around the world and covering all aspects of our global economy in the 21st century i'm christiane washington daniel guido's out on assignment today we begin in china where as silly tensions between the 2 global superpowers have spilled over into a new realm the basketball court professor richard wolf is standing by to break down the reactions by the major players in the controversy and what this could mean for the future of u.s. kind of straight talk. despite the current recent roller coaster the future of the currency maybe given the state of global economic affairs currency analysts and so on and rocky miller of 50 enjoy the show to delve into the forward for emerging from let's get to it. after rockets d'amore made a public statement on twitter on sunday the 6 to support the hong kong protests news spread quickly and ignited the anger of china immediately giant sponsors like song don't development bank. 10 cent streaming platform slammed on magazines and more all of whom make up between 10 to 15 percent of revenues announced the

suspension or terminations with the rockets furthermore products containing the rockets keyword and be a products have also been removed from ali baba's tall ball and online shopping on monday october 7th mori and the n.b.a. issued a neutral explanation statement but their explanations failed to satisfy china instead they got even more backlash this time from the u.s. who accuse the organization of being more interested in money than human rights the organization is attempting to dive use a situation now m.b.a. president adam silver issued his 1st public statement in tokyo today saying that he supported mores freedom of speech but at the same time this freedom has a price and now we must all accept such consequences and be a brooklyn nets owner criticize maurice tweet saying that while freedom of expression is a right some topics are minefields and some countries societies and. it's

supporting a movement in china's territories is one of those minefields the relationship between china and the m.b.a. is a multibillion dollar marriage that involves media rights streaming merchandising licensing and much much more it's a market that the n.b.a. has been planting season for over 3 decades nurturing it and growing it to the $500000000.00 fans today translating to over $4000000000.00 the houston rockets furthermore is the biggest team brand within the n.b.a. as this was the home team of ya'll me who is now the president of the chinese basketball association this entire franchise is now at risk as politics has bled into consumers and entertainment to quote young he people none should own was hi my phone call you can't profit off of china and in the same breath condemned china here to give us the full scope of the economic impact of such recent moves and so much more we're happy to welcome richard wolfe professor of economics emeritus at the university of massachusetts amherst and the author of democracy at work so

professor wall of right now nike shares fell after c.c.t.v. sports said that they would suspend n.b.a. broadcast which attracted some $800000000.00 viewers last year nike's aggressive china growth strategy coupled with its connection with the m.b.a. made it extra vulnerable to consumer boycotts in the weeks ahead and months ahead nike has previously relied on china for double digit growth in the region for every single quarter for more than 5 years so how will they navigate this as a consumer brand as it's just so easy for any consumer to just substitute with a domestic brand such as the name or even adidas. well i think you're seeing a learning curve i think you're too. american corporations and indeed corporations in other parts of the world recognize that their future depends on the growth of their business in china is the most rapidly growing collection of all possibilities for corporate growth so they exist on. this planet and to be excluded from that is

to really humble yourself and if you're going to be part of the chinese explosion of economic growth then you're going to have to be sensitive to the issues that concern the chinese you don't have to agree with them you don't have to suspend freedom of expression none of those things there are really side issues the question is are you going to attack areas of sensibility but perhaps the best way to understand it is to imagine if a chinese company came into the united states and one of their highest officials made statements about the cruelty to immigrant children being put in cages or the phenomenon of white policeman shooting black citizens and so on it would encourage a firestorm of upset anger political interventions you don't want to do that if you're going into an economic situation of growth it's mind blowing that the people at the used rockets didn't know enough about china to understand that in china the

understanding of what's happening in hong kong is not what we have here in the united states and it's not a question of debating that question it's a question of understanding if you inflame that situation they're going to be consequences for your own economic growth so the consequences now is those that's debate of can the rockets fire morry over this tweet and if so will it be for cause or without cause without cause will lead to a large payout for morry but with cars will be highly controversial as will it be a civil rights violation over his freedom of speech or will this be about the monetary damages that he that has caused the team so either way it leaves them very open to a countersuit so what do you think. my guess is that both sides here want this to go away the purpose of the chinese expression whether it's the citizen in the street or the government or a politician is to make the world clear that you're not going to come in to china

take advantage of our economic miracle here 'd and be able to insult what many of us feel you can't do that but they don't want to lose the n.b.a. it's very popular in china there the chinese are more interested in basketball than any other sport in this country so that's a great growth area for american business they don't want to lose it the rockets don't the n.b.a. doesn't night he doesn't they're going to figure out a face saving way to get beyond this and hope that the lesson has been learned so people aren't quite so glib with their freedom of expression if they don't want the consequences to hobble their economic growth so let's talk really quickly about some of the most expensive tweets and how much revenue businesses can possibly lose in less than 60 characters which is actually pretty impressive accomplishment in its own right so iran must once tweeted and that cost samsung nearly $600000000.00

kylie jenner sense down about $1500000000.00 how much is this tweet going to cost the n.b.a. . in the short run it's costing them already huge amounts of money canceled games that would happen in china canceled contracts but they're looking at an unknowable amount because the question is in every negotiation in china now this issue is going to be the fly on the wall the the only invited guest that will shape every contract every negotiation that goes on from this point this is something that the n b a not only didn't want they want the opposite of this they want smooth sailing into an expanding chinese economy so it's hard to know a number. or here but you're going to see a lot of effort off the record of the of the houston rockets of nike and all the others that are involved here to promise never to do this again to take

extraordinary steps to repair the damage they've done to learn more about how the chinese see the world so that they stop that bad american habit of thinking the whole world looks at it the way we do year and the way we don't even agree in this country let alone the way it's portrayed abroad so it's a learning lesson but i think you'll get beyond it because everybody has so much writing on getting beyond so while the political tension between china and the u.s. is clearly spilling over to consumer and entertainment segments let's turn over back to washington right now so i had a thursday's train to go shares in the u.s. is blacklisting a group of 20 a chinese tech companies that includes vision and that develops facial recognition and ai so this blacklist effectively bars u.s. firms from selling technology to companies without government approval why is the us once again escalating into negotiations that trick has never worked with china

the last 12 times why expect it different outcome this time. i think you in a way you're answering your own question you're absolutely right crazy thing to do going into a negotiation it basically destroys the whole chance of working something out and you're basically correct as well that the chinese have never bent to this so why do it the answer is it's about domestic american politics mr trump in deepening economic and political difficulties has to have an ongoing drama all down to higher tension lowered he's got to keep this going until the moment he thinks it's correct to cut a deal with china to portray it to the american people if he can as a great victory whatever it really is and the hope that it helps a bit in the election that's what's going on think of this as a dance to which the chinese are invited but it's a dance completely choreographed by mr trump and his drive for reelection so not

japan and the u.s. have just signed a limited trade deal that opens up markets for american farmers and brings tokyo a degree of assurance that trump won't impose new tariffs on auto imports for now prime minister our goal was to win a pledge that the u.s. won't slap tariffs on autos but the written text doesn't explicitly cover auto tariffs so here's what president trump said in the deal on monday in washington. in the united sates these deals are a game changer for our farmers and our ranchers or farmers ranchers and growers will now be able to compete fairly in japan against major competitors. so this actually looks like this was more of a lose lose deal as the agriculture agreement didn't even compass what was previously done in the t.t.p. so there was this deal rushed as both sides didn't really get what they wanted. absolutely again i don't mean to be

a dead horse but mr trump has to get something somewhere so he has this agreement with the japanese let's make no mistake china is an enormous country by comparison population wise japan is a small country japan cannot pick up the agricultural exports of the united states that could of and we're going to china so this is not a great solution for american farmers it is a very poor substitute for what they are losing in china number one and precisely because it doesn't really buy into anybody's hands there's nothing the japanese can assume to rely on they're going to have to make deals with australia with argentina with the other agricultural suppliers that they have to rely on the chinese are busily finding their own substitutes this is mr trump making something out of very little to look less like he's caught up in a global trade war he can't control which is unfortunately exactly the situation he

has gotten himself and all of us into fascinating insight professor richard well thank you so much for being here. do. the hong kong boris has scrapped its unsolicited $39000000000.00 bid for the london stock exchange group after failing to convince management and investors to back its move the l.s.e. board rebutted the offer on grounds of strategy not price many analysts now believe that the political turmoil engulfing hong kong was seen as a huge obstacle to the deal ha axes offer was the latest attempt at an exchange mega merger after multiple failures between the l.s.e. and the deutsche of burrs over the last 17 years a strategic merger of the 2 businesses would have created a world leading market infrastructure group today and to h.k. exit strategy of being china anchored and globally connected h.k. x. has been the world's largest capital raising venue in 5 of the past 10 years but

has been working to diversify its equity focus launching a bond trading platform and buying the london metals exchange l.s.e. is now free to go ahead with the planned acquisition of data and analytics group refund. time now for a quick break but hang here because when we return despite big points recent roller coaster at the future of the currency may be brighter given the state of global economics cryptocurrency analysts bands one and rocky miller busy enjoying the show to delve into or protect wine and emerging. and as they go to break here the numbers are the slow.

that's kalash too long to laugh and ask for the last open end scene and i'm going to do this for the right promotion of. vision so. we're just. going the. asian community among the. legion mom. and i know you are

so sad i'm not going to march to the mama just are ya know.

thank you. and very warm welcome to you you'll want to know.

the british government says it is essentially impossible to make a brags a deal ahead of the october 31st deadline if the e.u. sticks to a demand to keep northern ireland as part of customs a union the comments came following a call between the british prime minister boras dogs and german chancellor angela merkel on tuesday currently there are no custom checks on goods between the e.u. member ireland and the u.k. as northern ireland both sides agree that this should remain the case however with britain's plans to leave that hughes customs union the status of this remains in the air while mr johnson has called for a face to face talks between british and e.u. leadership european council president issued a tweet very critical of boris johnson saying what's at stake is not winning some stupid blame game at stake is the future of europe and the u.k.

as well as the security and interest of our people you don't want to deal you don't want an extension you don't want to revoke quotas. privacy coins now face an existential threat from a step up in regulation these include. the coin among others many exchanges are now delisting these assets rather than trying to figure out how to it here are 2 additional risk management requirements for these coins but isn't privacy a fundamental right here to examine this issue and others as crypto analyst and rocky. bits in so rocky want to start with you i guess this is most appropriate question for you as the trading platform narrows. they've had a cumulative market cap of $2500000000.00 and are some of the most liquid and valuable coins precisely for the reason that they are private so that does not automatically make them noncompliant with though and yet you still have these do list is going on a coin based on ok x.

so what is your stance on this one you allow privacy coins to be traded. so while we have exchanges you know such as listing reader we also have exchanges like by and instead of added 3 privacy coins to their lending platform so i think the jury is still out a lot of the exchanges are reacting. you know reacting to what the regulations are going to be and erring on the side of being conservative from our perspective we're trading platform that connects to multiple liquidity sources so. the jurisdiction of the customer and the jurisdiction of the exchanges kind of decide what they're going to support and we aggregate that liquidity so if they're supported in the exchange that we connect to they will be provided on the platform. so a ban on that i want to bring up very bad the u.s. congress is considering now more than 20 bills on kept us and one of them very bad if passed this will be the 1st time a specific krypto the patch has been deemed illegal for americans at home or abroad

to use the implications of this are huge as this basically sets a precedent for the banning of any other crypto in the future what's your take on this. i think it is exactly that i mean i don't think it's very surprising to think that congress would take a look at this because the the whole concept of what they've been mulling over for some time now has been how does the u.s. continue to synch in countries when those countries are moving toward creating and developing their own crypto currencies and there's been a fear about this for some time but you're absolutely right kristie that the bigger issue here becomes when when the u.s. government begins drafting laws that specifically target a particular currency and make it illegal and i think if you see it happen here specifically with the petrol which is an easy one i don't think they're going have a difficulty because nobody in the u.s. congress is going to defend the petro if that happens and once that happens it becomes easy to start picking and choosing which kryptos you want to make illegal as well and unfortunately that plays into the whole issue of cronyism and which

crip those in which companies now work with regulators and with the government to eliminate competition what's made krypto such a vibrant space is all the competition that exists there right now so rocky do you think that can lead to usage of other crap does being criminalized in the u.s. in the future. yes overdyed in terms of the language used in the bill i think the one that really struck me is that this is opening the door for a much larger investigation so you know the treasury secretary you know going to be working with the f.c.c. in the c. of c. on analyzing the general crypto space and digital assets and where they're being used to circumvent sanctions and. money laundering money laundering issues so i think that that is definitely a much wider nest and with this investigation we don't know what's going to come so yes there's definitely a risk that there will this will lead to others and you know as ben pointed out

this sets a precedent for others to you know to come and we've seen this happen globally you know china has kicked out all the exchanges you know outside of its borders we at the same time talks of them developing their own national crypto currency so you know i think this opens up a big question for us is the benefit of a borderless you know currency does it outweighed the benefits of a national crypto currency that's that's controlled by a national government so you know lots of questions to be answered with this this bill is definitely big and it will be interesting to see what unfolds now they've been investigating having questions for a long time now ever since 20171 of those 1st came out to them at least so now john in arms exactly brian armstrong the c.e.o. and co-founder of coyne based tweeted out that he expects the u.s. government to now react to china's stable coin project by reconsidering its ridiculous response to facebook's libra he said that he wanted the u.s.

to you felt that the u.s. wanted to be left behind because they were completely obsolete in the future innovation and construction of digital currency so what is the outlook for libor now that paper has officially left the association. yeah i don't think the future for labor looks particularly bright right now and there's a couple of reasons for that i mean consider the 2nd part of what brian armstrong said there makes sense when he says the u.s. is getting completely left behind on this that's absolutely true and that's by choice but but it's obvious that that would happen because the us having the reserve currency worldwide is in no 'd hurry to change the monetary system around the world people who are involved in crypto want to see a disruption a revolution in terms of the monetary system not just here in the united states but globally but consider the fact the 1st thing he said which was that the u.s. government has had a ridiculous stance on libra libras not at all the same as what china's trying to develop or what iran is trying to develop within israel has developed in the petro very different cases there where they are trying to form

a national crypto currency that is essentially backed by their central banks libor is not that it is a fortune 500 coin essentially that's run by fortune 500 companies that wants to serve central banks around the world which i'm all for of serving the central banks but not by a bunch of fortune $500.00 companies i will make a prediction kristie to you and that is this that in order for labor to move forward if it has a chance you will see the liberal association come out and say that they are going to partner with the federal reserve bank to truly make it a stable coin because the only way they're ever going to get real backing for it is to include the federal reserve and the u.s. central bank into their planning of what ultimately becomes i suspect they will actually do that in the future some benefit as it stands on labor i'm interested to hear what you have on telegram because telegram has this great community of over 300 members and right now they're in development and it will be launching their new

ton infrastructure later this month so can a company that is so centralized also be decentralized at the same time with their voting infrastructure. i think they can be i mean if you look at what telegram is trying to do it's almost the end to the system of what facebook is trying to do telegram is is the other side of that coin that represents facebook and so much of what they do is decentralized including the systems that they've. devised for allowing apps to be created for allowing developers to really learn coding in technology in a much simpler way in order to be able to build out you know their apps and their bot system it's pretty incredible stuff and it's all built upon the concept of the centralization that's what the the bottom line for all crypto currency must remain if it survives it must be about the centralization because i give power to the user and to the people governments don't want people to have that power big corporations do not want people to have that power but that is the power that cryptocurrency

can't in its true form actually provide and it's the fight that's really taking place central control versus decent realization. rockey real quick what is your take on the telegram do you think that it's going to be the apple app store killer now that developers can start building stores a merchandising and purchasing all around telegrams bought. yeah i think the telegram it's a it's a great platform they have a lot of usage is definitely one of the highest used crypto platforms so i'm really excited to see this you know this migration to the centralized apps you know the thing with our industry is it's only going to kind of come out of this you know speculate of cryptocurrency space with more usage so i'm all for adoption of real products by real people trying to live up to what crypto currency or block she was actually created to do which is decentralized. spread of spread of wealth here ben so on and racking miller thank you both so much for being here. thank you.

and finally gamers around the world receive good news on tuesday as sony finally announced the release window for their next consul the 5th generation sony's gaming system p s 5 will be out in time for the 2020 holiday season sony had already revealed that their next system will include an 8 core c.p.u. support for 8 k. gaming lower power consumption a super fast solid state drive for faster loading times and the much coveted feature of backwards compatibility with p s 4 games there is also the revelation that users will now be able to download specific portions of games that they want to play rather than having to install large portions that they may never even touch there's so much more that we don't know about the new console including the design and how much it will cost. that's it by this time you can catch boom bust on directv channel 321 dish network to 80 or streaming 247 on t.v. the free t.v. at 79 or as always set us up at youtube dot com 5 boom bust. say next

time. the way that makes us try to recreate a gold standard is imposing tariffs on each other to even things out and they creates an enormous bureaucracy and it creates an enormous stage for banks to print . money and contracts and it creates a need for lawyers and it creates a need for all kinds of administrators which is great for them but it's a drain on the economy because our money could go into actually productive parts of the real economy supporting real jobs with real wages and real g.d.p. growth.

in this community there are people who believe that it's ok. it's really hard there are no jobs and you see that i've got kids and ask and as a parent. i can come up with lots of arguments there's a lot of conflict in the game and between the teams most of the conflicts i would say over the homes around money and most of them money is made. close one you know the children's cosimo each other is good business the state of california makes $6000000000.00 a year of prison complexes you get some 20 year life where. you don't care and one of my hair is a monster so you don't care mind anything. i . mean.

you know. i. i'm part of. the suspension of the government to quit the capital. and u.s. intelligence report accuses russian social media operatives of attempting to sway the 26th presidential election trumps favor. and the french interior minister over his handling of the fatal islamist attack at the paris police h.q. last week. and.