and peter schiff the c.e.o. and chief global strategist at euro pacific capital welcome guys it's great to have both of you and good to have you together john first of all what do you make of these numbers and i also want your take on wage growth. both good questions bar good to be back with you so it's really kind of a withhold i mean you know for all fifty thousand that's really not remarkable at the numbers been off three four five hundred thousand that would be remarkable but let's consider where most people enter and exit the workforce that's part of the equation that and then let's look at job growth in terms of inflation relative to wages so we enter the job market typically about one thousand or twenty on average that's when people take their first job in america but we exit about age sixty three and it doesn't matter how strong the economy might be if you're going to exit at sixty three that's the average retirement age that's just something that father nature and mother father time and mother nature they hold the true trump card so whatever it is we're trying to do to make it an environment where people are working that's good but let's look at the quality of those jobs let's look at the

income let's look at inflation so we can see for example in two thousand and eight the numbers for the same will start of the annual income household income where there's one or two people in that household making about fifty seven thousand dollars but just to keep up with inflation that was averaged about one point six percent my firm is as looked at over the last ten years that would need means that we need to have an income of about sixty seven thousand dollars today and as of two thousand and seventeen we were at around sixty one for in round numbers so clearly inflation for jobs has been running at about zero point six six as you know that's slightly more than one half of one percent per year versus inflation of one point six percent per year so even those with jobs to the extent that we have a job it may not be the same income and even if it is the same income and this is not it close to seventy thousand dollars our ability to spin is declining as house prices have been rising for the same type period of

a cumulative about thirty five percent or three and a half percent per year so that the numbers are interesting when we dig in the details and peter i really you know i noticed you shaking your head in agreement on some of that i want your reaction. but i'm really interested in this debate peter that's been going on it was a couple weeks ago where larry kudlow the economic advisor to the president said you know wage growth is really a lot higher than the figures say what i mean the figures from the own their own department of labor and so there is this question about whether or not it's calculated right so what do you make peter of wage growth and do we need to somehow consider whether or not a recalculation is in order. well first of all a lot of things need to be recalculated i think the way the government measures inflation i think it does a bad job of capturing the true increase in the cost of living so i think real wages have actually fallen a lot further than the official fishbowls to to say this would reveal and of course

you mentioned at the top of the show about this you know lowest unemployment rate since one thousand nine hundred sixty nine well you know as donald trump used to correctly point out when he was a candidate for president that the numbers are not real because we no longer measure the unemployment rate the way we measured it back then if we did and we counted all the people that are working part time who want to work full time and all the people who are discouraged not just the people who are discouraged for one year like we get the you six but all the long term discouraged unemployed the real unemployment rate is well above ten percent right now so we're not even close to where we were in one nine hundred sixty nine but also you have to remember by one nine hundred seventy the unemployment rate has soared back above six percent so things can change very quickly and you know you want to talk about what's happening to wages look what's happening in interest rates interest rates are rising sharply they have a long way to go a lot of americans who have jobs also have debt they have mortgages they have car

loans student loans credit card debt all that is going to be eating a bigger chunk of their income gas prices are rising oil prices have almost doubled this year they're going to keep rising especially when the dollar starts to fall and these trumped tariffs are just going to add more to the rising cost of living so i know i think real wages are falling and pretty soon employment is going to be falling too because look at the housing market look at the auto market we're headed to recession and we're in a recession a lot of jobs are going to be lost but the price the cost of living is going to keep rising this is going to be stagflation so it's going to be much worse than what we had in two thousand and eight and two thousand and nine real quick i've just got a little bit of time john can you give me the sectors just real briefs. that did well in this job report and peter i'm going to ask you for the ones that didn't do so well john. well certainly as technology by the way i mean just look at it this way when we look at the average household income two thousand and eighteen it's about sixty two thousand now to peter's point let's just go backwards and what what

we've seen literally for the first time is we started at fifty seven thousand in two thousand and eight for four years we went negative for four years in a row we went below fifty seven thousand so this downturn the last time affected on average as more dramatically than we saw it wasn't to two thousand and thirteen that we got above fifty seven thousand dollars again now if we look a little more in again closer to the good we can look at that's the household average when we go by ethnicity it becomes a lot more interesting certainly to me and that's first to see again whether it's one or two people working about sixty one sixty two thousand dollars on average if we on the other hand were african-american it's a little north of forty thousand dollars household income has spandex only about forty seven thousand asian americans by contrast around eighty thousand dollars household income so it would seem to me that maybe we can't change our background in terms of genealogy but it might make sense to get some new skills and certainly math and science are two of the ones that where the future is going it's not about

working in a coal mine anymore and just real quick peter we're out of time but tell me about the sectors that were not so great once this last yeah. yeah you know we can't find those kind of people because too many kids are in school drinking as we've been talking about a lot lately with respect to cavanagh that's what goes on in u.s. colleges now there's a lot of drinking and a lot of math and science but the big problem here is that we are continuing to disturbing trends we had under obama of creating low paying service sector jobs a lot of part time jobs and all these jobs are a function of the bubble and when the bubble pops the jobs go away it's all been a function of artificially low interest rates we've built an economy on a foundation of cheap money that cheap money is getting a lot less cheap soon it's going to be expensive and that whole house of cards is going to come tumbling down thank you so much guys really appreciate it super interesting as always peter schiff the c.e.o. of chief global strategist for euro pacific capital and john grace the founder and

president we sure appreciate you being with us thanks guys. surfing. and turning from jobs and wages to corporate profits samsung south korea's largest conglomerate has posted a healthy profit of their latest in their latest earnings statement out earlier today with a notable assist from their rival apple samsung posted a profit in q three of fifteen point five billion dollars on revenue of fifty seven point five billion dollars many industry observers noted that samsung benefited from sales of key components they produced for apple's i phone i had known that new versions of i phone brand devices were unveiled last month. and saying in south korea we have another story that links to samsung earlier today former south korean president lee myung bok was sentenced to fifteen years in prison following his conviction on embezzle minton bribery charges both south korean presidents immediately preceding the incumbent president in have now been convicted and

sentenced for crimes relating to abuses of power mr leask served as president from two thousand and eight to two thousand and thirteen while his successor president moon moon guy. i was removed from office last year mr lee was accused of accepting a bribe worth roughly five point five million dollars from samsung prosecutors alleged a quid pro quo for the payoff in exchange for president lee's pardon for samsung's disgraced former chairman. one of the great things about boom bust as we broadcast all over the world as we always say but doing a market wrap on numbers as a time crunch here it's really tough to get it but the end of the week is a good time to look at all the markets and we do that right now we start with the dow jones industrial average a new york we didn't reach that twenty seven thousand point high we almost did on

wednesday where it reach an intraday high but didn't get to that threshold maybe next week and of course nasdaq also the composite index at nasdaq down as you look at the rest of the western hemisphere both the colombian exchange and the brazilian exchange all down on the week and we're moving to asia we have first of all shanghai shanghai is up for the week and then the nikkei average in japan down for the wake and over in hong kong and hang seng index down that's a third straight week down for hang the second straight week down for the nikkei and down under was actually up at the australian stock exchange moving to europe first of all we go to the cac the french cac it was not only down but so were a heck of a lot of those big companies we've told you about before air bust down known told tall and even her maize all down and that the german dax it was down as was diane where the owner of her savings bend which then switch in the middle of the week

looked like they were going to get a big gain but they just ended up a little bit over being flat and then finally we're up to the u.k. with the footsie and the footsie one hundred down on the week and we're going to have more on the footsie. coming up to you right now. and we now do take a look at the footsie with our friend the c.e.o. of straw mark hillary for the chill re welcome five pleasure so the footsie is owned by the london stock exchange but not a lot of people know much more about that give us some information about it ok well yes thank you bought the formal name for it put c. is the financial times stock exchange it actually started as a joint venture in one thousand nine hundred four between the financial times and the stock exchange in england in the u.k. and it's actually of the one hundred top firms with the market capitalization so it's actually a stock index of those companies that are governed by english common law and it's interesting to think about the fact that it's not actually a barometer though of the u.k.

economy because there's so many of those companies on there have international interests so if you wanted to get more of the u.k. economy in a barometer there of you look at the footsie two fifty which has far fewer firms with international interest proportionally let's talk about that a little bit i read a story earlier about unilever who are people who are worried was going to be leaving the u.k. bills are going to stay in holland as they have headquarters there also you know i was going to state now right well the shareholders sort of rebel because they could see that it would no longer be listed on the footsie one hundred right there was a big well lot of these firms i mean are considering moving and a lot of multinationals not u.k. based firms which firms that are over there are moving to paris you know in a post bricks at the but what are some of the big stocks traded there on the puts the number to one hundred to one hundred ok so you start with astra zeneca the big drug pharmaceutical company you also have burberry b p you have the. retelling food stores like marks and spencers tesco sainsbury's also burbery that's

a clothing manufacturing company and whitbread which is a food conglomerate a hosting company and then you also have rolls royce. and royal bank of i think it's royal bank of scotland one of the robotics yeah those whitbread make those little cookies that you can buy at the airports one of the many things that they manufacture yes actually you have to talk about those of the future hillary forward mark thank you for helping us out on footsie sure appreciate it my pleasure thank you. and time now for a quick break but hang in here because when we return a centric electric car c.e.o. elon musk can't leave well enough alone as he takes a swipe at the u.s. securities and exchange commission the car coach lauren fix joins the discuss as blood and other new auto news plus steve malzberg helps us think through the winners and losers of the new trade agreement between the u.s. and mexico and canada it's not a done deal yet and as we go to break here are the daily u.s.

numbers at the closing bell back in a flash. no you don't accept the salute just as strong as the right to be a little bit it's. these people. who love me. while i'm somebody how does know it's

a mask you never know what's happening and whether they're shooting whether it's your. mistrust the tibetans are. going to. be. just thinking of that in you but i'm addicted to sit. in the muslims all these clear when the. unfortunately the united nations security council and he's approached to yemen is going to turn this into the speech of envoys that of course many months or two months and then that is until today when the the owns i mean that are meant to be presented to the security council would make these statements which is that if you do. when

a loved one is murder it's natural to seek the death penalty for the murder i would prefer if penal and death penalty just because i think that's the fair thing the right thing research shows that for every nine executions one convict is found innocent the idea that we were executing innocent people is terrifying there's just no really hasn't been that we're even many of the times families want the death penalty to be abolished to respect 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 new fleet then through this this isn't the way.

welcome back major names in the global tech sector are scrambling to react to a bombshell report that a ship's manuf that ship manufactured in china may have secretly surveilled the flow of information at apple and at abbott an amazon web services the online retailers cloud computing unit bloomberg businessweek broke a story deal with sailing how chips are made by a company called super microcomputer and sold by one called elemental gave chinese authorities a virtual open door to affected servers in the wake of the news. some tech expert professed to be staggered at the apparent threat from altered chips while others are saying implanting an altered chip would be an odd workaround when manipulation software would be more likely to escape detection for their part amazon and apple are pushing back vigorously on the story both companies release detailed responses that bloomberg report is untrue and we are going to question more on this one. the

economic diplomatic and legal drama surrounding chinese electronics firms e.t.e. has taken another intriguing turn on wednesday u.s. just to court judge kate extended probationary status in relation to charges of violating u.s. sanctions on iran was found was first found to be in violation of u.s. policy back last year two thousand and seventeen and paid a fine of eight hundred ninety two million dollars to settle that case but earlier this year it was added again and charged with violating u.s. sanctions as a result of these new charges judge can cade extended the duration of a court imposed monitor from two thousand and twenty to two thousand and twenty two the repeated brushes with sanctions have raised serious questions about the company's long term viability experts say it would be unlikely to survive a cut off of inputs manufactured in the united states which seems like an increasingly likely penalty for is the alleged defiance of u.s.

policy. electric car a centric c.e.o. elon musk has brought as britney spears moment a nother he's done it again this time mr must tweeted criticism of the u.s. securities and exchange commission calling them the short seller in richmond commission mocking the f.c.c. acronym only days after they agreed to settle the matter involving fraud by mr must for a previous tweet which misled investors about tesla going private here discuss this and more auto news as a car coach lauren fix lauren welcome it's so great to see you always love having you on. i keep putting hope i keep hoping not to cover tesla so much but this guy is like the energizer bunny he keeps giving and giving all this stuff and you've got a cover to cover it i'm curious what your take is on his taunting tweaks to the tweets to the regulators. well obviously a lot of musk is very mad that the short sellers are making money off his stock but hey you know he opened the door to this and then when the f.c.c.

after he made his bold statement about four twenty as we all know about we discussed last week you know then he goes after them and he they may decide thank you for being here and steve let's start with you what are the sort of next steps that may be in the process of this long road before things kick in well every country has their own procedure to cut through the red tape of course but for the united states sixty days after the signing the white house has to notify the congress of any laws that need to be changed to comply with the agreement the i.t.c. the international trade commission in the u.s. has to issue a report on this they get about a month and i have to do that they may not take it but that's what they get then it goes to congress finally and when congress gets it it goes to the ways and means committee and they get forty five days time if they need it if they get it out of committee it goes to the house floor for a vote and then from the house it goes to the senate and then the sent takes the same exact bill it goes to the have the senate finance committee they get fourteen

days to play around with that and then they voted out and hopefully it'll be passed by everybody and the president gets the signature he needs to a participate in the deal you know a lot of partisan rancor these days in washington but it seems that both the parties the democrats and the republicans are on board steve tell me a little bit about the tech companies google facebook amazon they seem to be pretty pleased but i gather not everybody in the tech sector is happy to tell us about it well section two thirty of the communications decency act here in the united states that is going to apply in the new deal so these tech companies through this through to thirty get the protection they need against libel suits for instance they can't be sued for libel of something appears on their platform anybody who wants to sue has to go after the person who actually wrote it or or started it so that's a big deal i mean. that section two thirty is what many attribute to the the growth in the atmosphere to grow these tech companies to what they've become also they

could claim freedom of speech and not be sued if they've shown they made a good faith effort to keep obscenities and harassment off their platform so it's a big deal i mean you know alex jones the talk show host is being sued for things he said about a shooting that he says didn't happen the parents are going after him but they don't go after the internet people who put his product out there because they're prohibited from doing it they have to go against him personally that will be in this new deal and lauren what do you make of the potential impact upon the auto sector at least what you know so far what we know so far because there's going to be a lot of changes as we now i would say that their prices of cars might go up a little bit and i was actually discussing this yesterday with an automotive executive and they said well we'll just put an incentive in to offset the difference if we've got a price of a vehicle in place and we worry about the price of a vehicle going up three four hundred dollars there's always incentives on almost every single vehicle many new vehicles they increase the prices and how to consider the fact that metals are costing more so you're going to see that in the price of

a vehicle but remember my number one rule when it comes to buying a car for those of you buying a new vehicle is never pay retail there's always an incentive out there and steve just real quickly we're running out of time but who might be some of the losers in this deal. well the losers i think china is is going to be an ultimate loser or because donald trump is involved and now the u.s. president of course he has his get tough tactics and he's now sees that work with mexico work with canada and now he's going to be emboldened to be tougher on china you have the canadian steel. tariffs still stay in place here in the united states so there are there are a loser and as mentioned here the people who buy autos here in the united states they get paid more probably and and the automakers are going to have to pay more for the labor but so those a that right off the top those are some of the people in the countries in the who wind up on the negative side a conservative t.v. and radio commentator steve malzberg and the car coach lauren fix thank you for

your time guys thank you for. and that's it for this time thanks for being with us you can catch boom bust on you tube dot com slash won't last r.t. or we have a great weekend so long for now. cooked additional note of what was announced at the callender some of these it's inconsistent with what you're looking it's not. simple yet so when you if you. look at with a showing of the bread which it was going to see is lost when the shit. you think of shit. you're pushing thirty. both of shipping. yup and most of the book is the work of the person you are still losing notes i

don't know what the move. is the latest news is in the press. boys and i believe that the show yet of putting. lyricists through the summer in the story yeah. it does. make this manufacture consent to step into public wealth. when the ruling class is protect themselves. but the final merry go round certainly the one percent. we can all middle of the room six. million more you don't need.

the ones in the united states is dangerous for most. the illegal immigrants. to the most. simple don't want you. and i wonder. what many of them look for refuge in the so-called sentry sides of the drifter used to share information about undocumented migrants with federal authorities. that they are. honestly don't know. what that. they have or what are their options to stay in the country with donald trump in the white house. travels. to the old city to. deal with the putting political both. of you up of a deal with all of the. police

in france around goodbye plans to arm private security officers of the country wrestles with improving the security situation. there is a real risk with these agents not having enough training having a weapon in your hand means the possibility of taking your life is because of the question. yeah bridge over brett kavanaugh supremum court nomination has divided america and shows no sign of dying down with some supporters of his candidacy even being made to apologize. and saturday night sees the most anticipated mixed martial arts fight of the year is already superstar common mcgregor takes on russia's undefeated. in the last vegas we spoke exclusively to father of the.