one group a tourist coming in and another group of tourists that don't show up in calgary then there's also this idea that a lot of the locals want to get out of the city because they don't want to have to deal with the crowds and the mess that goes along and security that goes along with the modern olympics so maybe they could make a run out there replace it with twenty thousand dollars or v.r.v. or something professor. well they certainly could and there's no doubt in my mind that many people would do that especially now in the in the gig economy where air b. and b.'s are common but that the that the three week benefit and it's not like that creates any long term lasting economic growth in a community that hopes to host these games didn't the olympics used to be funded back in the day when was that and when did it change and why. it. may be a very long time ago when the olympic games were first beginning to be held it was funded by the i.o.c.

or by the other organizations but the olympics have really exploded in terms of their size and their lavishness and the skill of these that the international olympic committee once built and now its local governments who are expected to foot the bill in fact there's the i.o.c. requires any host government to guarantee any cost overruns associated with facility construction for hosting these games ok and how do countries with economic infrastructure concerns seem to win these bids for games over others that had in place the infrastructure like you're talking about in calgary it and even more eco stable economic security situations. well you know it's one hundred percent under the control of the international olympic committee to determine where the games are going to be held so you know when the i.o.c. decided to put the summer games in rio or when they decided to put the games in beijing the summer games in beijing or any of these places there they're putting

the i.o.c. is in control of that so if they really were interested in placing the games in developed countries the i.o.c. could do that and they haven't done that they've they've shown this trend recently to want to put the games in these developing countries that as alex pointed out and as many people know are not in the financial situation where they can lavishly spend on facilities yet the i.o.c. somehow forces them to do that and then the marker in a stadium or all the it's all of these in rio that are just sitting there unused that's that's really put a lot of financial burden on developing countries and i remember in rio they had all sorts of environmental problems you know the people were worried right up until the get go before everybody showed up with the water and everything so it was a big deal what it what are your expectations professor for the visa lympics are they going to be as bad as some of the ones that alex and you have talked about this year or is it hard to tell right at this point. i think that it is i mean as

you've already mentioned it depends on how many cities are really willing to step up and bid for these games but if we talk about calgary in the two thousand and twenty six winter games there are still seven or eight five or six cities that are that are bidding for those games and as long as that happens the cost overruns are going to continue now in the summer stud as you've already noted they didn't have any appetite they had two applicants paris and los angeles for the games and they awarded for the first time ever in history two consecutive games at the same time the i.o.c. has to be worrying that cities have caught on and they're no longer willing to bid against one another to to bankrupt themselves in order to host the games and i think it will just remains to be seen for the next summer games that are awarded how many cities actually bid for it really great information appreciate you helping us drill down into it dr brad humphreys associate professor at the regional

research institute at west virginia university thank you have a great weekend great talking with you too. and before we go to the break with the numbers china has said that it may launch a yuan denominated oil futures contract given march china is the largest crude oil importer the move if successful would challenge the two existing and boil benchmarks those are the west texas intermediate contract which is traded at nymex the new york mercantile exchange and the brant contract which is traded at the intercontinental exchange ice futurists in london so stick around when we get back we'll talk to workers and wages and here are those numbers at the closing bell.

because there's survival guide book stacey newman i'm all going to start sampling at the federal reserve. he surely knows there are you going to get him back. oh heck no good susan repatriations he will look at the rest in seventy years. bill of the century that's kaiser of course. what politicians do. they put themselves on the line they get accepted or rejected. so when you want to be president. or somehow want to. have to go on to be pressed for survival before three of them or can't be good. i'm interested always in the waters in the house. so my my boy and entertainment have become good in our culture and we have children

grow up playing playing on the computer this one has somehow been to mystic cited as entertainment to russia there's nothing funny about it this is serious russia will be the last to give up nuclear weapons because russia regards nuclear weapons as the battle. against inflation no walks by this period covetousness. across europe municipalities are taking their water supply back from private companies to me to peep out the cells with simple song alone even some company else where they can find private companies to take over the utilities anybody tell us they're all post. the actual mr guys who got violent up going to go by been this is a map of us to quote them out. for you and i don't believe the left. locals are

ready to stand up for the basic human right of access to water it's about water but it's also over much more than water it's about to hurt and the redistribution of our west works on their debt downwards we want our. twitter has reported unprecedented quarterly profit of ninety one point one million dollars in the fourth quarter of last year the profit making milestone was reached largely by cutting expenses by twenty eight percent overall revenue grew by only two percent to seven hundred thirty one point six million dollars twitter's row. the new in the united states actually declined by eight percent twitter c.e.o. jack dorsey said raising the tweet character limit from one hundred forty

characters to two hundred eighty characters has increased engagement with fewer abandoned tweets. the politics of debt and disaster are heating up again and in the eurozone with some very tough words from the french foreign minister or what to do in case of future bailouts the french finance minister said a german proposal on this would be a gift to extremists are those tough words on the tough issue for the future of europe to preclude confirmation between the euro zone's two major powers our correspondent peter oliver has more france's finance minister has hit out at german backed plans that would see private investors automatically take a hit should a country in the eurozone apply for a bailout well bruno limited has said that the plans put forward by berlin would make the euro less stable as a currency and it would also fuel euro skepticism now the german finance ministry

here in berlin which put forward these plans they say that it would. the move would force investors to be more careful when they came to buying up sovereign debt and that it would also reduce the burden on taxpayers in bailout countries the move is backed by the government in the netherlands but opponents say that these greater powers for the european stability mechanism which is the eurozone bailout fund would create a perpetual cycle of crisis and would spook investors now of particular concern to analysts are countries with a high debt to g.d.p. ratio with italy singled out as a particular cause for concern along with greece which is still pretty much a fiscal shambles almost ten years on from the two thousand and eight banking crisis.

and tippi may be a matter of etiquette but it's also a matter of dollars and cents for our nation's lowest paid workers will learn a little bit more about the current controversy on tips and wages but first let's get some perspective i was in europe recently where a service fee on your restaurant tab is more common than fifty central america the protocol varies widely the central america the protocol varies widely though the major nation of brazil follows the european model of a service fee typically ten percent in africa for example it's smart and even thoughtful defer words if being in india failing to tip could cause a big sea and in china on the other hand it's generally a non tipping culture the bottom line is that many countries that are less wealthy than the united states still do a better job of guaranteeing service workers a floor on their income let's turn back to the u.s.

with diana ramirez deputy co-director of the restaurant opportunities sector a diana thank you for being with us again it's a real pleasure to have you now explain what this tip sherry will is that labor secretary has put out and the comment period on the public comment period that where everybody lets their views be known and they may or may not be taking into consideration that comment period just ended what is this proposal so the department of labor now under trump is put out a rule stating that that as long as the restaurant pays their tip servers the federal minimum wage to seven dollars and twenty five cents tips then belong to the house to the restaurant so they're no longer property of the employees they will now become property of the restaurant so you wait on a table you get your seven twenty five an hour they have a meal it could be a spence of meal it could not be an expensive meal they get. you a tip the gratuity for your service and then you give that money to your employer

and the employer decides what to do with it exactly this is real this is not like some hyperspace fake thing that's correct the employer can because it's a property of the employer now the employer gets to choose whether they want to share it with the line of service with the back of house or just keep it they don't have to share it. ok so here's what i know and i've a little bit of familiar familiarity with this that when workers who are being paid what is it to thirteen an hour to thirteen into thirteen is not the minimum wage of seven twenty seven but to thirteen and our kids are going to get tips that oftentimes those workers don't make the minimum wage of seven twenty seven so it's already a problem so if people are trying to raise a family on seven twenty seven a year and they're not getting any tips they simply can't do it in my view is that correct i mean there's data to support that i see right right restaurant workers

rely on social services food stamps medicaid twi at twice the rate of the working thirty hours a week or on the radio that week so that the employer doesn't pay health care forty hours a day or they have to twenty hours a week jobs you know and it just it really is a tip stealing role is what they're putting out and you know the department of labor has the obligation to put out an economic analysis when they put out these types of rules they didn't this time around they said it was too hard to figure out how much how this would impact the economy so in lieu of the official economic analysis by the administration the economic policy institute ran their own analysis and they found that almost almost six billion dollars would transfer from low wage workers to employers and four point six of that would trip trickle up and trickle up exactly and we you know we're already seeing one of the biggest tax breaks to the richest one percent and coming from from other classes and this this would be

a transfer of wealth also. i almost hate to go here but is there some sort of gender or racial discrimination in this with your gordonia of course four point six of the almost six billion dollars will come from women because seventy percent of tip workers are women so it comes from women and. people of color will will lose have the most to lose under this proposal ok who so that's said so what is your main message to the labor department that needs to be put in all these comments what we give us the high level comments that we want our viewers to understand also the high level comments are one employer tips the tips are our tips tips belong to workers even if they are shared with a line of service they should never go to the house so have imports have the workers decide whether they want to pool their tips or not and even if they do then

that money should stay with them the managers and the owner should never put their hand in the tip jar. you know one way to over do rules to overturn rules is to change laws and the way to change laws is to change members of congress and i'm not saying that a members of congress need to be changed but they should have a view on minimum wage on this tip sharing rule and so even when an agency any agency in the government puts a rule in place that rule can be undone if congress passes a law to do it so we'll see where the labor department comes out when you expect them to do a final you know they put it out december fifth is when they published the rule and the comment period closed right to june fifth january fourth was the original closing date so of course that's the biggest season for restaurant workers people are holidays are not going to come and no time to come and so then they said ok fine we'll give you another thirty days that it that expired february fifth and now

our friends on the senate and on the hill are sending a letter signed on letters to ask secretary acosta and the administration to rescind this rule because not only is it tips ask for low wage workers but there was a whistle pullover whistle blower inside the deal well who. came forward and said in fact we did do the economic analysis but the numbers came back unfavorable and we were told to go back and fix our methodology and when those numbers still came back and favorable we were told to publish the rule without the economic analysis so they lied about it they're being very sneaky going into a beer is thank you so much for being here appreciate that information hope you'll come back thank you. before we go we spoke with a lot about the olympics today and we did so from our usual boom bust economic or financial perspective that said the games are certainly more about anything other than money business and profits they're about sportsmanship and sportswomen ship

this olympics was particularly important due to increasing tensions between north korea and south korea nuclear weapons is a really big deal and it could be horrendous in the wrong hands let's just hope that the good efforts that we have at the olympics a sport that ship transfers over to foreign policy the rest the business and economics will take care of itself that's it for today be sure to catch boom bust at you tube you to youtube dot com slash r g boom bust r.t. have a good week and enjoy the olympics. run . the best out of the delicious. to the concepts

of paying to perform i had actually passed myself today. you don't know said he'd want to sell you something i was stunned. as most of. you will tell you this in the home of well done. her know how. this country was. she had the goods sold on. so we'll see if you think. what trying to show you if it was any good with us the. yes camp moorcock i did mission so i thought ok i can issue a couple so kind of toilet b.s. i mean here.

in america a college degree requires a great deal. paying a decade's long debt. studying so hard it requires trying to. go through humiliation to enter an elite society. and paci into debt sometimes quite literally. wants of the true colors of universities in the us. all over. her. heart. i'm sure do it by god and.

the headlines last week international the south korean president says he is ready to accept an invitation to visit pyongyang from the. the latest sign of relations between the two countries. inside syria after the syrian. general election. with. racially motivated shooting last week on the program we hear from the increasingly popular.

music. this is the only we. hear with. the south korean president says he is ready to accept an invitation to visit pyongyang from the north korean leader if conditions met the invitation was delivered by kim jong il who was attending the winter olympics in south korea she's the first member of north korea's leading family to visit the south since the one nine hundred fifty s. she met with president moon for talks that ended up last in three hours and the opening ceremony of the winter games also saw signs of thawing between north and

south with the country's teams marching. the recent friendly relations between the two countries all widely seen as a breakthrough foster the country's health death toll and at least two years let's cross live now to hong kong city university political science professor joseph chang joining us live here on r.c. thanks for coming on the program today what do you think about the north korean leader's invitation to president moon to visit jiang yang.

this is a small breakthrough certainly this reaffirms the north korean regimes use of is nuclear weapons program and missile programs to pursue is how to make an objective namely to seek diplomatic relations with the united states and some kind of security foreign t.v. from the united states approaching south korea is the usual tactics of of driving a wedge between seoul and washington d.c. but naturally we have to expect that these negotiations will be very long drawn out . there will be a lot of tricks and turns and at the same time it demands tremendous patients so as we know the north korean leader has invited his south korean counterpart to visit

pyongyang and president moon is ready to accept if certain conditions are met any idea of the chuang of what these are conditions could be. well. president moon of south korea understands that his people would like to see the escalation of tension in the korean peninsula and negotiating with north korea is part of his election platform the conditions normally will be cessation of nuclear power and this south pass on the part of north korea and north korea in turn will demand a term in asian of large scale military exercises on the part of self career in the united states basically it is not. live what has

been suggested by moscow and beijing two can be a factor atmosphere for concrete negotiations to proceed you talk about creating a better atmosphere for a concrete negotiations to proceed but i must ask you about the american standpoint because some international analysts are saying that america is isolating itself with its continued war rhetoric when we see a type of reproach more and between the two koreas i mean for a fact you know president moon is potentially poised to visit pyongyang why is america continuing with the war rhetoric. i think president donald trump is keeping his options open he has craftily stated that his heart nine position even fact has force north korea to negotiate and certainly he will be very merry march informed of the progress

if any in the entire career in negotiations he is in a well you know a good position to wait for certain progress in the entire korean koshary sions before the united states will chip in certainly at the united states has been exerting pressure on beijing as well to. try to extract concessions from young to so. now i think president donald trump is simply waiting he once not be too pessimistic about it and he is certainly prudent not to get involved too early on a professor joseph chang hong kong city university thank you very much for your time and your insight thank you. the french defense minister says there's insufficient evidence of chlorine gas use by the syrian government that contradicts

previous claims by a number of western politicians including france's foreign minister. when they're designed guess you. do. absolutely. the french defense minister saying that there is no reliable evidence to suggest that korean was used by the syrian government contradicting what we heard just a few days ago from the french foreign minister who had stated that that chlorine attack it being carried out by the syrian government. in the syrian government has been accused of carrying out or in attacks in the areas in the country in january it was accused of doing so by a number of groups including the syrian observatory for human rights which some people have questioned the organization which is run by a businessman in the u.k.

and also by the white helmet so voluntary group which some people have accused of aiding with the terror executions that have been carried out in syria by taking away the bodies at the end of the execution will the u.s. government has also spoken out about these alleged attacks in syria with the u.s. secretary of state rex tillerson when he was in france last month same with godless of who carried out these attacks the blame was on russia whoever conducted that. russia ultimately burrs responsibility for the victims and. countless others targeted with chemical weapons since russia became involved in syria well the secretary of defense in the u.s. james mattis actually went even further than that suggesting that it's not just chlorine attacks but also that sarin has been used in other chemical agent in these attacks although he did also admit that they were in your dreams that you could

back up those claims now the u.n. is of course. investigating the allegations all these attacks in syria on some of the areas in the country but it remains to be seen whether the probes will ever be able to identify any concrete evidence as to whether those attacks indeed took place in who indeed was behind them and of course whether they will be able to agree and find a result to give enough for everybody to agree on the international probe into syrian chemical weapons stalled late last year until november it was being handled by a body called a joint investigative mechanism that probe was shut down when russia vetoed a u.n. resolution to extend its mandate moscow criticized the body for using second hand sources and failing to send it weapons experts to the very sight of the alleged chemical incidents in syria now back then russia drafted

a un resolution calling for a new investigative body to be created in fact the document says that experts must visit the sites of alleged attacks to collect samples and conduct eye witness interviews but that plan collapsed after the u.s. said it would block the resolution defense analyst ivan eland thinks the issue has become highly politicized the problem is with these things is that one never knows for sure there are multiple sides on the battlefield it takes a long time to get the investigations done in a stray should always likes to. put on a tough facades the one is we don't care who did this but the syrian government is responsible for it that's kind of a strange statement i think if they accuse russia and syria of something that either didn't happen or somebody else did maybe their evidence isn't that great that's probably the reason.