professor richard roth joins us to to give his take on the future of global trade and growth plus thanks popish may be soaring but new global giants are slashing jobs left and right in bids to restructure nailer a public citizen is standing by to break down the banks his moves and their effect on the markets. painting monkeys all straight ahead let's go. a proposed global remedy for tax avoidance by multinational corporations leads our global report today as the organization for an economic cooperation and development or o.e.c.d. tables a proposal for getting a grasp on big tex peripatetic profits the o.e.c.d. is a primary international institution with responsibility for coordinating global tax policy and they publish proposals to chew the increasingly challenging problem of taxing corporate profits when they have become increasingly adept with a number of cross border money moving methods perhaps most specifically the

o.e.c.d. would address the problem of corporations exploiting official locations of licenses or patents to lower or totally evade taxes followers of big tech reporting noted the inclusion among the proposals of some from u.s. delegates as well as targeting companies outside the u.s. dominant tech sector those 2 developments were taken to signs that the proposal may be likely to receive an official green light from the new from the united states the u.s. and the european union have been clashing recently over whether and how to rein in the big names from the u.s. amazon facebook and google among others. joining us now to give us a handle on the economic events of the day is professor richard wolfe professor emeritus of economics at the university of massachusetts amherst and the author of democracy at work a cure for capitalism welcome back professor wolfe and 1st on this tax avoidance tax avoidance push by the o.e.c.d. does it go far enough in your view is it likely to have. when and how does this

push compared to u.s. action on reining in big tax in terms of taxes. but let me go in the reverse order the europeans have consistently been ahead of the united states in trying to do something about the monopolies as they see it operated by the high tech companies in the world who work very hard to corner particular technologies that they can then sell out and inflated price because they're the only producer who develop their technology precisely to produce things that others won't have for a while so they'll be the only seller and can therefore get a lead price and the reason is not far to look in europe you have a much more powerful labor movement than in this country you have strong socialist communist and other left wing parties who put enormous pressure in their parliaments and so on to target monopolies that are basically ripping everybody off

so that's why they had to have more of a movement having said that being more into taxing big corporations in america isn't saying very much unfortunately so yeah the europeans are ahead of us but there's a lot of wheeling and dealing behind the scenes that goes on and there is a serious risk that the europeans in order to placate their own people will give a little slap on the wrist to these big corporations but whether they'll go further and really deal with the problem that's a little more of a question on one issue however they will go further they are furious that big corporations can pick and choose in europe which scum tree to locate in for example many have gone to ireland because the irish have a very low corporate profit rate so they get to pay low rates it whichever country has the lowest $1.00 so the countries compete with one another. to get the

corporations it's what we call a race to the bottom that they're probably going to do something about because that's a problem they can solve within the european union and we were still seeing the tangles from that with ireland's extraordinary efforts to lure apple profits there on paper at least today some reports are surfacing perhaps most notably from bloomberg some signs of chinese flexibility toward and progress toward a trade deal of some kind with the united states one reported condition of chinese cooperation is that no more u.s. tariffs go into effect that would if it's accepted scuttled 2 phases of tariff increases for later this month and in december when you put some financial times reporting in the picture it sounds as if the general idea is to put some offers some major purchases of u.s. agricultural goods without future commitments and deferring some of the big questions u.s. has put on the table and clothing intellectual property so my question is could a limited deal along these reported lines happen and how would it compare with mr

trump's stated goals for this fight to the degree that he's even articulated them. well again let me go in reverse order mr trump and the people around there mr navarro and others have made a remarkable set of quite different demands on the chinese at one point or another they should stop doing intellectual property theft they should change their system so it's more open and more like that of the united states all the way down to they should buy more corn and soybeans here's the problem the chinese have been the fastest growing economy in the world for 25 years they grow much quicker than the united states they're more successful if growth is your objective as it has been for them there is no way they are now going to give up a system that has worked so well for them to this point that level of irrationality and self destructive this is not going to be forthcoming so all those kinds of

demands that trump and his allies make they're never going to see those anyway all they're going to see from china is little things they'll buy some more agricultural those kinds of things those will not get the big changes mr trump wants they won't even get much of the little ones he's asked for because the chinese need to show which they've done for 15 months that they won't be bullied and they will not quickly come to the table and do a deal the way mr trump said so yes here's what's possible a little make believe deal full of claims particularly by mr trump that a great deal has been accomplished he will look like he has done something he hopes nobody will look too closely at what the real meaning of it is so it'll be a splashy headline the stock market will bubble up for a while and then we'll all go back to where we were before except that the 15 months of this has already caused very heavy damage to the world economy which will

look back on mr trump's that. a ration of economic war against china as a horrific mistake even from the point of view of the united states then on another trade front the leader of the largest labor federation in the us president richard trumka a.f.l.-cio says organized labor could defeat the new now after the so-called u.s.m.c. 8 telling the washington post quote if there was a vote before thanksgiving the agreement would be defeated the chamber of commerce in the white house meantime are floating and pushing a vote by ben i can see the play from the chamber they may be thinking let's get this done before impeachment gets any worse but do they really think they can do this now or are they perhaps going through the motions. my guess is that they're going through the motions that you're quite right about that if the labor federation is as clear as it is and if you see the growing strength of the

progressive wing of the democratic party and then you finally ed the serious impeachment and other difficulties that mr trump is in you don't have a situation where that bill is going to be passed anytime soon there's no reason for the democrats to give mr trump that he's not going to get it especially when he calls them the kinds of names he has used in the last week so i don't expect to see any action there. at all until the election or the impeachment make a decision in a sense for us thing is speeding towards gridlock richard wolffe professor of economics at u. mass amhurst thanks so much for your insight. thank you. the island nation of singapore has moved past the united states as the most competitive

nation in the world according to a new report the 21000 global competitiveness report from the world. forum lists the top 5 nations as singapore the united states hong kong another alliance and switzerland the rating system tests countries in relation to 12 factors they call pillars singapore for example ranked 1st in infrastructure health and it's labor market singapore also ranked 2nd for institutions including their financial systems and product market the u.s. may have fallen in the rankings due to the ongoing trade war with china which has pushed some business to singapore but the u.s. still ranks 1st in the ability to hire skilled employees access to venture capital and some intangible quality that analysts call business dynamism. also cited health concerns in the united states among other reasons as factors for the shift to the healthy life expectancy in the us is now lower than that in china and amongst the

lowest in the o.e.c.d. the 2nd thing that's happened is even though the u.s. is a leader when it comes to skills it's number 8 in the world overall and number one specifically on the ease of finding skilled employees today in the current job market it's become very clear that the u.s. is not prepared for the future skills that are going to be required. hong kong moved up 4 spots on the list to number 3 but the report did give the up but the numbers were taken before the political turmoil broke out with months of protests in the streets. e.u. states are warning of the risks surrounding the implementation of new 5 g. mobile networks on the block as the west continues to grapple with the use of equipment from chinese companies the report released on wednesday said that naani you companies getting involved in building 5 g. networks could be subject to interference if they have links to a country's government or are susceptible to political pressure or operate in countries but lack democratic checks and balances the e.u.

security union commissioner sir julian king said this could open the door for the networks to be taken advantage of by bad actors state or nonstate including through the supply chain relationship he said sir julian added that quote if existing telecoms networks are an attractive target this logically is an even more attractive target that means we need to look even more carefully than we have before at the suppliers both from a technical point of view and non-technical vulnerabilities the report does not name any specific companies or nations but it is expected that it is a response of the ongoing tit for tat between the west and china's wall way. time now for a quick break but stay tuned because when we return bank profits may be soaring but many. jobs left right and to restructure naylor standing by to break down the banks and there. are those here are those market numbers that.

you know long as the only country shown was that some of the united states removed the sanctions and then talks would be possible lots of united states refused to do so there's a deep and increasing mistrust to argue with martin states because over there all the funds are used to do it so there wasn't a real concern that if you're on goes through the negotiation munich assurance with the united states and then the united states again refuses to move to sign shows like the same. north korea everything would be. worse than.

the brain does know it. in the way. that you see when you going to win every time you. come liberate you damage it in a way that comes up insatiably of the brain is incredibly sent delegates. you can damage some of the brain you can kill the patient does by damaging a one of 2 millimeters a brain. why a paradise with so much ground turned into a round experimentation field for agricultural chemicals we know that these chemicals have consequences they are major irritants there's no question otherwise why would that the chemical company workers themselves be geared up that suited up locals attempt to combat the on regulated experiments that often in day you have many of these people have one foot into the biotech pharma and the other foot in the government regulatory bodies this kind of collusion is reprehensible while the

battle goes on the chemicals continue to poison hawaii and its people so one has to ask the question whether there is a form of environmental racist going on in hawaii whether these companies feel they can get away with this because the people have. welcome back the johnson and johnson corporation has been ordered to pay $8000000000.00 in punitive damages to nicholas murray a maryland man who said his use of the anti-psychotic drugs respond all as a child caused gonna come asked you which caused him to develop and marge breasts they $8000000000.00 wards the largest payout of the more than $13000.00 lawsuits against johnson and johnson over the drug the lawsuits claim the drug manufacturer knew of the side effect but concealed that knowledge from others the company's

stock took a hit on the news johnson and johnson has faced several lawsuits of late in august and oklahoma judge ordered the company to pay 570 $2000000.00 for their role in the state's opioid crisis and last year a missouri jury ordered the company to pay $4690000000.00 in damages to $22.00 women who blame johnson and johnson baby powder for their ovarian cancer the company has denied all of allegations and valid to appeal the decisions. and joining us now to catch us up on the world of finance and command consumer protection is bartlett naylor financial policy advocate at all books it isn't part of bartlett let's just start with a dollar each a bank which just seems to be hitting hitting their head on every stare as they tumble down from the high floors of global finance now the ethically and financially troubled bank is considering job cuts reportedly of 18000 with half of those to come from germany where they're based the financial times says h.s.b.c.

on the other hand could cut as many as 10000 jobs h.s.b.c. is said to be casting a wary eye over their staffing levels in europe where they get a much lower rate of return compared to asia what do these reported plans tell us about the state of the global banking sector in 2019 a year with a total of $60000.00 reported cut jobs. city barclay and others were certainly looking at fragility you begin with deutsche bank the stock is down 95 percent from its peak in cutting 18020000 jobs which they've been talking about since early in the summer we're talking about 20 percent of the banks so it's clearly deciding how it can survive the existential questions for deutsche bank at h.s.b.c. a $10000.00 person cut is only about 5 or even less than 5 percent turnover at a bank like that is it happens all of the time so in one sense it's possible that the interim c.e.o. is just trying to clamp down on expenses and put the fear of god employees to save

money wherever he or she can you mention regulatory problems these banks are serial . they have misconduct in a serial number of ways public citizen put out a report just last week pointing out that. the american justice department unfortunately gives them a pass when they see misconduct h.s.b.c. money laundering for every rogue in the world drug cartels tyrants et cetera and yet find them a minimal amount and said don't do it again similarly with deutsche bank which we're hearing about both on a global scale of manipulating markets and on a more retail level of giving loans to a 6 time bankrupt casino operator named donald trump what does it tell us about the wider world well it's actual these banks are operating on high leverage and it's not clear what bracks it changing in interest rates and economic downturn will mean for them but of course we're bracing for the worst right and on that point you

mentioned your publication could and i think you're alluding to a corporate crime report recently published on the topic but what should we know from those findings from your recent report on on corporate crime where we start from a pretty low level we were pretty disappointed with the obama administration for failing to jail. in a single senior banker well it's gotten worse under trump the number of enforcement cases for corporation misconduct is way down and again these deferred prosecution agreements proliferate what's the d.p.a. they were invented for teenagers caught for shoplifting and said hey kid we're going to find a couple 100 bucks we're not going to give you a record right now behave and if you behave for the next 5 years you know we'll wipe this off all your record what they're not doing this for major massive misconduct we're not going to take you to trial we're going to say behave deutsche bank and h.s.b.c. and j.p. morgan we won't really charge you but if you do something wrong with charge you

again well they do something wrong and what do they do they do another deferred prosecution agreement we think that panel tees are necessary for deterrence and the message is with these deferred prosecution agreements is do it again right it almost reminds you of that seinfeld where he tries to get the car and they say well we took your reservation we just didn't hold it the hold is key to deregulating enforcement is really. turning to the planned libor virtual currency you tweeted earlier today about the breaking news. facebook c.e.o. mark zuckerberg is now slated to testify before the house financial services committee on october 23rd your comment on the news was what happens when match meets care is and tell us why you think there will be a pyrotechnic display in that hearing maxine waters is sometimes known as kerosene maxine because she's a fiery chair she's about 80 years old she's worked in the house financial services committee for decades and this is her time she's

a tough. woman that asks robust question and she is not going to let mark zuckerberg off the hook without asking tough questions and as we know as possibly the nation's most influential c.e.o. . there are a number of questions to answer from libra he wants to have the world's currency to . hearing with the 2016 election running you know biden's ads right now that the impact of facebook is enormous and she has with her team of fellow democrats and republicans skeptical republicans a chance i've spoken with committee staff and they will each get a chance to ask a question that's 5 minutes each 56 members this hearing could go on for quite a while no doubt there will be important information that comes out of it and we'll keep an eye on that and edging into the news you also tweeted about trump towers istanbul in relation to president trump's decision to allow turkey to more openly perhaps invade syria and attack the kurds what should we know about right now about

trump towers istanbul i think it's open about 212 it's a big tower beautiful operating tower i hope and i don't think that trump's decision had anything to do with currying favor of the guy that basically collects the real estate taxes he has to pay but why should we have to worry about that why should it even be a possibility that trump is establishing foreign policy and exposing kurds or whatever because he might have a personal gain this is the problem with this president that he has interests all over the world and the reason we put that into a blind trust to make them divest is that americans need to know that he's making decisions for all of us and not for his personal banking account right and it seems as if the standard has somehow gone from avoiding a and even an appearance of a conflict of interest to any anything is ok as long as you can't actually it can't be proven in a court of law perhaps. to be

a violation i didn't think you could fall off the floor but apparently you can. see how far we can go bartlett miller financial policy advocate of public citizen thanks so much for your time thank you. and on us continues today in ecuador where protests have gotten so heated in the capital of quito that the president literally moved his government out of town to the coastal city of kill after reports that angry residents stormed the general assembly building archie correspondent nick sanchez o'donovan is on the ground in ecuador and brings us the latest from the protests in quito. ecuador remains under state of emergency after days of protests following president lenin merinos decision to scrap fuel subsidies on monday those protests turned into riots as students and other groups violently clashed with police forces afterwards thousands

of indigenous people came here to quito and violence continued throughout the night as protesters surrounded the presidential palace the tension was so high that the president decided to move the edmonton minister to capital from here from quito to kill those 2nd largest city mothers than i thought i was going to muscle said. what's behind these protests well at the center of it all is an economic reform package that the government has implemented under a $4200000000.00 financing deal signed with the i.m.f. ecuador wants to use this money to cope with the large foreign debt and fiscal deficit parts of the package include the scrapping of subsidies to gasoline and diesel that have been in place for for decades under the new scenario fuel prices have risen sharply to give us an idea diesel went up from $1.00 per gallon to

$230.00 and gas went up from $185.00 to $239.00 but the government has said that these prices going up just due to speculation but the truth is that we have already seen prices go up in public transport for instance a single bus tickets in the kito metro area. from $0.25 to $0.35 overnight the rise in fuel prices has triggered a domino effect and other basic goods are going up in price to create an uncertainty among the people but many here say that fuel prices are just the tip of the iceberg and they disagree with the neo liberal agenda put in place by lenin marina lenin more than those neo liberal policies which followed the dictates of the international monetary fund with the elimination of subsidies effects university students because we're the children of workers and peasants to increase the already high costs of living and to keep wages as low as they are means that

many students can't continue their studies to just get the government leave them alone and we don't want to miss president because it has a really negative effect on us now the government is also implementing measures such as tax cuts to balance the higher cost of fuel and incentivize economic growth but many here say it's too little too late meanwhile here in quito the city prepares for more days of violence schools are closed some businesses have decided to close down to public transport is down to a minimum but for some protesters who have gone too far to just use in this political unrest is an excuse for violence and vandalism others this is a vital fight for the country's future. and finally there is yet another primary related art auction to report we told you recently about the timely option of a banksy painting depicting the u.k. parliament as chimps some baring their teeth and displaying similarly uncivilized

behavior well now a chimp is taking center stage not as the subject of art but as its creator congo the chimpanzee is a prolific painter and a london gallery plans to sell a collection of $55.00 of the primates paintings the mayor gallery war auction the curated collection of desmond morris with each canvas expected to sell for a price between 1974. $100.00 but while the idea of a monkey monet may make a smile the director of the mayer gallery insists the congo who was featured in 1950 s. b.b.c. t.v. programme before dying of tuberculosis in 1964 is no mere sloppy celebrity celebrity slinging willy nilly paint slinging paint willy nilly james mayer praised congo's over telling c.n.n. quote he was a fascinating painter people would imagine he'd just grab a pencil or a paper but he'd have several callers and he'd think before he painted he was extraordinary that's it for this time you can catch boom bust on direct t.v. channel 321 dish network or shrimping 247 on pluto t.v. the free t.v.

channel to 79 or you can always catch us at youtube dot com for the most arduous the next on. in the sky next to longer allows for the last company and seeing and. for the

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we had. to be taken. military operation against kurdish militants in full swing thousands of civilians fleeing their homes. this is an occupation we are a peaceful people we live calmly work to our own business let everyone stand up for us arabs foreigners sin sin in ecuador after a week of violence and protesters try to paralyze the country by calling a general strike and following the islamist attack at the paris police headquarters francis interior minister produces a list of telltale signs of attentional radicalised among them supporting the low

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