bonuses throughout the basically collapse of this company they also a year ago did basically change their own governance structure whereby their bonuses are not subject to claw back specifically they removed if the company collapses well the problem is and i've said this before the british character views that type of fraud as quote unquote clever ninety nine percent of the british population have president up to the fact that they've had their wallet stolen and beaten about the head by fraudsters will say they're so clever how do i get into. how do i steal money like this right they don't see this as a shortcoming they see this as the british character is right up there with bar might have bulldog's is theft so there's no outrage against it because there would be an outrage against the queen and the flag first of all the second of all they're going to have an inquiry to decide whether or not to have an inquest whether to form a committee whether to explore the possibility if in fact there needs to be

a discussion about possibly prosecuting the alleged crime and that will go on for seven or eight years the statute of limitations expire and the clippers robbers will you know run away and i want to promo newsnight will be your clever little things we love you because you're so british you want to put the marmite up her french saying a spring like a canary because you're a freaking idiot. ok well again i'm going to read you this on the home quote because it's quite important to understand the. you know the scale of what it has been don. and how. you know the language is and how that get out clauses are already in there so this guy roger barker he's the head of corporate governance at the institute of directors said that the collapse of the company suggests that effective governance was lacking at corralling them yet and we must now consider if the board and shareholders have exercised appropriate oversight prior to the collapse i want to make

a point about this is that the share price has been falling steadily since twenty fifteen and then it really started to crash in two thousand and sixteen and plunge this summer so who is short that's the whole time who is making money the whole time gas masks tell me who georgia has more no no no it was hedge funds hedge funds are shorting this they figured it out they knew it despite hedge funds shorting wildly it was the most the most shorted stock in all of europe ok so how did the government not know how did in that condition the government continued to give them billions of pounds of new contracts because they're corrupt because it's a constitutional monarchy where there are no citizens there are only subjects of the crown and they wanted this to del boy economy you know member the show fools who are fools who are only whores only fools and horses only fools and horses where

the that the hero is a schemer you know this is just on an epic multi-billion dollar skill that's the national character that's churchillian churchill was a school schemer you know he. is the awful guy and they make these great movies about him but he's a kleptocrat. well that's it for this half of that chis report stay tuned for the second half a whole lot more in the states just in a second how much more. global warming telling you on the idea that dropping bombs brings police to the chicken hawks forcing you to fight the battles they don't believe produce offspring to tell you that would be gossip and probably myself a little for you. while i'm off of advertising telling me you are not cool enough to buy their product. all the hawks that we along with

all the good morning leon. welcome back to the kaiser report i'm max kaiser initial coin offering you know i don't think we've actually talked about it is going off on this show well let's get into right now arie you see the chief operating officer of storm token ery welcome thanks for having me one a pleasure to have you on i'm hearing great things about storm x.

and the storm token so that a successful initial point offering in twenty seventeen tell us about the storm told. and game a five micro tasks what is it yes so we've been in market for about three years originally under the name bit maker with just i'm told can we rebranded a storm play we're on the android app store and basically we're trying out different products and services like hulu. games of final fantasy who where you get paid in crypto whether it's a big calling and now storm took. it into the subtle bit more subtle game of five micro tasks and tokens and i'm earning tokens gaming all worked through that a little bit more for me and for the audience what does that mean so we're a marketplace so from the user perspective i get paid terry we're fake winter storm

we're trying out different products and services so that's a user perspective. and we came up by the experience of that. you sort of have this like journey so step one download the app stop to create a profile and each time you get paid say a dollar and then when you hit the final goal of trying out hulu for thirty days we'll pay you fifteen dollars in the theory and. so if i'm on a social networking site like that and i'm putting up content all the time i never get paid if i am working with stone tokens and i'm interacting out there i'm getting paid you're going to pay for my interaction micro tasks so you're. are you disrupting are you just something social networks first of all we're disrupting the way advertising works so from the other side of the marketplace there's advertisers pay for clicks a likes and downloads but if your store owner you want actually people to come into your restaurant try an appetizer and you know give you a real try likes and insults don't really do that and so we thought hey now

business owner who what if instead of paying facebook or google for fifteen dollars and clicks and likes give us the fifteen dollars and we'll give it back to these or to actually try your product everybody wins all right so you're the. oh yes so the crew that's a pretty so you're up there in the c. suite so to speak yes and. so you're not the chief technology officer you know the chief executive officer the chief operations officer just for thirty seconds kind of break down what it does what i see startup so my responsibilities are the day to day operations of the company it literally is everything and whether it's resourcing systems processes payroll whatever it could be i'm responsible to make sure that day to day we're executing right so this is a very you know this is a heavy it's a variance and all kind of flows back to you and also if i had a lot of ways i understand this is rolling out

a fantastically successful let's talk about i said. for those who are uninitiated what is a nice ago so i c.f.c.'s for initial coin offering from our perspective it's more of a crowd sale so sort of like kickstarter and crowdfunding world the masses you support projects that you really believe you put in a dollar you put one hundred dollars whatever it may be and you get a token that says i'm a believer in the store and coke and project i believe in every day micro tasks people being put in anywhere any time a device so what's the controversy with initial point offerings because. it's not equity as such it's not regulated some would argue by equity regulators. but then again it's not. there's a threshold in the i.c.a.o. market where it has to have a utility value and how cognizant of you are are you to make sure

fulfills that role doesn't fulfil that role and how does it fill that role. very significantly you know where this is something that we think about all day and all night for us where utility took and there's the president can trade there's a security tokens where you actually are investment. into that company where utility token because we already had a product where the token was immediately utilised useable within our system and that those those are the basic thresholds ok that utility not not to you can't but those speak out of school or anything but i guess no i'm just saying my following question so yes you see clearly there on all their honest like you know. you know so so how much dialogue if any or do you have to do are you do you have a dialogue with them or how does that work that relationship because they're clearly they're looking at this very closely yes they're looking at this very closely because with anything with this much attention and this much impacts

globally you want there are going to be some bad actors right for us we don't have any direct contact with the f.c.c. but we do pay for a very expensive partners you know the perkins kui firms and to lloyds who actually do have contacts with c.c. and are working very closely with us to make sure where we're going to step in where being very above bar above board but of course i guss lord in how we execute and operate the company justice you see seems like there are looking to encourage innovation at the stage of the game they don't they seem like they're really trying to sort through all the players of this and try to warn folks when they see an obvious. bad actor there they're trying to encourage folks that are doing doing what they were perceived to be innovative things and the money raised on this you know you're not going through the v.c. route and who might take equity so this is just cash how much money does raise let me ask so we raised it and decide where two thousand and seventeen and we sold about thirty two million dollars u.s.d.

worth of strong pickens ok and so. how was your mark for the spend of the next couple of years what are you looking to do so right now it's really stuffing up the team we want from a humble team three four very scrappy entrepreneurs now we're bringing in you know very expensive chief of staff we would take technology or we're bringing in someone to really lead and to find a future where our products are going to be engineers who can do a lot of the heavy lifting and so really raising the bar on our team so that we can execute really fast and then not make the mistakes and the new we engineer it so bringing in the old with the new all right so bringing in some senior folks to try it so when you wake up in the morning and you head off to the center pod or the office or the you know wherever the all i or i or you look at it so we're working out of seattle washington right and it's basically two rows of that's true work side by side our little laptops all day long oh so what what what what do you what

motivates you about this project i mean when i said game applied micro i mean i can see that this is kind of like a glimmer in your eye you really believe in this right so yeah tell us what your what is your passion about this because you know your passion is what's going to make this project you and your your colleagues what is it that really gets you excited it really is the idea of earth anywhere anytime from anybody with micro tasking technology we can actually really. it's a normalized i don't that's a good word. used normalize how we are really a global nation so my my story of i often tell is on timbuktu maybe she earns twenty cents a day and that's her living but with machine learning costs where she identifies one hundred oranges in photos a day she can earn a dollar a day so we can significantly increase her standard of living she can easily turn around and teach uncle to do i wonder photos of oranges that day so now they've

doubled more than doubled their income for the family they can teach your entire community their churches whatever their it is it's a whole communities globally can rise thanks to my corrections actions most of our additional transactions to date are not built for transactions under five dollars and that's where block chain and the storm token particularly is built for micro transactions so we hear about the claim. with a lot of fees now that i know transactions are not happening to some degree sucks or getting it just saying can't come to us we got they were better for payments etc but you're really specializing that five dollars under not specializing but you have a sweet spot there i guess you could say so. the folks that are around the world that we're this could make a substantial difference to their lives right because people are living on a dollar a day five dollars a day ten dollars an hour they're very low income people and and if they have access like nations in africa for example have phones and things where you see

growth in this work countries are growing up with this it really is more of the developing nations we are very popular in the philippines thailand indonesia of course mexico brazil but we actually have a very strong u.s. population as well so it's it's it's literally quote one hundred eighty some countries right and now psychiatric in general so the crypto market you know we got very frothy and twenty seventeen twenty thousand and it going the whole market one hundred eight hundred billion eight or twenty billion we had a serious correction i guess you could call it you know back to fifty percent some of the smaller points. how does that impact your business if at all. it impacts us because our communities really care and it really impacts them but overall as a company we're here for the long game versus the you know the the bumps it's going to be a bumpy ride there's still a lot to be figured out about krypto and tokens and and block chains in general our business model was already fixed we were already

a growing company our own is actually double from last year so. if we continue to focus on the numbers that really do matter versus the short term ups and downs of the token and all of i guess anger and that that's the banks around the token yanks i don't think there were just token. censored mostly i think it's you know there's a lot of new people coming into crypto and they see them outside of what could market cap nearly. it's ok it's ok so you're vice chill yeah long game versus short game there's a lot of things that need to be figured out a theory i'm sort of like dial up in you know fourteen point four kill a way dial up. the internet there's still some things that need to be figured out but it will. be fair to say are you. i'm on the borderline after life coming after i am one because so i am one hundred seventy nine formally i'm neither millennial nor gen x. i'm. so we hear. this generation is now

accepting crypto as really. growing up i can. understand that banks are inferior in many ways and they are opting for their living just like people have become you know smartphone from you. know what about that is not true when you see that in that regard it's a whole nother way of living i mean you go out to lunch and you bend mo where you know. jack's wallet somebody you know a payment and you're done that's it it's very fast and simple. and banks are seen as dinosaurs. that's not really part of the necessary day to day life they're being distant immediate they're being destroyed yeah you don't have to go drive to the bank to make your deposit or pick up checks anymore like you know we did in the eighty's now it's. done with crypto there's an idea that you are owning sound money you are saving money in

a way and that's very different than the generations we've just experienced end up going deep deep into debt. already is your perception of money big philosophical question but is your perception of money and is that you think different with crypto versus let's say say out money u.s. dollars and that bad rush to use credit cards and go into debt is there any generational thought about that i think the younger generation say the millennial generation cares more about experiences that like the consumer he i need to have stuff so that's a little bit different and then juanita and. valuing time very differently to how we work and live that's a box on the lottery every you chief operating officer storm token thanks so much thanks but that's going to do it for this edition of the kaiser report with me max kaiser stay here would like to thank our guests terry you oh still to look at if you want to catch us on twitter it's kaiser report.

join me every thursday on me alex i'm i'm sure i'll be speaking to give us a little bit olympics school this list i'm sure business i'll see you then. here's what people have been saying about rejected in the us it is. the only show i go out of my way to you know what it is that really packs a punch. is the john oliver of r t americans do the same. apparently better than. i see. heard of love back to the next president of the world bank. seriously send us an email. days ago the u.s.

secretary of defense james mattis updated in revised america's global defense strategy is a dark vision of the world and calls for massive defense spending what he calls a defense strategy critics say is a blueprint for without it. this is boom bus coming to you from the world economic forum in davos switzerland i'm bart chilton coming up we have a look at this and t.d. who is the general secretary of the european trade union confederation plus alex behala bitch tells us what canadian prime minister trudeau is going to be doing here in davos and lots more but first let's get today's business and financial

headlines from back in the studio in washington with ashley banks. and the eleven nations that remain in the transpacific partnership or t p p have agreed to a new fallback deal that they call the comprehensive and progressive agreement for transpacific partnership canadian prime minister justin trudeau announced the resurrection of the t p p in his address to the world economic forum in davos switzerland now one year ago u.s. president donald trump pushed by a grassroots movement with it drew from the t p p. the drug administration has announced tariffs on imported washing machines and solar panels the terror of thirty percent on solar panels and fifty percent on washing machine washing machines while phase out after three to four years of solar energy industries association says a tariff on panels could cost twenty three thousand jobs this year and the u.s.

federal prosecutors have charged five former employees of the accounting firm keepie and she and a former government accountant with plotting to get inside information on the regulatory review process they are charged with the actions of securities and exchange commission that's compared to literally stealing the exam and order to influence review by the public company accounting oversight board. welcome to boom bust coverage of the two thousand and eighteen world economic forum here in davos switzerland on r.t. america and we are here to bring you a perspective on the world economic forum that you won't find anywhere else our team will be connecting across continents to bring the speakers the leaders and the events that will be making and shaping the news we'll bring it right to you on the air and online and we've got

a really special week of fascinating guests breaking news and as you can see beautiful scenery ahead of us and we're so glad to be making this trip with you but before we bring in the players let's set the stage for this forum the world economic forum was actually founded by a business professor klaus shaab in one nine hundred seventy one first as a european management symposium here in the alpine town it's the highest town by the way in europe and that annual gathering became a forum for business leaders to learn about politics but also to discuss issues like inflation and or oil embargoes that were roiling global markets and the global economy and later it became more of a political discussion with political leaders in two thousand and eighteen in davos it's really a combination of both and this is the premier symbolic gathering of global business and political leaders c.e.o.'s and heads of state we're going to assemble the assembly are to discuss the future of markets and nations and increasingly to hear

about how technology can help some solve some of the social problems that have been built over decades much of the consensus that you find here on the fundamental questions of political economy is being challenged almost everywhere around the world from the right and from the left even within the davos consensus it's not clear who is the leader of the forces. trying to maintain the status quo many think it's angela merkel the german chancellor who is on the agenda by the way to speak here this week and she sort of picked up that sword and then the leader particularly in light of donald trump who's sort of wanted to go backwards against the status quo ante but merkel standing has been undermined in recent years by challenging events such as the international refugee crisis the backlash and rise of the far right and of course bracks it that's led many people to chafe at both the current shape of the european union and the german dominance over the structure and while merkel will have

a perfect opportunity here at davos for pushing back against the other surprise attendee us president donald trump president emanuel mccrone of france is openly promoting himself as the leader for the forces of stability that used to be seen as merkel's area will mccrone and merkel speak for europe will donald trump shout them out or push people out of the way to get a photo op and yes what about the role of the us president as event over years well the first u.s. president participate was ronald reagan but he was via remote video the first and last sitting u.s. president to come was bill clinton in two thousand clinton had attended regularly since leaving office but bush forty three and obama did not attend the return of the president the world economic forum this week is a big story if not a sideshow time will tell and we'll be here to cover it all these stories and so much more all the booms and of course all the you guessed it bust at the two

thousand and eighteen world economic forum this week we're just getting started. we are here in davos and i'm joined by luke of this in tini who is the general secretary of the european trade union confederation mr general secretary thank you for being here and can you explain for our international audience who you represent and what your goal here in davos will. european trade union call for the ration was the can for the single confederation i will say gathering all the trade union configurations in the european union but also in the county this associated or candidate to enter the european union so we have a few dates from more or less for thirty five thirty seven countries ninety affiliates they are the considerations in these countries the main and most important considerations and we represent more or less forty five medium warchus in the european union in india around the european union well regarding doubles you know inequalities probably is the top topic. on the one side in terms of wages and

lack of a distribution of wealth about profits and the fact that the european international economy is facing finally some kind of growth he's even if it's mainly jobless growth or low quality jobs being created but anyway there is some kind of sign off change i mean in the in the prospects of the economy but this is not being reduced to that tall i mean to people to walk in people into the city this morning general so this is i think the major topic also because these generates a poverty social exclusion and margin nation i mean of people in the society is and these again creates then settle for be a populism and a lot of mistrust and anger among people and does exactly what we would like to address i mean we all have that whole the big players i mean the international finance and economy would listen to that and so you do represent more than as you say more than thirty five countries and forty five million workers but part of

those are in the u.k. right of course of course they are still part of the e.u. for the moment you're here for one year all is it more or less with regard to bracks it you what you said back then and i want to read it so i have it for sure is that. we are the ones with high poverty exclusion and unemployment behind the xenophobia and the populism that was an economic problem that politicians weren't able to solve that's what you said with regard to bret's it how do we solve those problems yet if you analyze the regions of the u.k. that the voter for bracks it or against blacks it the ones that voted for blacks massively are not the ones where you have more migrants you know migration was the burning topic i mean at the base of the company for blacks it we need to get help to these migrants aiming and to recuperate what a sober tea etc etc so so far an easement was more or less in the red line i mean

in the discussion but actually the regions that voted for rex's are the ones where there are less migrants but at the same time more poverty socialist clues on the more unemployed people so the people it by globalisation financer is asian etc are exactly the ones that have been left behind that feel to be left behind and so they voted for brakes it thinking that this way probably they could recuperate some all for the future actually does exactly the opposite that is happening because if you look at the economics of the u.k. even now they are still in the negotiations in the middle of the negotiations while he's going down in del so it's absolutely all to win win mr general secretary can you explain how we deal with these problems of refugee immigration and at the same time native workers and them wanting jobs these two things really you're saying aren't mutually exclusive it's not just refugees or native jobs right well you know we have to have a step back because the prop do regional problem is that the political shows

particularly reach politicians and the ones that are on the right side of this expect from i will say they are cheating people because they are the ones that create a d.c. to ation with no liberalism a fight and so it is a show no rules timing and all profits concentrated in a few hands i mean. and this is exactly walks as you're reaching the roots i mean of this situation of eye level of unemployment of social exclusion certain low wages and no. fair share in the economy etc etc and then it seems they have created this but they have now to fix the problem because of course this this kind of an unregulated and unmonitored globalization has really it people and created incredible social unrest now they are simply looking for a scapegoat and this cable are migrants you know the problem is not that migrants called to steal the job. the problem is that we didn't create jobs enough for everybody and we did a create an economy that benefits people interest instead of only corporates and

profits this is the problem if we don't change the. whole beyond all day it's a well really the migrants will become the scapegoat but you know when the then we would look for another scape scapegoat and solve and so on and so on but this is not the solution to the problem mr general secretary it really is about a widening wealth gap and that's happening all around the world and i'm going to read a quote of yours again with regard to immigration welcoming a couple of million migrants is not a problem on the contrary you said if you were able to provide both refugees and native workers with new and better jobs the problem will be solved so this really is a macro economic determination in your view the first element is to change the macroeconomic mold and of course we need to move from austerity nearly broke my meaning i concentration of wealth to a few hands as they say to do so.