like we take all your natural resources and you get nothing that's colonialization but africa does not have the perception that that's what's going on because it's easy to understand that what they're getting from china has enduring value it's hard money probably put it in those terms and so it has enduring trade value going forward and this is what is lost on a countries like the united states which is myer in the perception of money or you get something for nothing but some of the last shows we've done where they have this sort of thing of they don't actually want to help people they want to feel good about themselves and by giving them some money giving them some aid and not actually developing it here the gunman president says that we in guyana must build roads bridges railways ports schools and hospitals and we must create jobs to keep our young people engaged he noted also that you know we've had for the past few decades we've lived under this western sort of aid system and nothing has happened

we haven't grown we're still in this situation and we need someone we need infrastructure we need. infrastructure problem which to develop an economy but without that we're not going to get their head right once again i mean they are going to engage in trade which is peaceful the us is building military bases in africa that is a war based economy china wants to be a trade based economy going forward into the twenty first century which one will prosper and while i think we're going to find out here is the washington post take on the story and that surprisingly they do see that china in africa has been fantastic for competition because remember part of the situation that you and i have discussed about what's gone wrong with the global economy is when the soviet union collapsed they collapsed because their system could not compete with capitalism but it did also make us lazy because we didn't have anybody to challenge our. our ideology and our our policies with

a different perhaps better policy forcing us to up our game this is why competition is good china is offering no strings attached aid to africa here's what that means you know china has just recently given a sixty billion dollars worth of loans and aid to africa no strings attached it seems like a lot of money they point out but that's just below the point seven percent target by the o.e.c.d. countries to invest in aid and and development and developing nations and this is only in point four nine percent of china's g.d.p. but china's rise as a major donor and investor in africa the washington post points out has led to renewed competition in the continent the european union for example launched an africa e.u. strategic partnership in two thousand and seven and pledged to mobilize more than fifty four billion dollars in sustainable investment for africa by two thousand and twenty and july twenty eighth seen the us congress passed the better utilization of

investments leading to development act to compete with china's growing presence in africa so driving competition has been good for africa has been good for basically the e.u. and us corporations have to compete with these chinese investments right competition in trade is peaceful and it promotes peace trade is the peaceful way that humans have evolved for hundreds of thousands of millions of years and so in africa really the cradle of humanity the cradle of homo sapiens as we understand our role on planet earth is now ready to take on all comers as they begin to enter the twenty first century with such advantages that they leap frogging all the fear of money banking system right into cryptocurrency so they're ready to be really a huge growth story twenty first century yet again so they point out again that the competition between don't nurse has led to great outcomes in africa and then the.

tim post asks what comes first good governance or development so this is the no strings attached thing so. china does not try to impose any sort of restrictions on their aid in relation to things like government corruption or by government institutions or by cultural differences so here they look at some studies so this is the washington post again remember they say one question to ask is whether good governance leads to economic development this is one of the underlying assumptions of making a conditional some scholars suggest the causal arrow may actually be reversed that is some additional level of economic development is needed to enable institutions of good governance to generate further growth and development in fact china's own development trajectory demonstrates that the relationship between governance and growth cannot be simplified as a chicken or egg situation that's patently obvious because trade comes in for

a governance because trade only works if both parties feel like they're getting a fair deal if one party does not feel are getting a fair deal then trade collapses and none of the benefits of trade occurs just like for like it's called hard money it's called the evolution of the trade as part of our d.n.a. as humans and the governance is an abstract it's a construct it does not predict a trade then you end up with a soviet union type of situation they're trying to create the perfect governance and then trade comes later that does not work so they follow up with this with more evidence and more studies showing that economic development first that governments recent evidence shows that china can help countries such as kenya and ethiopia realize such initial growth through investment and dust realisation a study based on extensive field work in africa similarly concludes that quote. you

know as growing involvement is strongly positive for africa's economies governments and workers on a broader scale scholars have found that chinese funded infrastructure projects result in increased economic activities and reduced inequality so remember our model helps a lot of people in seattle and san francisco in los angeles and washington d.c. in particular feel very good about themselves of teaching these people how to behave and they claim that they're at their end game is to bring in a quote to reduce inequality but here they're showing that the chinese just like trusting these people to want to engage in trade because i want to want to not have violence want to not be told that you guys are deplorable is and until you stop acting deplorable we're not going to give you any more money so there and fact these studies done by western institutions and universities have found that in fact

the chinese model seems to be doing better than our i feel good about myself because i work for the world bank i work for the i.m.f. i work for some sort of and geo look in america it's a similar situation to air b.n. b. reinvented lodging there are regulations didn't come till much later krypto happened before the regulations will never occur because it's totally self regulated you know happened and it was completely unregulated industry changing the regulatory framework financial innovation first regulation second africa saying we want to be a start up continent we want to do trade first do the regulations later to an extent that we need regulations but you don't want government first it's called socialism and it never works and never will work you want trade first that's in our d.n.a. goes back a million years allows me that case people want like for like they want to have a communication they want to. interaction we trade biological information to propel the species we trade language with photosynthesis we're training carbon for oxygen you know the trade. is it in our d n a not governance governance is not part of the

reality and never will be so here again we're covering africa africa as welcoming this investment from china we covered recently that latin american leaders afraid of course because of the bloody history of their invasions and coups and stuff like that they haven't spoken on the record but like this guy did it in the u.s. but they've said like they're welcoming chinese money because the u.s. has abandoned them and they're not investing in things like infrastructure now here is another competitive story a country ignored long by western investors but now is. on the on the radar of western investors u.s. confirms effort to qual way in papa new guinea the u.s. is working to stop chinese telecom giant huawei from building a major internet infrastructure project in papa new guinea the latest sign of international efforts to curb china's broadening influence in the pacific the u.s.

was working alongside japan and australia to develop a counter offer to while ways plans u.s. charge d'affaires james caruso told astride the state broadcaster on friday this is not to say don't do business with china it is up to us to be competitive he says so they're trying to come up with a better project for the indo-pacific region because china is moving in there fast with all of those treasuries and u.s. assets and financial assets that they need to spend and they're building a network classic end of empire the u.s. is trying to cling to this idea of the u.s. dollar reserve currency empire they've built over a post world war two era where everyone gets a debt of america and pays homage to america china russia africa name it they're all saying no we won't work until as a minimum trump wants markopolos and they want to trade directly bilaterally we don't want to be part of the globalization anymore but also i think it's establishing new guinea who's never talked about that's never even discussed nobody cares about it it's only. simple hubris to sort of big deals so it's us and europe

are you know the last and it's nobody wants it so all these other countries smaller countries smaller economies still developing have apparently been left out they feel abandoned they want to make their economies great again they want to participate in globalization because they can all see on twitter and facebook and other social media that the world is moving forward and they want to be part of it but unless they can get capital in this world of capitalism they need you know they need to go wherever the deal is and whoever will build the infrastructure for them to be connected on to the global highway that is global trade open to getting your doing the right truck. up in new guinea were in no way the flight leaving tomorrow . we're going to take a break when we come back more it coming away don't go away. this

is crude oil. soon they need to actually physically pump it out of the ground you would have well well well well well. there's a lot of money with joy and with that comes. a lot of a lot of people from all over the country. if you don't make a hundred thousand dollars a year. as a minimum there is an issue. here in the. they were told sixty dollars a day it's hard work for the workers not these ten so they want to relieve their

stress of how do they relieve their stress these men move back out like these men that comfort these men that. people have been murdered up here people been raped there are massive drug issues up here you have a boom you have everything else that comes along with money. what politicians do. they put themselves on the line they get accepted or rejected . so when you want to be president and she. wanted. to go on to be the first to see what the full story of the morning. can't be good. i'm interested always in the was in the house last. question. when a loved one is murder it's natural to seek the death penalty for the murder i would

prefer and it means to live the 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 and there's just no way that hasn't been that we're even many of the times 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 want to that's going to give them peace that's going to give them justice and we come in saying. not quite you know we've been through this this isn't the way. to. welcome back to the guys report imax guys or it's i'm not to go to steve beauregard. welcome steve mask good to see you

again i would say you're one of the first generation. original gangster big going crypto and we've done so for a long time and when we were in los angeles you know your guy chris you were the founders of silicon can be just a little small silicon based briefly yet we're now it's sort of calling a block team beats but back in the day we started a place called big trouble us where we're bringing all the bitcoin companies in and go point took the master lease on that but unfortunately mt gox happened and nobody else could pay the rent so that kind of imploded but i think would be a great thing now but there's so much momentum around town now you can't go into even a local bar or pope now without hearing block chain bitcoin to this that it all comes up yeah it's everywhere and so tell us a little bit more about go coin and then block yeah who is doing real well so they're growing their merchant base so it's for online payments as you know and we're taking a bunch of new cryptocurrency is not to speak with like when to do it's going like the old old days we know about a big point cash assumed at there and we've had

a dash we've got a couple of others up our sleeve so we're just kind of thinking i'm slowly and strategically you know which i'm a dash for a second because you know one of the greatest things about crypto is that it can help people that are unbanked are going through incredible financial duress in venezuela now argentina dash of the gas community have really made inroads and they're really introducing krypto and it's really making a huge difference politically do you think that's a wave now in twenty teams we're going to see build going forward yeah i do i do i think that we're going to see more kryptos sort of strategically move into different spaces and i've always said it's going to be token boy you would get equity in a company they work for even though you're not an employee as an a or b b host in a way it's sort of the new economy sharing economy type of employee so this is different way it's like the next generation of an a boy you know it's interesting because people are talking about these get kind of mean employees and workers and they're underpaid and they're not really getting

a big way. age and. the company doesn't even classify these workers as employees or independent contractors but it seems that giving equity to more people is a way to get more people involved in this economy in america that is driven by financialization it's not driven by wages i mean it used to be wages in the seventy's and eighty's maybe but since the eighty's america has gone into a period of pure financialization and everything is traded in tokenized so an easy way to get folks involved would be ok we're just going to give you a piece of equity it doesn't really cut into if companies are buying back their own stock with my money they're brawling for nothing from the central bank why can't these companies give some equity away to people who are actually doing the work to build the value in these companies steve absolutely they shouldn't have to be an incredibly bester i mean the little guy who's driving around the uber he's acting

almost like you work for the company but he has no ability to get you know an equity ownership in that company based on who. really has a million dollars somewhere or made to it if you two thousand dollars or less branson rigged a requirement right doesn't meet them so he can buy the stock and so this you just gifting that essentially gifting the stock in their account and now their equity participants i mean the companies that have tried equity ownership have done well in the companies that pay well done and done well here in the in los angeles the in and out burger where they pay their folks very well and that's a big love chain and there's very little turnover in companies that offer equity do do well what why doesn't that mrs get through to a wider spectrum why is why is amazon you know think that having the one guy with the two hundred sixty billion dollars and adding guys were on the floor having the plastic bottles i don't get it why is that what are your thoughts on the game so

that's an interesting one i don't. begrudge anybody who's been very successful in their ability to to build up as much wealth as they as they can but i do think there is definitely give back there's a point at which you've got to look at your employees you have to look at what they're offering to the company and collectively you're going to build more loyalty among those employees by cutting them in on it if you will so what's happening at block block a lot of exciting things that block as you probably know we launched a metronome about a month and a half ago and that was our new foundational cryptocurrency and that's the first of its type dow project called the pseudo thomas organization and it's a group of smart contracts that anybody can trade against the metronome pair meter pair twenty four by seven it's all out there available trading pair without going through an exchange ok so the first down that was launched on the theory i'm black shame was spectacularly problematic our crash walk me through like what was what was learned there and what's happened and you guys obviously evolved and right what

was so what did you learn from that and why is this different yeah the main lesson is really have to audit your code and send it out to multiple audits of the code so we had the top auditors in the world look at the metronome code and come back we made a couple of fine tunes but thankfully our team did a bang up job and it went into production it's behaving exactly as we expected it daily supply auction every single day is available so comes out at twice the price of the previous day and then it descends down to a descending price auction fascinating project and so anyone interested metronome dot iow the owner's manual great read did a fantastic job architecting this all right so you know you talk about metronomic talk to back aucoin and they take multiple clients you know there is a bit of a political split in the space of the big client space yeah the big clean maximalist you know who are very die hard and they have a very i would say dim view of anything that's not based calling and the other camp

is basically more in the. law is a fair law let the market decide well let's just bring out some different points in the middle would be a kind of an argument that the market is so so fresh so young and that the learning curve for the average person is pretty steep and so it's may be too much of an obstacle at this point to confuse the market with so many different offerings you know instead of just focusing on one and we saw this played out with big going cash where this was an attempt to really dominate bitcoin right and almost take over a bit coy and fortunately the protocol is designed in such a genius way in the incentives are balanced so brilliantly that repel this cost a lot of their statement as an absolute for statement but what i like about big point.

we're fighting in union the enemies of europe are those who are entrenched in the process a warning to brussels us two of the continent's most controversial hunting establishment politicians team.