this is boom bust broadcasting around the world and covering all aspects of our 21st century global economy and in washington christiane is on assignment here's a look at what we have in store for you today the federal reserve edging back into the spotlight as the u.s. central bank is expected to cut interest rates again as president has loudly demanded leadership of euro pacific capital is with us to give us his take on this

moment monetary moment and what could be in store for precious metals plus. new artificial artificial things to profits up for a while but. before. we returned to singapore for more perspective on u.s. interest rates from our crude own christiane i spoke to international and us or german rogers to get his take on our topsy turvy global interest rates and mary oh and why i for christie fans should be back up or for sure on thursday we've got all this news involving the show's all this and news involving the show's official favorite 'd musical guest on deck let's go. transcend leduc tax fight leads our global report today as apple files for an appeal of a $14000000000.00 bill for back taxes from the european union on monday the u.s. based tech giant pled for the 26000 judgment by the european commission that apple effectively benefits. from illegal state aid from the government of ireland by

means of to a markable rule court rulings that have granted apple a drastically reduced tax burden over 20 years the creation of tax havens has been an irish strategy for luring foreign firms to officially set up business in ireland and park at least some of their assets there apple flatly rejected the order to square up on their tax bill saying it defies reality and common sense and petitioning for an appeal to be heard in the 2nd highest court the case against apple is perhaps the point of the spear in the e.u. competition commissioner margret a vested as notable effort to apply some basic forms of regulation to some giants of the contemporary global economy particularly in tech the result of the apple's appeal could determine the success of his vest of yours initiative and the fate of her power struggle with the trumpet ministration which has sided strongly with u.s. tech firms against european policymakers. and there is good news and bad news for 2 prominent companies contemplating an initial public offerings or i.p.o.

as we work has postponed their i.p.o. after investors began to raise serious questions about the shared workspace company's standing for such a move the company now says they will delay their i.p.o. which was initially planned for next week until october at the very earliest according to reports we co we works parent company was valued at 47000000000 dollars earlier this year but just last week the valuation was more than halved to somewhere between $15.00 and $20000000000.00 on the other side of the ledger and heizer bush in bed is going to make a 2nd go at an i.p.o. in hong kong the company's asian arm budweiser brewing company limited will go public on wednesday and is looking to raise $6600000000.00 in what is expected to rank as the 2nd largest i.p.o. of the year shares reportedly will be priced between $2730.00 hong kong dollars in the listing. zone president jan cry. had this to say regarding the impending

i.p.o. . i cannot deny its. position. it's a challenging environment at the same time. as it is a champion. it's. the best financial center for us. to do this thing i repeat is a very strong foundation. very bright future. as a financial center. in july of a beer brewery called off a previous hong kong i.p.o. plan which had missions of raising $10000000000.00 they cited concerns over market conditions. and many in the oil market are taking a 2nd look and exercising some due diligence on the security of their supply in the wake of the drone attack by hoofing militias in yemen who say they say carried

attack out the attack against saudi oil facilities taking about 5 percent of global supply off the market rosneft the world's largest oil company is moving quickly to offer deals for reliable future supplies to india on tuesday rosneft chairman igor suchan were met with indian minister for oil gas and steel their mentor production in new delhi for talks on terms of trade in oil rosneft confirmed in a statement that tuesday's talks were occurring in light of the recent attacks and said both sides agreed to accelerate cooperation aimed at strengthening india's and energy security and supplying indian consumers with quality crude in oil products rosneft has considerable room under a recent deal with opec to increase output levels as well as a technical technical capacity to do so relatively quickly and he imports roughly 80 percent of its crude oil supply while rosneft holds a 49 percent stake in the owner of madame r. in the 2nd largest oil refinery. and joining us now to discuss interest

rates medals and all your favorite topics is peter schiff of euro pacific capital peter welcome back and there's so much to get to since we last spoke including oil but i want to start by getting your take on the latest federal reserve news breaking tuesday afternoon an interest rate cut is of course expected at this week's open market committee seems like a fait accompli but in the meantime the wall street journal says the fed reportedly had to take action to keep the federal funds rate in their target range with $53000000000.00 and repurchase agreements fox business and other outlets say was close more closer to a $75000000000.00 intervention diagram the mechanism of this intervention for us and what are the implications of this fed action moving forward. well 1st of all i think the financial media and wall street is must too complacent about what's happening in their their their instinct is to sweep it under the rug is no big deal but i think it really is a harbinger of what's to come because you know the federal reserve has been

artificially suppressing interest rates particularly since the 08 financial crisis and by keeping interest rates artificially low they have created a bubble that's much bigger than the one that popped in 2008 and what happened this morning is that you could see the air coming out of that bubble because the market is trying to bring interest rates higher because we have no real savings in this country we have enormous debt everybody is levered up to the max government the private sector business consumers because rates have been so low we've borrowed so much money the market wants interest rates to be higher but the fed doesn't want to allow that to happen because the roll to road back to normal interest rates is a very bumpy one because it's going to take us right through another financial crisis so the fed is trying to keep interest rates artificially low and they they almost lost control of it this morning now you know they created what 5070000000000 dollars out of thin air. to supply the credit market needed but what happens next

time what happens if we need $100000000000.00 what happens if we need a trillion because eventually we will eventually the fed has to choose between destroying the dollar and allowing the market to bring interest rates to a level that makes sense for an economy with this much debt and then all hell breaks loose because we have a much worse financial crisis than the one we had in 08. there and on the fed's f m o c meeting coming up you've been in the consensus that pretty much everyone expects another rate is coming you think that's definitely not a good thing in your view what are your thoughts right now as they prepare to go further into arguably unprecedented territory for monetary policy this week. well yeah the fed definitely should not be cutting interest rates now the economy is going into a recession but the cure for what als us is not lower interest rates we need to go through this recession and higher interest rates are part of the cleansing process

is painful as that process is now going to be but the federal reserve has no stomach for doing what's right so they will cut interest rates because that's what the you know the addicks on wall street demand so we're not going to have a real recovery we're just going to try to maintain this bubble but i don't think it's going to work i mean i do think the fed is going back to 0 i think they're going back to quantitative easing they may even go negative who knows they're going to throw you know put everything out there including the kitchen sink to try to prevent interest rates from rising to try to prevent this bubble from the flighting but they are going to fail and staying on this theme today you tweeted an item with an eye grabbing headline a very violent move in the bond markets tell us about that violent move. well we just discussed it a little bit earlier today as far as in the short end but you know i am expecting a more violent move from the long end of the bond market i mean that is where the biggest part of the bubble is i mean 30 year u.s. treasuries are barely a. of 2 percent i mean who in their right mind would loan government the u.s.

government money for 30 years you're not getting your money back for 30 years and all you're going to get is 2 percent coupons for the next 30 years waiting to get repaid look at the price of gold moving above 1500 that's a very good sign that the people who are waiting to get their money back 30 years from now are going to get very much of anything as far as purchasing power so that is where the real danger is when the long end of the market really starts to implode and you know that could happen any day i mean it probably won't happen tomorrow but one of these days it will happen tomorrow and speaking of implosion then where people go in situations like that gold there has been some crime blotter material from the metals market this week again from j.p. morgan 3 more traders in their metals desk including the former head of the desk were charged with spoofing that's a project into deceptive orders to manipulate metals prices between 200-2016 they were charged under the us rico statute which is an organized crime law which is

interesting they also face a federal class action lawsuit over their actions in silver's futures because this story of market manipulation played out within the sector or at j.p. morgan or could we see more similar scandals in the future. well you know i don't know and i know a lot of people in the gold market have long believed that it was manipulation that was responsible for the suppression of the price of gold that somehow gold would have been much higher but for manipulation of banks like j.p. morgan and maybe some of those people are feeling vindicated based on this news but i don't think this type of manipulation is what those people had in mind when they were thinking about keeping the prices gold and silver down i mean i don't know that that was the goal in that elation it seems like they were just manipulating markets to try to make more profits for themselves and i don't know that they cared which direction the market moved as long as they made money off of those movements and so they tried to manipulate the markets to their own advantage i don't think this is why the price of gold is not much higher i think it's not much higher

because too many investors don't understand what's going on they know they have confidence in the federal reserve other central banks they believe in this bubble they are as full now as they were going into the 2008 financial crisis the difference was they were bailed out last time as wrong as all the experts were on wall street in other countries who couldn't see an obvious crisis coming when they were blindsided their pals at the federal reserve and other central banks were able to bail them out it's not going to work this time it doesn't mean the central banks won't try but as i said it won't succeed they're going to destroy the dollar in the process maybe bring down the entire feed monetary system and gold is already rising gold is telling you that on the ashes of this old system we're going to resurrect the gold standard because that's what we had prior to the dollar taking taking over we had a much sounder monetary system then we had

a more viable global economy you know once we took the money out of the economy once we substituted real money for a fee that was the beginning of these problems and the end of these problems is going to be returning to honest money which is gold and you know to go from here to there is. there's a lot of problems that are going to come to the surface there's a lot of defaults and bankruptcy's but at the end of this title there's there's a lot of white but hopefully we can avoid the oncoming train an excellent guide to interesting times peter schiff of europe percenter capital thanks for joining us. and time now for a quick break but stay tuned because when we return we take you to singapore where christine minister up again with international investor jim rogers to get his take on the state of the federal reserve and the stability of global interest rates and as we go to break here are the market numbers.

but if she warned you posted by you than i do. at the bottom or in this. new speech and you see me. about that. in the news i mean that so that it's a ball. as if i had 2 kids each other. as the. cabinet at 5 days doing.

good in. the world is driven by a dream shaped by one person. the day there's things. we dare to ask. thousands of american men and women choose to serve in their country's military and . every thing came to a complete. the day that i was right. you know what they

kill me and i see how it destroyed my life any screamed at me and he made me come in and you grab my arm and he write me. 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 tat happen but i've never seen trauma like i've seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished and be offended and almost 10 year career which i was 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 hour in violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or woman. welcome

back chinese vice minister for finance is leading a delegation of officials to the united states wednesday according to a report from china's state run news agency should wall the trip as officials from the united states and china. prepare for face to face meetings in october here in washington d.c. the meetings next month will involve chinese probably vice premier. u.s. trade representative robert white guys or and u.s. treasury secretary superman nugent as the 2 sides try to hammer out the details that will bring a truce to the ongoing trade dispute between the 2 countries after the meeting was set u.s. president donald trump announced a delay in the next tariff hike from october 1st to oct 15th as a goodwill gesture mr lao is expected to set the terms for the october talks with this week's visit and speculation is that more than just trade may be on the table for discussions. and boom bust zone christiane may still be on assignment but we've

got plenty of content from her coverage in singapore so far we've heard from world renowned international investor and author jim rogers on the state of the global economy and the implications of the ongoing trade war between the u.s. and china today we share another piece from christie's visit with mr rogers in which he speaks about the big decision the united states federal reserve faces when it comes to interest rates. right now we seem to be on a path to a very fast path down mark is there any chance that this can be saved that they can do what you claim that this is just another myth cycle correction like back in 1905 do you think there is even a hint of truth to that you said things are going to fail as the u.s. market is within 2 percent of its all time high i referred to but i never start a very special yes yes yes no no no i certainly know it's artificial yet what's missed if i was to pound resign. quickly before i get shot at you 100 basis points loved enough not to know he could get jailed you know with with the people running

the washing the these days i don't see any way to solve this problem now we can continue to print money we can continue to buy bonds government the government can buy bonds and the government. buy stocks this is artificial it's being propped up the fundamentals are not sound and it's unfortunate mr trump has said he's going to have a trade war he says the trade wars are good he says he could win the trade war. that's up to mr trump but history shows that it's not going to work that way. we may have an announcement fairly soon of ok everything's all right now. the markets will have a choice of you but it will not less because when the economy gets spread in america mr trump who believes that trade wars is going to come back with a very hard trade blame the germans and the canadians and the mexico to. blame

everybody and then we'll have a serious trade war and we will have the worst day in my lifetime it doesn't start this month we will have serious serious problems over the next 2 or 3 years so a lot of the people we can blame the trade war right now everything that's happening but then there are a bunch of people who are always blaming powell and the fed for what they did for tightening soon they're saying that when that. dissipate and build up its inventory . for the next recession they started tightening credit they started hiking up rates as well as they started taking liquidity out the market so we actually got hit by 2 types of credit tightening they were destroying money as well as they were hiking up rates so do you think that the fed was actually the one bad monetary policy was the one to actually kick start this entire thing is high interest rates lower stand recorded history what do you talk too much too soon yes the little bit

so what interest rates around the world are the lowest they've been in recorded history so what if they go before it so by the way they going to go up a lot all over the world are going to global. central banks will not be able to stop at the border. it has more money than central banks and the market is smarter than the central banks all over the world the idea that the fed is causing all of this is. caused all this. you know it took interest rates to nothing they were greenspan they were the ones who put all this together and said all we have to do is print money drive interest rates to nothing buy up assets and everything is ok this is one of the greatest hoaxes or the greatest tragedies that the world's going to ever face i mean this has never happened and we're all going to pay a very very serious price not this much that we've had an 11 year bull market but when it comes. it's going to be very very serious i hope i hope we all survive but

many of us are not so we tell you as you just said we are in the lowest interest rate environment that the world has ever seen but given all of that we have been unable to hit our inflation target for what the last 7 years well i guess part of the problem is that the government keeps the books and they lie about it i don't know if you've done any entertainment or education or health care or fish and freeze it was inflation in the land the government lies about it they have a reason to lie about it since a lot of things that the government did. to the inflation right so they they learned to lie about it a long time ago you probably don't do shot you're but they're probably do your shopping for those of us who don't have butters shopping we know prices are going up. so right now there are people don't think that this next recession if we do have it which we both think there are but there's another camp who doesn't they

don't think that the u.s. will get hit that hard because they still say that consumers at the end of the day will say the u.s. economy consumption represents 80 percent. and we have the tooth fairy. and the easter bunny a lot of people go to save the u.s. economy when things go we're going to have alan greenspan again and ben bernanke and they will bring them all back with the tooth fairy and the easter bunny no that's not going to work that way throughout history everywhere when things get bad everybody cuts back and the u.s. consumer whoever he or she is going or in what the media who's going to save us all . is going to cut back to you know the places like illinois bank robbery i mean there are many places connecticut connecticut is becoming a basket case no i think not going to get better when some of these states and cities start going broke yeah consumers was the last bright spot in the entire u.s.

economy manufacturing less down i'm thinking that as a result of that interview less interview all these consumers who are going to say if the world better bring the tooth fairy with with them knowing that the fed is going to lower rates up another $200.00 that's probably down to 0 within the next few quarters all of us traders and market participants were betting on that turn driving the market higher do you think that that's a dangerous mentality to have. been telling could you get sucked in oh they can say this everybody thinks the fed can save us because the fed is always a. 100 years but this time around but eventually they're not going to be able to save us anymore so yes that's a dangerous mentality but in the meantime they can cause more rallies they can keep the market kept the market up artificially for several years months now so we know it's i know it's not real. but that doesn't mean the bear market starts in

september in my view would probably want because they've got i mean 18 months now but they you know they can pull out a lot of stops mr trump can spend a lot of money that congress can get here in the sense. the banks can get scared. the thing can be resolved seemingly resolved one way or the other there are things that can happen that can cause the markets to stay up for a while but basically underneath this the deterioration is already started and it's getting worse it is not getting better there may be artificial props that will come out absolutely in one of those artificial props that we've seen in japan in europe where negative interest rates so i do think that the u.s. wealthy a day when they're going to implement negative interest rates but as we've seen in europe and japan it doesn't work you just start digging yourself into this black hole that you can never take yourself out of and you're in a constant loop of not deflation and i think at least. that you make the very good

point that yes america can still go that route we can we haven't gone to get even interest rates yet we can and you know ben bernanke he once said the fed has the power to buy anything it wants we can buy money go farms businesses we can stocks we can do anything we want so there's still things which they can do artificial artificial things to prop this up for a while but. be wary. and finally checking in on the quickly shifting market for recorded music as a latest player to test whether consumers will pay more and how much for higher quality streaming and downloads the new service called amazon h.d. launched on tuesday presenting a direct challenge to previous sucked or insurance a title with a lower price title famously backed by hip hop mogul jay z. and other musical artists charges 9991000 dollars and 99 cents monthly for their

high def plan will charge only $14.99 for amazon h.d. and an even lower incentive rate for amazon prime subscribers to be clear in this case high definition means at least cd quality sound delivered in the so-called lossless. black file format according to amazon audio quality has been a percolating issue of concern among artists and fans the issue of sound quality has become a crusade for a legacy artist an inventor of his own high quality audio format and device neil young in countless interviews and in a recent book to feel the music and young was quoted in amazon's press release saying earth will be changed forever when amazon introduces high quality streaming to the masses this will be the biggest thing to happen in music since the introduction of digital audio 40 years 40 years ago final is still the best choice but i'm all for anything that pushes crappy m p 3 s. out of the market that's it for this time you can catch boom bust on direct t.v. channel 321 dish network channel 280 or streaming 247 on pluto t.v. the free t.v.

channel to 79 or you can always have the thought that you got com boom bust r.t. see you next. were you. 2009. that's a question they'll be asking kids and grandkids for years to come now as the 1st episode of the cons a report yes 10 years ago because reporters began broadcasting all over the world under the country's billions of people.

they all see themselves as dying swans in their dreams. but only one of the sounds will make it to the. they're ready to give their lives for the chance to die on stage if only it's. not even broken wing it's capitalism. for generations at the risk is it a switch into his own o.t. . this is one of the i. do believe that to. be.

very. easy to. put something counted in israel but 2nd and the action just. exit polls suggesting prime minister netanyahu could again fail to secure a majority. and leading hong kong activist appeals to congress and washington to also not on monitoring the tar just autonomy from china in return on continued economic privileges from us. on the cost of so-called liberal racism lands us democratic presidential candidate joe biden and looked up to the neck just african-americans on the parent scale it's. all from me and just under now kevin owen will be head to play with the latest news. but right now such

a level of the kind.