this is room for us broadcasting around the world and covering the world of business and finance and the impact upon all of us i'm bart chilton coming to you again from our miami studios we're really pleased you're on board welcome coming up this time markets have taken two days of terrible terrible tumbles and we asked the c.e.o. of euro pacific capital peter schiff is this the crash the correction the bear tour atory he's been predicting plus last time we told you about that sad and sorry story of the nissan c.e.o. who was arrested for financial crimes he was arrested well there's more news and we'll get inside his examination from somebody who knows him lauren fix the car coach plus i'll ask her about that wall mark and ford deal for driverless delivery of groceries and later there's more christo news and market movement big time we are super psyched to have back with us chrystia i tripped on expert and co-founder of counterpart yes all that ahead but first we had some headlines let's do it.

today asia leads our global report again as chinese president xi jinping and his filipino counterpart rod rigo do care to sign a memorandum of understanding which outlines plan cooperation on china's regional infrastructure project the vaunted and vilified bill and road initiative that agreement was just one of twenty nine separate agreements on economic cooperation signed by the two presidents with an oil and gas exploration accord among the most notable the turn toward cooperation marks a decisive move for both leaders from a long running territorial dispute which flared up back in twenty sixteen it may also be seen as a rebuff of the united states and vice president mike pence's warnings over the weekend about risk of economic engagement with china present to tear to a known for violent rhetoric and actions was inspired to wax poetic hailing the reset with china as. a rainbow after the rain president xi hailed the cooperation

as part of a store a global shift here's what he had to say on both sides believe that the current world is experiencing a big change usually that hasn't happened in a century making the world a more multipolar and the global economy more integrated faced with the big issue of peace and development china and the philippines mostly join hands fun to uphold the interest of the developing world resist protectionism and unilateralism we can promote peace and stability and prosperity in our region and beyond. and in another asia story waning global demand for i phone is clouding the future of apple's most famous and lucrative product some of the i phones most important and visible components including but not limited to displays batteries and cameras are manufactured in asia although overall apple apple supply chain is thoroughly globalized by does demand by design rather but now disappointing demand for i

phones their three newest models most notably the i phone x r has forced apple to reduce production orders while the increased price of newer models has not offset the drop in demand last week a number of apple component supplier companies adjusted their future forecast downward as a result of the decreased sales apple's woes are also helping to weigh down global stock markets as the world's biggest company's stock price fell four percent yesterday and continued to slide today trading during the midday around one hundred seventy seven dollars per share that's down from monday's price of just north of one hundred ninety four dollars per share. and jumping across the pacific to mexico u.s. based retail hardware and home improvement chain lowe's says they will shut down operations in the neighboring nation the company disclosed the exit from mexico and other setbacks in a press call regarding their latest earnings report which showed. loz clearly

lagging behind the powerful rival home depot lowes had only thirteen store locations in mexico and the latest rounds of closings much smaller than that bundle of fifty one stores in the u.s. and canada which we told you about earlier in the month low stock fell three point six percent on the news and was trading at around eighty six dollars per share today that's ten dollars lower than last wednesday's close. and as noted u.s. markets took a deep dive these last two days the dow plunging six hundred points today so we bring in an expert to look at the overall market senate a few companies specifically we are pleased to once again be joined by the c.e.o. of europe aciphex capital peter schiff peter thank you so much for being with us again you've been calling for a correction for a long time more than that actually more than a correction this is certainly a correction the dow down sharply the s. and p.

also and nasdaq down again yesterday was no bargain either is this it peter well i've been calling for a bear market and i think this is a bear market and if we get a rally that will be the correction because the primary trend is now down this is early in this bear market is very young and unfortunately it's going to be very long lived i think this is going to be similar if not worse than the bear market that went from one thousand nine hundred sixty one nine hundred eighty two it took sixteen years for the dow to make a new high and during that time period inflation took about seventy percent away from the dow's value this time i think it's going to be worse. and why do you think that i mean at the initial point right here peter is it that some traders just don't want to face the music even if it's down or tunes. they don't even understand the music or what's playing what they don't get is that we are about to finish the

financial crisis in great recession that started ten years ago in two thousand and eight because all the fed succeeded in doing was interrupting that process which was the markets cure for the underlying economic disease which is now much worse ten years of additional debt borrowing and spending simply allowed us to reflate an even bigger bubble than the one that top before and so as a result we're in much worse economic condition than we were on the eve of the last crisis and so now the finishing process is going to be far more severe so the back half of the great recession is going to be much greater than the first half and the rest of the financial crisis is going to be much worse than the beginning and people just don't get that yet and it's going to take a long time for them to figure it out i mean maybe not that long maybe months we'll see but in the meantime everybody thinks this is a healthy correction there is nothing healthy about what's going on this is a bubble deflating this is exactly how it started in two thousand and eight only this is a bigger bubble and it's going to produce

a bigger crisis you know you've said this before and i want to if you'll pardon me i want to sort of tease it out a little bit more so you know part of the problem back leading up to two thousand and eight was these the unregulated markets the mortgage backed securities and those over the counter things that you know weren't regulated and rampant speculation but why do you say that this is a bigger problem then then peter i'm sorry to have you do a little remedial stuff for us but i'm very curious. well that's a common misconception that was all these under regulated or non regulated markets it was the regulated products you know fannie mae and freddie mac. these were the entities and you know what they were doing was subprime but remember the fuel for that bubble was not the mortgage lenders it was the federal reserve which kept interest rates artificially low they kept interest rates at one percent which at that time was the lowest they'd ever been they left them there for an entire year and then you know it took two to three years to normalize back up to

five percent but you know we took on a lot of debt when interest rates are artificially low a lot of it was mortgage debt and the bubble popped but this time the federal reserve injected far more monetary heroin into the economy they kept interest rates at zero for six years they've been raising them for three years and they're just now back at two percent so you have nine years so far of extremely artificial low interest rates which of caused a much bigger credit bubble than the one that popped in two thousand and eight we have a bubble in real estate we have a bubble not only in residential commercial we have a bubble in stocks we have a bubble in bonds we have bubbles everywhere and they all popped and the arrows coming out and the economy during these nine years got way more screwed up than it did during the years that greenspan inflated the housing bubble the burn and the burn akki yelena now pal bubble is far bigger so the economy is in much more trouble and so therefore the the process of unwinding all these mal investments

right liquidating all the mistakes and you know a lot of money is going to be lost far more money than was lost in the collapse of zero eight and the difference is the fed is not going to be able to bail and body out there is no bigger bubble that the fed can blow this is it they're done blowing bubbles we now finally finally have to deal with the consequences and because we kick the can down the road for so many years the consequences are much more severe than they would have been had we bit the bullet and dealt i honestly would them earlier. you know we totally blew our time talking about that but i appreciate it so much peter going back i mean from my view i get what you're saying and agree about you know the lower interest rates but boy those o.t.c. products that nobody knew about seemed like a problem to me as well i think in tandem well what you said about freddie and yanni peter that this is asking a lot because we're out of time but i'd sure like you to come back in the next week

and talk about some of these specific stocks that we were going to get to but we didn't now i think i got my view of time out and talk about them. and i know you do unfortunately we don't today but thank you the c.e.o. and chief global strategist at your it precipitate capital thank you peter appreciate it all right. in housing u.s. housing starts are up by one point five percent that's the good news the bad news is the expectation was for more a two point four percent increase so near a one percent lower increase than expectations a particular note is the single family housing problem it's which were down the growth in housing permits is actually in multifamily units the thing is we already have a surplus of multifamily units available go figure the news comes as the federal reserve is still expected to raise interest rates by a quarter of a percent in december making home ownership a little more difficult for some buyers and to places in the u.s.

where housing expected to double in value in the next ten years are in long island new york and arlington virginia in the crystal city area those places as you may recall are where amazon will build their next headquarters when we return lauren fix the car coach will join us to talk about the tremendous tumble that nissan as the c.e.o. is arrested plus our friend and crypto expert christie i have counterpart next is back to look at some new crypto news and as we go to break here are those nasty numbers the nasty negative numbers i told you about at the closing bell and other tough day on the big board with gold hitting the only green arrow on the board back in a flash. with gold make this manufacturer can be sentenced to the public will. when the ruling

class is protect themselves. with the famous merry go round this is only the one percent. we can all middle of the room sick. to briggs it or not to bring that is the question teresa mayes plan to exit the e.u. has been roundly criticised from virtually every corner and with a looming deadline the u.k. could face a hard break without an agreement even early elections how did it get to this point .

samson already has a significant portion of all u.s. commerce something approaching twenty percent i guess their goal is to get fifty percent of all commerce in america it would be amazon commerce and they need artificial intelligence to do that an artificial intelligence needs data to run effectively so jeff bezos put the call out to all these cities and they said we may come to your town just give us all the data on all the people living in your town and will dump it into our computers and our ai systems and by the way you don't get anything. nobody could see coming that false confessions would be that in the spot we wish to fall. any interrogations out there what you'll see is threat promise threat promise threat lie a lie a lie the process of the turkish was designed to put people in just that frame of mind make the most culpable make them want to get out and don't take no for an

answer don't accept their denials she said therefore we. sat on the statement that i would be home by the next day there's a culture on accountability and police officers know that they can engage in misconduct that has nothing to do with. saw the crowd. welcome back u.s. economic sanctions against iran are now cooling the market for indian t. that t. a t. iran is the biggest buyer of indian tea and sellers began to worry when the u.s. abandoned its obligations under the p five plus one nuclear agreement moving to reimpose those economic sanctions when india received a u.s. exemption earlier this month some predicted a quick market recovery from

a reported seven percent sagen prices that followed a ten percent fall in production during peak growing months but it remains unclear how india and iranian t. transactions will legally occur as the market still seems to be swooning the chairman of the indian tea association has been quoted as saying if business has to stop it will be a disaster for us. and frequent flyers take note a major carrier may take a hit from labor rights action during the busy end of the year travel season we've noted recent labor struggles that ryan air well now virgin atlantic is on notice for a possible workplace action the professional pilots union or p p u which claims of support of roughly half of virgin's eight hundred pilots has let it be known they are polling members on how to respond to versions refusal to include p p u members in negotiations on benefit cuts instead version is said it will only negotiate with

the british airline pilots association or bell virgin does not officially recognize p p u which was formed in two thousand and eleven by pilots who are unhappy with the help of as a bargaining agent for the workers p p u spokesperson steve johnson told london's independent financial times quote our members have. mandated the p.-p. you to negotiate but for the last two years it appears the company has chosen to ignore the majority of its pilots and deal only with a union that speaks for the minority and there is climate related business news out of the united kingdom where the brics a drama seems to be clouding the future of the european union's emissions trading system or e.t.s. the text of the brics agreement indicates britain the e.u. second largest carbon polluter plans to exit the e.t.s. and create its own system to meet its obligations under the paris climate agreement but british businesses are some of the biggest buyers in the e.u.'s e.t.s. and informed of the service say their exit would deflate and could decidedly

disrupt the e.t.s. market prices on a leading measure of carbon pollution prices fell more than five percent on the news. and last time we told you about the chairman of nissan motor company carlos goan being arrested related to financial crimes and being pushed out as chairman of the company needs some auditors found evidence of efforts by mr going to mislead his colleagues at nissan for many years but there's more to the story here discusses lauren fix the car coach lauren welcome this is a pretty wild story what do you know it is well you know it's very interesting suddenly out of the blue a guy who runs three car companies not one but three he runs reno he's a partnership with mitsubishi and nissan here in the u.s. i think there's a lot more than meets the eye if this guy carlos ghosn who i've met many times was

actually stealing money or they're saying that wasn't that they're saying that he didn't offer his proper salary he doesn't do that himself the accountants notify the salary of each executives it goes to the f.c.c. it goes to all the different stock markets so that would be on the financial institutions and this is very interesting and doesn't make a lot of sense. but i'm curious about this i mean and you know it's one thing since you do know him i met him several times but it seems really weird to me the morning that a guy would would be you know have all these links nissan renault and as you say mitsubishi and the french government i guess that maybe they were they own part of renault or something why is the french government involved here well they own their lameness here and mix of the three car who's lauren all right well really no me

grey no help nissan come out of debt but on the same time they have a partnership with mitsubishi for drive line components so. carlos' going actually ran a debt free car company which is like totally unheard of but in the midst of all this . it doesn't make sense because nissan wasn't making the decisions on product community us carlos ghosn was it sounds to me there's some politics involved if someone was being dishonest would you just like dismiss them force them to quit why would you make a big scene and bring the police in and take them away in cuffs and try to make an immediate type of situation the only way you would do that is if there is more than me it's either he's completely dishonest and really has something much more than we been told or there's a political move here and it's a coup i believe it's a coup because the sun usa wants to run their car company here based on what they sell they don't want rayno telling them what to do but unfortunately it looks like it could impact mitsubishi which is struggling here in sales in the u.s.

you have tons of great product coming out so i think it's going to be very interesting to watch this unfold but there is certainly a lot more than meets the eye than just oh we didn't disclose his proper salary that does not smell correct to me. it sounds like there is more to it and we appreciate your insight on that lauren was a few days ago we did a headline about wal-mart entering into an agreement with ford to deliver groceries to consumers and what would ultimately i guess be driverless vehicles what do you know about that and you think it will make wall more more competitive with the likes of amazon and i guess it in the retail space more generally. well i think everyone's trying to get into this autonomous car delivery so it's good to get in front of it although there's been some strange purchases the partnership with wal-mart makes a lot of sense but ford taking down all of their sedans and then purchasing an electric scooter company for forty million dollars that makes no sense to me at all but because no one's going to deliver things on scooters but having autonomous

delivery be great you get a code the car comes to your home you punch in the code the door opens you get your parcels interesting technology we are so far off from that happening you may not see that for another ten years there's a lot of technology being tested right now in europe because they're finding that some interesting information that i found today i was reading an x.t.'s article that said that seven percent of people in japan jaywalk were in the u.s. sixty seven percent of people jaywalk so these are things that autonomous cars are going to have to be programmed for each country and the other thing the autonomous part or the vehicle can't define is what are you thinking that it doesn't know so if you decide suddenly you're going to cross the street and autonomous car won't know that we're human would be able to react a computer may not expect that to happen. hey lauren we've only got a little bit of time but can you give me thirty seconds on what you're driving right now. currently i'm driving the brain yukiya forte it is running up for north

american car of the year and i'll be swapping that out for the brain new porsche cayenne which got the new big screen so it should be great so every week i drive a different vehicle and next week is the l.a. auto show we'll be calling the final three vehicles in the car truck and utility category it's very hotly contested whether it be an electric field goal or a traditional combustion engine that we don't know but i'm excited to call the final three and we'll get to talk to you next week let you know what else is new and hot in los angeles. appreciate it lauren and our condolences for having to drive that car next week lauren fix the car coach thanks for your time lauren. thanks bar. and now we shift to crypto perhaps we should call this segment crypto corner as we've seen bitcoin isn't a major route it is a sell off as tank prices but is this just the beginning of what could be a major downturn for kryptos which have already weathered a major correction from this time last year joining us from new york is christy i

have counterpart act hey chrystia we aren't the same place but it's really good to have you on through the magic of television when we look at a graph of bitcoins price it's holding and then just suddenly takes a dip and hold that five thousand dollar mark and then yesterday it just nosedives does this have anything to do with that fork that came out in bitcoin cash or is there more to it and by the way explain how the fork works for our viewers to. absolutely and this has absolutely everything to do with the entire bitcoin cash fork and the hash war that ensues and continues on afterwards so there was a lot of fear uncertainty and doubt going into this entire fork and that's actually what contributed to the low volatility that we saw bitcoin having the last two months no one really knew what would happen when bitcoin cash actually decided to fork and now that it has and the war still continuing on we really don't know what to expect at this point so what how the fork actually works is that there is

essentially a civil war within the big cash community there's two sides of this one is bitcoin bitcoin cash a.b.c. which stands for which is more of a conservative side to it headed by roger bear he believes that the coin cash is good and stable the way it is they are open to adjusting the network and making tweaks to it but they don't believe in any radical changes and this is actually supported by bit main and finance coin base and a lot of the other exchanges. but however on the other side of this coin s.v. which stands for soto she's vision is headed up by craig wright who is formally claimed to be the original such hoshino. so toshi his vision is essentially to create revert back to the original cause protocol and he wants to create blocks that are much bigger so currently the blocks are thirty two megabytes each he wants to increase this traffic li to one hundred twenty eight megabytes which could have

severe repercussions and security risks however exchange for that you get a more fast and robust network so there are trade offs to this and because the two sides couldn't come to any sort of compromise at all they decided to split and turn into a coin cash into two separate block chains so what happened on the fifteenth the miners decided to pick either because of cash a.b.c. or because in cash as to b. and decide to start mining those two blocks and that's when the fork happened. that's a great explanation of for their essentially two separate block chains thank you for doing that i know it's a little remedial for you but not everybody knows so how are other crypt those like ripple any. as you call it how are they holding up. so right now they are all traded against big coin so there's actually this so they're actually following along with bitcoin because of the entire resulting hash war that's still happening

a lot of the hashing power which has been devoted to bitcoin has now been pulled into bitcoin cash so as you know block chains are supported by miners and their computing power and their hashing power and that's what this hash war is about because there are two sides to this faction and each faction controls a huge amount of mining power they have all pulled the former bitcoin mining power into either the big quite a.b.c. or big quite cash to be and because of that the mining power of quite has declined drastically and that has resulted in the drastic price crash of bitcoin and all the ensuing cryptocurrency fall against it was actually interesting to know is that ripple is now solidly the number two cryptocurrency and east is below that. kristie we appreciate you so much should take your time to do that we want to have you back in the near future and tell us about what your predictions are that's christy are the co-founder of counterpart x. or crypto expert thanks so much kristi have a great thanksgiving. absolutely to bart. and that's it for this

time thanks for being with us you can catch boom bust on direct t.v. channel three twenty one dish network channel two weighty or streaming twenty four seven on pluto t.v. that's the free t.v. at channel one thirty two i was watching it this morning or as always hit us up at you tube dot com slash boom bust archie see you next time so long for now. that dollar dolly is what. we got carried away here we care the

music with us. we were dragged here. by us going to get rid of those who are not go away the nice guy quiet. real the heart of what we do is the truth. comes on already has a significant portion of all us commerce something approaching twenty percent i guess their goal is to get fifty percent of all commerce in america it would be amazon commerce and they need artificial intelligence to do that an artificial intelligence needs data to run effectively so. jeff bezos but the call out to all the cities and they said we may come to your town just give us all the data on all

the people living in your town and will dump it into our computers and our ai systems and by the way you don't get anything. going to please go camp site now you can't for people that can't love the site and they're like so vampires. this is like a safe house i guess they don't have to talk about what they go through with this because we understand our daughter katie was first diagnosed with a very rare son sensitive condition if i get sunburned i heal she doesn't feel patients when they have problems with the walk to talk to her son the brains are actually shrinking inside the stone gets thicker in the brain still small. the pain is indescribable it's feels like a really really bad chemical burn but it goes through your skin in your muscles oh it down to the bone. there's no relief. so we're just not sure this is

going to stop. subscribing to rob people also get him for just twelve euros fifty per month. around these foreign minister the straw is donald trump a shameful for a pledging america's continued partnership with saudi arabia the u.s. leader shifts focus from the murder of journalist jamal khashoggi.