it is my delight let's do it again . that was famed investor and my buddy jim rogers time now for today's big deal. mr edward harrison joins me now to discuss cash flows wrong jealous because there are loots quid what is the what is the most money d.m.g. and bling you know all the good stuff all that stuff all the stuff i'm over here

now now well plastic is becoming more prevalent every year physical money is still very much alive and well and while many of us use it every day we rarely take the time to examine the bills we're handling however the u.s. dollar notes along with many other physical currencies contains that information on them now there are twelve different reserve banks in the u.s. responsible for printing money and you can quickly figure out what your bank your bucking from by looking at thank you for that handoff i mean no one's looking at this little guy right here this is the letter right there. see that little number there now basically a glance to see if you're right and i am a little she cheever here is atlanta you know you know they're on. this day can you do it you know do you do this cleveland he got it right oh my god i got it right you would see it ok that's wrong. because i could've been so upset if you're never wrong which that was

a massive moment here on your bus ok now paul and i point out that there's using and i will point out there were not numismatic experts that's actually if you're one of us that word means it is a person who likes currency we're not experts in we are curious people which got us wondering about what the words inscribed on money actually mean. civically the british pound in fact now check this out on a ten pound note written right under the bank of england in big letters that reads i promise to pay the bearer on demand the sum of ten pounds ok if i was to write you and i are you on a piece of paper just now got me pizza or something i would probably scribble down these same exact words just to make it sound legitimate what does it actually mean well that's a good question because what does it mean. promise to pay you this. ten ious i mean that's what this is this bridge this area here so basically would say

is that this is the money that this money is we've created this money and whoever has the money within the system will be able to pay. whatever that's going to be mean but from the british government's perspective basically because if you have a currency issue what they're saying is that we have a claim on future productivity on future productive wealth within the british realm and as a result of that we can tax on that wealth and the money that's created in british pounds is an iou claim on that wealth that we are able to tax now i know this question seems really sophomore but the idea is like ten pounds ten pounds of what seashells rocks gold ten pounds i understand you know us twelve dollars it's called there's all different names for what that is but what do they mean pounds ten

pounds of what we do i think that's the thing in this is what the scary thing for people with in terms of going away from the gold standard or something that's connected to it because basically. there's no intrinsic value you can think of it as a token almost a ticket you know it's really the the government has created this money and. claim unproductive wealth going forward and that they are the steward if you will of the economy as a whole and therefore because of their stewardship they're able to. increase wealth in the economy and tax it and therefore the money will maintain some some value no claim on productive well what do you mean by that i mean you know g.d.p. goes up over tonn and as a result of that the economy will grow and people become richer but they're not really that's exactly the you know we were you were just talking to jim rogers about the financialization of the of the economy now obviously if you're. and

you're basically trying to use that in order to create wealth then when those bubbles pop you have a huge amount of what austrians would call mal investment and that needs to be cleaned up and over the longer term you know that's actually destructive to well so you actually decreasing the growth in real wealth and over time that's going to be a very negative factor for the economy so do you think these words inscribed on all these different currencies there mr levy do i think that you know like ironically very straightforward an interesting thing is when the u.s. dollar at the top here it's this note is legal tender for all debts public and private so basically what it is is that you know if you try to euro's that say that you're right about that matter of reserve members you know. you're going to i'm going to use euro's in my grocery store and i'll accept the u.s. government would say no when it come in and we're going to put you in jail because the u.s. dollar is legal tender so not only do we have a claim on the productive wealth of the united states and that wealth but also we

can make sure that our money that we are creating at is the only money that is usable in the realm that we control all that's private and public thank you so much interesting stuff that's all for now but you can see all segments featured in today's show on you tube at youtube dot com slash boom bust archie we also love hearing from you so please check out our facebook page facebook dot com slash boom bust r.t. you can also tweet us at aaron aid at edward n.h. for now from all of us here from us thank you for watching and have a great night. this immediately though so we leave the. why the soon to cure. your party

there's a goal. is that no one is asking with the guests that you deserve answers from it's all on politics only on our t.v. . don't think great thing about saatchi is that it see unique city that was most listed here we are at this sea shore here it's always really warm but in krasnaya polyana which is just forty six kilometers from here there's plenty of fresh powder to be stupid so the thought of she's going to also this is very convenient well good employers plenty of snow in the end everybody's comfortable. athletes are comfortable fans are comfortable well that's what makes you so choose so unique that it could up the customized service for ficta least for the winter olympics. i

mean where else do you have this good for sure. you know the playing. field limbic spirit travels with the flame from its birthplace in greece. joining james brown for an elemental and epic journey around russia and beyond. where i've become. hot plate.

dramas that can't be ignored to. stories others to a few still noticed. faces change the world lights now. so picture of today's leaves my own two hands from around the globe. dropped to. fifty. with creating the sustainable operation focused on making it and from what you are making my term self-interest i'm sure that is what you're looking but has always been the case and have. businesses for hundreds of years without using the label. but i think what we're going to capitalism do was this notion that economists brought to it which was the idea of profit maximizing.

it's only a matter of hours now before the official start of the twenty fourth games anticipation is growing with the entry surrounding the opening ceremony just adding to the excitement plus he says the competition is just about ice and snow not all the athletes have gathered here in sochi will be giving out the fashion gongs at the winter olympics from the we had a wonderful costumes to be overly bright and just downright bizarre. and embarrassed us diplomats tried to laugh off an apparently hacked explicit phone chat over how they could sailor the next ukrainian government's.