our culture is awash in lives dominated by streams of never ending electronic hallucinations that burst fiction until they are indistinguishable we have become the most deluded society on politics as a species of endless and needless to little future politicians have morphed into celebrity are two ruling parties are in reality one part of the corporate and those who attempt to puncture this vast breathless universe of fake news just signed to push through the cruelty and exploitation of the little corner of our force so far to the margins of society including by a public broadcasting system that has sold its soul for corporate money that we might as well be mice squeaking against an avalanche of posts we must.

people have got to know whether or not fair present or support american people deserve to know at this point does it minister guard against the military industrial. we shall never on the gold.

or should know that. yet we do what we must with a. future. it's called the future we don't need something. every in the world should experience. and you'll get it on the old the old. the old according to just. come along for the. pledge you have for breakfast yesterday why would you put those through. your wife . now i did did you do to let him know.

people have got to know whether or not fair present or supply american people deserve to know first at this point does it mean must guard against the military industrial. we shall never on the gold. or should know that. yet we do what we must with a. future doesn't go. beyond the scene filling in for lengthy plans here watching us broadcasting around the world right here in washington d.c. coming up on this. rumor has it that corn exchanges in china don't have a very bright future ahead i sat down with the former u.s. trading commissioner to discuss what it could all mean. and natural disasters could

the impact of hurricanes erma offer a positive turnaround when gas will tell us what she thinks and where did it go a new report shows just how much money can tara has blown through its diplomatic row what that's called neighbors stand by them but starts right now. the possibility of a crypto currency trading ban in china keeps getting closer to reality on thursday china which is the country's largest exchange announced it was forced to suspend operations it also said that it will officially shut down by september thirtieth and use cause bitcoin to fall nearly eleven percent and the price is now hovering around thirty five hundred dollars far below its all time high of around five

thousand dollars and this comes just about a week after trying to ban initial coin offerings the government accused. of being scams and pyramid schemes and the central bank said anyone who raised money through them should pay it back because of strict capital controls in china crypto currency has become very popular among investors in fact the country currently accounts for nearly ninety percent of all bitcoin trading on exchanges now there has been more talk than usual about digital currency is as bitcoin loses twenty seven billion dollars in market value and j.p. morgan c.e.o. says big going to fraud that won't end well. a former u.s. financial regulator who years ago was the first to speak out about the appropriate role of digital currency used to. and that's now bart chilton thanks for being with here being here with me today bart as a banana regulator you were out there early and often as the first u.s. government official to talk public publicly about digital currency is and in two

thousand and thirteen in called bitcoin a shadow currency that c f t c should regulate so clearly you have some strong feelings about digital currency as to what are your thoughts on the chinese decision to band trading on these digital currency exchanges. hey bianco well i think it was you know it's to some extent in evitable that this was going to happen to some place i'm a little surprised that it took place in china because of what you just reported about the large number of investors over there but that may be exactly why they ended up doing it so what i've been saying for years is that digital currencies have a place in our modern financial society and system but they need to be appropriately regulated not overzealous regulation and if they didn't if the enthusiasm for bitcoin and other digital currencies didn't embrace some sort of regulation

that you would see overzealous regulation and they would do things like the chinese have done both with the i c o o's banning the use of coin offerings and what they did in the last twenty four hours with regard to stopping exchange trading of digital currencies so you know it was something that i sort of predicted not necessarily in china and you know we'll see what happens going forward beyond go one other digital currency news j.p. morgan chase c.e.o. jamie diamond said that bitcoin was a fraud that people are wasting their time with he also argued that there will never be a currency that gets around government control period so in your opinion having served as a financial regulator for years will law makers and regulators allow these digital currencies to be used or will they be shut down. well it really depends upon what happens they will be regulated for sure i mean one hundred percent they're going to be regulators regulators aren't going away they're not taking

a hiatus the question is can the bitcoin enthusiastic come up with some sort of structure themselves which i've been arguing for all these years perhaps and working in tandem naish in tandem with groups like the international organization of securities commissions i osco come up with some principled protocols or on the trading side with the world federation of exchanges coming up with some basic rules of the road that can provide some consumer protections but if they don't do that if the bitcoin enthuses don't get together with those sorts of folks and come up with these basic protocols then when some bad thing happens like we were called mt gox in japan where they lost four hundred seventy five million dollars initially several years ago if something bad happens then the regulators bianca will come in or lawmakers and over regulate and i'm also concerned about that the over regulation but there's

a real kneejerk reaction when you know constituents when citizens are damage so i think it's a fine balance but so far it's not the been achieved i don't think anybody's got it right quite yet or despite the success of the sound digital currency as they still have not been adopted day to day so why do you think that is do you believe that some people are just scared of the whole concept. well that's some of it i mean you think about it think about digitizing recording and transferring data whether or not it's music or movies or computers or. other things that mean money is the next logical thing to be digitized and it will happen and i think it will be of great value the question is how fast does that happen and does it happen in an appropriate way with meaningful consumer protections and so far like i said that nobody seems to have gotten it right and i think that's going to china is

a great example of that slowing things down so i don't agree with mr diamond that bitcoins a fraud it's not based upon much it's based upon you know the air i guess is not based upon much and i do think it's not just you know a risk for people but somewhat of over of a raffle but people are adults they know they're they could lose their money and if they have that disposable income that they could go poof that's fine but i do think there's just this trepidation and reluctance to embrace digital anything like there was with you know moving from floppy disk other types of computing technologies of moving from tapes and eight tracks into c.d.'s and and now digitized stuff so it'll happen it just a matter of when and how well what about some of the other issues that are holding digital currency back and then are these things that can be remedied or will they just can we not do anything to fix them. well there are some key thing so all the

banking regulators deal with these two things that people always call them by their acronyms but it's k y c which is know your customer so that's one and know your customer means i know that it's beyond me and she's the one that's trading here and it's not some pseudonym and the second thing is the money laundering am l. and banks all have to deal with this to ensure that people are purchasing illicit drugs or involved in human trafficking or weapons or from a government perspective of voiding paying taxes governments care about that a lot so when the bitcoin enthusiasm and others try to come up with some structure they're going to have to figure out those two things the and i money laundering and the know your customers in order to have just a modicum of regulatory scrutiny those are the things they really need to work on going forward what about the trading value is that what's behind these digital

currencies being in retreat is that public skepticism from people like jamie diamond or is that china or is there simply a bit when bubble. well i mean it's hard to say i mean we've seen you know just bitcoin in the last you know a few few days and even the last twenty four hours i mean it started about five thousand dollars the beginning of this this month one bitcoin but even yesterday you know i think it went from like thirty five hundred down to three thousand went up to somebody i think propped it up which as a regulator when i was back at my old agency i would have been calling the enforcement people on this it went from three thousand to thirty eight hundred and i think that was somebody trying to prop it up in light of the news about china bianca so that stuff shouldn't happen i mean that's a rock n roll roller coaster that i wouldn't want to be on and as you reported it was down to about thirty five hundred so there is there is i think some sort of bubble but we'll get through it digital currencies are going to exist they just

need to be configured a little bit differently ok part shelton former u.s. trading commissioner thanks so much for your time today thanks a. lot while puerto rico is burdened with more than one hundred twenty three billion dollars worth of bond debt and unfunded pension obligations it's now been hit by hurricane irma and on top of that the devastation of hurricane harvey in texas temporarily wiped out more than a fifth of the u.s. refining capacity but our next guest says the aftermath could turn our economy around boom bust host lindsey france sat down with danielle de martino booth president of money strong and author of fed up an insider's take on why the federal reserve is bad for america and i asked her how the hurricanes could provide economic benefits here's what she had to say. well it has to do with the specific

damage that's been done because of hurricane harvey we had the auto sector enter recession we saw the first spike in construction worker layoffs in august as commercial real estate volumes have collapsed over the past year. we've seen the residential housing market begin to turn because home prices have gotten to be so high that we saw not not just a disappointment in the new but also the existing home sales report pending home sales are in the toilet it's just not been a pretty picture in a lot of sectors of the economy that will by the way directly benefit from the aftermath of hurricane harvey well let me i want to refer to a very interesting piece you just wrote it's entitled houston we have a solution so what is that solution. well i think that it's a matter of i'll share one story with you friend of mine apartment developer one of

the particular units that he that he happens to have developed four hundred units two hundred were destroyed by floodwaters he bussed in one hundred forty construction workers from florida the fifth day after harvey had hit it was still raining and a whole batch of construction workers hit houston and started tearing out the sheet rock pulling up the floors repairing these units that's one one story one story and one story alone houston prior to harvey had an oversupply issue when it came to apartments that's vanished overnight all of that excess inventories been absorbed by homeowners as they move into apartments while they start to repair their homes there's also been a hotel issue in the houston market sense of oil prices collapsed houston had the distinction not a good distinction of having the most distressed hotel mortgage loans in the in the country that's gone to. well of course there's price gouging going on with those

hotels but that's got to be controlled whole nother story but i see what you're saying there in there and i'm just saying accounting had an oversupply issue in a lot of renos and that that's been eradicated overnight to say nothing of the fact that there were too many cars and united states and used car prices were falling that's true you know what's interesting here is that back during hurricane katrina we saw that devastating catastrophe a lot of people didn't have flood insurance because they were on that one hundred year flood plain classification the government makes a lot of people here weren't catastrophic flood insurance is expensive how can we expect people just in layman's terms i'm just wanting your opinion on this how can we expect people to be able to foot the bill for the type of construction that needs to happen in these neighborhoods i mean it's as summated two thousand dollars for every inch of damage done in your house well lindsay look this is going to mitigate not eliminate the odds of a recession barreling down on the u.s. economy you are absolutely correct fifty percent of homeowners who are affected by

katrina had that flood insurance estimates right now are that maybe upwards of one million one point two million do not have flood insurance who got flooded so there will be a lot of economic long term economic damage that emanates from this storm because a lot of homeowners simply will not have the means as you described to be able to repair their homes i think that we will see quite a few homes demolished in the coming weeks and months remember it's still summer time in texas very difficult to stop the mold from growing and the devastation from getting worse if this heat doesn't let up right and you know texas what are we facing as we head through christmas into the holidays gets mighty cold up there can they still bills through this and help to raise them that economy well so is in the case of texas unless we have an unusual. winter it's much more so the case in

dallas where we get ice storms and snow from time to time houston is not as affected come winter time by severe winter weather so the construction workers should be able to keep hammering and nailing all through the christmas season they really should be well thank god for that as these people try to rebuild things and it's interesting you look at what we need any silver lining we could possibly get in the wake of these terrible storms that's right and who knows about puerto rico and what it's facing with its huge burden and what we're facing now much of it is rubble people without power we should definitely bring you one soon to talk about that of course the hard part is we can't exactly assess all of the damage but that will be assessed thank you so much for talking with us about this daniel de martino both president of money strong and author fed up an insider's take on why the federal reserve is bad for america thank you thank you time now for a quick break but stick around because when we work her we'll have a report from seoul south korea covering the impact the u.n.

sanctions are having on its economy and we'll tell you how much money can tara hasn't burned through as a remains isolated from what's called neighbors. would hope to do so. put themselves on the line. to get accepted or rejected. so when you want to express. yourself wanted. to do it for us this is what the three of you did that. interested. or should. i got to do just. that you're watching your.

it's been three months since its gulf neighbors imposed a blockade and qatar is still struggling financially according to a report from moody's the country has spent over eleven percent of its reserves or thirty eight point five billion dollars to keep the economy going that's a pull into about twenty three percent of g.d.p. and the problems go beyond cash tar has also had to rely on food and other imports from turkey and iran compared to last year imports have dropped about forty percent and other sectors like trade tourism and banking have also suffered since the crisis began in june and he said it expects a problem to persist but added that other nations in the gulf cooperation council like bahrain could suffer from the sanctions to the the crisis also poses problems

for the twenty twenty two world cup which is scheduled to be held in qatar however the stadium hasn't been completed yet and prior to the diplomatic row the country was relying on imports from saudi arabia and the united arab emirates to finish constructing it. last week the eastern economic forum wrapped up talks in russia where leaders from around the world met to discuss investment in trade and transportation we have a piece from marty's on the upon paul who spoke to who got the chance to speak with a member of south korean president. in seoul. well the east asian economic forum wraps up earlier this week and in light of these high level regional meetings i spoke with a member of president moon diane of south korea's delegation who traveled with him to watch the boss talk of russia for these talks i first asked mr hewitt how these

i'm president and sanctions passed by the u.n. security council on monday could impact the south korean economy actually is sanctions on north korea doesn't affect the korean economy very being. the reasoning. north salis trade even before the sanctions and during the ninety's during the two thousand the omanis for example just the one billion want to build. you think about that korean i mean the republic of korea now trade porto trade to be the wall these one trillion so you suggest a one billion versus one trillion so it doesn't make a big difference for our economy. maybe that's saying show i have some very sly indirect. impact on quality at all for example in the secondary

sang shown on chinese company where chinese banks. but even in their case all these chinese companies and chinese banks that tabulation meade north korea use earlier is a smaller company smaller bands so it doesn't have a direct relation of the south korea so that doesn't have a big impact either but one point i'd like to say in that regard is that even the sanction carbonized the chinese economy chinese beanies seen jaguar and then sees korea as a big business relations with china sammael facts on other. somebody. you know or a trade war between us and china eve that happened that. you recently returned from or you attended the east asia economic forum with president

moon's delegation what was your impression of the meetings. were meeting particularly the president the. president the prime minister. president to have the plan that they talked about the reason our cooperation as you know all that. you try and. not just the one goal that everybody's down the door and the corey said i will present on. north east asia. that then means that they're linking asia to europe so all these contracts have a common goal and then at the planet it's. really how. the future possibility and even the. prozac proposal was proposed

by leaders in the countries coming out of the meeting how vital would you say the relationship south korea has which is russia and china in terms of economic development in the region. i think. we have some has already changed. our government to just for example gas line prozac or. fisheries prozac and then ship it in prozac so i think those kind of prozac is our business. the poor and russian business people had even won. i think. some money. from that. president seemed eager to restart or give another shot to the sunshine policy which

some would include it in joint economic development between the north and south as well as perhaps the reopening of the case on industrial complex. these things that are possible under current circumstances. circumstances i think that i think phrase you mention these very important of costs that the president has his direction is through with sanctions or whatever they'll find out a glories. in the wrong on. that. one back around the circumstances i think it is true because it's on north korea has. nuclear has that misses at the mall months i think that countries even. at the moment it's not the pine for see. this so at

least north korea has to. has to make to keep the commitment blog i will present on. these fires then you comment. on that. or at the core is a fine lot of borys. saw our. poor let them see it. one way to buoys. our president. even a sea change shown it is not appropriate. then let. korea and russia being the corporation on projects for example rather the province project forced down after some time the conditions become so right then we turned. north korea join so. you mentioned about the chasm

the industrial complex but more i think new york project might be i think trilateral prozac between korea russia. or i saw the project is the goal of this joint economic development to slowly encourage the north to transition to a more capitalist system although our i don't want to i think designate an invalid defining that comes i think you have any countries average so side as they all in philosophies are but one goal really is to let the people i think could be called mall prosperous or lets them people who have or a good believe being as who know their north korean leaving condition is very harsh and so you in that sense our glories through this project lead north korean people

or make more i think decent to lead being i think that is to call on wednesday officials in seoul met to discuss how exactly to implement these sanctions against the north however it's clear sanctions against the north aren't always so simple there is a wide regional repercussion when we see these very extruding economic measures passed by the united nations and exactly what the impact of simply saying she is against north korea will be on the region remains to be seen in seoul on your parm till boom but. if you're looking to blow some euros in case italy does away with the currency and you have love for unlimited pasta don't worry because all of gardens got your back the restaurant is bringing back the unlimited pasta past fifty lucky customers will be able to challenge down on two months of unlimited pasta for just one hundred dollars if you're lucky you can try and buy a two hundred dollars pasta passport and that only gives you two months of

unlimited pasta but also sends you on an eight day trip to italy now may seem silly getting into a food fight over these passes but they are highly coveted last year one person sold there on limited pasta pass for more than four thousand dollars on e-bay. that's all for now be sure to catch us on direct t.v. you can find us on channel three two one and if you miss us on t.v. you can catch us on you tube at youtube dot com slash boom bust thanks for watching and. you. will know what you look like. when. you are the bottom. like you are.

going to. be. coming up on our t.v. the terrorism threat level in the u.k. now at the highest level after an explosion injured dozens in london this morning we'll have the latest. and the sirens are sounding in japan after north korea fired a missile through the country's airspace prompting south korea to call on the u.n. for a security council to have an emergency meeting will have the latest including reaction from the white house. and then protest in st louis after a police officer is valid not guilty in the death of a black man that and more in today's race in america.