this is boom bust broadcasting around the world from washington d.c. one part chilton. today coming up we'll get into the controversy between amazon the city of seattle over housing with the seattle city councilwoman who want who is standing by plus our new rules requiring solar panels in california the thing of the future we'll discuss with the director of public citizens energy program tyson slocum and as inflation starts to rise is gold a safe haven for investors we'll talk precious metals and mining with and your money why are the c.e.o. of gold stars global will join us from london all of that ahead but first a tip that. bad boy bank wells fargo has yet again proven worthy of the moniker many of us knowing wells deep history is building the united in building united states and seeing their years of troubles and hope after

a large settlement two weeks ago with the consumer financial protection bureau and the comptroller of the currency that there were no more shoes to drop but the bad boy bank is yet again in the news this time even some of us are pulling back from supporting the institution after a recent episode we think is a bridge too far well fargo has now acknowledged that it looted the pension funds in as many words of police and firefighters for whom the bank served as a trustee as hedge funds with whom the fund had invested returned rebates via wells fargo but the money forty seven thousand dollars since two thousand and ten never made it back to the chattanooga based fire and police pension fund wells has been serving as a trustee since two thousand and five but bank officials say they no longer have records from two thousand and five to two thousand and ten during that time period so it's unclear if the rebates were due to the pension fund during that period.

time we have used the term food do sherri here on the program many times and what that means is that there is a responsibility to do what is in the best by natural interest of the quiet as the pension funds trustees wells fargo had the responsibility to serve as a fiduciary and they did not do so in this instance while well says the improper action was due to a quote unquote system set up error the board of the pension fund says they have lost confidence in wells due to the answers provided has fired the bank and has filed a whistleblower complaints against wells fargo with the u.s. securities and exchange commission and the commodity futures trading commission some would say this raises questions about other pensions and related funds around the nation from which wells serves as a trustee the former financial regulator myself here's what i know this will be investigated and it should be surprised actually if it hadn't already started stealing pensioners funds i mean come on guys. beyond bag

insurance group has been making headlines but not always for the right reasons the former chairman of the company way was sentenced to more than eighteen years in prison on yesterday on charges of fraud and embezzlement the shanghai court also said that will have no political rights for up to four years and will confiscate his more than one point seven billion dollars in assets was accused in march for masterminding a fraud scheme worth more than ten billion dollars he used on authorized sales of an investment insurance product to inflate the company's capital the scheme had apparently gone on for years allowing on bag to see rapid growth as well as acquire various bank and other real estate insurance assets around the world. as we reported earlier this week seattle is considering take. action to address the

growing problems of homelessness and on affordable housing costs good for them seattle is known for hosting high wage and high tech employers including but famously most famously amazon but now their most famous local business has announced that they are placing a moratorium on current and planned building projects in seattle until after the city council decides whether or not to impose a so-called head tax on local employers with revenues above twenty million dollars the tax would go to fund affordable housing in seattle amazon is currently building a site to house seven thousand workers in downtown seattle rainier square so the moratorium was taken as a shot across the bow if not a gun pointed directly at the head tax proposal amazon currently employs forty thousand workers in seattle seattle mayor jenny durkan has said she prefers to make the text temporary while five of nine council members have said they supported among the supporters this councilwoman shah masood want who joins us now live from

seattle councilman thank you so much for being here and thank you for your public service i know those are a lot of times and gratifying jobs on behalf but they don't get any money except for or not much at least let's start with the problem a report commissioned by the chamber of commerce came out with some striking numbers but what is a state of homelessness and housing affordability there in seattle. well since the great recession ended at least for the wealthy it ended in the last decade seattle has been a booming city with construction cranes abounding throughout the city you can hardly walk a few blocks without seeing a new building being built but what has happened in the same time is that even though more and more housing units are being built less and less of the housing is is affordable for the vast majority of working people in our city so these are all people we're talking about it's construction workers themselves we're talking about childcare providers educators security personnel parking lot of tenants the store

deal workers home health care workers the whole gamut of the city that actually is the backbone of our society and makes a city around this this city has now become unaffordable for most of us and just what does a number is a little bit in the last decade the rents in seattle have skyrocketed by an astonishing sixty five percent and obviously as you correctly mention homelessness is exploding but there's also a whole range of households who are one step away from being made homeless over twenty three thousand households in our city are extremely rent burdened meaning that only they are paying more than fifty percent of their income in rent so this is an actual crisis and as a matter of fact i wouldn't just call this housing crisis we have to step back and understand that this is really a fight for our cities for urban spaces who gets to occupy urban spaces the just the very wealthy and the billionaires or is it going to be the ordinary people who make the city run unfortunately that is the case in too many cities so i.

commend you for trying to deal with it in your beautiful star city i mean so clearly as you say those are serious problems twenty three thousand that are paying excessive rents and we've reported scenarios in other cities san francisco's a good example but can you walk us through what you think the proposed remedy is sort of a head tax one hundred one what's on the table. absolutely and as you said correctly this is not just a seattle specific problem housing and affordability is now a nationwide problem everybody politan area and as a matter of fact even suburban areas are now facing a crisis of an affordability and also rising homelessness so if you look at the big picture what's happening in seattle is that not that supply has an increased but the more and more of the supply is not accessible to ordinary working people it's only people who are being able to pay very very high rent so they are these are upscale units and so i think it is important first of all to draw the conclusion

that the market has failed us we cannot hold our breath for another decade to go by hoping that the market will solve in this on the basis of the supply and demand logic really what the problem is that we need you know the solution is that we need affordable housing so in other words what we are fighting for is to build a publicly owned permanently affordable housing this is not market housing this is publicly owned permanently affordable housing a shorter term for that is social housing so the project is to build social housing but the revenue to build social housing has to come from somewhere where we're in the state of washington which has the most regressive tax system in the entire nation what that means is that working families are already overburdened with taxation small businesses are overburdened with taxation the only entities that have not paid anything close to their fair share in terms of addressing the social needs of our society are big businesses so the proposal is our demand the movements

demand is that the city tax the largest three percent of businesses businesses like amazon starbucks facebook and so on and then we use that revenue to build one hundred of units of social housing every year and we also augment the funding for our homeless services. we've seen a pushback councilwoman there are a letter as you know but for our viewers with one hundred thirty local employers sending an opposition to the proposal but amazon notably did not sign what your response on the merits and how do you plan to convince or overcome the the opponents. well first of all let's talk about amazon amazon may not have signed this letter or the other but amazon and jeff bezos issued a very public tract to seattle saying that we are holding this is not their word

these are my words they're holding seven thousand construction jobs hostage to use the construction jobs as a club against the movement that is fighting for housing justice but we reject this false dichotomy between affordable housing and decent union jobs working people need to vote and as a matter of fact i'm a zone's threat is an extortion of the trek because amazon is more than capable of playing this tax justice first quarter alone was on made a profit of one point six billion dollars which is eighty years worth of the tax that they would be responsible for paying for the tax really is pocket change for amazon but what amazon is doing is issuing a threat not just to seattle but to every city in the nation that if you have the temerity to levy even a small amount of tax so that this housing the city can be affordable for the rest of the community then we are going to hold a threat of jobs over you and as far as the other businesses are concerned let's keep in mind we're talking about the top most businesses we're talking about businesses who make more than twenty million dollars of revenues every year and

granted they may not all make the same profit as amazon but certainly this is the segment of our city and our state that is the least taxed they have paid nothing close to the affair share and so if we agree that the housing problem needs to be solved if we agree that the market has failed us if we agree that we need social housing in other words we need permanently affordable housing that can be affordable across generations then we need to raise the revenues and the only righteous the only justifiable way to do it is to tax big business and i should also mention that a lot of the signatories to the letter you're mentioning are some of the same businesses who were opposing the fifteen dollars an hour minimum wage that we want in two thousand and fourteen and i think this is. important to note because if we accept the logic of big business not just amazon but all these businesses if we accept that logic that if you do if you do a small measure of justice that we will take our jobs away we will do this and we

will do that all these kinds of threats if we accept that then the inevitable conclusion of that logic is a race to the bottom nationwide you know it's not just in seattle this is a threat against all cities so instead we need to flip that logic on its head and done this race to the bottom into the opposite of that just like we did with the fight for fifteen when we won fifteen dollars an hour businesses didn't shut down seattle did not lose its economy as a matter of fact what happened was that fifteen dollars an hour itself was won in other cities and it became a major issue in the democratic party campaigns in the presidential election year and we are seeing a nationwide conversation now about this kind of that you know do the do the working off a city have the right to live in that city and are we going to have the courage to get organized to build a movement to tax big business so that we can build social housing councilwoman i would not want to be on the other side of you on this debate you're very articulate we thank you so much for joining us councilman suwannee appreciate you taking the

time to be with us and good luck in your efforts thank you very much. other wealth and equity news a new study has revealed that c.e.o. pay is increased yet again the wall street journal pored over pay data for c.e.o.'s in from twenty seventeen and learned that the median average pay package for a c.e.o. was twelve million dollars nice gig if you can get it right the most valuable c.e.o. pay package from last year was broadcom c.e.o. which was worth more than one hundred three million dollars which was a three hundred eighteen percent increase over his pay from twenty sixteen the second highest package belongs to leslie moonves from a c.b.s. this is ironic because the packages were. sixty nine point three million dollars which is actually point three percent lower than his pay in twenty six team. time now for a brief break but stick around because when we return california is requiring solar

power on homes is this a thing for the future of other areas tyson slocum the director of public citizens energy program plus we go to london where we'll be joined by the c.e.o. of gold star global andrew wire to look at precious metals and mining and as we go to break here are the numbers at the closing bell. we'll be right back. the new global economic war is unfolding in the realm of education the right to education being supplanted by the right to access education alone higher education is becoming just another product that can be bullish and sold and it's not just about education anymore it's also about running

a business where you could. dream that they could then we. want is the place of students in this business model for college i was born now and i am extremely more higher education the new global economic wall. i've been saying the numbers mean something they matter the u.s. has over one trillion dollars in debt more than ten white collar crime stamping each day. eighty five percent of global will you long for the rich eight point six percent market saw a thirty percent raise last year some with four hundred to five hundred three. first circuit first second and one rose to one hundred thousand dollars. china's building two point one billion dollars industrial park but don't let the numbers overwhelm. the only numbers you need remembering one wonders how do you know for

a minute the one and only. welcome back turning to asia the leaders of china japan and south korea say they have agreed to pursue discussions on two trade agreements one among the trio and a second one with the proposal a regional comprehensive economic partnership with regional neighbors the trio also agreed to hold regular trilateral summit that consensus developed out of a meeting held to discuss advances in diplomacy with north korea in preparation for the summit between president donald trump and north korean leader kim jong un meanwhile china may be preparing to offer a figurative olive branch to the united states on trade by tabling proposals to reduce the u.s. trade deficit at their next round of negotiations chinese officials have reportedly

assured their u.s. counterparts that they see the u.s. grievance about the deficit as legitimate and chinese negotiators have also told reporter reports that they see advantages for china in pulling back on exports in order to prioritize the building up of internal demand and consumption. and corporate personnel news the chief operating officer of rolls royce is moving on to pursue other opportunities after less than two years with the luxury car maker and while the departing executive simon kirby was credited with professionalism and integrity in the company memo announcing the change the memo also said that his position was made redundant by the consolidation from five to three business units at the corporation when he was wooed to rolls royce mr kirby was the highest paid civil servant in the u.k. in the united kingdom in his position as head of the high speed rail project h s two. big news in the renewable energy market as

a state of california here in the u.s. at the state's energy commission has voted unanimously that all new homes must be built on a run on solar power the proposal notably passed with the support of the california construction industry which has been convinced of the profits to be made from green building california building industry association president bob raymer told the commission during a brief debate that the adoption of these standards represents a quantum leap commission member andrew mcallister said any additional mortgage costs for on buyers would be more than offset by energy savings california law already acquired is that fifty percent of energy going into the state's grid come from carbon free sources by twenty thirty the implementation of the new rules goes into effect in two thousand and twenty and will require the solar mandate not only for single family homes but multifamily residential units of up to three stories like apartments and condos here discuss this and other energy conservation efforts as the director of public citizens energy program tyson slocum tyson thank you for

being here seems like a really historic thing but you know i do wonder about the increased cost we just got done i know you heard talking with the councilwoman in seattle about where the housing problem and it houses are costing more money that doesn't really is it really going to help this is maybe just a longer term goal here but what are your thoughts i think that the mandate that new homes have solar capacity is a good thing i think that that alone isn't going to add to california's very real and serious housing crunch i think that california has to do a number of additional things but at the state level and at kind of the local zoning level to encourage more affordable housing but in terms of new construction and significant modifications of existing homes i actually think it makes sense to have. it's a solar requirement and the thing is it's

a lot cheaper when you're doing a new build to incorporate solar into that rather than retrofitting solar onto an existing home which is what most people do today so you know california just is demonstrating their leadership on energy and climate issues and i think this solar initiative is just another example of that i'm curious if there are other states around the nation that are considering this i sure you know california is always at the vanguard on these energy of renewable. energy proposals but what about other places around the country are they looking at it yeah i think there's going be a couple of states maybe new jersey maybe connecticut that might be looking at this you're definitely going to see a lot of municipalities that have the capability under their zoning and other city laws to look at this but really california is the outlier here california already has more than a million homes being powered by solar the next closest state is north carolina at

about forty three thousand homes so there's nowhere in the united states that's even close to california and even from a global perspective california is really distinguishing itself as ahead of the curve on some of these issues you know we're reading some recent stories about taking agricultural lands farm fields that used to grow wheat and corn or beans now being used to. house solar farms for energy is that something we see going to see more of in the future possibly i mean california member just got out of a significant drought that really hit the agricultural industry very hard in california it seems like they were able to recover the agricultural industry is a huge component of california's economy but in certain places it might make. sense for landowners to use that land instead of cultivation to use it for

solar generation now for wind generation which is what we typically see in the middle of the country in the farm belt. that's typically wind power and they're there's coexistence where these big pharma and you have the wind exactly but the the solar panels because they're covering the crop acreage you can't really have that coexistence at this point well we thank you for explaining it to us and helping us understand all this talk of cloak and director of public citizens energy program sir always my pleasure. gold price it had been on a steady increase since two thousand and eight topping out an all time high in july of two thousand and eleven at just under one thousand nine hundred dollars just over eight hundred thirty seven exactly an ounce but while prices have been above

thirteen hundred dollars for a while they dropped forty dollars from what seems like a resistance level of thirteen sixty here to discuss gold and mining companies as andrew maguire the c.e.o. of gold star global who comes to us from london andrew welcome indeed we're very pleased that you've taken the time to join us in it and i correct that thirteen sixty seems like a resistance level for for gold these days. yeah you're absolutely correct thirteen sixty is the current resistance level however i think what is important is to understand how you know we're looking at now the transition between the paper paper markets and the physical markets and what we're seeing now is resistance and support levels radically altering now people who anchor historical you know when you historically anchor trend lines pivots the traditional traditional action resistance in support levels in

historic on the in historical time when when really the paper markets were really in control of the of the basically the physical market dictating the price or the physical market now what we're seeing is very very this is a complete change paradigm shift we're seeing the paper markets now losing liquidity to the physical markets and actually that is beginning to change so yes we see thirty and sixty is resistance right now but there is a strong potential for a physically driven move higher now there was a time when we would see hundred two hundred dollar moves in gold i think what we're seeing now is such firm physical support in the round number which is thirteen hundred that's why we're not seeing that number break and we are not going

to there are there are a few reasons that bester is get into precious metals like gold and silver stability is a key factor but also as a hedge against inflation and inflation in the u.s. grew a point two percent in april and in the euro zone at one point two percent while those figures are each a temp of a percent below expectations is this a good time to invest in gold. absolutely believe so and now look i sit on the advisory board for the allocated bullion exchange which is a physical wholesale physical spot market now we have those you know there's no skin in the game we're just looking at the physics the wholesale market and sit and seeing this what we just described starting to percolate up and i can see that this is a very very good time to be in to start to move into the physical product and obviously you know one can persist in that through the comix but i really think mon more people are worried about the counterparty risk now where you have the sort of

leverage we're talking about where there's perhaps one ounce to ninety two or there's one ounce perhaps two every five hundred ounces that trade and when you look at the clearing statistics in london you're looking at six hundred tons twenty percent of global mines supply cleared through the l.p.m. c.l. in london every single day yet we're only seeing two to three tons of physical cold delivered at the pm fixes the am and pm fixes in london so what we're seeing here is is. the physical physical buyers a saying hang on a minute i think there's obviously a counterparty risk to a paper gold position so we're seeing the physical price starting to dictate to the paper price and i think this is a perfect time for people to get into the physical to physical metals and to eliminate that counterparty risk how about the mining companies and you're with gold up just one percent this year and oil prices on the rise both brant and

trading in the seventy's today do the mining companies would use a lot of diesel machinery in their operations feel this in their bottom lines in a big way. absolutely they are and i think we're also seeing that what you're just talking about is a major factor here and again we're going to see the resources seeing. we believe we've seen peak gold we certainly saw peak silver some years ago and i think we're also going to see the costs for mining the product out of the ground increase. the c.e.o. of gold star global enter mcguire we thank him for his time and that's it for now we'll take catch you next time check out boom bust on you tube youtube dot com slash bulldust archie we'll see you next time.

ministries police forces and city administrations of many countries depend on one corporation in the us but mike will still be on the board just don't forget the president god i'm stunned just adama's down the guns of the woods as the three that he got on into this it's a must also apply to them proprietary software you don't know the source code isn't that a such a security risk when you have a black box operating the public eye to microsoft dependency puts governments under a cyber threat and not only that to think office can put us in a moment that's what we call softness of the sense of selling missiles the only one of them will focus to think through almost who will do this who will do this. with . the us this is the arsenals of the host i'd be done with the old business stopping there was listing of uncles and funders up and his cards on the fly and.

join me every first week on the alec simon chill and i'll be speaking to guest of the world of politics sport business i'm showbusiness i'll see if that. in twenty four you know bloody revolution is here to clear the demonstrations going to be relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it your goal here. is both to do it and they believe that i'm here belonging to the former ukrainian president recalls the events of twenty forty and. those who took. it invested over five billion dollars to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic.

headlines is the great march a return protests continue along the gaza border with israel these are live pictures from there is the u.s. prepares to controversially maybe send a c. to jerusalem on monday. a mass protest in iran follows president trump's decision to pull out of the iranian nuclear deal he's also facing mounting criticism over the move not only from opponents in the u.s. but also european allies. mistake i think it's not right to you know a lot of hands on deal that was agreed upon that was not an honestly approved in the u.n. security council that diminishes confidence in the international order what they want to be. a blind it's what americans tell them or do we want us europeans to say people how the economic.