which ones not well when you say sectors i mean the sad thing is there really isn't any hard industry so we can't point to things like we can in germany. the largest market cap company in greece is coca-cola so there isn't any large manufacturing i think two sectors that will continue to do well and they have as an offering in a unique offering are tourism and agriculture tourism although over twenty million visitors that is projected it could grow exponentially it's only at like about a third of its capacity athens could host you know three times more tourists than it does right now it all depends on efficiencies and if government regulations could be relaxed in terms of the amount of entrepreneurial businesses that want to start interest of and then agriculture there are so many products that are unique to greece whether it's just one of the number one exporters of both olives and all of oil and grapes and a lot of agricultural products so that's the future for greece it peter real quick we've just got about sixty seconds mean what does this all your turn for the euro zone particularly light of the the trade tariff wars that we've been discussing

lately. well the strong numbers posted by germany today translates into stronger numbers for the rest of the eurozone we are expecting around two point one percent to be the growth across the single currency for the twenty eighteen that was times of real well tense times for trade because of the trump. well announcement of a trade war april to june but those where we seem to have dissipated following the deal done between donald trump and you e.u. . the e.u. . you still employed young commission president i got there in the end quote young because it was done back in july that seems to alleviated some of those tensions but if donald trump design decides he wants to double down on a trade war against iraq well that would have an impact in the future this is the thing with dealing with this president in this white house we don't know what's

going to come in the future that could lead to this insert could too uncertainty and not could have an effect for the long run but as it stands the strong numbers posted by germany really that translates really into fairly decent growth across the whole of the single currency but the way italy the debt enabling is even worse than greece that but i will keep an eye on maryland that is a very arty correspondent here oliver thank you for staying late over there in berlin peter and hilary forex the founder of that realm our thanks to you both. and time now for a quick break but hang in here because when we return now it's my heart all of it joins us from toronto to look at companies like the french company told now and countries that are trying to quit iran are going to quit you iran in light of the u.s. economic sanctions on the nation plus r.t. correspondent sarah montecito also joins us to dig deeper about the feeling one central server side found in breakfast cereal and the executive director of a coast guard tech center an american university professor donald williamson is

back to examine the impact of the large with tax cuts for the. benefiting companies with those stock buybacks or individuals are they getting a big benefit will give us his perspective as we go to break the benchmark standard and poor's five hundred reached a record high today and they've equaled the longest bull run in history all green arrows on the big board today here are the numbers that the closing bell will be right back. and i'm finally going to come from nothing to take and going to plan now hundreds of billions of dollars on keep the point. line and you feel you have you would it be that easy to find

a ten that i had and you know me. plus it said thank you plus the city people. didn't. vote but i thought if i did it by my little bit of a wonderful night that i would look at the fact that i don't have money going to go out much of the way to work tomorrow not to get a job but any. business to learn to fly these blues. some boards of. the seas. you can be no problem.

welcome back venezuelan president nicolas maduro. has announced a number of new economic policies aimed at fixing a myriad pressing problems including rampant inflation mr mcgirr also called for budget austerity increased pensions and a minimum wage increase of over thirty four hundred percent and proposals linking the value of pensions wages and a new ball of our currency he's proposed to the value of oil based petro cryptocurrency tax measures including a vat a value added tax that exempt food and medicine are also to take effect this week most observers say the math doesn't add up mr president even sympathetic economist half for years called on the venezuelan government to address fundamental imbalances in their currency exchange and import systems to boost domestic production and curb inflation and corruption. french oil giant tow tal has pulled out of a lucrative iranian gas project due to u.s.

economic sanctions the five billion dollar deal to develop a giant natural gas field is now in limbo but help may be on its way artie's alex my hyla bitch isn't toronto with more alex thank you as always for being here why was total so quick to back down from from the project is it all to do with the sanctions. has everything to do with the sanctions look they were one of the first companies to come in after two thousand and fifteen when that new deal was signed and the us along with a lot of european nations and others was all the thumbs up for doing business with you rant well now it seems like there to be one of the first ones out and all the help in the world just doesn't seem from at least from their friends at the french government and the e.u. doesn't seem to be able to put or put any influence on the u.s. government the u.s. government is refusing to sign any kind of waiver which would exempt total from being exempt basically from the oil and gas stations that are kicking in in november now for that company at this there's

a reason that they're reacting this way by chickening out very very quickly and getting out of dogs or in this case the rand and that would be the fact that billions of dollars in that company and their assets are actually u.s. so that be around ten billion and the fact that ninety percent of the loans that they have are from you as banks so they are obviously highly vulnerable to these u.n. sanctions and for a company like that is that it's a major oil producer of major company in the game they don't want to have anything to do with any type of penalties that may be incurred so they're getting out of their air but they're bolting you know it's so interesting alex and we've talked about this a number of times i mean right when the u.s. said they're going to pull out and then impose these additional sanctions on countries and companies remember the europeans present mccrone said no this day and will even compensate you well it doesn't look like that's a road that anybody in the euro zone is going and total being i guess the big one i mean what does this mean for iran alex. well of just what you said you know it's

interesting also the chinese banks said well if the u.s. don't want to fund you to a lot of these companies especially from europe there's a well we'll back you up but it doesn't seem like anybody is biting for that offer as when it comes to iran i mean this is obviously big news for them we're talking about a deal that would have lasted over a span about twenty years from two thousand and fifteen this is something they desperately needed in many ways so when they announced this and it was their minister actually they really an oil minister is name is john numb dar. net and so he when he basically said that these guys are going out of the south park project this was very disappointing for them because this whole the project itself was supposed to bring in modernization and just basically clean up some infrastructure that is very old but not everything said and done because in this project there's another investor that investor had about thirty percent and that might pump it up to eighty percent and that would be china as the chinese state owned companies see n.p.c. there there's a good chance that they may take up about eighty percent of this project now the

other twenty percent would remain with the iranian government and china also has promised to buy more oil from iran so if that's when the sanctions kick in they're going to be to help there to help and who's going to getting by that will be the states because china is going to lower its orders of american oil r.t. correspondent alex mahela bench thank you as always alex. thank you the other day. the other day we spoke about the environmental advocacy group the environmental working group which found a dangerous club aside glycine fate used by the made by the monsanto company they found in cereal and months into a recently was bought by the german drug maker bear well we thought the topic merited a little bit more deeper discussion are pleased to be joined by our correspondents here amman to discuss so you've been looking into this and we're so pleased i saw

you on other programs that are to america you were so great on it but it made me even question more we reported that bear stock went down but what have markets been doing since the end of last week so a bear stock went down last monday it really plunged and it continued to fall through thursday it seems like it's starting to pick a little bit back up but it lost eighteen percent of its value since the verdict and nine hundred percent and it's still lower than it has been in the last five years they most of you know when they bought one cent they knew this the problems could come but they probably didn't know that this much would be the problems anyway let me ask you about the definition of what this level so the environmental working group but there are left leaning progressive i love them but there they are progressive groups out there so their standards might be a little the standards they use may be a little bit more strict than others and that the f.d.a. is for new that they're comparing this to saying that it's a problem using california standards fellow e.w. g.s. comparing it to e.p.a.

and california which are all obviously very different california's proposed risk is one point one milligrams of life i say again this is for adults e.p.a.'s level is one hundred forty milligrams and even lower at point zero one milligrams and e.w. is one one hundredth of the california proposed limit and. there have been several critics that have come out and said you know there might be some glyphosate in your cereal but there's nothing to worry about that doesn't mean that you shouldn't feed your children cereal in the mornings it's all about the intake a lot of people are voicing that it's mostly people who eat this on a daily basis and eat it you know throughout the day so it's just about the levels and california so this california is risk was developed by state scientists and this was after twenty fifteen the international agency for research on cancer claimed that life to say it was a probable carcinogenic to humans then after that was when california came out and said we need to put this as

a cancer causing chemical. we're going to run out of time but i want to ask you one question that i'd like to have you back on this is somebody reevaluating this to make sure that levels the correct level that we don't get hurt and get cancer so the f.d.a. has been working on this since two thousand and sixteen since they are in charge of the e.p.a. food standards there is they did say quote the results are being evaluated and those results will be included when the agency releases the twenty seventeen pesticide report so we are waiting on that report to see where they want to get you back as quick as possible to continue this conversation. at thank you sir. and soft drink and their joint pepsico announced on monday that they will acquire a soda stream the israeli maker of do-it yourself soda making machines for three point two billion dollars buying them out of the hundred forty four dollars per share more than ten percent above soda stream starts closing price on friday pepsi's move is the latest episode a soft drink makers seeking to adapt to consumers shift away from the usual

sweetened sodas by marketing to others possible products such as sports drinks caesar carbonated water the acquisition also was reportedly one of the final initiatives of outgoing pepsi c.e.o. indra nooyi who departure we covered here and now we shift gears to look at the impact to date of the. us tax cuts to lend us is able hand we are joined by american university professor donald williamson professor thank you for coming back we thank you ok so we got to do this a little bit but i was so taken by our conversation let's do this more so glad you're here and the main question i have is look we know that a lot of these companies have taken the benefits and used it for stock buybacks one do you agree that's the case and is that a bad thing yes it is the case i don't think when congress passed the law they anticipated that to occur but it has occurred and the bottom line is what will

those shareholders do with the money they received on the buy backs will they invest in capital intensive activities as was the intent of the bill or will they spend it on vacations or even worse maybe just take it overseas and hold it there for an vacations spend it but i guess to get us airfare to get to get out yeah i mean people expected that they were going to take this money and invested in new manufacturing and capital intensive things but that doesn't appear to be the case but as you say maybe though maybe they'll buy soda stream with interest so the jury's still out part ok now let's turn to individuals clearly the rate has been dropped. but is it really going to help when you sort of weigh the balances who does this tax bill help more corporate america or individuals well i think it helps both part of the rate cuts have extended both to corporations and individuals so that any taxable income the last dollar the marginal rate of tax is less for individuals the standard deduction for individuals has almost been double so that

only about ten to fifteen percent of all americans will have to file what we call a schedule an itemized deduction form where they account for their charitable contributions taxes and mortgage interest and cetera so it's great simplified there and then the child tax credit has been doubled for those folks so it's two thousand dollars for every child under seventeen so it has benefited individuals it's a tough call as to whether those benefits outweigh. a the great benefits given the corporation and there's also the a lot of the deductions that were taken away but some of those were pretty important right yes there's no question about you mentioned the child care we're pleased that that's there and that helps working families but some deductions are from a lot of deductions that were available for employees in the trades or businesses have been denied now. i mean i ask you to go into the way back machine and let's go back to the last time a major tax overhaul was passed president reagan the hero of lots of people the republican party and he was a pretty good president in my mind even though i didn't support him but that was

the last time we had major tax reform compare the one nine hundred eighty six tax reform act to this one that just passed well the biggest difference that makes this bill so significant is the reduction in corporate tax rates we have gone from marginal rate for corporations of thirty five percent down to twenty one percent that is most significant the intent was to make american companies more competitive with their foreign competitors and also perhaps to repatriate some of those business activities that u.s. corporations were conducting overseas we'll have to wait and see that as well but that is the most significant from a company or corporate benefit that makes this bill more significant than the one thousand nine hundred six act very interesting and last time we spoke we talked talked about a capital was a capital gains reduction duction that's going nowhere fast and nothing's changed on that right that's correct donna williamson professor university at the coconut center thank you so much for bringing your time thank you and that's it for this

time thanks for joining us you catch boom bust on direct t.v. channel three twenty one dish network channel two eighty or streaming twenty four seven on pluto t.v. that's the free t.v. at channel one thirty two or as always catch us that youtube dot com slash boom bust r.t. will see you next time. egypt. opening up a base here. in the. us he will even be useful because we. were talking to. a lot of them. because i love. to get it started.

but a lot of it i think about tom and i scared but i'm going to look at him as art when i was up the money into the magazine with. the long low level of my. comment. to say that it will be. their own place who has a long. long way to be made. over in the form of the films of all those moments. that. i. feel so sad. this is a response to the two thousand and eight crisis was that the global bankers got together they really architected the global financial system to withstand a ten time the impact financial crisis in the future they did nothing

however to undercut the ability for the bad actors the global banks to increase their balance sheets in the leverage by ten times and now here we are in twenty eighteen and then back now the balance sheet of these banks of the central banks is ten times more like. when a loved one is murdered it's natural to seek the death penalty for the murder i would prefer need me to list the death penalty just because i think that's the player think the right thing research shows that for every nine executions one. is found innocent the idea that we were executing innocent people was terrifying there's just no really hasn't been that we're even many of the families want the death penalty to be abolished the reason we have to keep the death penalty here is because that's what murder victims' families what that's going to give them peace that's going to give them justice and we come in saying. not quite enough we've

been through this this isn't the way. the headlines here on r.j. international to be british foreign secretary pushes for more sanctions against russia during a visit to washington as the us treasury and further punitive measures over moscow's both malign activity. microsoft claims that russian hackers are at it again this time targeting u.s. senate and conservative think tanks but while listing the supposed culprits the tech giant takes the chance to push its own product. as the syrian army years up for an offensive against the rebel held on clay of. western media outlets warned of a civilian massacre the same outlets though failed to mention that much of the area still of the control of hard line islamist groups that have been accused of more

crimes. you know over to our website for the full stories on that we'll be back with you and mom hour's time with a full look at your world news my colleague kevin only will be here right now though it is time for times report still with us. oh who can. will the maple lives win the stanley cup only care about around this joint here we are toronto stacey what's happening hey max we recorded in this location once before right after the us elections when president donald trump was elected and of course we were here to see the influx of american refugees the democrats but they never did arrive but we're still here and i just want to remind everybody that there is of course a little airport right downtown in central toronto and you may occasionally hear

a plane land you will also see many canadian geese some of them are come over here quite aggressively to do yeah i have some headlines here that i want to talk about because of course we are here for some sort of block change sort of conference and why are all these things happening why do we have big queen why do we have cryptocurrency is why do we have donald trump why do we have breaks it why do we have all these things well it all started with report talking about it because of the financial collapse headline reads the financial crisis cost every american seventy thousand dollars fed study says america never made up the growth lost in the two thousand and eight global financial crisis and the recession it triggered a decade later u.s. households are still counting the cost so we're below the two thousand and seven trend and that equals seventy thousand dollars per household right well let's. kind

of go on a talk about this for a moment here so the response to the two thousand and eight crisis was that the global bankers got together they really architect of the global financial system to a stand a ten times the impact financial crisis in the future they did nothing however to undercut the a bill. the for the bad actors the global banks to increase their balance sheets in the leverage by ten times and now here we are in twenty eighteen and in fact now the balance sheet of these banks in the central banks is ten times more levered and now we're at the threshold where they were unable to expand re architect to withstand a crisis eleven times the previous crisis which is what we're entering the remember that famous movie where they had to turn crank up the volume to eleven that's where we are analysts have spinal tap we're at eleven on the crisis level and there is no provisions for a massive global financial collapse as we are now seeing with the dollar

skyrocketing out of control and so it's back to good times and you are right it going was created to combat the banks stirrers and in this crisis in this crisis now unfolding will see that i'm not sure can be done i'm shaking my torso right how much will see the price now zoom up to that hundred thousand target since two thousand and eleven ok so now back to the story because we're going to talk we have been talking about the fact that in the u.s. mainstream media the corporate media they do not like to talk about why we have trump in the u.k. they don't like to ask why we have ranks it they like to come up with conspiracy theories instead and again we invite you to go to m s n b c and fox and c.n.n. and look at their conspiracy theories and enjoy them or not or like believe them or not but some facts my also have relevance to why people are so angry and they want

to kick the elite in the teeth over and over even if it means taking down the global economy because if that global economy is not working for them they're probably thinking why should it work for those top one percent we have shown those that famous study where they have two monkeys in cages next week childcare you give one monkey a carrot he's happy eat it. you give the other monkey a grape and suddenly that monkey that was perfectly happy with a carrot before the other monkey gets a better taste your great and he goes crazy and he starts slamming everything and throwing all his food or oh that's an excellent point just to briefly build on that so the boat and i talk to british people about a i said you know this is economic suicide and they said i don't care i just want to kick the elites in the teeth so what you're saying is the case that could be applied to the globe or people just reject the global economy wholesale and start to commit financial suicide which i think you will you will see well here they're saying the average american family is seventy thousand dollars worse off today

than they would have been had things continued as it were in two thousand and seven we know that the likes of jamie dimon is now a billionaire we know that lloyd blankfein is a billionaire we know that we have weak but there is construction going on so our whole crew looks very shocked that there's a noise off screen but just so you know we're out in the public that's kind of food truck i'm having some fresh canadian bacon delivered for lunch so but we know the top one percent have done a lot better than the past was in two thousand and seven because if the ordinary household in america had seventy thousand dollars more cash that means they would have less at the top right excellent point because crisis magically put together you know this on norma's wealth redistribution to the top so was it was it a crisis or was that it was a planned obviously plan so again like if you tune into corporate media if you tune

into the mainstream media the very confused about what is going on why people are so angry because st obama to them was a great president obama care even though it cost some people like us thirty thousand dollars a year for a product that doesn't actually cover you. you know it's all better for the long run now i'm going to look at another headline here that you and i have been covering as well i remember obama when he came in during the financial crisis said that we have to go forward not look back and we need to not punish these bankers because we need to move forward the economy is in a bad place so we're going to look at our b. s. royal bank of scotland and what they did in america and now they are just paying a fine to resolve this so r.b.s. bankers joked about destroying the u.s. housing market r.b.s. bankers joked about destroying the u.s. housing market after making millions by trading loans that staff described as total

garbage according to transcripts released as part of a four point nine billion dollars settlement with u.s. prosecutors details of internal conversations at the bank emerged just weeks before the ten year anniversary of the financial crisis we saw r.b.s. rescued with a forty five billion dollar bailout from the u.k. government so u.k. taxpayers which by the way their incomes are even lower ten years after the crisis than american incomes they bailed out their banks nobody went to prison remember the f.c.a. in the united kingdom only a week or two ago the financial conduct authority said there was no evidence they couldn't prosecute they had no authority to prosecute r.b.s. for their global restructuring group smashing and grabbing the assets of all the small and medium sized enterprises here senior executives and we'll go over some of the quotes they were saying these swear words that are going to be bleeped out so you the audience don't get to hear what they're actually saying about the stuff they're selling you and destroying your economy that everybody is now seventy

thousand dollars or soft sounding the alarm on this for years then usually you know my wings get clipped and some by some degree you know they can't say anything really outrageous about r.b.s. or these bankers because you know it's not cool or it's fun could. to describe them in the way that i had described them in the past but clearly royal bank of scotland you know when they're attacking british people that's one thing because of who cares british people their micro. garbage who cares but when they attack americans like this that's obviously an act of war and america and you know we tolerate less from iran we tolerate less from china we tolerate less from our perceived enemies that trump is raging on about that we are in the trade war an economic war iran apparently is our enemy according to trump and we should bomb them or we should bomb syria what i'm ok r.b.s. and britain are financially attacking americans in real time with acts of war acts

of financial terrorism so it's very simple that. i mean i don't know how to make it any any simpler than this i mean these people are well again remember everybody in the world is angry and nobody in the elite media understands why they think it's a conspiracy theory and they prefer that because it's simple that they don't want to look at their friends because look at r.p.'s sr this is let me give you a quote and tell you who this is because you were a banker max i'm going to read you from this article the bank's chief credit officer so pretty senior right member eric holder who now wants to run for president in two thousand and twenty he was the u.s. attorney general at the time he said there was nothing you could really you couldn't really prove they did anything wrong nothing was technically illegal obama himself said that nothing was technically illegal the bank's chief credit officer in the us referred to selling investors products.