americans took their biggest shopping spree of the year last month retail sales jumped point six percent in july up from a quarter of a percent in june is the indicators best month since december well with consumer spending accounting for about seventy percent of economic activity it's a good sign of overall economic growth after a lackluster second quarter so what drove the jump well it's a great time to buy cars and that's what americans did motor vehicle sales climbed one point two percent in july overall auto sales have been pretty sluggish this year so dealers are slashing prices to attract buyers and unload huge inventories the price of cars were courted its biggest drop in nearly eight years last month as a trend car prices have dropped six straight months but what else contributed to the rise in shopping amazon's prime day promotion in july online retailers cashed in with sales climbing one point three percent not everyone's

a winner though electronics and appliance stores slipped point five percent and clothing store sales fell point two percent. china has been on a tear this year but in july showed signs of a slowdown the world's second largest economy missed the mark in several areas including industrial output investment retail and trade the cost of lending went up and the property market which has been seemingly unstoppable showed its first sign of cooling down china's strong first half of the year has been a major factor in global growth as a whole china's economy grew six point nine percent through june surprising most analysts but the fading momentum does not have people pulling the alarm just yet china is expected to be on target for six point five percent growth for the entire year and even though we're seeing cracks in some of the momentum it isn't expected to come crashing down plus while most industries slowed in july one hit a record high china steel. output hit

a monthly record in july at seventy four million tonnes up ten point three percent from a year ago this breaks the previous monthly record of seventy three point two million which was just set in june the rise is defying the expected slowdown with china's war on smaug steel mills are surviving it by complying with stricter environmental standards. it's hard to believe but it's been ten years since the beginning of the global financial crisis last week marked the decade anniversary of when france's biggest bank b.n.p. previous froze two point two billion dollars worth of funds citing us subprime mortgage instability this articles from two thousand and seven so ten years later how we learned from the mistakes that taints the global economy and is the global economy back on track joining me to discuss from london is economist steve keen author of can we avoid another financial crisis steve thanks for being here i

wanted to first get your take ten years on what's your take on the health of the global economy today. it's basically if you can imagine the financial crisis like being attacked was on bodies. that were still in the side of the walking dead we haven't got rid of the fundamental cause it hasn't even been identified of course by the people supposedly in charge of the global economy so i was still carrying the legacy much in the same way that japan has carried religious fear of its financial crosses from nadi right through for a quarter of a century what signs did you see leading up to the crash that most of the mainstream economists either missed or ignored. a very good question i look at the level of private debt and how fast it's growing and the those two factors are completely ignored by the mainstream because they treat debt as simply a transfer from one person to another so one person spending increases. they are

the dozen and they are the falls it's like a see saw all the so you saw remains at the same hard according to their full model of banking and because i've always been a critic of that model i regard the level of debt as indicator of pressure on the economy and the level of credit is a source of demand which can turn negative if people go from borrowing money to paying down which is precisely what i saw starting first of all to much credit driving to much demand from not in ninety three through two thousand and seven and then from two thousand and seven i could see that the level of debt was going to fold dramatically which it did it went from being plus fifteen percent of g.d.p. and i'm on a six percent from two thousand and eight to two thousand and ten that was completely ignored by the mainstream that's why they didn't see it coming and they're still not even looking at it one one decade after the crosses that could rise so see if i want to look at it right now because in the united states we're seeing some of the highest levels of private debt in the u.s. since the great depression what do you think it'll take us to fully recover because

this is a chart that you gave us and it looks like it's starting to rise back up from the highest peak at the great recession. it is rising again but of course a bit like what one which you climb mount everest and you go back down to the base camp below the summit you've only got the summit to climb back up to again and in many ways because that is the hospital of private debt that america has if it carried a certainly concious getting much process one hundred seventy percent level that means whatever credit demand the economy has right now will at some point in the next couple of years reach zero and possibly go a negative one small and this is the situation japan has been in for a quarter of a century of having a bit of a revolver with a bit of growth in credit but still having far too high level of profit that they haven't paid leave it sufficiently america's not caught in the same situation and i expect it to repeat the same pattern until something is lost threatening as the second world war comes along and. and generates

a level of government spending that's necessary to reduce the level of profit well let's take this opportunity then to look at the global scale of private debt because china is line is on a steep incline as long with a couple of other countries but i think that china shows like the highest res right there you can see at the very top japan has been chaotic from like you said there crisis from decades ago to the levels that we see on a global scale were you. yes america or indeed the u.k. and europe are all. most of them are in the post crosses period so they've got a high level of debt which the the the rising very slowly we're actually folding about the countries like china south korea canada australia and belgium over then i thought of that shot on a number of others have got draws in levels of private debt and more profit and i had back when the global financial cross had a decade ago so they're going to also. slow down in credit growth and then finally

negative credit and when that happens they'll have their own mini financial crosses i won't be on the same style as the american because none of them are anything like a scale of the size of the economy that china of course is very large so when that hits the rest of the world in a flow on effect so we are going to see another cross this spread across a large number of countries over the next one to three years well you said yourself that the biggest indicator for you was this measure of private debt and that it was something that mainstream economists missed how those economists learn from their mistakes or are they starting to take a look at this like you are. no. no it is it is it's it's is likely that they'll look at this issue is that somebody who's believe in jesus crosses god will read the text of buddha. completely divorced from that way of thinking just stiglitz for example is one of the most progressive mainstream economists and somebody i've met in quite like had

a lengthy presentation he gave because a few weeks ago not one slide of about thirty five was devoted to the level of debt or the level of credit they are still completely blind to this cause because it simply doesn't fit their intellectual framework is there something that the governments and the financial industries could do to prevent it from happening again even if the economists aren't seeing the signs. yeah yeah yeah there you go that's one reason i've talked about the level of government spending as well politicians are obsessed about treating the government like a household and thinking it should have more than it spends in the aggregate that's impossible because people on the spending become somebody else's income in the aggregate expenditure is income so if the government the sauce to cut spending and run a surplus that actually makes the situation worse it reduces income for everybody so what the government should do now because it's not constrained by the lack of money the government can actually create its own money government spending could be used to effectively help reduce the level of profit and that's what we did

indirectly through the second world war strangely in terms of its economic impact the main economic impact of the second world war was to drastically reduce the level of private debt because so much government money was devoted to fighting the nazis and fought in the judge a japanese that the private sector could do little else but its level of debt so we began the the post-war period with the lowest level of profit in america's case for over almost a century and that gave a tremendous impetus to the economy it wasn't dick constrained and in fact credit growth could do could stimulate demand and stimulate innovation as well we need to get back to that situation so the government can do it but again given that's being advised by mainstream economists i don't expect them to do it steve keen economic economist and author or can we avoid another financial crisis thank you so much for your time.

that industry has been hit by disrupters left and right from innovative delivery companies like seamless to on demand recipe kids like blue apron but the disruption does not end there while the service sector has had to adjust so will grocery stores. joining us to talk more about this one so beyond that there's this german based supermarket. that's preparing for a huge expansion here in the united states are there concerns about the type of competition it could face yeah so we're talking about it's just announced that it's adding a delivery service to its business so it's a threat to other u.s. based grocery chains chains that don't offer that sort of service but it's also being seen as a threat to amazon which has just taken up a pretty sizable chunk of the u.s. food industry and wants to continue that expansion the germany based all the supermarket chain has thousands of stores worldwide in the u.s. the company operates almost two thousand of them and is planning an even bigger expansion and on monday all the announced a new deal with

a san francisco based instant cart to deliver groceries in a handful of cities across america the partnership was detailed in a press release which at the new service will be first available in los angeles atlanta and dallas all the c.e.o. jason hart said our partnership with insta card is another example of all of the expanding our commitment to customer convenience and value we know customers are looking for new ways to save time and money insta car provides easy access to low prices at the click of a button the news comes just a couple of months after the company announced it would open five hundred new stores in the u.s. for the next five years and according to your own monitor it's already the eleventh biggest supermarket chain in the u.s. based on sales and because of how quickly it's growing all three is frequently compared to amazon which has unique grocery ambitions of its own in june amazon purchased whole foods for thirteen point seven billion dollars that's on top of running its own food delivery service amazon fresh so the competition to make

a mark in the trillion dollar u.s. food industry is clearly heating up and the companies fighting for the top spot are focusing on internet and mobile app based services for a reason the internet of things is slowly taking over the kitchen you can buy smart refrigerator's that tell you when you're running low on milk or what to cook based on the groceries you how. the net and next month a wireless camera that monitors use by dates will be available in the hopes of eliminating food waste so it's no wonder why it's becoming easier to sync our grocery lists with our smartphones and other devices something that i would love i think because it's such a chore going to the grocery store you know i'm so sorry liz something let's talk about this refrigerator camera though how does that work so it's called smarter fridge cam it's only going to be available in the u.k. at first but it takes pictures of the food that you have in your fridge and specifically looks after the use by date so if your eggs your milk are going to

expire in two days it will send a picture to your phone to notify you that you only have two days left until it goes bad and also will send recipes that you can make with those specific foods so you were so you don't just go in and throw your food out it's really trying to eliminate food waste because in the u.k. families on average waste about seven hundred euros a year worth of food so it's a way that can it's a way to eliminate food waste without encouraging families to spend thousands of dollars on a smart refrigerator they can instead purchase this small device that they can put in their normal fridge and still try to cut down on food waste and i imagine we'll be seeing devices like this pop up all over the market i mean and many ways here anyhow that's not the first smart device that is available for us to use in our homes but people are becoming a little more cautious before they purchase this technology into their and bring it into their homes knowing how much they can be at risk to hackers you know if you have a smart air conditioning system your heating system or even because your security

system people know that once they put their information out there they're more susceptible to crime so people are taking you know it's not happening as quickly as we thought once it became available but she thinks so much. all right time now for a quick break stick around when we return thousands of gallons of illicit alcohol is seized from mexican resorts and big oil in blowing away all expectation will its rise lend itself to more mainstream attention as we go to the break here the numbers the closing bell. manufacture consent to public wealth. when the ruling classes

protect themselves. in the final. week old middle of the room sit. room. in the city of minima so moch was hit the hardest by the twenty eleven tsunami. but it was damaged mostly by the radiation after the nuclear disaster. not even enough to last you did not. think it will also have the love that i. am a little slow to detect there will be contamination is not complete much many locals could not leave their houses and farms most of those who he must.

leave you know it's nice to. see the chicks don't want to they stay strong like their ancestors centuries ago good. for you. and i mean also you. i will fail a lot on what. it is she from the little blue beetle my will there will and souls find a way to rebuild their lives in the world and lambskin. we all willingly accepted the risk of being shot wounded taken prisoner but millions. poisoned by our own people that was leaked or biological and chemical products do not truck tires. styrofoam

polystyrene batteries trucks there was a complete denial i think at all levels of government that there was any connection between that and what these brave soldiers were suffering from to compensate every soldier marine airman and sailor that was on the ground that are complaining about illnesses from their exposure from the berm pits literally sand to be a growth they don't want to pay it so the way to decades a lot of those soldiers. and they won't. get the bill for the movie is in. delayed. tourists beware in recent days mexican authorities swept through thirty one resorts

restaurants and nightclubs seizing ten thousand gallons of tainted alcohol in january a twenty year old wisconsin woman died after being found unconscious in a pool while on vacation with her family her brother also suffered from alcohol poisoning even though the two had only been drinking a couple of hours other vacationers reported blacking out and getting assaulted after drinking small amounts of alcohol at the resort as a result authorities searched tourist hot spots and canned coon and playa del carmen and in the process uncovered a sketchy manufacturer those providing alcohol to these attractions that's when they seize ten thousand gallons of a listen alcohol from the company and temporarily shut down two establishment. that tuesday in cannes coon and star but i saw my in playa del carmen where the woman who died was poisoned the alcohol taken from the bar was expired unlabeled and kept an unclean conditions according to the milwaukee journal sentinel which uncovered the case according to your own monitor international up to thirty six percent of

alcohol consumed in mexico is illegal mexico's health authority has seized more than one point four million gallons of adulterated alcohol since two thousand and ten yet the u.s. state department had not worn travelers about alcohol risks in mexico until the journal sentinel's investigation. and now a warning for job seekers as employers shift to entirely digital job applications the risk of scams targeting job seekers goes up hackers attempt to hook tens of thousands of people each year through job scams according to the federal trade commission and young people are a frequent target the most susceptible being under thirty four years old think about it you put incredibly sensitive information on job applications and acceptance forms from your social security number to your bank information for direct deposit not only that but hackers can deliver a fake job applications containing malware or ask you to download files for the application process gaining access to either your personal computer or

a corporate network if you're job hunting at your current job in two thousand and fifteen the cyber security research firm del secure works uncovered a network of dozens of fake linked in profiles created by hackers in iran to pose as employment recruiters it can take years to investigate job scams so beware when you're looking to make a move. if you've been tuning in to us this week you know big court is continuing to break records in all expectations tuesday between reach new heights at nearly forty five hundred dollars which put its market cap as high as seventy three point five billion dollars that's right below market cap of major companies like adobe and netflix of course it's not a stock but it seems to be a darn good investment let's talk about the rally drive with reggie middleton entrepreneur and founder of vera toss the reggie every bump bitcoin hits it just bounces up to higher levels what do you think is causing such

a rise in it's price. adoption the more attention it gets in the media the more people find out about it the more people find out about it the more applying pressure it gets the more mainstream it becomes and that's what i see in because you also have outside of mainstream adoption you have significant interest from institutions who want to be exposed to this because it has a very low correlation to the major asset classes and that means that it doesn't move like stocks and bonds do that's a very big plus for situations because when you have a portfolio it all moves in one direction it's very risky if stocks go down you have all but you only stocks your portfolio and it's a down day you don't get your bonus is a quarter because. it decreases the risk you know without necessarily decreasing the potential reward is a matter of that and

a risk just basis with the flight risk. because and digital assets in general the best performing as in the history of the world. so it's incredible and it's incredible to see it continue to break these records and it's not just. breaking records on prices we're also seeing it just grow in general we had the split the bitcoin split earlier this month that led to the birth of bitcoin cash that's also doing pretty well it's reached more than three hundred dollars as of monday what is it going cash mean for crypto currencies as we look into the future and look into expansion. well you can only call it a success as of yet it was a fork and you may just have an alternative. to because i may do well those who helped because i actually had the cash tokens so they got three hundred pro token as a bonus as a freebie. as part of the investment in holding at jewel because i. cash

should do should educate those who are new to the market and to the class in general what alternative tokens are you have to quote and which was the main one number one from two thousand and it's very popular and very very high return both the return and this could just it is just the tip of the iceberg which you also have tokens that do a lot of things that. you have because you have. a dash for digital cash which basically solves most of the shortcomings that because you have a serial which is a program much more programmable platform and you have other tokens i'll copy has its own token called very very which is aimed at peter peers they transfer these tokens that token replicates goldman sachs morgan stanley etc in terms of investment that you functions at roughly one fifteenth across that much these

tokens all have platforms that they rest on or have particular uses and many of them the ability ability. by a very very large amount but because it has the lion's share of media attention it's interesting to see what happens as the media learns about. what is available and what is possible then you'll see real investment you'll see real returns if you think you missed the boat because took away from twenty cents to four thousand you may just see the tip of the iceberg. so even though it's hit record highs i mean usually when that happens with anything the price tends to readjust so you don't think that point going down. it will go down just like it went up going down going up you know it's the scheme of things and looking up because i'll give you a quick listen ok the. primary factor is the varying digital less it

you have utility value basically how much like this gas this gas has utility value with that holds a liquid and that's going to take. actual physical demonstration ok i like a lot of people a lot of i am of this look at pick corn as a platform and there's a big leap to understand it but even if they understand it from a technical perspective they're trying to evaluate using gap generally accepted accounting principles and they look at just utility value they don't understand that there's another variable called network effect on the network value that also contributed to quantified price so if you sell one game let's take another look tronic i don't like grand theft auto. grand theft auto copy for fifty dollars you make fifty thousand revenue the person who buys it is happy plays a game by himself he's happy you sell two copies you make one hundred dollars and two people who play by themselves all play with each other through a network so you make more in terms of value than one hundred dollars you made more

like a hundred dollars and fifteen cents you so four hundred thousand copies and now you have a whole community that could play with each other and now you get more than four hundred fifty because the network effect allows for an entirely new product to be formed once you sell a couple in the end the network effect greatly outstrips the utility value of those sales by a lot if you look at my craft which is another software product very much like on the platform minecraft has so now only given away not only the software units but they could create their own currency within it their own tools their rejects that are bought and sold and there's an entire community built upon it that is the power of the network effect interesting i'm so looking forward to just seeing where bitcoin goes and we're. really seeing if it tends to lean even more mainstream you're saying that you know the media attention is helping it rise we'll see if other people keep talking about it so regimental ted entrepreneur and founder of

c.m. thank you so much for your time today you're very welcome. well if you love it you put a ring on it and while we're thinking about it if you really love it probably don't get a knock off one cosco got a little too fancy for itself and now it's being forced to pay up a judge is ordering the wholesale warehouse to pay more than nineteen million dollars to the world fame new york city jeweler company tiffany's turns out they had been selling diamond rings using store signs that said tiffany needless to say tiffany and company got in a tiff with costco over it and it went all the way to court cost goes management argued that the use of tiffany was just talking about the rings setting and saying that it was as generic as saying popsicle or dumpster well the judge was not convinced saying costco's evidence was insufficient to establish the company's use of the tiffany name was not intentionally deceptive marketing ploy and yes costco

customers were outraged when learning the diamond ring at a steep discount was not in fact from the famous jeweler buyer beware that will do it for us for now check out the show on youtube dot com slash boom bust r.t. thanks for watching tomorrow. nicest militants have just shown a true son to the tune a great deal and this is could. be true so if you speak to some of the recent. period the only two that militants have joined since. those groups this is. the determinations of the independent islamic state in the philippines you know. even after two months of such. keeps

finding hidden weapons and explosives. not being up operations in areas where civilians are used to live on a daily occurrence. not implementing one for the bundle. but the noise you get in my. visit to. the scene the. walking dead. believe over and it will make money out of the fishes though says he doesn't. here's what people have been saying about redacted and i suspect it's full on awesome the only show i go out of my way to lunch you know a lot of the really packs a punch oh yeah there's the john oliver of harvey americans do the same we are apparently better than blue. i see people you've never heard of love back to the

night president of the world bank though very. seriously send us an e-mail. and book a clinical place called the state police a key to keep. the usa i. was caught up so. get in. there we're going to write. such a good on one of the. i don't think almost as you pull. from

desperation to liberation hope. the army works to repel islamic state from that city he has exclusive video coming up for you. confusion over the korean crisis with seoul uncertain of the united states strategy right now with both preparing joint military drills likely to further infuriate the north. plus the head of the libyan national army exclusively talks to us about which countries are helping or hindering his fractured countries drawn out of conflict. italy's dealing with transporting homes.