we've only produced maybe two trillion ten trillion out of the ten trillion two trillion in quantifiable so that's what a ratio of five to one or something so we're not getting any organic growth from what they're doing and what they've done is they've destroyed capitalism by printing money quantify the money it is that i think we need to get back if we're going to have if you have been as happy as them we've got it there that's what you're saying is we can't like what you're saying is this the financial ization of the economy where it doesn't make anything any don't need anybody if you don't make anything you don't need workers ok this is what's happened here steve before we go to the break you want to jump in there i'll head him go to steve go ahead in brussels you know because one of the church trump keeps on talking about making bad trade deals with the worst fragile america ever might was it was insisting that the american dollar become the reserve currency for the planet because what that meant was of you getting other countries want to try it with each other they had to buy american dollars above and beyond the demand they had for american goods and that means of course the american dollar was higher than it would be if we had what kinds prefers which was the bank coal and its national currency and by no country

administered through the i.m.f. if that was done america's exchange right maybe twenty percent lower and it wouldn't need to complain about bad competition in manufacturing so there's a lots and lots of ways in which this is being done by america trying to be the exception of the planet and making a stupid try to deal with things like they think made it look good fossils is an enormous excess of still on the global and off due to china's enormous stimulus program and that is part of the reason why americans complaining about dumping and they've got a point ok and let me get it go to you let's start talking about china is this really just about china go ahead and. i think it is largely about china this tariff this global tariff really is because they're worried about china still going through other countries that are coming into the u.s. so they want to close off all the doors so yes it is. target china but then there

are going to be a lot there's going to be a lot of collateral damage as a result and so. you know the ministration is going about with very blunt tools. it's clearly not gaining friends or your allies and it will going to talk about that after the break this us i'm going to a short break and after that short break we'll continue our discussion on trade war state with authority. in the heart of the swiss alps this is a place probably more secretive than the pentagon more mysterious than the cia and

better guarded than for knox ellis with customs are here permanently all the site is controlled by them and they impose the opening times. opposite it was abducted from his office the procedures in place of the strictest in all europe masterpieces by artists like pecan so and modigliani i can't boards and sold inside this warehouse that's where the report comes in it covers up deals which are naturally discreet commercially discreet felt but also discreet because they concern fraud. some of those paintings are linked to dark secrets nobody knows how many of these secrets a kept inside the geneva freeport system you'll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only is it the world's black box of the art business.

welcome back across the uk where all things considered i'm peter lavelle to remind you we're discussing trade wars. ok right before we go to the break and gave the operative word retaliation ok you know there's a couple of things here what we already know that the europeans and the canadians are talking together the chinese have made it very clear they're not going to take this sitting down and i think we have to remember folks is that there's been a lot of pressure at least rhetorically from the trump administration on china to quote unquote take care of north korea which is illusory they don't have as much influence as they think but now the koreans are going to be in the target of care

of sere and that this is a time when the mid north and south are talking about possibly some kind of reproach moans which watch it isn't very happy about this is adding insult to injury if the south koreans are going to be sanctioned in this way by the united states to tariffs go ahead mitch. i think that u.s. dollar gemini is a big part of this puzzle and steve mentioned briefly you know the problem with the u.s. dollar being the world's reserve currency for the past hundred years i mean i think eventually there's going to be and it's going to happen soon we're going to have a currency that you can exchange for either gold silver oil or something and it's going to actually be backed by something other than a promise to repay something that can never be repaid and as you're saying a lot of the countries will start to realize that it's going to be impossible for the u.s. to ever pay back its debt yeah and this money that's been printed that has ended up financing and enabling a grotesque asset bubble in stocks bonds and property and corporate stock buybacks

and leveraged buyouts. leverage too much debt credit and the leverage will end very badly with the u.s. dollar taking it on the chin and the other countries are realizing we're going to have to come up with a different solution for a global currency you know steve. again i brought up the issue of bluffing but the united states share of glow the global economy and trade it's year after year gets smaller and smaller i mean it does the united states. doesn't misunderstand how essential it is to the global economy i mean we have other vectors of growth we actually and it's also here in africa there's a lot of growth now of course there's the whole china issue here i mean can the united states dictate. trading patterns and laws and realities the way it think it can it can because i don't think it can as much in its dwindling with every single year go ahead steve. well a large part of the what lots of the americas lost its share of the local tribe as

. americans transnationals to take advantage of low wages particularly in china i was actually i went to the construction of the very first free trade zone in china are not one id to the shans and free trade zone and the explanation that the managers guy there which is quite brilliant was that they were going to take advantage of a loophole in american tariff laws the american corporations reimport goods that exported to third world countries for the manufacturing and not painted tariffs on that work and that would get them the technology and at the same time they saw what happened with free trade zones in the rest of asia where they as soon as the wages rose the companies would move on of they also insist that the each company had to have a chinese within five years the chinese papa had fifty percent of the business now that the the cut in costs that they the american capitalists face was. willing to do that and of course what they did was they big increase their share of the income of the america they were just a share of the workers benefited china dramatically and now they're in the long

term it's the fact you have something vaguely resembling a democracy in america meant the workers who got screwed by the process to wise now starting to fight back and trump unfortunately is their champion you know and you know it if i get the impression because i mean even before he was president before the campaign trump was always big on trade i mean with the you know awful trade deals and all that it is he look at this is a silver bullet because the u.s. economy it is there's so many things that ail it is it's a very complicated thing it's just not about trade so again i go back to the political issues that he's presenting that he's quote unquote doing something but is it going to be enough go ahead and. so i certainly don't think it's enough there is a lot that ails the u.s. economy. you've got a situation where there's just too much red tape many entrepreneurs actually can't

get their products off the ground because they're stuck in areas where they are waiting and waiting for green lights and frankly they'd rather go test out their products in china which has far fewer red tape you have basically an educational system that's been failing most of american children. so you know a lot of people are just not prepared to be workers in this new twenty first century knowledge economy so to speak. there are so many issues that he would need to tackle but he doesn't have the time to his term is only four years and so he's just going to go for whatever low hanging fruit he can just to at least pleases base so that he will have another shot or another term later i think that's a very big and so i think that's. a that's a really good conceptualization there and it's low hanging fruit here you know

michel for me the you know i was a trained historian for me what i think is really quite interesting is that if you look at after the second world war the united states made an amazing sweetheart deals with trade with its allies in europe and we have that with south korea we had japan taiwan you know even that was a geo political expedient ok they wanted to keep the western bloc of goodies to keep them in there ok so you know importing stuff into the united states i really i could remember you know in the one nine hundred sixty s. everybody laughed at japanese products you know the little plastic things that were the joke ok by the one nine hundred eighty s. it was a different tune and we could repeat that also with the chinese all right i mean because the united states did that for geopolitical reasons it actually undermine. it's a con a me in the long run because i don't personally and i'm agreeing with it and i don't see you really a way out of this ok because the people that have the money and the capital they have financial eyes the economy they make

a lot of money off of it but there isn't make anything for anybody else go ahead mitch so so what you're talking about is what i describe in my book plan a ponzi your financial ization has ruined what we have today you discussed after world war two we had actual organic growth so we had organic growth. we had organic growth which drove the commies forward and we had g.d.p. in excess of where it is today global g.d.p. is a new make at best and the only growth that we're seeing is a derivation of central bank money printing yeah so it's not in reality growth driven by product creation it's growth driven by stock buybacks leveraged buybacks and wall street creating you know crony capitalism and that's going to definitely and badly because interest rates have gone from fifteen percent in one thousand nine hundred eighty three in one thousand nine hundred one down to close to zero so the cost of finance ponzi finance today is relatively too low so it keeps the

zombie companies in business no organic growth is created real wages are the same level or lower for the average worker as they were in the one nine hundred eighty s. to wishing costs are up two thousand percent health care costs have spiraled out of control with obamacare so you've got a real problem and that's in the fake news media will do anything to destroy trump along with the deep state and you know and the agents that want to control and have neo liberal neo liberalism as the rule you know and acted academia in america has turned into indoctrination so it's a disaster fortunately it's a disaster you know the landscape has changed even you know in a positive way and not in public you know steve one of the things is that a lot of pride supporters and. outlets that support him in the media that they like to really pound away the stock market the stock market well correct me if i'm wrong but i mean never since the late eighty's the stock market doesn't have any doesn't

reflect the the livelihood and prosperity of the average person in the united states it certainly tells you about the super rich ok but it doesn't translate into the real economy steve not by a long shot and the fact the u.s. stock market the s. something bottomed at six hundred sixty six before the quantitative easing program began of the fed and the. it was supposed to see me like a man through what they called the wealth effect where their own research showed there was no will to figure out of shares in terms of its effects upon aggregate demand the only wealth of it they could find was out of rising housing and even that was tenuous of course that could collapse too as it did back in two thousand and eight so we have what we have as a people a bunch of people governing who are on the should check the top and they think they've got a style but at the rather than the rather than most of the line up and this is a real problem we have a lack of understanding of how capitalism actually functions in the minds of those who are trying to manage capitalism you don't you know you know i want to you to apply your china china expertise here how on how will the chinese react they have

a lot of assets and resources at hand ok and they have an economy that is expanding really expanding how are the chinese going to react to this from go ahead i think they'll just take it on the chin they probably already anticipate this and they i'm sure have drawn up a list of things that they could retaliate. and i think among them with the areas where they feel that could hurt the u.s. where the u.s. is vulnerable so where is the u.s. vulnerable because the u.s. actually has you know a lot of cultural products going to china china is now growing more soybean and corn so if they basically say we're going to stop importing. your story being in corn us then a lot of the farmers are going to get upset and this is also a big lobby in the u.s.

. they could also basically decide that they're not going to go forward with all the boeing airplanes and turn to airbus instead and so this would also hurt you know u.s. manufacturing in a way. or oil and gas and the other big us. china was importing a huge number from the u.s. last year but you know china basically is buying a huge chunk of aramco from saudi arabia they clearly are trying to secure other oil and gas from other countries like russia and so they're basically diversifying all their imports and this way if they decide that they don't want to import from the u.s. it would not be too painful for them and so china is not going to just sit back and you know pretend that you know everything's ok and let themselves be

a punching bag know they're going to retaliate some way but they're not probably going to make it too obvious will probably basically create new laws here and say that i'm going to address it here these are and we've run out of time we've run out of time and then absolutely right this second shoe will drop many thanks to my guests are new york and in brussels and thanks to our viewers for watching is here to see you next time and remember talk rules. of guns some is not is not a good place is not a good country and. try to secure a minister a liberal a family as well. as you can just look at this to know this is. just

a glitch. ok let's. check in. just with all the embers from the limo some of them still to be in them. and you can see the bubbles for the first. a lot of the kind our data john pelan based on our must hold as tight no one can i do not the last i would list was found that mcnabb had on are not a case. of fucking and i can. almost feel now with the fuckin on a. solicitor to my son enough i was going to show you all to see but only to go to the citizen then i call our. voices in his or the one of the street the. other you know that was this. the seal this was close.

to. your car and say that. something is good in course all all but for barcelona. but for all for. whatever. either the principle is good or the principle is bad has to be applied equally and that is not being done. this is. the church secret indeed priests accused of sexually abusing children can get away with it quite literally i like to call this the do graphic solution so what the bishop needs to do then he finds out that the priest

is is a perpetrator is simply moves him to a different spot where the previous standard is not the highest ranks of the catholic church help conceal the accused priests from the police and justice system to that end of that's known as the end. i think throughout at tuesday's job until. i. was.

thirteen almost militants leave the syrian rebel on klav as part of a peace effort according to the russian army. donald trump slaps tariffs on steel and aluminum imports raising fears of a global trade war as other world powers found its retaliate plus. the. gunshots were fired as border police conduct a raid on a west bank university arresting a pro palestinian activist. thank

you for watching the news headlines he went on to international broadcasting live from moscow i'm kate trunk a group of militants have left the besieged enclave of eastern syria street humanitarian corridors this comes after talks brokered by moscow this video shows the militants leaving the area through the exit routes they're being scored out of the area by syrian soldiers new hawkins has more. sudden development today given the deadlock over the past weeks and months in the region two pieces of news coming out of the first group of thirteen on armed militants and their families leaving the area through one of those russian military syrian government organized checkpoints those safety codes offered to civilians and fighters to leave the area should they wish to do so now this is significant because prior to this all offers by the russian military and the syrian government were rejected by rebel

groups in the region despite unverified video shown of flyers being dropped over the towns and the city in the area no groups have taken up that office so far and civilians allegedly have also been prevented from leaving the area through those corridors because of shelling to those roads now all of the other bit of news is that the syrian rebel group. has issued a statement in which they've said they have taken the decision to release members of the terrorist group al nusra formerly al qaida in syria from prisons and transport them to a destination likely to be in the north of the country one of the last major burble strongholds in syria this is similar previous moves during the syrian civil war where rebels have been evacuated from places such as such as homs other towns as well under these cease fire agreements and moved up to province thus allowing the syrian government to move in take over the area and avoid

a long protracted conflict causing more bloodshed we don't yet know if the statement from jaish al islam and these rebels leaving the area are linked we don't know what group they're from either way though this does mark a significant development and could leave the door open to a wider evacuation of rebel fighters and civilians from the area in the coming future. well earlier on friday a u.n. humanitarian convoy finally managed to enter eastern go to the aid supplies had been delayed by heavy fighting as government forces battled terrorists there according to the latest u.n. estimates the fighting in eastern guta has resulted in more than one hundred deaths in two days the united nations also called on all parties in the conflict to end the violence red cross spokesperson. says the people on the ground require a wide range of basic supplies. the need of people remain massive the needs are. two four three four etc you have medical needs you have need for access

to good source of food you need also access to clean water you have all sorts of needs inside water today the priority remains medical help that we need to. reach with people inside all the time and food aid as well what happens when a seven thousand five hundred people which the trucks on monday and today were able to provide humanitarian aid to or just a little percentage of what who of the people who need. aid inside therefore we are always ready once an agreement is reached between the parties to give us the security guarantees to go back inside and deliver more and more humanitarian aid this could happen next week. if all parties agree again to allow us to enter the spike the danger that we were facing we were able to finish quickly and rapidly

and able to go back however the danger was still present and that shouldn't be a recurrence if we are able to reach an agreement between all the parties next week to return back to east in order with more and more aid that we know is much needed inside. when we walk around ten kilometers away there are reports of more terror attacks on civilians fresh elling from eastern guter is hitting residential areas of the capital damascus russia's defense ministry says two people were injured in the attack similar assaults have been you carrying on an almost daily basis since government forces increased pressure on the terrorists in eastern guta although some of the previous attacks have been far more deadly. we really do need. to learn.

to live. and those who are in the shop work and we had a sound we didn't know whether if the explosion was quite so far away we went outside and found people in a scene with injuries that would make anyone literally shina. for more on this we can now cross live to investigative journalist rick starling rick thank you very much for joining us once you had there a group of rebel fighters left to go to air on friday through the humanitarian corridor but how much of a breakthrough is this in the overall peace if it. i think it's a positive indication and it's really a a result of the advances that the syrian garra government has has made they've they've reportedly taken about fifty percent of the whole eastern good to area that was occupied by the the armed militants for the past four to five years

so what we're seeing is a pause or this positive indication of of the first group of terrorists or armed militants leaving and another indication of that is that there is now video credible video coming out showing civilians in the occupied areas openly publicly protesting against the occupation by the armed militants and so there are they're inviting they're welcoming the advance of the syrian army so i think these are positive indicator indications of what's going on. let's look at some of the reaction i mean the u.s. state department dismissed russia's plan for humanitarian corridors as a joke coming want to use it washington's unwilling to support this effort. well they don't they don't want to see the effort succeed is what it boils down to sadly they don't want to see that the occupied areas the terrorist groups expelled

from the zone we saw that in east aleppo and as soon as east aleppo was actually liberated in the terrorist were all shipped out or were expelled. the western media all fled as fast as they could so they don't unfortunately the west is is continuing to support the terrorist groups that have been you know what raining havoc in syria since two thousand and eleven let's also look at the consequences here when the russian government is trying to persuade the remaining militants to leave kuta and head to it in a province but is there a danger that they'll simply riyadh and cause trouble elsewhere. well they they have their base of operations and it libin and clearly the the strategy of the syrian government and their allies is to remove the terrorists from the more populated areas and get the most concentrated in it live and in deal with that down the road it's tremendously positive to remove the terrorists from around damascus

damascus has grown by thirty five percent in the course of this conflict to be a huge city now because many civilians have had who had to flee whether it's from east or hama or holmes or some of the other cities they ended up in damascus so it's a highly it's a densely populated city that's had mortars and hell cannon missiles coming into it on a nearly basis which i witnessed myself in which are you your previous video up portrayed and finally rick i mean looking at me see that's been going on since april twenty third a teen i mean can expect the syrian government to regain control over the area over the coming months. it may take less time than that actually the fact that in two or three weeks they've recaptured fifty percent is a pause a sign now that's the more that's more of the farming area and the smaller villages so the remaining fifty percent that still controlled by the terrorist groups is the more urbanized area and there will be

a tough that will be tougher going i expect but the news today about some terrorist leaving the area the news of public protests by civilians in those areas against the against the occupying militants are positive indications. that when they vote rick selling investigative journalist thank you very much thank you. now president trump has signed an order imposing tariffs on steel an aluminum imports into the u.s. today i'm defending america's national security by placing tariffs on foreign imports of steel and aluminum the american steel woman in the district he has been ravaged by aggressive foreign trade practices it's really an assault on a country. when on feigning the type of sound the white house the president seemed to forget one.