why doesn't the united states have this it's absolutely absurd so once we have that grain what can we do with it well there are a number of things we can do with it either put it in that grain reserve or do the traditional thing we've done with foreign relations and use a plow shares and swords diplomacy and start getting that food out to the world where it's needed most which also happens to be places where we need to get some political clout places where terrorism has been breeding in eastern africa and places like that where the united states can really come in and do the savior. fantastic but do you think this is ministrations able to comprehend and get on that task fred that foreign policy component of commodities this administration is is particularly unable to understand any of these subtleties they've been events aerating the diplomatic corps they have no sense of the of the pushes and poles of how foreign diplomacy works and they also don't understand foreign trade i mean they're putting up all these tariffs and barriers and what's that what's that doing

it's making the e.u. and france in particular putting up their own tariffs and barriers to protect their own farmers so they're not put in the position of well really the farmers let's say in a country like india who are losing so much money that farmer suicides are are very common people are drinking the pesticides which were meant for their crops it's a global shame fred thank you so much you know i've heard there's a vacancy at the state department middle try to smuggle you in fred kaufman offer of bet the farm how food stop being food our gratitude for your time. time now for a quick break but stick around because when we return peter schiff the c.e.o. of euro pacific capital joins us to talk about that rise a bit coin which is surpassed over thirteen thousand dollars today as we go to break here are the numbers at the closing bell.

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destroying yemen killing many syrians and now it's a common. international talkin the saudis not refrain from even coming babies. need. indiscriminate bombardment of civilian areas in yemen for the past thirty months. the european commission is looking to propose deeper eurozone entered patient on

wednesday the commission is hoping that the plan would be unite the broader european union than just through a single currency area this decision comes just a little under two years before britain is set to leave the block and twenty nineteen the decision is part concern as eight nine year old countries fear that it will relegate them to second class members of the u. while the commission hopes to allay fears that some of the ideas clashing with some of the eurozone what with what some of the euro leader want one of the of the eurozone leaders what some what eurozone finance minister types like french president mccrone who had the job before rather than having a single pan-european minister instead who would oversee both finance and the economy the idea will be discussed in depth on december fifteenth when e.u. leaders gather for a euro summit and now let's get back to bit coin and bring in one of the experts on the subject peter schiff the c.e.o. of europe acetic capital peter thanks for joining us i assume you're the one guy

who knows exactly why we've just busted thirteen thousand and you'll explain this all all to us go right ahead. i don't know if people would think consider me an expert in crypto currencies in fact a lot of people think i know nothing about them and they claim that's why i don't believe in their ultimate potential i do believe that what we are witnessing is a gigantic speculative bubble why is the price going up people are buying right i mean that's was always going to drive the price up and you have a lot more people buying now and i think it's kind of across the board you have a lot of individual interest you have taxicab drivers who are putting small amounts of money into crypto currencies and then you have some institutional investors who are investing now substantial sums. i think they still represent a relatively small percentage of the overall institutional investors but they're they're they're they're in a bigger way than they were a year or two ago when the prices were much lower peter do we do you have

a data or is there data available out there that that tells you the amount of money that's going in from the institutional for example as opposed to just average folks who want to get in on the act i don't know i mean i've read that now coin base has more accounts than charles schwab so you do have a lot of individuals moving money and i think it's a lot of small quantities of money but it adds up but of course the increase in the market cap of these crypto currencies is much bigger than the amount of money actually going into the space because it doesn't take that much money to move the market as long as the people that own the currencies don't want to sell just a small amount of money can create an enormous amount of paper gains as far as what the market cap is and and that's what's happening do we have any sense of what the i mean you cite the coin based numbers but do we have any sense of what the actual

liquidity is on an exchange like client base which is the largest digital trading platform and we do we know how many people are in there. well i don't know the exact numbers i mean but there's there's certainly liquidity but to the extent i think of it if there was a significant amount of selling i don't know how much liquidity there would be i mean sometimes you see the currencies swinging i mean bitcoin just like a week ago when it initially made a new high above ten thousand within a twenty four hour period it dropped twenty percent so that shows you that there's not that much liquidity there to the extent that if some big sell orders come in it's going to drop the market and so far every time that's happened we've had some survivors coming in to lift the market back up but it's some point that's not going to happen you know alan greenspan was on television today you know comparing bitcoin to the continental which was the currency that was used around the time of

the revolutionary war it eventually collapsed and it gave way to the expression not worth a continental but you know i think the comparison is probably unfair because the continental only lost ninety percent of its value they were redeemed ten cents on the dollar i think that eventually people buying bitcoin are going to lose more than that even if they make money on paper first i think that the currency is the currency is going to go down more than ninety percent that eventually the phrase not worth the bitcoin is going to be part of the american lexicon so what happens i mean you have investors who want to get in to this and i assume you are doing their bidding for for them to do so right. well i mean look i had a client today that wanted to take half as a half his ira and put it into an ira with crypto currencies i didn't think it was a good idea especially with that amount of money in your retirement account but i'm getting most of my clients is just a small fraction although who knows them and i could have clients that are on their

own just putting money into the crypto currency and i've been talking about it for a long time but you know i don't encourage people to buy it because i'm not going to encourage people to gamble and i let people know that i think eventually the price is going to crash but it could go up a lot more first i have no idea i mean the price could double triple quadruple i don't know but i do believe that whenever it stops rising it's going to implode but i don't know exactly when that's going to happen and so i think anybody who's involved in that space is taking a lot of risk and the question is are they going to get out before the music stops some people well most people won't so it's not something that i encourage people to do even though i recognize the fact that on paper people are are making money in this space and obviously some people are cashing out and are actually making money in real real money they're not it's just not on paper. i want to make sure i'm clear are you doing are you investing for them or is this they do that part on

their own. well they would they would do it on their own i mean i don't have any way of buying somebody that coin in their account with me so they have to pull the money out although i am involved with a company called gold money and gold money and abel's customers to buy crypto currencies and they stored for them so to the extent that i am a shareholder in gold money that company is facilitating transactions of bitcoin but my broker dealer my asset management company were not involved in it at all i know a little bit about gold money and one of the nice things about them is i'm not sure you can use it all over in the states but i know you can use it in canada or in canada i believe and. at least in britain maybe in the u.s. they actually give you a credit card or in the air in the u.s. in fact they're licensed in all fifty states. and their main business is using gold digitally right gold as money as a medium of exchange as

a store of value but they're also opens up their platform to people who want to speculate in in crypto currencies i mean personally i think that people are making a mistake because i think the prices eventually going to go down but look you know there's a lot of action it's like a casino and people are making a lot of money at this casino and so people want you know people want to get on it when i when i you know when i first started talking about bitcoin which was the only one back to back then two thousand and eleven two thousand and twelve and i had folks ask me if they should invest and i said boy i'd be careful lot of those people are a little pissed off at me now quite frankly because they think they could be retired and i imagine you get a little bit of that i'm curious peter whether or not you think you know c.m.e. group offering a futures contract called the board options exchange offering when i think starting one on monday or twelve or one son sunday night and then even nasdaq saying that they're going to get in the act next year with the futures contract do you think that's also helping to push the price and will that part. question one is it

helping to propel the price and two will this bring in some sort of regulatory transparency we talked about you can't know the liquidity you don't have the transparency will that be a good thing that will ultimately keep this going this little bit coin run or big bitcoin run for the forseeable future. well the first part of your question is probably likely that the launching of these futures exchanges and is part of what's driving the buying frenzy although we don't know i mean maybe the price would be this high even if the futures contract wasn't imminent so we don't know that but i can certainly see that as being a catalyst to generate more interest people thinking oh yeah once this thing is opened up the futures market that's going to be even more buying and so people want to front run that but you know it could end up being a buy the rumor sell the fact we'll find out and of course we'll see how many people want to buy bitcoin futures versus how many people want to sell them you

know up until now it's been very difficult to short bitcoin one store futures contracts it'll be much easier to short bitcoin i think it's very ironic that one of the reasons a lot of the people that were talking to me about bitcoin a few years ago and one of the things that they said was or reason that they wanted it and they wanted to buy it over gold was that you know gold was subject to manipulation because they had futures contracts and so they like the coin specifically because there was the futures contract well now it's going to have one and so therefore it's subject to the same manipulation as gold and potentially more because the bitcoin futures contract is going to settle in cash whereas the gold contract settles in actual gold now as far as your second question i do think that if we get more regulation ultimately that is a bad thing for bitcoin because part of the appeal is the lack of regulation the fact that governments aren't involved but of course we've already moved way beyond the original appeal i mean the whole idea that bitcoin is going to be a digital currency is pretty much been abandoned i mean everybody now concedes that

it's too expensive and too slow to actually use it in commerce and of course much too volatile now they're trying to say well it's digital gold people are just going to buy it as a store of value and so we've kind of moved into that stage and so i think a lot of people were buying it now i couldn't care less why the people were buying it originally they just legislate it out of the area you know people. peter schiff doesn't want to get halfway up i mean so i sorry so much got it got to split but i want to get to gold next time peter peter schiff thank you for joining us yeah as we head towards christmas one hot item is no longer available shoppers the so-called peace diamond from sierra leone has sold at auction in new york for six point five million dollars the government which own the diamond had previously jack rejected a seven point eight million bid for the seven hundred nine uncut rock seven hundred nine care uncut rock the largest ever found in sierra leone and the fourteenth

largest in the world they thought they could do better but analysts say that the high end of the diamond market has already passed and so now they're a little disappointed at that sales price compared to what they could have received anyway the villagers in the region where the diamond was actually found donated it to the government rather than selling it to smugglers or others and they've earned a public thanks from the president and now the auction management firm rapoport group says that half of the sales price will go into a fund for infrastructure including schools roads clinics and electricity and a quarter was also go into to the group of diggers who actually found the rock and the remainder to a program called the diamond area community development fund that's a really good news for the people in sierra leone thanks for watching be sure to catch boom bust that at on you tube at youtube dot com slash boom bust r t c n x time.

tell us time is getting international recognition with the help of the. israel at least in the world of zoos him in-built it was dismissive to do it for you i committed these years and my complicity is going up up to study hall maybe a bit. old john without a doubt. the only palestinians who gets the most help from his jerusalem counterparts i don't think there's some of those who in the world under the oak vision could not only could get it. and know it is unfair advantage to have this lady of the muscle that you had i know if you can give me a muslim seem to do more commitments last i heard them put results.

whenever you bought russian products. you're not just getting excellent quality.

but a little bit of functions so as we. look out. well protests erupt across the middle east following the u.s. president's controversial decision to recognize jerusalem as the capital of israel . also ahead this hour the russian military says islamic state has suffered a total defeat in syria after the remaining territories held by the terror group are liberated. british soldiers may face trial of the international criminal its chief prosecutor say there is reason to believe war crimes were committed against iraq.