going to be so insulting that they're not going to be able to make a deal could even prime minister justin trudeau stuck in a particularly canadian core tone rather and a polite resolution saying quote we're going to remain constructive positive serious and creative about what we do around the negotiating table and what we do in relation to the united states he said but we're also going to i'm going to be unequivocal about always standing up for canadians rights and canadians interest. the troubles of the argentinian and the turkish turkish currencies are roiling markets worldwide this week the argentine peso plunged twelve percent to a record low on thursday also on thursday the argentine central bank raised interest rates to sixty percent sixty percent oh my gosh even that failed to stop the slide of the peso the recent fall of the peso was ignited after president machree of argentina made a plea on you tube to the international monetary fund or i.m.f. for a speedy delivery of the expected capital and credit we've reported on the program

here in the past mr mark reclear really has the i.m.f. attention as i.m.f. managing director christine lagarde will visit argentina next week to advance talks with argentine officials over a possible fifty billion dollars credit package meanwhile the turkish lira we've spoken about continues on a general downward trend following roughly eight percent for the week and trading at only fifteen cents earlier today that's compared to twenty cents just one month ago on friday the turkish government said it would waive taxes on bank deposits made in the lira the two currency calamities seem to be generating negative synergy in the markets as some investors start to take a second look at currencies of the philippines indonesia and india. and speaking of indy our viewers there will certainly recall the mass currency conversion decreed in a surprise a prize announcement by prime minister narendra modi in late two thousand and sixteen mr modi's monetization plan or demo as it came to be called abolish large

rupee notes in an attempt to stem the problem of so-called black money that is neither deposited in banks or subject to taxation the decree set off a near panic in some areas as indians stood in long lines across the country to beat the fifty day deadline to exchange bills which in theory would become worthless for new currency but now the reserve bank of india says that after the demo ninety nine percent of those cancelled large bills ultimately went back into financial circulation mr modi's opponents quickly proclaimed the demo a frustrating failure however the indian central bank also found that in the make of the demo indians opened millions of new bank accounts the number of indian tax returns filed also increased by roughly twenty five percent and dancing another stated policy goal and for more on the north american free trade agreement and the particular impact related to canada i spoke a short time ago to scott the bard an expert analyst at i.h.s.

market who joined us from london. hey scott welcome thank you for joining us from london we sure appreciate it i mean there's been a lot of political discussion between the folks in u.s. canada and mexico and some of that i don't think gets down to the real benefits or maybe the lack thereof but what has been the real reward for canada as part of nafta. well certainly canada's experience tremendous economic growth benefits because of nafta all parties have benefited trilateral trade has nearly quadrupled from just under three hundred billion u.s. dollars per year to just under one point two trillion billion u.s. dollars per year but kind of certainly has experienced a lot of economic growth because of it roughly two point five percent. more economic growth per year than they would see otherwise that is to say that economic growth tends to be g.d.p. growth to be clear tends to be two point five percent higher because of nafta than it would be otherwise and you know we've reported on the program before that i

think it's about a half a percentage point of g.d.p. for the u.s. increase as a result of nafta so overall it seems like a good thing although i guess there are specific deals when you look at the u.s. and canada what are the major things that are going back and forth and what's the key thing for canada now why do they really want to specifically sector specific want to be in this deal. with the biggest thing to think of from the canadian perspective is the impact on the automotive industry so one of the reasons they were driven to the table and that they're part of the party to go have taken place through the last couple of nights and in a pretty frantic pace is because of the threat of tariffs and the threat of tariffs on twenty five percent as twenty percent tariffs on canadian auto imports and that would have a tremendously negative effect on the canadian auto industry much of which is concentrated the province of ontario ontario electorally important but it does

fifty percent if it's if it's international trade is with us it's a it's a very very very strong connection and that is the first thing that needs to be maintained the second issue is the bilateral links you know there are so many economic connections between between canada and the united states and mexico that the elimination of the of the nafta would have a seriously dilatoriness. effect on on economic growth and on the state of the canadian economy and just admitted that you know. sure decimated that the elimination of nafta the reposition of auto tariffs would cause the canadian dollar to decline between eight and fifteen cents if you want to vomit . so this is this is in particular the imposition of a twenty five percent tariff rate on automobiles eight fifteen cent decline the canadian dollar visa v. the u.s. dollar and i mean the industry directly employs a rich one hundred forty thousand people and since there are so many banks across

the border and so many cars are shipped to the united states it's one of our biggest exports and scott what is it about the proposed agreement that the canadians like there are so many there are so many things about this deal that kind of agrees with their changes to chapter eleven which the investor state to dispute resolution mechanism these things kind of supports the requirement to have forty five percent of the vehicle creations were produced by workers make at least fourteen u.s. dollars per hour that some in that category has introduced in previous runs a negotiation supported and certainly of the benefits canadian companies as well and the increase in production that is focused in north america to seventy five percent that's something that also benefits canada and the lack of hard sunset clause is something they agree with from a canadian perspective this isn't a bad deal it's just a matter of sorting out the rest the dispute resolution mechanism provisions and

then agricultural cultural provisions which are a major sticking point for canada thank you so much scott but darren we appreciate you joining us and here is a senior analyst at global analyst and author audit at country risk at i.h.s. market thank you scott. and returning to a story we've covered in the past we again look at the harmful herbicide life both with the latest we're joined by our. sara thank you for continuing to cover this thing up to date on where we are what you've been looking at this past week well that a.w.g. really wants to answer the questions for concerned parents of removal of curios and other cereals that contain the harmful life if life is a so what they're suggesting is parents look to healthier products which are organic. products but the most interesting part of their response was they note that the e.p.a. low levels of life to say risk have changed throughout the years they know the e.p.a.'s current legal limit for life to stay on oats and many other grains is thirty parts per million or ppm but just

a few years ago it was three hundred times lower at only point one parts per million i actually got to sit down with j.d. hanson senior policy analyst from the center for food and safety and i asked him why these changes and this is what he said. if you talk to. the staff over at the e.p.a. pesticide division they would tell you that they have pesticide company people coming to them every day. they have people like me come in once or twice a year but the industry is there pestering them and the industry pester them to change their standards nothing more nothing more than that so it really is part just following the money if we really take a good close look at the numbers bear is paying high amounts for their lobbying efforts and the lobbying disclosure database for twenty seven thousand shows that their efforts totaled over nine point four million dollars and so far in twenty teams has already surpassed that and it's close to ten million but we still have

four months left this year and with all the rate rising lawsuits we have yet to see and you can only imagine how high these numbers will be so bear has ramped up their lobbying already this year there that that already exceeded where they were last year and so what are groups like interviewed the center for food safety what are the advocate there really advocating for overall removal of life to say that it's harmful there are actually also pushing for the f.d.a. to release again there were to twenty sixteen report results and asking for people to write to their congress members to do so one of their major concerns is that life is it will be removed but will be replaced with even worse herbicides that will be worse more home for the environment more harmful to people and really all we can do right now is push for that f.d.a. to release that report so the oka thank you for covering this covering this really troubling but important story thank you. and it's time now for a quick break but hang in here because when we return we talk about global and u.s.

market health and more with the founder and president of investors advantage corporation john gray's who joins us from l.a. and the wealthiest among us the proverbial one percent are getting special treatment at luxury airports from la. sandoz to dubai and other places around the globe parties manila chan gives us the details as we go to break here are the numbers at the closing bell. who.

now that i'm going to learn how to not that i'm not out of luck though the i'm not out of the mouth of the money go there when i'm not at a gym and. this was a good time to. try to move. close up that i want to get out my little body not why not act and there again why x. chanting in the hall people we believe is a little bit here. bottom of my case i don't want the multiple side john evil or

the other moment on account of mother having little accusers are there a lot of on on the way to my building looking up to the pimp i don't want to put all the other motorist party without all the other bloated. to. join me every first week on the i like simon chill and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you then. welcome back the trade in tariff tangle between the u.s. and the e.u. continues to generate winners and losers as the chips continue to fall and the latest company to take a hit is a familiar american brand jack daniels whiskey dec daniels the top selling american

whiskey in the world is made in tennessee by the brown foreman corp this week brown foreman confirmed that the european union's tariffs of twenty five percent on their potent potable have hurt their bottom line compelling management to lower the company's profit forecast for the remainder of the year and beyond according to the company the losses could be in excess of fifty million dollars suggesting a per share loss of ten cents to hit comes even as overall sales were reportedly up sixty percent but international sales were flat company executives had planned on a twelve percent increase in sales outside of the u.s. whiskey is one of the many u.s. products targeted for tariffs by e.u. diplomats to cause maximum economic pain and political backlash tennessee gave donald trump its electoral votes and twenty sixteen and bourbon whiskey is of course made only in kentucky home of senate republican majority leader mitch mcconnell and turning to another business last political story impacting corporate

profits and updating a story we previously touched on dick's sporting goods the u.s. retail chain says their profits have fallen due to a drop off in gun sales and complications with a prominent brand name supplier dick says same store sales were down four percent while net sales total two point one eight billion dollars which is about fifty million below expectations our viewers will recall that dick's declared they would no longer sell something automatic military style weapons often called assault rifles and limit firearm sales to buyers over twenty one years of age after the mass shooting at marjorie stoneman douglas. high school in parkland florida earlier this year in that case the gunman used an a r fifteen assault rifle to kill seventeen students and staff members the sporting goods chain also took losses related to declining sales of under armor clothing after the brand moved more of their product into discount stores. and as we wrap up the week asian stocks took a hit as the continuing possibility of an all out trade war between the u.s.

and china ceases to abate the shanghai composite index closed down about half a percent and the japanese nikkei closed down a little as did the hong kong hang seng index which closed almost a point down and in european stocks the german dax and london's footsie one hundred closed down also by roughly a point for a look at market health and more we are pleased to be joined by john gray's the founder and president of investors financial corp hey john welcome thank you so much for being here they're going to be fun what's driving these global markets do you think. hey john can you hear me what's driving these global markets well interest rates for sure cheap credit for sure the quantitative easing has put us in the place where we are so those are the primary drivers and of course consumer spending that's seventy percent of spending in g.d.p. in the u.s. of a i know what it is elsewhere but that the consumer doesn't spend the markets

can't go up because there will be no profits and john in the u.s. market we've seen some very positive earnings report among the program and those are reflected in the markets but you know what do you think is driving sort of these overall buoyant numbers other than the earnings report what's the underlying line there is the economy just doing better is it tax cuts what do you think. people earning money and as you know it's expensive to live so people have to spend baby spend so that's good for the economy it's good for the companies and may not be so good for the individual that becomes part of the the equation but as i say it's spend baby spend and everybody's involved in it so far even if your income is not what it used to be it's a strong it may it may be a good income again not as high as it was maybe maybe ten years ago even for some people but everything's so expensive you got to spend everything every dime you are and it looks like one of the recent reports i read looks like they're not just spending what they earn but they're spending more than what they earn which is a almost a quintessential unfortunately american thing to do how about

a trade in tariff tit for tat john most folks assume if things continue like they are that markets will take a dive but i mean let's take the positive look i mean what happens if progress is made what if we you know reach some sort of deal even you know momentarily or something with canada or other trade deals start falling into place that could be huge for markets and economies right. yes it sure could bard let's come back to dead if we can because it is an interesting point it's kind of the other side of the of the coin but as far as the tariffs are concerned this is very much like the fourth of july yeah you know growing up as a kid it was great fun to go out with the sparklers and the players and and the things that you did to celebrate the fourth of july but i always remember every year being so surprised by someone's home burned being burned to the ground by the people who were celebrating and i mean so what i'm trying to say is this is a game we don't know how it's going to turn out everybody feels that we have the

best of intentions but let's just recognize if we go back to nineteen thirty it looks to me as though the event of the smoot hawley act where we imposed forty percent tariffs on twenty thousand incoming goods may have been the tipping for at that point that place the u.s. going from a serious recession into the great depression is this deja vu all over again only time will tell what will hope for the best and i hope we don't burn the proverbial house down but let's get to your point about the debt you know not long ago john and you see you and i spoke about this on the phone the other day you know i had a guest and i asked about debt and the u.s. debt not the deficit the overall debt what we already oh in large part other nations including china and the guest said that it doesn't matter much it is sort of struck me as weird i will what are your thoughts about debt u.s.

debt. well i just saw something yesterday from the c b o congressional business that talked about that the amount of the debt that we're accumulating is moving from seventy eight percent of gross domestic product to one hundred percent starting in the next year or two throughout this next decade when we look at the amount of debt as a ratio of the gross domestic product we see country after country over in history where as we get north of one hundred percent of debt to g.d.p. things just start coming apart the will start coming off the wagon so this is not a good sign and it looks to me like whether it's the consumer whether it's corporate certainly at the government level everybody is piling on the debt and we all know that works as long as we can make those payments but missed one two or three and now the house of cards starts crumbling down you missed one i think the house of cards start to talk tumbling down everybody will run for the hills by i

would to john we had it in our conversation i'd like you to share with our viewers you know how do the demographics play into this. it's a great question because it's one of the pieces to the puzzle that nobody's really looking at and if you can put it in perspective the driver to everything when you talk about spending when you talk about growth for in the u.s. of a the u.s. of a is the only country in the world where we had an influx of seventy six million people from one thousand nine hundred sixty nine hundred sixty four so if you look at the youngest it might be represented by michelle obama fifty four the oldest would be at the top in those would be those who turn seventy two in twenty eighteen be a president of the george w. bush that would be bill clinton all turned seventy two so let's just recognize as we get to our late seventy's on average spending just stops other than health care issues so while we might be spending now i don't see how it's going to be highly

sustainable as we get to the point where we're typically on average we retire at age sixty three the help a stick happens to come from the u.s. census bureau and research but then we stop working eventually and if your income is going to stop how in the heck can you possibly spend unless this through debt but let's just recognize this is another little interesting piece of the puzzle that compared to one thousand nine hundred ninety one three times the number of seventy year olds are filing bankruptcy today they were filing bankruptcy back in the early ninety's that's the stunning. john we appreciate you so much being here we hope you'll come back because i'd also like you to share your thoughts particularly as some people may think that u.s. markets are are topping out and maybe they should you know rebalance our portfolios but i'd like to get your thoughts on the future of about active management sort of a responsibility of investors to do more than just follow the lead of some financial advisors i think that's great advice we hope you come back to talk that's john grace the founder and president of investors financial corp thanks john have

a great weekend but it's part due to. and now manila chan looks at airports which were once used by a broad array of consumers now there are some select airports dividing lines and the so-called one percent is getting some super special treatment in places like los angeles london here's manila. the airport was once the great equalizer where the rich the famous the poor and the average all waited in the t.s.a. line to get patted down and have their personal effects rifled through. but now that's all about to change for the one percent luxury is back in a big way ten years after the financial crisis of two thousand and eight and americans are back at it what better way to return to the days of excess and convey

your wealth than to bypass the ninety nine percent at the airport and be whisked away to a private suite as you await your commercial flight that's exactly what's happening at l.a.x. and other high profile travel hubs like london and dubai where the rich and famous live travel and play starting at about eight thousand dollars a year for individual membership the so-called head of state experience at the private suite at l.a.x. can keep the likes of kim kardashian and kanye west away from the prying lenses of the paparazzi and screaming fans the members only terminal won't make you wait in long lines for the t.s.a. customs and border protection or immigration members of the v.i.p. terminal breeze right through because they have private screening in their exclusive area but wait a minute are t.s.a. c.b.p. and ice paid for by everyone's tax dollars how are the private suite members entitled to this private service according to gavin de becker the international security consultant behind the private suite that his company will reimburse

agencies for the difference in cost so as not to take any public funding for the added service de becker told the l.a. times that shortly after the announcement of his mentor his company saw more than twelve hundred sign ups for membership almost immediately including lawyers entertainment executives and media types the website claims that the average traveler going through l.a.x. must walk approximately twenty two hundred steps before finally boarding their flight members of the private suite walk under one hundred modeled after a high end luxury hotels these private suites boast fine wines sure could reply outers cheese is fresh and organic fruits a stocked mini bar and more and if your sweet is missing any of. your favorite creature comforts your private concierge can fetch it for you within airport grounds along with your concierge your head of state experience provides you with eight staffers assigned to you from the moment you enter the facility all the way

through until you're escorted off the luxury sedan onto your flight directly onto the tarmac. de becker along with the los angeles world airports the department for the city of los angeles which owns and operates l.a.x. all agree that this was a necessity for the home hub of hollywood celebs claiming that the distraction celebrities cause when commuting through l.a.x. poses a danger both to the celeb as well as the general public when they're hounded and chased down by paparazzi and require the use of resources like airport police that sounds like a just reason for building such a terminal and certainly by now you must be thinking that this is a growing trend across american airports but you'd be wrong a spokeswoman for reagan national airport and dulles international told me that neither airports had any such facilities for v.i.p.'s nor do they plan on building any dca and dulles both see the likes of real heads of states ambassadors

dignitaries and celebrities alike they fly in and out of their premises on a daily basis she said that celebrities and dignitaries all go through the same procedures as the average joe and they do so without causing any disruption to airport service so while the builders of these luxury members only terminals continue to build them in various outlets across the globe the ninety nine percent can take comfort in knowing that in most airports the one percent are just like the rest of us in washington manila chan r.t. . well the rest of us who use average airport walk more steps there is that and we are fit bits are happier than those who only have to walk a hundred steps to their point that's it for this time you can catch boom bust at you tube dot com. r t have a great weekend. john

mccain and his republican cohorts like the bush family and others they will break cozy with ken lay financed the bush campaigns of the bush presidency and when they got caught committing massive fraud on the same scale as a savings a long crisis the machinery was already in place thanks to john mccain who's a bag man for wall street for decades yeah to bail those guys out and make them all at the expense of the democracy slash economy of the united states which is disintegrating. they would see. it as a levels from somewhere you. came back to the community. people we obvious found in on the road look out for me

got us all bible going towards him. that's. the way. she's going to. receive money don't. give us all that. if you don't. know we're going to this. club doesn't cut doesn't cost a top you need my life. i seem on have to die. because you know provision on my back when i want it. or not. but i. get. your for your height oh i lost his boss because i just got the. resources you

know i don't have anybody among my fellow those. but that's almost. showing us you know you're not. you're not just i mean my body i'm already. given up i might be. getting worse but those was. my family. yes it will be and he. joined me every thursday on the elec simon short and i'll be speaking to us from the world of politics or business i'm show business i'll see you then.

the power of dialogue washington. is a conversation between former u.s. and russian presidents bill clinton and boris yeltsin. a lucky escape on board for this passenger jet that overshot the runway then call fire in southern russia it left eighteen people injured but no deaths on my plane also coming up. if you've. got it just israel uses live ammunition again says palestinians continue to protest israeli occupation of the gaza border. pre-election polls and sweetly showed growing splits over migrant numbers as you were skeptical right wing parties ruffled the ruling social democrat.