because there's always a small. profit. this is boom bust broadcasting around the globe uncovering the 21st century global economy and daniel britto in washington christine ali is on assignment in singapore and we'll have some special content from her later in today's show there's so much more to get to but we kick things off by taking a look at gold reserves around the globe as nations have been stockpiling in the wake of international trade uncertainty was the saudi aramco i.p.o. inches closer so we'll play now for institutions are finding the 4th spot on the advisory board who will touch upon gold in this major i.p.o.

with geoffrey hawker of the american institute for economic research anton horwitz above the trading then later. you as we're working our way into a serious bear market and maybe it's already started. and later we get a video postcard from christiane in singapore where she spoke with her now and international investor jim rogers about the risks of a coming recession and how singapore developed its role as a global financial hub get in we're going around the world in just 27 minutes let's go to. the latest signs of a slowdown in chinese economy lead our global report today as chinese exports and imports fall while some speculate that the really condom is even weaker than is indicated by official chinese government estimates the latest figures show chinese exports to the united states search largest trading partner and rival for the title of world's biggest economy falling by 16 percent. such an august year over year

increase in the rate of decline from july's 6.5 percent global chinese global chinese exports fell by one percent in august of this year versus august 28th again on the other side of the balance imports to china from the u.s. also fell in august for a 4th straight month imports from the u.s. last month fell by 5.6 percent versus the previous august matching the year over year rate of decline for july meanwhile the wall street journal cited an index from the firm capital economics of london called the china activity proxy that has estimated growth below official figures since the start of 2012 while the most recent official growth figure for china is 6.2 percent for the 2nd quarter the most recent calculation from the proxy model is 5.7 percent and there are growing signs of a resort to the perceived shelter of gold in turbulent times bloomberg reports that china has added $100.00 tons of gold to its reserves sense entering

a buying phase in december also notably russia's long term bet on gold seems to be paying off after a decade of patiently quadrupling their state gold reserves russia's state central bank now holds gold valued at more than $100000000000.00 but we'd buy a 42 percent rise in gold prices over the past 12 months. and shaking on the in the united kingdom there was some non brags that related disruption in the u.k. commerce world today as international carrier british airways was compelled to cancel nearly all flights scheduled for monday the 1st day of a strike by pilots pilots represented by the british airline pilots association or b a l p a call the 48 hour work stoppage on monday and tuesday and set a 2nd such action to start on september 27th if they are unable to secure a satisfactory terms from corporate management pilots a british airways pilot say british airways has made it now that british airways has made it through some lean years to increase perennial profits to $3000000000.00

management should reciprocate for pilot pay cuts that help the airline survive meanwhile the company's c.e.o. weighed on weighed in on the strike this morning. it is punishing our brand is punishing the 90 percent of colleagues that have a really except at this 11.5 percent deal and frankly it is punishing those pilots that want to come to work every day day in and day out. to be a general secretary says the labor action is causing daily losses of $40000000.00 pounds but the issues on the table could be resolved for $5000000.00 pounds meanwhile in today's episode of the bracks it show the great british pound was up this morning on better than expected u.k. g.d.p. growth in point 3 percent in july meanwhile in parliament speaker john bercow announced plans to resign by 31st as the house rejected prime minister boris johnson's push for a general election for a 2nd time. and 18 stock has ticked up in trading on monday on the news that

a new investor has taken a major $3200000000.00 stake in the company elliott management corp which is widely considered considered an activist investor has called on the telecom giant to scrap what they say are unnecessary assets this includes both its purchase of direct t.v. and potentially its recent acquisition of warner media according to the wall street journal elliott levy to its criticism in a letter addressed to saying quote a t.n.t. has been an outlier in terms of its mergers and acquisitions strategy most companies today no longer seek to assemble conglomerates will be skipping on this story as it develops. and here to help us drill deeper into gold prices and the role that that last wrist metal is playing during this trade war we are fortunate to be joined by the dynamic duo of tata horwitz chief strategist trading and jeffrey tucker of the american institute for economic research gentlemen welcome

back to this show so 1st gold in china it almost feels wrong to discuss this without peter schiff here but we have to ask you what is the sort of diagram on the play here for china in ball king up there gold purchases we know in general gold as a result to sort of security but what is their security specific interests and bulking up reserves right now jeffrey i'm sure you have a take on this. thread. suspect everything is obvious with the u.s. more or less trying to relinquish its dominant driving force in the world economy and do with this true protectionism china is trying to find an alternative to the dollar and of course the gold has been a safe haven for thousands of years so it makes perfect sense shores up the banking system help stabilize it in the event of some sort of a liquidity problem burley's to some dependency on the dollar they're looking forward to a future where there are a kind of marginal decoupling from the u.s.

economy and that involves the dollar what's interesting to me is wondering whether or not china and russia too are imagining the possibility of a world in which the dollar is no longer your going to be the world's reserve currency that's going to not have that tomorrow or next year but over the next 5 or 10 years under the current trends we can see something very interesting happen and china wants to be well positioned i'm sure you and your colleagues are already tracking this trend it's already priced in as you say but is china's reaction going to keep moving the gold market as long as he's tried tensions persist. you know i don't i'm not so sure that we're going to go higher i mean i still like all i think it has room to run higher i mean if you watch the 1500 level i think that's going to be the key number i mean china's been accumulating gold for years this is not a news story this is just a rehash of a story that's been out there and i think they've been trying to eliminate figure out ways to get rid of the dollar as a reserve currency but they're not going to be able to do it i mean again the united states is still the dominant force here and russia and china had have had

some deals but that was the whole story about the petro dollar and all these other things bottom line is they've always accumulated gold they're going to continue to do so because it's a hard asset that they can hold onto and again it will not have as much effect but they've got so many other problems to worry about that they can have all the gold they want they've got a major meltdown coming there between their hidden cities and all the things that are going on in china that they're running into some big problems so. this is just a story that really will not affect the price of gold either way it's going to continue to go higher as laws that could say about $1500.00 and on that point you mentioned russia russia is apparently been playing a longer game and they've been they've quadrupled their reserves over the last decade adding $106.00 tons to their reserves just this year but it sounds like you take a dim view of their goal there in amassing the reserves which is to break free of dependence on the u.s. dollar above it sounds like you don't think that's feasible in the long term for russia. and i don't think so i guess and i look there's separate deals china and

russia do a lot of stuff already through a block chain method and there's going to be outside deals as far as the world reserve currency i don't see it in my lifetime that it's not going to be the reserve currency there may be some adjustments but you can see what has happened when currencies try to change and they try to change the dynamics the bottom line is you still need the money and the power behind it to become a reserve currency and i don't see anybody replacing the united states and any sort either power economic or through military action so at the end of the day. they're adding on but i think they're also understanding that the world's gold supply is limited and they're trying to accumulate i mean i think when you look at all this paper gold that's out here it's not that there isn't enough gold to cover the amount of gold that's being traded every day and jeffrey what's the one thing we should know about russia's gold buying spree. look i get a. tension about about this these matters i am not at all convinced that

the dollar dominance of the world economy forever is a fait accompli i mean the dollar dominated the world economy at this time to $48.00 because of the u.s. drove the world towards free trade lower tariffs and the dollar held the position of responsibility but that is being relinquished right now and we are underestimating just how extreme this move or the triumphant. it is in terms of trade when you're giving up a 70 year kind of leadership role here. that's going to have consequences on the dollar and i think you know russia wants to reclaim its formal former imperial status and with that comes cumulation of gold i think it's all just a no brainer everybody is looking for you know post us world at this point at least the u.s. dominated world that's what's happening and will continue to be dominated by we'll see we'll see if you go for it is it is interesting we have to come back to this

the long anticipated. i.p.o. also has been stop and go for a while now now reportedly j.p. morgan is close to winning a leading advisory role in this process with a piece of the action also going to citi goldman sachs h.s.b.c. and samba financial according to fox business this will all happen in november supposedly so jeffrey who's going to get the biggest slice of this consulting pie and will it ever really go in the oven so to speak. think. out of the question of the situation so obviously it's going to j.p. morgan i think i think that's a done deal and yeah it's going to go in the oven we just have to wait until the end of the year 1st of the year and j.p. morgan's we are going to be the winner here i'm very interested and what's happening with a number of the i post pos in the u.s. right now with the weakening economic situation you know we're seeing things happen with we work with. these these companies did really well and how do you as highly

leveraged companies with that was a great deal of optimism out there about you know the continuing boom of the markets for the last 10 years but now that's in question i think we're going to start to see some real pressure downward pressure on some of these i.p.o.'s. certainly in the in the we work case right right and on that on the we work i.p.o. bob let me toss this to you we. you know getting all the wrong kind of buzz now they're talking about a 20 bill. dollar valuation well below the $47000000000.00 level the company was valued at one some big pocketed investors including soft bank already ponied up so they're looking at a big loss here if they go with a 20 $1000000000.00 valuation number what's your prediction about what's going to happen here above you know we're starting to see a sudden change on a sudden but a gradual change in the whole market structure right now i mean we're extremely overvalued here we've got markets that are running away again today into what i believe is the start of a recession in this in this market and of course always at the end of it you start

to see one vet when no one valuations are no longer exciting when people are jumping into these and we watched what happened with hoover and left over the hottest things going and of course they're all getting baked in those things i think the same thing is going to happen here and i think they're going to have to continue to lower their valuation they may not come they may have to change their their mind about becoming public i think this is one of things that goes on here is that you've got a market that doesn't really have the strength to power these companies that don't make any money i mean again the day you've got to make money if you can't make money it's hard to be in business that's the name of the game and this is 100 percent correct todd at this hour right todd horowitz and jeffrey tucker i love this energy here thanks so much for both of your insights on this huge subject. and time now for a quick pause for the promotional cause but don't go anywhere because when we return the bull market in america is over 10 years old it's the longest in american history and the reason it doesn't have to go 20 years but it's already along with the ever so we're we're not it's not the beginning of

a bull market was coming to an end we take you to singapore where christianity is to sit down with the now international investor jim rogers to get his forecast for what could be on the horizon for the global economy and as we go to break here are the market numbers. what politicians do. they put themselves on the line and they get accepted or rejected. so when you want to be president and you. want to be. actually going to be close this is like the full 3 in the morning can't be good.

i'm interested always in the waters in the. west sydney morning. you know world of big partisan movie lot and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door. and shouting past each other it's time for critical thinking it's time to fight for the middle for the troops the time is now we're watching closely watching the hawks. is this is a stick for the open water bottle phone in the stomach of the fish the brand is part of the coca-cola company which sells millions of bottles of soda every day the idea was that let's tell consumers there are the bad ones there the litter bugs are

throwing this away industry should be blamed for all this waste the company has long promised to reuse the plastic. special projects funded. on the best that is the. fun now. mountains of only grove. join me every thursday. and i'll be speaking to us through the world but. i'm sure i'll see you the.

welcome back now as promised we want to take you to singapore where our very own kristie is there attending the best 2019 conference with global turmoil reaching a fever pitch the country of singapore has managed to maintain its stability on the city's street has been on the cutting edge of the economic development but how has it managed to maintain this title and how did it get there to find let's hand it over to kristie. singapore is one of the richest and most liquid capital markets in the world and accept a haven of the east in 2018 singapore was 2nd only to the u.s. in terms of i.c.'s announced and launched given its conducive regulatory environment and willingness to experiment with new emerging technology singapore is often cited as one of the world's richest nations home to over 184000 millionaires given its low taxes and generous business incentives despite being a small island of just over $5000000.00 inhabitants singapore holds a tactical position in southeast asia connecting trade between asia and europe

known as one of the 4 tiger nations which includes hong kong taiwan and south korea singapore as economy is mainly driven by exports and technology financial services and tourism and experience high growth in recent years today singapore is now among the world's leading money exchange centers with the highest g.d.p. of all the 4 tigers and managed to attract tons of foreign investments with its tax framework and. friendly laws high levels of education and internet penetration and as one of the most politically stable economies in the world with no foreign debt high government revenues and a consistently positive trade surplus with the continued unrest in hong kong and no end in sight with the china u.s. trade war many investors have now started to move personal wealth to singapore hong kong was previously the favorite destination for asia property prices dropping out of the alarming rate and the political unrest threatening its financial stability singapore has become the refuge of asian wealth both old money and new money

singapore has now opened its doors to all of the tech companies in recent years recognizing the dynamic shift of crypto currencies as a way of the future the monetary authority of singapore had a really established guidelines for players to experiment with financial technology and is now embracing crypto looking for ways to integrate it's distributed leverage technology into the singaporean financial markets we'll be bringing you more on that this week as we take you with us behind the scenes to invest 2019 at marina bay sands reporting from singapore for boom bust. and while in singapore christine our team of only managed to catch up with world renowned international and. rogers during the talk she got his takes on what he expects from the global economy in the near future let's hand it back to kristie in singapore for that special interview. talk about what's going on with the entire world economy right now and as we've seen august has been one of the worst months

for the u.s. equities market as well as equities worldwide we also saw the yields inverted we saw several signs that there is going to be a recession that's very imminent but shortly after now we open up september and. so are we celebrating too soon and did anything really change because right now nothing's really changed between august and september the markets rebound everybody thinks that we're all good again or like 2 percent off of all time highs is this even realistic. 2 percent of us all by your word i mean most of the world would love to be 2 percent of the. many places i doubt japan are now on a whole lot from their all time highs if you as me were working our way into a serious bear market and maybe it's already started they always start in places where you're not watching in 2007. iceland went bankrupt. people so what are you talking about if they noticed but then gradually. northern rock

star then lehman brothers and everybody knew it always works that way and it may have already started so where we're watching right now way think this next callous kind of thing we're already. bankrupt using indian banks many indian banks are in trouble turkey's got serious problems origin you know so it's all these are places that nobody cares about because they're small and they don't watch indonesia's got problems so it's probably working itself start looking at the bigger countries and it will probably surprise us i know it will surprise us all it's all a place who ever thought better stories would go bankrupt bear stearns been around $100.00 almost 100 years and suddenly disappeared lehman brothers been around over a 150 years and suddenly it disappeared so it's going to happen that way i'm not sure who will be next it could very well be a bank in china for instance. china has said they will let people go bankrupt i

hope they do it will shock everybody including me and i just hope it might happen you know it's going to be it's always places that surprise us that we haven't thought about and we didn't think it could occur i want to singapore we always have our house how singapore is like this financial safe haven it has given so many tax incentives and everything home to over 200000 millionaires here but singapore this past quarter as we contract about 3. point 3 percent and is now barely up over 4 percent for the year to date so far in its market so how has singapore weather the entire storm with the trade war between us and china. singapore as the presidential center. financial centers good and secure attracts money in bad times for instance i own a lot of u.s. dollars the u.s. dollar is not a currency i own it because people flee to the u.s. dollar looking for a safe haven that's part of what's happening in singapore especially given hong

kong people try to get their money out of hong kong many of them will go to singapore or if they're thinking of coming to asia they're not going to think about hong kong not now they'll think about singapore singapore as some things going forward but no i don't think. nobody will come to touch maybe north korea whether the north korea nobody is going to come to the sun. to singapore is there is no growth left in singapore the economy contracted last quarter we don't see any areas where it's necessarily going to be quelled worldwide so what can we did to continue this ball rolling can this bull market continue because right now the answer seems to be no good you know as well i think you know the bull market in america is over 10 years old it's the longest in american history and the reason it doesn't have to go 20 years but it's already longer than any we're not it's not the beginning of a bull market we're coming to an end and i've told you so and so places where the

bear is already showing up so no we're working towards don't worry it's going to happen good good news for you because you have job security because somebody has to report all of this you know for a lot of guys like me i have no job security for the need reporters and t.v. networks and so there are actually a lot of people who are arguing that we actually never recovered from the last recession that this wasn't a 10 year. so-called bull market that in theory we were actually just stuck in a depression for the last 10 years simply because growth has not rebounded to the term trend we've been averaging about 2 percent growth in the us when the long term trend has been 3 to 4 percent and even though that average is not a huge average the difference is over 10 trillion dollars so we've basically left 10 trillion dollars worth of corals on the table within the last decade so do you think we could ever return to that no the way to look at it is even if it has been growth it's been artificial it's because governments all over the world and central

banks have staggering printed and pumped staggering amounts of money into the world you know listen if you give me $50.00 trillion dollars very very good time we could go dancing for the rest of our lives but that's what's been happening you know they've been printing all this money pumping it into the into the markets buying shares in japan the central bank i mean this is an inconceivable 20 years ago but the central bank every day prints money and buy shares and e.t.f. bonds i mean it's great for the stock market for stock brokers but it's not good for the world and left it this whole thing is very very artificial the amount of debt that's going up in the last 12 years is gigantic and no it's even if even if it has caused some real growth it's all very artificial.

and finally world famous auction house saw the bees is auctioning off what could be its school this product yet the company has announced that it will be putting up what it calls the most valuable whiskey collection ever for auction at an estimated $4900000.00 this will feature $467.00 bottles and 9 casks which features some by. those that are nearly 60 years old the auction will go live online on september 27th the y. bosham in london on october 24th while the hype around the auction has qana soars a potent potable is buzzing for a nip the person behind the question has chosen to stay anonymous going only by the name ultimate whisky collector according to forbes that's it for this time you can catch boom bust on direct t.v. channel 321 dish network channel 2 way or streaming 247 be the free t.v. app channel to 97 or has always had its up to you tube dot com slash boom bust r t

c next. 2 days there are good and bad the bad news in the united states. the good. the cia and the u.s. military were engaged in covert actions really throughout the world. where they were assassinating populist leaders they were backing up right with military funding an army was there. and because there's always a small. profit.

the barbarians the vandals of wall street are now actively plundering your bank account with a negative interest in astronomy comic policy there's no economics behind it that would cue to any school of economics that has ever existed as dr michael said since the bronze age it's just out right for burial. thousands of american men and women she was just seen of in the country's military and the decision little sheltered lives every thing came to a complete. the day that i was right to be instructed. you know told to shut up what they'd kill me and i see how it destroyed my life any screamed at me and he made me come in and he grabbed my own arm and he raped me with his birthing curia if you take into account that women don't report because of the extreme retaliation and it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is

a very very traumatizing thing tat happen but i've never seen trauma like i've seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished them the offender and almost 10 year career or chose very invested in and i gave a sex offender who was not even put to justice or put on the registry this is simply an issue of tower and violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or when. they have a right to say. no. no

. no no that is a huge. deal to a. trunk confirms that the peace talks with the taliban are scraps off to the militant group claimed responsibility for a terror attack which left one that american soldier dead. in yet another blow to british prime minister boris johnson parliament rejected his latest move to call the general election and says the u.k. appears still on course for exiting the e.u. next month but with the status of a deal in doubt. and a russian journalist who was part of an historic prisoner swap with ukraine's speaks to us about his detention in here. stupid.