down more on string i don't roughly don't t.v. . i. i. i. this is flown by broadcasting around the world i'm partial to thanks for being on board coming up fred hoffman the author of bet the farm how to stop being food joins us to talk about the impact of trade tariffs on livestock and b. and the resultant impact on prices we all pay plus artes alex mohai live it joins us from toronto to talk about the u.s. treasuries plan to deal with offshore tax havens and the earnings that are still overseas plus artes daniel hearkens reports from london on broadband in the united kingdom and the e.u. but first we focus on an issue that is impacting many portions of the planet all

around the world the summer of twenty eighteen is setting heat records and moving markets around the world electricity demand is spiking in affected areas causing outages and some as quiet change begins impacting local state national even global economies today we start with a little look at some of the areas being at least partially impacted by extreme weather the commonality for those is like that old glenn fry song the heat is on we go first to the state of california where wildfires have destroyed more than a thousand homes and firefighters are struggling to contain more than a dozen blazes the largest wildfire the car fire is happening primarily in northern part of the state where governor jerry brown had this to say fires are no more part of our ordinary experience the predictions that things would get dry here in the hotter are occurring and that will continue we're in quite. cycle but the

predictions that i see that the more serious. predictions of warming in fires to occur later in this into the twenty four to twenty fifty there are no occurring in real time. stockpiles upsurge with regard to meet around the u. us another area being impacted by the trade wars and the tariff tiffs in that sector of the economy is experience huge onslaught of excess supply thus reducing meat prices and that may be good news for some consumers but for thousands of companies and communities that rely upon meat and meat related products and the ranchers who are helping produce this meat it could cause a world of hurt and sooner rather than later here for more is the author of bet the farm how food stop being food bread cough and thank you for being again with fred

bring us up to date on the circumstances these things are fluctuating back and for all these trade trade wars but where do we see this with regard to meet right now well of course what we saw is a trade war with tariffs and one of the big exporters of the of the meat producers is pork suggest take the example of china when the trade war first began the tariff of twenty percent was set by china in retaliation now it's up to sixty two percent another great importer of our meat products is mexico that tariff has now gone up to twenty percent and so therefore the sales have gone very straight line down eighteen percent lower to china and of course the effect is warehousing we had this unbelievable bumper crop not only of grain of but of meat last year were producing about one hundred and two billion pounds of meat last year and we can't find a place to put it there is two and a half billion pounds. this meet in storage in cold storage and you know what that

takes a lot of energy and it takes up a lot of real estate it does take up a lot of both let me ask you when we talk about me we're essentially talking about beef pork and poultry is it sort of in roughly about order beef pork and poultry i'm not sure well in terms of the problem and part of export yet that that's that's exactly right and that chicken is not really is not really pinpointed pinpointed here now of course we have to we have to realize that the main market for meat is within the country but what's happened is that one of the great things about iowa and nebraska is that they make more food than they could ever consume and so we've always looked at international markets and international trade as a buffer and as a way to to deal with the excess and make some money you know and what are the big companies now and you know i know that smithfield which was a big pork producers now actually owned by the chinese so that presents sort of a quandary but one of the largest meat producing companies swift what other ones

are out there of course you know we have tyson foods and what's what's the interesting case about tyson foods is they're kind of saying we're good we don't really care that much why is that well it's because agriculture and of course were included in including meat production in this has never been vertically integrated in other words the largest producers and the largest manufacturers like tyson are not actually the ones with the herds so once again the people who are really being hurt are the smaller people the people the ranchers and the farmers who are then supplying the food chain that tysons and the smith fields in the hormel zx with their be in with their pork and with their chicken at the very end of this come the retailers like mcdonald's and burger kings and they are of course the ones who get the most opprobrium when in fact there are they're the least responsible you know it's very interesting and you know regard to this whole trade war. when beef

supplies are up in they're not producing as much beef then they're not eating as much grain so that is also having an impact on soybeans and and wheat other feed grains corn etc right well if we can just get into the politics of this for a second what we're what we're seeing is that sonny perdue who is the head of it at oregon secretary of agriculture has gone back to nineteen twenty nine to give what section thirty two exactly exactly to get a loan to give these toys for farmers twelve billion dollars in support what in other words you take the legs out from under them and give them a golden crutches in the farmers are saying we don't want aid we want trade and what we're going to see is the same thing is going to be coming up for the beef producers this is that terrible solution this is making welfare mamas out of the farmers which are already criticizing her take it being on the government at all and this is the classic trump solution same thing with stormy daniels first he

screws you and he pays the off and it's even worse in this regard in that he did you know this is all his making the twelve billion dollars wouldn't be there if we were in a in a trade war and they do the farmers do want to trade we ought we know that but this isn't just about being paid once for ed they want to create long term global relationships and as we heard mr juncker from the e.u. say recently when he was in japan he said look we are a long term reliable trading partner and by omission he's saying the u.s. is not right and what's going to happen what we're seeing in all the data is once a market is dissipated once the market is destroyed it doesn't come back maybe it best comes back at eighty percent and what people are saying is look you know we don't need to go to you anymore we can go to argentina we can go to brazil we can go to even africa we go to emerging markets develop meat production there this is a lose lose lose very sort of sobering for. kaufman author of bet the farm thank

you so much fred thank you bart. and the u.s. hopes to end what is called the lock out effect on earnings being stuck overseas reforms are being put into place which will addressed an estimated three trillion dollars worth of corporate earnings being hoarded offshore archy's alex mohai live at is in toronto and joins us with more on this story thanks for being with us alex how does a government plan on collecting these trillions of dollars from multinational corporations that are holding these overseas investment profits i guess right alex exactly so the treasury has a draft plan that they're working on that's been dorus by some senior officials they're looking at to collecting about three hundred forty billion dollars over the next ten years using a system of basically taxing these people but taxing them in not not what you think in the some in vast amounts so it's seems to be a system that can actually attract people to start playing ball fairly now look if

there's a lot of money offshore and we have a graphic here they'll show you just how much that really looks like these are just tech companies that we're talking about in this graph from two thousand and fourteen to those of four years ago and you can see apple one hundred eighty one point one billion microsoft one hundred eight point three billion i.b.m. sixty one point four billion so obviously plenty of money hoarded abroad and that's just these tech companies and just imagine how many other companies there are out there and different types of businesses so stephen utian he's a here's a quote from him and this is basically the idea that the treasury has the tax cuts and jobs as creates a historic opportunity for american companies to bring capital back home from overseas to invest in our domestic economy and create jobs for hardworking americans though this means big companies can no longer do what they've been doing that's a basically avoiding taxes. and keeping their international profits outside of the country now the proposal has the tag. right here for this proposal is about fifteen

point five percent for all cash earnings and then another eight percent on the remainder at this i mean it's a good incentive and i mean this is the boy business needs to be done these people need to pay taxes and once paid once this money comes back into the country it's all it's all done there's no more paying any more of these earnings so it's you know it's an interesting way of doing it i mean it's something that has been had to be done probably decades ago we've all known that these offshore banks exist that people are hoarding money abroad so what's interesting here is that it's the trumpet ministration that are actually going to bring some of this money home and they're going to be pushing hard to do this it's definitely a way to create income for the country and it's definitely fair and i think that's what people want to see fair play when it comes to these multibillion dollar corporations well alex i mean they've been talking about this for years and to the credit of the administration they know they've been talking about it but

it particularly in it it seems like a great plan on on paper but you know these places these these foreign jurisdictions they're all about hiding the money so i assume there's some sticking points of this plan what do you think. and you're absolutely right i mean look they were we know of dictators that have had money you can just look at you know a couple decades ago you had a dictator like let's say slobodan milosevic all his money was in cyprus he was basically draining money out of his country and says out of serbia and down to cyprus and you have these people doing this all the time so this is really nothing new but when it comes to these companies what's interesting here is that a lot of companies are complaining about it and the ones that are complaining about it are not necessarily american companies it's european companies that feel that these this type of tax these tax measures might affect them negatively i mean they've already talked about how taxing that that they have been treated fairly by the u.s. so this is just another step here and this is of all a part of

a bigger plan if you look at it really i mean we remember just last year that was signed into law one point five trillion over ten years and this was a part of the tax reform so that part was reduction in taxes at home so of corporate taxes dropping from thirty five percent to twenty one percent so again another mechanism to make money even though you're reducing here you know you've got to fill those those coffers from someplace else and what's interesting here is that even the u.s. congress budget office says because of those tax reductions the deficit is going up so we're looking at about eight hundred four billion dollars deficit this year and one trillion in two thousand and twenty so you have to somehow mitigate that and this is one way of doing it now really as andy card says the response you know it's one hyla bichon toronto thank you alex appreciate your time. and time now for a quick break we're going to try to get back to some of that climate change news we're talking about earlier so hang around for that plus melissa arm of the c.e.o. of the stock foolish joins us to discuss media related stocks and artie's daniel

hearkens reports from london on broadband in the united kingdom and as we go to the numbers and stocks of note today is that apple has just become the first american company to move above one. trillion dollar valuation ever the first public company ever good on them the numbers mixed results in stocks but oil notably up two percent for the day back in to play.

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i'll million million indeed i'm not i'm not picking on you menominee been that you could have been funny don't you mean one man got a bike i mean it will be like army and economy are you. disinflation very little inflation for decades interest rates have gone down for thirty years markets have rallied for thirty years now the whole thing is reversing interest rates are going up so is inflation so we'll see how that plays out if wages rise faster than inflation. as such then come to wonder if wages don't rise as fast as a business deal inflation then we have trouble. and

turning to south asia the indian central bank formerly of the reserve bank of india or r.b.i. has raised interest rates by twenty five basis points to six point five percent the increase is the second in three months and puts indian interest rates at a two year high the increases a second to three months of i said and r.b.i. governor urge it to tell announce the increase in mumbai on wednesday citing concerns about the impact of global trade tensions one pressure point on the rupee

could be weakness in the chinese with you one which is supposedly dragging down the rupee the rupee did gain point one percent on the dollar in trading earlier today and within india the most direct result of the impact on it might be the impact on inflation rather which has been outpacing the dollar but overall the r.b.i. was optimistic in a statement saying quote various indicators suggest the economic activity has continued to be strong. and elsewhere in the indian subcontinent pakistan is accusing the united states of attempting to block a planned aid package from the international monetary fund that is reportedly under negotiation currently officials there say the u.s. is also seeking to d. rail of the china pakistan economic corridor plan a joint plan for sixty billion dollars of chinese infrastructure investment in pakistan pakistan is reportedly seeking as much as twelve billion dollars in credit

from the i.m.f. on monday u.s. secretary of state my palm told the rival network quote there is no rationale for i.m.f. tax dollars and associated with that american tax dollars as part of i.m.f. funding for those to go to bail out chinese bondholders or china itself a senior pakistani official told the financial times that the incoming government of celebrity athlete com will pursue other options if the u.s. succeeds and blocking the i.m.f. aid. amidst all of the media madness and mergers which media stocks are set to do well and which well not so much for the answers we now turn to our friend who was an arm of the c.e.o. of the stocks which was a great to be with you in person again given everything that's going on out there which a lot of media stocks are have the possibility of doing really well going forward

but i love this disease strong this isn't that trouble with disney buying this huge package of fox assets and the twenty first century fox studios and california that is really going to put disney on the map i love that stock long term i love it right now and i think disney probably and that bucket of stocks i think is the best buy and you know i wouldn't i wouldn't wait i guess it's the best way i'd say it i wouldn't wait on that one how about comcast now you don't comcast is in the middle of a bidding war to try and get part of the sky to the pay t.v. european t.v. company over there which could make them more competitive do you feel like they're also if they get the sky deal are they a good investment or should maybe investors look at that no i think it's a wait and see and wait to see what happens with that one because the stock does not look as good as disney and also they're probably going to fight hard for those assets because they didn't get the fox assets so they dropped them and they didn't

really hit them for another bid on fox after disney put a second bid in for that they dropped it and decided to go after sky so they're probably going to go hard pushed hard for that to go through and who knows how long that could take i would wait on that because we don't know if that's going to go through and that stock that's not that's going to remember there's other stocks you can buy that are creating content in this marketplace which you might not think as content providers or creators like that flex one of the reasons that click stock looks so great i mean that is one of the strongest stocks right now in the market that's a good buy you don't think of now likes the same. disney and yet now thinks it is doing so well because they're selling subscriptions but also they're creating shows if you want to watch a.b.c. show or whatever you have to actually subscribe to netflix to see the show you can't to turn in until you're on the dial and so that is the future and apple is starting to create content too so look to see them in the future as well even though apple does many other things they're going to push themselves out there were content i say the next five years apple is going to look very different as

a competitor against the likes of netflix and even disney and that's what's so great about disney getting that fox said those studios disease really going to go for i think are going to see a lot from that stuff you're going to turn a lot of the content or whether or not it's x.-men or anything else that they have the does they get from parks and so rides and everything else and more and more merchandising let me ask you another question and this one's about a media company but it's really not be if you could judge it on media and that's an amazon to me you know we think of them as as the the store that you worldwide store we think of them as a no food delivery and a whole foods but they do have an important media component but can you really separate that out and basically media determinations on their stock or not amazon is just a behaviorist i think anything that amazon wants to do it will dale and it will i make an attempt not necessarily to do it better than anyone else which is which is problematic for consumers but they will have time to do it cheaper as so that's

that's that's the problem personally i like quality when i'm going to watch a show or i'm going to buy a product and amazon is all about price like for example when they decide that by whole foods i think we've talked about this before going shopping in the store is not the same experience you do not get the same customer experience so if they decide to embark on this new thing to go up against the likes of netflix disney don't necessarily look for the best experience there are out there because they have so much. so much everyone's attention is just if you say i was on this no one that doesn't know amazon so when you're going out and you want to turn around you want to buy something or you want to get somewhere do something you just think it automatically amazon amazon so it's really hard to compete with them but i think the nice thing about that is enough like sense of the world and even apple that's starting to get into this to where the content is and they're starting to go before amazon so it's not that they won't look into it but they're starting to do beforehand but i don't i don't have necessarily

a lot of conviction that amazon would be some place that i'd want to go and buy a subscription to watch a show or think that they would produce some great shows because everything they've touched has not been the type of quality that you've seen for people who really focus on that thing whatever those are doing whether it's food shopping whether it's team being whether it's production content whatever it happened retail clothing whatever happens to be super interesting and insightful and intelligent as always most of the c.e.o. of the start of those things was anglia. and turning now to the issue of infrastructure the sickly broadband internet access britain's opposition labor party pledges this week to invest one point six billion pounds over four years to improve broadband capacity in the case of a no deal brecht's this labor says that their plans could deliver a minimum speed of thirty megabytes per second or m.b.p.s. is by twenty twenty two. the incumbent conservative government of theresa may said

last week that they could deliver as much as greater speeds with a one gigabyte per second but did not indicate any new funding funding for the goal now here to give us a broader perspective on the issue of broadband access the you in the u.k. and the e.u. is r.t. correspondent daniel hawkins. the countryside somewhere you'd go for greenery or fresh air perhaps to escape social media the slow internet here will help with that but we're not in the countryside. we're actually in rather i thought a london suburb just a few miles from the city as you can see behind me is one of a number of areas both here and another urban centers where internet speeds are among the slowest in the country. while internet speeds normally see a consistent urban rural divide it's britain's major cities that often see internet black sports frustrating both residents and businesses recent studies have shown

the u.k. dropped to twenty first place of twenty eight in europe an internet speed rankings one improvements have been made broadband speeds rose by twelve and a half percent over the previous year average global speeds jumped by over twenty percent meaning the u.k. was overtaken by countries like france luxembourg poland and madagascar with much of the u.k.'s network based on old copper wire phone system a government report estimated f t t p the fastest type of coverage could take over twenty years to reach most of the island's population meaning one a five gigabyte h.d. movie takes more than thirty six minutes to download in the u.k. it takes seventeen minutes forty seconds in romania and just over eleven minutes in singapore the government aims to have the country covered with super fast speeds by twenty thirty three a big ask given the billions needed for that infrastructure rollout the alternative though is the u.k. being left very much behind in the super fast internet race.

and that's it for this time you can catch boom bust on directv channel three twenty one or dish network channel two eighty or streaming twenty four seven on pluto t.v. the free t.v.'s channel one thirty two are always hit us up at youtube dot com slash boom bust r.t. we'll catch you next time. in the philippine city of angeles when the u.s. military moved out the six tourists moved in. and now

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is is a perpetrator is simply moves him to a different spot were the previous standards not. highest ranks of the catholic church conceal the accused priests from the police and justice system to that of that's known as the i intend to include at tuesday's out in. this. case. i. think.

our democracy itself is in the crosshairs thread is not going away the russians try to hack into and steal information us national security and intelligence chiefs a doubling down on allegations of possible foreign interference ahead of those midterm elections to congress without still providing any specific evidence. of setting pictures here in our next headline dozens of civilians killed in an alleged saudi coalition air strike on a yemeni port city the instant harlee surprising riyadh's main ally the the us. and national geographic admits he went too far with a caption on a photo of a polar bear the blame climate change we asked people in london what they thought about this error of judgment and maybe if there was more to it could also be paid advertisement school.