violations about a security flaw in the intel chips many are taking a look at the nov twenty seventeen sale by chris an itch of thirty nine million dollars in company stock that generated twenty five million dollars in profit intel was made aware of the security problem nearly six months before christianity has stock sale while the c.e.o. filed the required paperwork and plans about a month before the stock sale intel has so far refused to clarify when the c.e.o. was informed of the vulnerabilities in their chips the size and timing of his sale raise real questions for regulators at the u.s. carries an exchange commission and the federal bureau of investigation although proving such cases is generally fairly difficult. what's in store for oil silver and other commodities going into the new year let's

ask peter schiff the c.e.o. of euro pacific capital who joins us from connecticut peter happy new year and thanks for being with us again we've certainly had a crazy good equity markets in the last thirteen months or more what about commodity marker markets going on so far in the last year or so and going on in the future. well i'm very bullish on commodities in fact more so than on most stock markets particularly in the united states and of commodities had been in bear markets up until i think just recently we've broken out of some rather substantial down friends that have been in place not just for commodities in general but for commodity companies many of these companies have been heading down since two thousand and eleven when a lot of clout of these peaks and we've seen some down trends break there as well so as an investor in both commodities and commodity stocks i think things look very courage ing but i think you know overall a lot of the inflation that investors were happy to have manifest itself in asset

markets like stocks and bonds and real estate i think a lot of that inflation is now going to finally rear its head in places where a lot of investors aren't going to be happy especially central banks when they start to see their inflation handywork showing up you know in producer prices and consumer prices that's going to be a lot of problems for investors in the banks yeah although we did have some people on recently peter and talking about how they're pretty bullish on the bond markets going forward what are your specific thoughts on bonds. you know you have a major bubble worldwide in bonds and obviously that bubbles been inflating for many years and so you know the graveyards are littered with corpses of people who have tried to short that bubble and i you know i couldn't tell you that it's impossible for the bubble to get bigger i mean it certainly is possible but i

wouldn't want to be betting on it at this stage and you know betting against it i know it hasn't been a winning bet but you know at some point that that's going to pay off big time and i have a feeling that it's not too far off and you know it's not growth that's going to be pricking the bond market bubble it's going to be inflation and central banks being forced to raise interest rates despite the fact that in many countries to clean united states the economic growth won't be there but the inflation will absolutely but ben thank you for that on bonds us real quick so back to commodities let's talk about oil both. texas intermediate and brant still over sixty bucks there's about a six dollars spread between the two what do you think's going on now and what he thinks going to happen the future in oil. now i think all prices are going higher i mean we've broken through some key levels i think once we get really in west texas

i think once we get above sixty three maybe above seventy or so in brant i think we're going to have another major move up maybe over twenty bucks very quickly you know what really drove the price of oil down was not you know massive production coming from the bachmann in the united states it wasn't hydraulic fracking that really did it it was the huge move off in the u.s. dollar in two thousand and fourteen or twenty fifteen that's what broke the back of the crude oil market and i think dollar weakness renu dollar weakness is going to be what's going to send crude prices ultimately to new highs i mean the high for crude was up around one forty to one fifty and i think before this bull market ends we will take that high out because it is going to be a function of the dollar and last year was the first year in five that the dollar declined it was the biggest decline for the dollar in fourteen years it was the biggest decline against each side as you on in nine years and i think the wind

could be a big key to the price of oil going forward i think the u.s. dollar could hit an all time record low against the you want to two thousand and eighteen and i think that will drive a tremendous demand for commodities in china including for oil peter i want to start with circle back in case i miss something i'll make sure i got it right did you say you thought oil could could break new records. well not next year but i think ultimately we're going to make new all time record highs above one if oil because i expect new yes because i expect new all time lows in the dollar so if you go back to the dollar index for example the low for the dollar index in two thousand and eight when oil was above one forty was about seventy right now the dollar index is about ninety two you know i think the dollar at this is going to take out seventy i think we're going to go below sixty and i think when that happens you can easily see the price of oil in u.s.

dollars at a new all time record high all right thank you for that would be that would be really interesting if we get there even if it's not in the next year or so above that that high mark from two thousand and eight ok let's get to a couple others i know you love talking about gold we love hearing about it so last time we spoke i think gold was still below thirteen hundred but above thirteen hundred what say you about where we're gone. well we're going higher i mean we're about thirteen twenty right now but you know gold prices are ridiculously low as far as i'm concerned is every currency you know gold had a decent year last year against the dollar it was up i don't know twelve thirteen percent but it was actually down about a percent in terms of the euro and if it were a choice between gold and the euro i'd much rather own gold i think gold has a long way to go in terms of just about every currency on the planet i'm surprised that the prices are still so low but you know what they say about a gift horse so i know i advise that people be buying gold be buy and silver and if

you're lucky enough or you are foolish enough or smart enough as the case may be to have bought a bunch of crypto currencies before the bottom drops out of that market take those profits and use of the buy some real money some gold don't don't don't just hold on to this digital fool's gold you never disappoint now before we go we've only got about thirty seconds peter but analysts change in new york that closely i know that cold weather in the south is usually particularly bad for you know an artist use harvest and i think you know the growers down there already got clobbered though from hurricane earl. so you know i don't know how much worse it's going to be where you're freezing what didn't get destroyed in the hurricane but personally i'm headed down to puerto rico tomorrow and i'll be there through may so at least i'm finally getting out of the cold weather here in new england and you know it's i

think i've overstay my welcome up here well you have not always a dollar go you have not overstay your welcome with us a boom bust here we thank you so much for joining us maybe you'll give us a call even from puerto rico and report on how things down there. yeah well the next time we do an interview i will be in my puerto rico studio so we will have to set up a news line or something peter schiff c.e.o. of europe a civic capital thanks so much for joining us as always my pleasure. now time for a quick break but stick around because when we return after the break we'll talk about the looming government shutdown showdown and about how it actually costs taxpayers money possible get an update on the current state of play with steve walford but here are the numbers at the closing bell and by the way apple stock down we talked about apple at top of the show down nearly half a percent so far the numbers.

in two thousand and sixteen the panama papers show the world with a tax haven the secrets to. united states dollars passed through most. in the amount of time that we've been in the panama papers exposure that's what it shows a lot of money it really is. journalism it's a fact of journalism looking at things that people want to keep secret and asking why would they want to keep these things secret. millions of. documents were examining. all the people we basically have tried to get an advantage out of this sort of newspaper. and probably other politician which were. other police in the media would point to find their targets

such as the kings of morocco in saudi arabia the president of argentina several prime ministers. and russian president vladimir putin the coolest. head so i have sued so many newspapers for defamation some things don't just happen by chance he was very striking there were no more american special. of people from the brics countries specially brazil russia and china their special project reveals what was missed in the media coverage. of the panama qana cools. when you don't see what the dead what. they could put in. to what to be not true only ten best. left alone they.

said. you know. that. if you speak french. you. think. well it's a new. consumer debt in the united kingdom is on the rise and it may be cause for concern according to a report out by regulators at the bank of england and the u.k.'s financial conduct authority the f.c.a. the report shows that it's no longer the risky subprime mortgages that we had back in the day that are driving the increased consumer debt but cheaper car finance

deals and even interest free credit cards some in the us have also raised concerns about auto loans becoming a bubble for the last several years in fact some people have said this in the u.k. while the increased debt has supported growth in the auto sector some regulators are now concerned that the sudden popularity surge in these two areas auto loans and interest free credit cards could cause issues further down the line it's never free by the way usually these low interest rates are zero winter. trades will balloon after a trial period the u.k. regulatory analysis also found that borrowers are more likely now to remain in debt longer than they were in the past will keep an eye on this area. the trump administration and congressional leaders are scrambling to foreclose the prospect over government shutdown they must take action by january nineteenth that's a week from friday at midnight to keep the federal government open but last year

president trump suggested on twitter that quote our country needs a good government shutdown while there are many good reasons to be mad at the government especially congress and i guess the white house right now let's be clear about the economic effects of a government shutdown it does not save money in fact it actually cost us all the money if the government shuts down here's why the government doesn't keep all the money they would have paid to all the public employees who are scheduled to work they don't take vacation day we still pay roughly one checks are merely delayed until the normal operations resume and while there's another eight hundred thousand federal employees that have no guarantee of getting paid for the days they were not allowed to work historically congress has compensated those people this was a case following the last major government shutdown in twenty thirteen in fact the council of economic advisors estimated that the shutdown resulted in

a net loss of one hundred twenty thousand private sector jobs last month s. and p. global analyst estimated that we could suffer a similar lost in jobs from the government shutdown and they last could be as high as six point five billion dollars per week six point five billion per week the office of management budget estimates that of the last three government shutdowns they've cost the federal government four point two billion dollars. the economic math on this is clear despite what the president tweeted there is no good government shutdowns that is if you care about jobs growth or fairness there is that fairness there are also costs that are harder to quantify in terms of the fabric of our national life and business museums on the national mall and other places national parks across the countries that are closed and passport and visa services become unavailable soon after other actions like mortgage services

involving the i.r.s. and federal home loan association and permits and requests for federal agencies plus there are various approval for things like lifesaving drugs approved by the f.d.a. they can be delayed so really this could impact people's lives if they don't get these new drugs out and grants and loans and loan guarantees are also further impacted by being held up all of that critical to our nation's economic growth. despite the fact that there is a republican president and majorities in both the u.s. house of representatives and the u.s. senate the government still remains unfunded for the remainder of twenty eight eighteen the fiscal year which actually began on october first of last year that funding only runs through january nineteenth at midnight so it possibility of a government shutdown looms large in recent days there have been meetings between

congressional leaders and white house officials well what are the key issues in the shutdown showdown let's ask the intrepid steve malzberg conservative t.v. and radio host steve here thanks for coming back it seems like deja vu all over again what do you think's going to happen this time around long term that you know they're not kids anymore but with parents who are the political road to that. trumpet ministration ascension but that's what i read earlier if for any deal to be done on dhaka it will have to include a physical border wall which is what he campaigned on and ran on in promise it will also have to include. the end of chain migration where relatives of immigrants could come to this country and that infamous draft lottery where recently one of the terrorist acts that were committed here in new york the participate in the a perpetrator of that act came here because he won that draft lottery so donald

trump wants to end chain migration and the draft lottery of build the wall and that's that's what the showdown is going to be democrats want nothing to do with the wall but again that's what donald trump got elected on so it's going to be interesting to see how far the democrats are willing to go to stick to their principles right i mean you know and you know look who knows that you're right he got elected that was a key campaign promise on on. the wall but i know a lot of people think that you know you build a fourteen foot wall the result will be wal-mart will sell out of sixteen foot ladders but who knows what'll happen here's what we do know the border wall despite what the president said will cost some money we're not going to get mexico to pay for it at least appears if you take the word of the mexican president so the estimates sort of run all over the place and we've stopped about this in the past but it looks like it's going to be about eighteen billion dollars if you take the one point five trillion dollars sort of that that the hole in the in the deficit

from the tax bill that just passed in late december and then you add another eighteen billion and that's over ten i think ten years you know is that have we already shot our you know wad even though it's a nonexistent why we're just borrowing this money from the chinese and others but we all respect the money on this thing do we read and have the money to fund a border wall. well i would think if you appalled americans and told them that we could enhanced our security and the integrity of our borders for one point eight billion dollars a year for ten years they would say they might they might think that's a lot of money but you know better than i that's nothing that sets the bucket that that that that you know that's not a lot of money in the scheme of things so i don't know that you could put a price on security i don't know that americans have ever been willing to put a price on security and i think that you know if you explained to them what kind of

percentage of the entire budget we're talking about i'm sure that financially speaking they would say go for it. i would make a partisan quip that you sound like a democrat with eighteen billion being nothing but the truth is that you're exactly right in the scheme of the whole budget steve it it's not quite pencilled but it is not significant when you look at the entire federal gun budget and that's what we're talking about and that leads us to one other issue steve and that is there was a deal a budget deal between congress which was headed by the republicans as people know when president obama was in charge least for some of those years but at the end of the deal and this was a set up that there would be parity between non-defense spending and defense spending on the increases on the increases now there are some that say well that was that was then this is now we have the majorities do you think that's a deal they're going to stick with or not. now again that's another key issue i'm

glad you brought it up that's another key issue in this budget fight because the republicans and led by donald trump and a lot of hawks in the in the house and senate want an increase in defense spending that's above the rate of domestic spending and i think that that's going to be another issue in this day and age with problems all over the world i guess you know even though you called me sounding like a democrat which i will forgive you for i can't imagine that the american public would be on the side of the democrats saying no no no we can't spend more on defense in relation to domestic programs the world's blowing up around us and if donald trump again read on that and i think building up the military is something that america the american public would say yeah you know we've got to do that so and mcconnell by the way wave the white flag with obama in those budget talks year after year so i don't put much credence in what he did. you know and i love it when we agree and we happen to agree i think that's

a deal that dead last question before we go steve you are so good on prognosticating on the tax bill and other things but on the tax bill what's your guess on what's going to happen on or probably the evening of january nineteenth in the house and senate with regard to this budget deal. i don't think that even chuck schumer and nancy pelosi believe they have a winning issue with doc a look they they stuck it basically to the dock of people. when they when they were agreed to this short term solution the dhaka people the immigration people were outraged they said you deserted us and they didn't bat an eye so i think they will you know look for some kind of march solution and pass this with some kind of promise for a vote blah blah blah i think we will get a deal by the nineteenth and it'll be a long term deal super thank you so much steve malzberg a t.v. and radio commentator take care. and there is one other point on the

budget that might be interesting for people and that is that over the weekend president trump met with republican congressional leaders at camp david now they don't have any anything planned to go forward that they announced at least but perhaps there is some hope that this shutdown will be averted but we'll stay tuned and keep following it so frauds and scams continue at a record pace not only in the u.s. but around the world in fact one reputable watchdog his cock insurance has reported that cybercrime cost the global economy roughly four hundred fifty billion dollars a year that said one fraudster is now off the streets. if you have an e-mail you've probably received a request from a nigerian prince who for a seemingly meagre sum will share his millions of dollars from a secret inheritance you just need to provide the prince with your banking account

information and he will wire you the millions and then cut you in on this really cool deal well the fellow responsible for those e-mails has been caught in of all places slidell louisiana his name michael knew these sixty seven years old and now faces two hundred sixty nine counts of wire fraud and money laundering following an eighteen month investigation authorities say he took money from folks all across the united states i hope you were one of them i wrote a book about these fraudsters sponsor monium how scam artists are ripping off america and in it i detail what i termed red flags of fraud a key red flag is never provide any personal information specifically your banking information and even if you know the person seeking your information be really careful a common request involves someone you supposedly no email in you that they are out of the country have been mugged and their passport and wallet were stolen oh my

gosh now they just need a loan from you until they get back home if you ever receive one of these the alarm bells should go off pick up the phone and call them in person it's most likely a scam just be super discerning before you provide personal information particularly banking information to anyone and especially careful when it involved money for and how at least one fraudster the infamous nigerian prince is behind bars and finally a little about our show tomorrow coming up our reporter actually ashley banks is going to be covering the economics of news from the newseum here. in washington d.c. thanks for watching we sure to catch boom bust on you tube youtube dot com slash boom bust r.t. catch you next time.

the two thousand and eight economic crisis turns some countries into paix these are the countries with weaker economies that needed austerity policies if you are in a situation of flow bloat even the recession austerity is a very bad idea it doesn't work it makes millions of people very unhappy those who are unemployed see their wages decline almost a decade how good are the results in your duties will by the people gathered in greece to watch it all get people to see what i. believe will be she still calamitous i mean to for legal. challenge not to. think they see something. while the same mission is still in place to one of the consequences to weaken bluebirds food. will first

be one of the suits the truth be considered is the consequences are actually quite acceptable to the decision makers. global war hawks sell you on the idea that dropping bombs brings police to the chicken hawks forcing you to fight the battle for food going. to new socks for the tell you the celebrity gossip a couple of us fell for the most important news today. off about how you are not cool enough to buy their product. all the hawks that we all have or worth watching. everybody i'm stephen ball. hollywood guy. every american i'm just george bush. this is my buddy famous financial

guru she's a little bit different. you know with all the drama happening in our country and she did have some fun every day americans. start to bridge the gap this is the great american. i mean i think. i. was.

headlines on. north korea and south korea hold high level talks for the first time . it's raising hopes of a possible diplomatic breakthrough over the crisis around you know. hundreds of people have been protesting in the spanish capital against the government's decision to house refugees in a regional jail. on their. clothing. featured a black child in a hoodie with the words coolest monkey in the jungle program. in the climb up of racial tension you know it's going to have connotations.