this is boom bust broadcasting around the world and covering all aspects of our global economy in the 21st century and their mom says they have their own branch of born washington filling in here's what we have on deck for you today and read the globe in the form of massive protest the banking system of these nations has come under renewed stress boom bust host christiane and jeffrey tucker of the a i e r are both on here to dig into how turbulence has influenced the growth of cryptocurrency plus several recently dr delisting have flopped amid major hype on their stock market debuts later we welcome back christiane and a measure of the other measures trading groups to break down whether these unicorns are too good to be true so much to do so little time let's get to it.

this year the world is facing political turmoil protests have become the new norm but what does this mean for the economy in terms of crypto currencies amid global turmoil crypto currency usage has spiked in some of these countries volumes increase in hong kong for example where the island is reaching almost 6 months of political unrest this was after the much disputed bill that would allow citizens to be extradited to china and just last month trading sites like local big coins reportedly saw it 3rd largest weekly big volume ever the platform accorded a $1420000.00 worth of transaction volume meanwhile yellow vests in paris are nearing a continuous year of protest these were caused by rising fuel prices ecuador and also followed suit when protesters in the 2 countries took to the streets to call out the increasing inequality now weeks ago a state of emergency was declared in chile it is. a.t.m.'s were on lockdown leaving

many banking users without access to withdraw their funds the demand for big one and she there has skyrocketed this year as a result of these ongoing tensions now unrest in argentina sparked when its currency collapsed earlier this year by 38.3 percent civil unrest in lebanon also sparked krypto enthusiasm as a conflict led all banks in the country to shut down the lebanese are facing this huge crisis right now given that over 65 percent of them rely on banks massive protests in venezuela took place earlier this year where tens of thousands took to the streets in dueling protests in support in opposition of the standing government under president nicolas mother would go on as well as have turned to rely heavily on bitcoin some using it to pay for medical costs or even food leading gold in the hyper inflated economy and several reports revealed venice was central bank is allegedly looking to stockpile of variety of crypto currency is like a coin within its internal reserves stay operated gas company but the lows have

been a swell hour by the vessel has asked to send big corn and a theory of payments to uncle sam but i live a nice way to save evolves to pay for oil and gas operations with us think sions on some of these countries like venezuela iraq and iran terror on is allowing for big queen mining but with some regulations head of the economic commission of the iranian parliament and yes how shocked he said we do believe that the crypto currency industry should be recognised as an official industry in iran to let the country take advantage of its tax and custom revenues. and for more on the crypto and its stance around the world we bring in boom bust host christiane who's joining us from los angeles and other tauriel director of the american institute for economic research jeffrey tucker in new york welcome both of you thank you so much for joining us today. good to be here now jeffrey looking at all of these global protests is this the new norm what it away. countries who are facing political

unrest will turn to cryptocurrency. we're you know we have to remember that krypto was born in this exactly the kind of unrest it was 2008 when the white papers were these 2009 january 2000 and when because it was released to the world there's a lot of encourage you it is the time that smart people got in on it and 5 years later start looking pretty awesome now here's 11 years later later yes it is now a safe haven for the world and you need you need that you know we've needed it for a 100 years ever since the governments around the world took over the banking system and put in question whether or not we really own our deposits we need some independent sort of wealth and i think because i'm. becoming that that's because in another crypto currency is also you mentioned venezuela there are many many different crypto currencies that are being used there are now thousands of them and they're all fungible one with another each other it's a wonderful technology and and i personally believe something like

a private crypto currency a global basis is going to be the future of medium of exchange and for value around the world. yes we're definitely living in interesting times someone once called it the age of rage because we have global unrest and global protests that are all stemming from bad just years and years of bad monetary policy collapsing currency and financial inequality as carousel actually summarized earlier so this created the perfect storm for just a huge disruptor like bitcoin to emerge as an equalizer for all the citizens who are being affected so when there's unrest when there's uncertainty people want to regain some semblance of control and crypto is the big equalizer here and something that happened really recently was malaysia last week the u.s. told malaysia that any iranian citizen cannot have a bank account you need go out and close all the bank accounts. well how is that

fair this isn't a targeted they're not targeting any government entities this isn't targeting any terrorist financing ordinary citizens are now being affected whether you're a student you are a farmer you're a construction worker every single person everything on iranian citizen living in malaysia is not even living in iran is being affected and now they have no access to capital markets they have no access to banks how is a sit and how is someone living in malaysia supposed to survive if an entity such as the u.s. can come in and strong arm the country into shutting down your bank accounts well like you said kristie a lot of these people are now relying heavily on these crypto currencies but could countries really ever block the use of them because they're becoming so popular. we're putting a pallet on. the on ramps and they say on ramps and they are fabs that are a problem there's absolutely no censorship in the network itself so if you own crypto you can pay with crypto you can own it transfer and that sort of thing but

if every tried to move in and out of the national currencies that's where governments become very significant they can they can ban it they can taxes they can regulate it they can regulate the exchanges and i must say over the last 11 years that's become the big problem in the crypto world so it's becoming its own ecosystem and it's really true that the worse governments get the more sense sorry as they get the more regulatory they get the more they're incentivizing people just to get into crypto and stay there to provide for their many needs and to provide a permanent sort of wealth and that's what's very interesting about this current dynamic between governments and the banking system on one hand and crypto on the other is that more and more people are being incentivize just to get into crypto and stay there and that's fast saying that in the 1st world in this country with a lot of political instability kristie it's up to say about the. yes we've actually

seen this happen before in 2017 china actually banned cryptocurrency and then also around the same time india also issue regulation to start to stop because of mining as well but ever since then the regulation in india they've been trying to bring down a new law that actually bans ownership of crypto currency that you can actually go to jail or be heavily heavily fined for even owning took their currency however despite these bans by the central government crypto currency trading has actually accelerated in india in the past month this actually came out over the past week and now that the currency trading is actually up 13 percent for the month and so this will actually affect 5000000 indians if this were to pass so even if the central government is banning cut their currencies we've seen that in china that that does not work the regulation came out in 2017 and yet china has remained the undisputed leader in decline mining china is also the leader in crypto currency trading as over 90 percent of trading activity happens around asia so even with the

central government trying to quash down the tide of crypto currency and watching technologies we've seen that as long as you have access to an internet crypto currency and watching truly makes it a huge equalizer game for ordinary citizens and jeffrey i want to actually play off of what chris you just said they're talking about china because they've kind of rolled back some of that now that you see the u.s. is very restrictive on crypto currency but most recently china said it's looking at implementing crypto currency on a massive scale and that would include bringing in while way into the mix is the u.s. following behind on this. about 5 years so you have to slowly roll back and understand what happened when record is invented it was dismissed for something like 3 or 4 years nobody took it seriously and then for the next 2 or 3 years true thought well this is a tool for geeks it doesn't really matter banks are all some of the dollars are some there's not going to be the competition but then as time has gone on we've seen that things are getting. or more serious of the u.s.

government and you can see it in the debates in congress in the senate in the house and the way the regulators are talking this trying to get scared and panicked because of crypto really does become a big mainstream thing it disables monetary policy and it actually threatens the legacy incumbent financial powers in the u.s. so that we're going to seeing growing fights over this in the u.s. and i think the days of laissez faire in the u.s. and terms of crypto are truly over we saw how abusive the congress was towards as october who wanted to have a very innocent idea of starting a new currency and next thing you know is treated like some sort of criminal well we're already seeing growing fights like you said and even india has played distractions around who's playing restrictions on big coin but we'll see what happens here and continue to follow kristie and jeffrey tucker thanks so much for your time and.

the auction for julie rhodes to deep sea oil fields off the coast of brazil raise well below initial projections the mega sale of the oil fields only raise $17000000000.00 rather than the $26000000000.00 government officials had hoped for the only block that was awarded during the auction went to brazilian oil for petro brass and china c n o d c a subsidiary of china national petroleum corp both of which only offered the minimum bid according to reuters 4 other blocks which were up to for auction received no bids this was the 2nd brazilian oil auction that received little interest from the world's major major oil players now the blocks are estimated to contain as much as 15000000000 barrels of oil the oil rich patches though located beneath the sea floor or salt floor of the sea make it increasingly expensive for producers to drill there also requires huge investment for extracting the product compared to shale fields seen elsewhere. in the latest update in the u.s. china trade war the 2 countries have agreed. to cancel some of the tariffs imposed

during our month long trade war the chinese commerce ministry announced some progress in these trade negotiations. which you don't grow in the past 2 weeks the leaders of the 2 sides have conducted serious and constructive discussions properly addressed in their core concerns and agreed to a strange cancellation of tariff increases depending on the progress of negotiations for the how much was cancelled in the 1st day it can be decided based on the content of the 1st 3 minutes. and both sides have imposed billions of dollars worth of punitive tariffs on each other's exports and china has been resistant on rolling those duties back as part of any agreement earlier this week u.s. commerce secretary will said phase one of that deal would only cover some general trade specifics such as increased sales of agricultural products to china bonney yields move higher and europe's share markets hit a more than 4 year high after beijing signaled that

a phase one deal is indeed close a source familiar with the matter told reuters chinese negotiators want the u.s. to drop the 15 percent tariffs on about $125000000000.00 worth of chinese goods that took effect on september 1st but no specific timeline was given in terms of when those tariffs will be removed. in time now for a quick break but hang here because when we return we have seen several fabled unicorn listings flop recently so what does that mean for the future of hyped up listings christiane at a measure standing by to look past the fluff and whether these uniforms truly have a point and as we go to break here are your numbers at the close.

imagine. this is 35 and you have a career and include involves using your i phone in your computer things that have been in an office and perhaps you sort of get into that circular t.v. you could have to stop doing all this i mean this is kind of you look at the minutes must be from my world became smaller and smaller and smaller until i ended up running it in a box. magnetic field. in my head. think of it like a real heart on my skin and that wireless access point and just continues on saying with our students in the school it's. just continually our citizens in this microwave radiation it is certainly electoral small and it's

getting worse. in my iphone i have a 1000 times the capability of the of the computers and we had the space for at that time i mean it's ridiculous that in my back pocket i have much much more capability than we had in the hood to the entire apollo program. welcome back a blockbuster takeover is in the works of copy machine makers xerox has made an offer to purchase hewlett packard xerox has offered h.p. $22.00 per share in the bid to acquire the company sources close to the situation say the bit is for 77 percent cash and 23 percent stock h.p. is worth roughly $29000000000.00 and is nearly 3 times the size of xerox in regards

to market cap at the end of the deal h.p. holders will own 48 percent of the resulting income. but h.p. issued a statement confirming that the reports of the talks were true saying they're discussing a possible business combination and after speculation started earlier this week h.p. stock traded on the new york stock exchange spiked more than $3.00 also witnessed gains of more than $3.00 after news of a possible acquisition. the u.s. department of justice is charging 2 former twitter employees with spying on behalf of saudi arabia court documents revealed the 2 as a u.s. citizen. and. from saudi arabia ahmed on a 3rd former twitter employee and saudi citizen is also being accused of spying the other 3 men are accused of working with head of a saudi charity founded by mohamed bin psalm on sacar who was working for and at the direction of b.s. the charges range from making false statements to the f.b.i.

to financial fraud for consulting services the saudi government allegedly paid the 3 men hundreds of thousands of dollars to spy in a statement the social media giant responded and said the company limits access to sensitive account information to a limited group of a trained and vetted employees adding we understand the incredible risks faced by many who use twitter to share their perspectives with the world and to hold those in power accountable we have tools in place to protect their privacy and their ability to do their vital work. this week gave us a check up on 2 of the biggest unicorn's of 2019 both ride sharing and fitness bike manufacturer peloton released earnings reports that were less than impressive and as we look at the landscape of investing coming down in the next 12 months there is a much anticipated i.p.o. a very b. and b. in the apparent constant failures of the we work there are far more questions that we have answers and this may seem like a redundant one but are unicorns too good to be true we may not have an answer on

that but we do have some folks on hand who really do joining us now to discuss we were. comeback boom bust host christiane and adam mesh c.e.o. about a mess trading welcome. now having made it now adam i want to start with you on these 2 unicorns are reported this week peloton and nuber both now trading well below their i.p.o. price what's going on here. is down around 40 percent and peloton is down a little over 20 percent i'm more concerned about over so you know you mentioned we work and we'll talk about where we work loses around a quarter $1000000.00 every hour over loses half a $1000000.00 every hour and people don't have an appetite for a company that's saying they won't be profitable for 2 years they just lost a $1000000000.00 in the quarter no one's going to stomach that sobers a big concern peloton i'm less concerned with they've been aggressively marketing

to grow if they wanted to they could be profitable now if they just stop their expansion their biggest risk will come from seoul cycle who's launching a competing product and i wonder how much of the market share that will take and i did want to ask a quick follow up on the point that you made no i did see that when they when they reported their earnings now they're saying they're going to make a move towards and less from rapid growth and more to efficiency does that change your opinion on them at all. no because they haven't shown a clear path to profitability some of the experts say yes they will be profitable we see how that's going to happen others say we don't see it you know they spend they spend more than than they make and there's already fighting to compete with alternative options so as that market grows more competitive it could be a challenge i'm of the camp that until you're not losing half a $1000000.00 every hour i don't want have a stake in their company. kristie i want to turn the topic which is

a topic to your that we've been hearing in the business world which has been we were consistently they couldn't make an i.p.o. their founder has been criticized for these crazy practices devaluation has been knocked down again and again and it's now down 83 percent in just the last 3 months to $4900000000.00 now just this week it was reported that the we were debacle caused softbank to post their 1st last in 4 teen years what do we know about these failures of we work. well it's not just the failings of we work it's the failings of the v.c. and the private capital markets because they're the ones who are actually fueling this entire boom of unicorns and unicorns you actually don't even deserve to be called that as the economic research institute actually showed that 50 percent of unicorns nowadays are overvalued they don't deserve the valuations because they actually aren't generating any profit the us you know core market topped out in 20142015 when there were 42 unicorns newly minted unicorns that year we've never

seen levels since then and that pace is just completely unsustainable silicon valley now has this competitive mentality and this phone will rush to bid on to like these new ideas these new disruption disruptive ideas and because there's so much capital there's so much private capital within that little bubble if they don't compete if they don't bid if they don't give companies a higher valuation they could potentially lose the deal and so the v.c. is actually under constant pressure to constantly over perform every single year to beat expectations and make their earnings too so hence they have to fill their portfolio with winning deals and compete for these deals by offering higher valuations to companies that frankly don't deserve it i don't i want to stick with we were here a little bit despite all of their issues real estate firm c.b.r. these research shows that the company least a total of 2800000 square feet in the u.s. alone and it was the number one leaser in 9 out of 10 markets for flexible growth and the company even accounted for 69 percent of co-working space leases in the 3rd

quarter of just this year how how is this not working. well we worked out a valuation of 47000000000 the mather coming out now saying it's closer to 5000000000. it was never a profitable model to begin with. i'm not trying to but i'm just very proud of this says it's profitable they said there's no believe that. their their power point has an hour pointing up and that's their plan so he's probably. going to turn around without any details just an arrow pointing out 4 months before they cancel the i.p.o. i was on here and you guys asked me about we were and i said i don't see how they'll ever go profited because the thing is this this is the most important thing they act like a tech company they spend money like they're a tech company. like they're a tech company they're not a tech company and that's the biggest thing they're not a tech company and that's why they should have never had that valuation so i don't

see how it sustainable and the arrow pointing up doesn't do anything for me. and a follow up to a follow up to that peloton is pretty much the exact same thing they're trying to market themselves as a media company because they streamed these hundreds and hundreds of hours of video and they're trying to attain the valuation of a tech company of a media company when really it's just a very expensive stationary bike with an i pad on it. i want to look at air b.n. b. they have a much anticipated i.p.o. coming up in 2020 and according to a report from the financial times the company is valued at up to 42000000000 dollars by investors who are trying to buy a stake prior to the i.p.o. now we've seen criticism of the company's business model is this another one of those over valuations we're talking about and do you really see an i.p.o. any differently than these other field unicorns. well let's just look at the market cap of the largest hotel chain right now in the world which is marea marymount current market cap is 43000000000 and that's and you can drive to that market have

based on their generated revenues air b.n. b. is air b.n. b. as big as marriott do they have the same consumer base as america can the world sustain. and have consumers like feeding revenue into these 2 giant entities if not that valuation is completely overblown and there's something very wrong with it. well thank you so much adam and christiane for that discussion on these you know koreans there i know there was a lot of hate or a that as i called it earlier today but thanks for giving us an update on that. thank you. if you're a follower of the american football and the n.f.l. specifically you no doubt remember the deflate gate scandal that rocked the super bowl champion new england patriots after the 20142015 season the scandal revolving around deflated footballs was exposed in part due to text messages between equipment managers and team officials future hall of famer tom brady who received

a 4 game suspension following the beds would have been implicated had he not destroyed his cellphone following the season something he says is a regular practice when he gets a new phone but now according to a new report from yahoo sports coaches and players throughout the world are switching to signal an end to end encrypted messaging app to communicate with each other when using the app users can set messages to delete after being read and they can create issues throughout the sports world imagine college football coaches can communicate with recruits with no records being able to be pulled basketball stars can talk with each other to discuss building a super team before anyone is on the open market and it's even possible that team personnel can discuss the air pressure of football's prior to important playoff games at the end of the day no one will be able to request the messages because they're gone but don't worry according to the new york times the n.b.a. is already trying to get a hold of this sending a memo to teams requiring them to keep records of all contract or collated communications for at least one year but is that enough it's hard to say right now

but we can only assume that other leagues will follow suit in the future and actually start to create these types of rules and listen for the team is about what's have whatsapp already does it deletes here your text doesn't have any it does but i think signal actually ended up getting a little bit more publicity because it was the one that. i believe edward snowden said at one point was that if you're in any community because the n.s.a. was using it that's how you should do it is signal i think people are a little concerned with what's out because it's owned by facebook so they're not fully trust like they do signal absolutely well that's it for here today the poll the time we have you can catch boom bust on direct t.v. channel 321 dish network channel 284 streaming 247 on pluto t.v. the free t.v. at channel 279 or as always had us up at you tube dot com slash boom bust r.t. see you next time.

thousands of american men and women choose to serve in the country's military and the decision a little sheltered lives every song came to a complete. the day that i was right to be instructed you know told to shut up but they'd kill me and i see how it destroyed my life any screamed at me and he made me come in and you can my arm and he write me just berthing if you take into account that women don't report because of the extreme retaliation 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 have happened 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 the offender 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 issue in violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or woman. so what we've got to do is identify the threats that we. it's crazy sunday shouldn't let it be an arms race often spearing dramatic development only personally i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk. is your media a reflection of reality. in a world transformed. what will make you feel safe from. thyssen nation community. are you going the right way or are you being

lead so. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. aura maybe in the shallowness of. today there are good dentists and bad deadens the bad and those in the end then who the united states deems to be a threat the good to those who are in syria the cia and the us military were engaged in covert actions really throughout the world. where they were assassinating populist leaders they were backing up the right way military windows funding an army of death squads there's no any more because there's always

a small income for a really good. profit. mexico holds the 1st funerals for an american family brutally slaughtered by a drug cartel as it's revealed they were killed with weapons that originated in the u.s. we look at how the illegal arms trade is fueling violence. also this hour president mccrone of france lashes out at nato and says it's in terminal decline adding that europe should no longer rely on the u.s. to come to its defense. and korea apparently unites a survey of south koreans suggest they would rather support the north in the event of a war with japan.