if you remember china was very silent about this entire thing there was pessimism they didn't think face one would even go through this i mean while on the u.s. side they were optimistic markets rally everyone say oh phase one is almost done they're so often mistaken everything and those words were by the way were coming from the u.s. more than china and by the way reuters is now reporting about an hour ago that phase 1 may not happen this year may not happen until next year not really terribly surprised by that because we've also seen you know these record highs in the stock market and on wall street and a lot of that is tied to these claims that the troubled ministration keeps making about phase one and the deal being reached so without all that talk about phase one would we have even seen those highs probably not because the only reason why we got this high was in part due to trade optimism another part was due to the fact that we expected no tariffs on december 15th and for them are a rollback of the existing tests we expected all those to be in place and that's what we forecasting calculated for that's what the earnings reports are based off of baseline for them are but a portion of that rally also comes from this q.e.

for the century the 80000000000 dollars that the fed keeps on injecting into the market on a monthly basis so a lot of that is artificially boosted up but. artificially boosted. from this conversation about let's bring in greg swings and he. you're a brick mcadam and bring him into the conversation here so it seems like hong kong as we're talking about here in some ways has been treated like a pawn but at the same time i think we have to be honest here that there is a certain percentage of the u.s. senate specially that is pretty passionate about this issue of china and hong kong and autonomy so they've made their voices heard president trouble i'm not sure if he's as interested in that as he is in saving face and winning phase one how do you see it. sure well i mean i think the president's been pretty aggressive about exposing some of the problems with china so he i mean typically he's. worried about

the stock market in and day to day fluctuations but in reality he's actually been pretty aggressive and exposed not just to the trade deficits and the economic issues with china but also the predatory economic expansion that they're that they're going through and then of course the strategic and military and intelligence risks that the chinese state on economy. exposes the u.s. to so what gets one of the few things where there is partisan bipartisan support for what the president's doing you saw charles schumer on the clipper earlier it's really a pretty unified. senate in terms of their view on china so i don't see this thing you know getting fixed overnight so now this move in the markets this really should be a surprise to traders any more we've seen this volatility all year trade deal optimism now coupled with the q.e. 4 has kind of pushed the s. and p. now to all time highs but now the new bill passed by senate requires you know

certification of hong kong's autonomy so tell us about the effects of this bill because this is really a double edged sword it hurts china it hurts the u.s. but it absolutely crushes and devastate hong kong economically as collateral damage . i know i think you're right i mean they are sort of a pawn here and but i think what the p.r.c. has to realize is that global the global support for congress pretty overwhelming and i don't think they can ignore that and i think it's a mistake that they're making look the u.s. and the other western countries can with withstand a trade war with the p.r.c. or with china. for a lot longer than china can can handle it so look i think i think they're doing the right thing yes would we like to see a trade deal and that would be another great bump for the for the markets absolutely but you but you're absolutely right it's a lot of this has been driven on optimism about a trade deal and i think that's a little bit overdone. let's talk about the concept of peak china some analysts are

calling this your peak generator meaning that it's been a leading global exporter for the past 2 get decades but it's now lost ground to the u.s. due to this prolonged trade war which again president from kind of not only threatened but kind of relishes in that idea right that he is bringing china finally to d.s. do you think that exports will continue to we're road here. yeah i think they will and i don't again as i said i don't think that bothers the us as much as it bothers china you know would we all like to have trade of course but the president in his administration has exposed some things that are very troubling and i also think that aside from the trade war you also have to look at the aging in china i mean there there ratio of workers to retirees is going from 5 to one to 2 to one in the next 30 years this is a major issue so work the difference you know japan got rich before it got old china is getting old before it gets rich so this is a big problem it's not just

a trade war i think there's a long term issues you have the debt trap in china you've got some real problems in our economy well let's go back to the manufacturing issue care if all the manufacturers which are currently pulling out of china a lot of the big guys are which includes apple being one of the biggest ones they're pulling out of china and they're moving to some of the other places such as the philippines thailand vietnam and even australia however none of their manufacturing capabilities are even a 10th of that of china so if there is a manufacturing slowdown as a whole simply because these economies can't keep up with it how will these companies fare in the long run. i think that look you bring up a good point and this is very difficult in the near term there are bumps there are supply supply chain issues that have come up that people didn't anticipate but in the long term these companies will be just fine remember china has been exporting cheap labor for a long time now that wages are going up slightly you know they can't export cheap

labor anymore so i don't see that the chinese model as larry kudlow said last week you know look this thing is doomed for failure and they have major issues with the debt trap with the aging of the population. is is basically just exporting their excess capacity that they have in their own country so look the trade war in many ways is working it will continue to work but i think china's got bigger problems than just a trade war with the u.s. right now greg johnson had to answer a question are they is are they a pick absolutely thanks nice to be here thank you so much of a. well a big shakeup seems to be taking plates add h.s.b.c. as the longtime head of investment banking is now out and interesting lee no replacement as been named samir a sophos just the latest executive to be moved with talk of a wider shake up in the bank's management team possibly to be announced before the

end of this year is off was in charge of key clients for h.s.b.c. going head to head with wall street in some areas of investment banking and trading h.s.b.c. as interim c.e.o. quinn the has a broad mandate to shutter underperforming businesses and to cut jobs in order to give a strategy update to investors by 30 wary according to the wall street journal. we were problem seems to be getting worse this time as the new york attorney general is reportedly investigating the company and staffers are bracing for layoffs following its failed i.p.o. push our case trinity chavez has more on the story. today as we work spawns falling deeper into distress this after a slew of negative headlines published this past week from the 2nd korean to its failing i.p.o. to a 1250000000 dollar loss reported in the 3rd quarter now many wondering what the future holds for this office sharing company today we were making headlines yet again

reuters reporting that the new york attorney general lety a james is investigating the company something criminal defense attorney anthony tall says is common in cases like this whenever there is that type of dispiriting between the expansion of the business and losses attorney general generally want to check if it's something like that the probe examining whether or not former we work c.e.o. out of newman engaged in self dealings before being ousted last month according to reports newman bought properties which he then least back to rework borrowed against his own stake in the company and had planned to charge we work $6000000.00 to use his trademark of the word week after the company rebranded itself though we company particularly when you're dealing with with new employees new numbers and a bunch of tired of people who are in charge of writing it in there making billions of dollars usually that spills corruption word of the investigation comes as we work is preparing to slash its ranks by a 3rd potentially laying off about 4000 employees in the coming months this as new

leadership scrambles to stabilize the failing startup according to the new york times we works executive chairman marcello clowder wrote an email stating these actions will make us stronger and better able to generate even more opportunities over the coming months and years meantime the office sharing company is also facing scrutiny from the u.s. securities exchange commission over whether it. highlighted financial rules as it sought out its public listing there's always fraud there's always corporate fraud there's always the idea that the and or there's always in chance that the shareholders are bridging the rights of the minority shareholders or oppressing the right sort of mind nor the shareholders and that is usually the frog or some type of misrepresentation while we works valuation previously rose as high as $47000000000.00 on the private market it has since plummeted in october softbank took a majority ownership of the company and agreed to inject $6500000000.00 in debt in

equity into we work and to fund a $3000000000.00 buyout of existing shareholders including $1000000000.00 for some of newman shares now we work spawn tessa sharply week in this past week to about 16 percent and although the company is preparing to lay off thousands of its workers the executive chair says it is going to help shape the company's future whatever that future may be reporting outside of we work in new york trinity each others are taking. so we keep on hearing more and more about the colossal failure that as we work so we kind of wonder if this is going to be the top like looking back in the future when we look back at this moment be like this was the top for all unicorns across the board that there will never be a bigger failure than we were i think it's a good question and i hope the answer is yes right i hope that when we look back on it we say hey remember when we were blew up and then everybody realized that this whole thing not just we work but so many of these companies were basically running the scam they only inflated valuations. but i think one thing that will make we work special compared to everything else is the way that adam newman was running

the company the way that he basically turn this thing into a giant i don't know fantasy island for himself and his family when you know and other people have suffered because of it yeah well it kind of is very similar to how travis was running over before he did as well because he was basically do whatever you want to with shareholder capital private jets and everything yeah it's total nuts management you know. time now for a quick break but hang here because when we return new york state financial services department has granted a trust license to offer trading and custody of big. well tell you how that may impact institutional investment into their currencies and as we go to break here the numbers at the close. i.

over the last 3 decades the european union has seen its enlargement as a way of hoping its eastern neighbors democracy while keeping them firmly with it spiotta political as the e.u.'s mantra of the bigger the better proving to be the case. good food descriptions sound up even for the owners so how to choose the pet food industry is telling us what to feed our pets really more based on what they want to sell us than was necessarily good for the pet turns out it may not be a soap the people believe we have animals that have you know diabetes in arthritis

they have auto immune disorders allergies we are actually creating these problems it's a huge epidemic of problems all of them i believe can be linked to very simple problem of diet and some dog owners so heartbreaking stories about their pets last treats the larger corporations are not very interested in proving or disproving the value of their food because they're already making a $1000000000.00 on it and there's no reason to do that research. is a tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been faithfully templeman from the inside venezuela things look different we're going to announce sanctions against petroleum's to venezuela associate. famously have

a settlement is this a good episode tackle football that it is so on the phone yet that the flag of the moment the focus of the whole story isn't new makes him. called in henry kissinger to tell him that it would not be tolerated in latin america an alternative economic and social system could take hold and therefore the policy would be to make the chilean economy scream so wants and making the economy of venezuela screed. is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation full community. are you going the right way or are you being

led. direct. what is truth what is faith. in the world corrupted you need to descend. to join us in the depths. or a maybe in the shallows. this is a story about what happens auster a stray bullet kills a young girl in the streets. what happens to her family and daughters in florida another mother and daughter is buried in a cemetery it is meaning messes with your head what happens to the community the public was screaming for a scapegoat the police needed a scapegoat so why not choose a 19 year old black kid with a criminal record who better to pin this on than him and what happens in court be.

shocked shocked as far as i feel. we don't know she'll just from. the end of this trial unfortunately you. will still not know what childress. welcome back the new president elect of argentina has told the i.m.f. that he has a sustainable plan to take on creditor obligations while at the same time maintaining growth over to fernandez says that he wants to make a commitment to the i.m.f.

that he can keep when fernandez takes office on december 10th he's going to face really 2 big financial issues the 1st external creditors who expect a reduction in the amount of money owed rather than the country defaulting and the 2nd payments on a loan from which the i.m.f. awarded argentina the largest loan in its history in 2018 the amount of that loan was $57000000000.00 right now payments on that loan are on standby while the presidential transition is underway the i.m.f. managing director says that in a phone call with the president elect quote she stressed the i.m.f.'s readiness to engage with his government and work towards paving the way for sustained growth and poverty reduction quote we agreed to pursue an open dialogue for the benefit of the argentinean people end quote. there klein on the bottom markets are higher today after a sell off with big one struggling to maintain its $8000.00 support level and it is at this time that some traders are coming out with an increasingly bearish view

that decline won't repeat past having the last 2 having spent 20122016 resulted in massive bull rallies for big wind but now analysts are arguing that it's all been priced in so well history repeat itself to bring in eric wade editor accept all capital with stanbury research so why do you think eric has all this news of this having hasn't been priced in or is this another one of those buy the rumor sell the news set up. well i think a little bit of both there is a little bit of buy the rumor and sell the news but i find it really interesting that long term holders and the miners into that seem to be holding on to coin in anticipation of higher prices after the having but i also see that short term traders are looking for opportunities to me catch a swing or 2 maybe a little bit more of the volatility trying to run up between now and the next having if they can make 10203040 percent swings then that's very profitable for

them so it's kind of a tale of 2 different investors that we're looking at right now because yeah you hate the volatility and then you love the volatility but the housing is usually followed by a massive rally due to fundamental imbalances right there having shocks the supply side so you do have this growing demand of new money into in the space getting exposed and then a lag in supply which drives the prices in fact fidelity investments with the 30000000 customers has just been granted a key license to expand so how is this consumer adoption been in the u.s. this year relative maybe to other countries. where consumers in the u.s. interesting lee have actually been a little bit slow to adopt compared to some of the other countries out there unless you look at one particular kind of consumer and that would be. seem to be quite ready to adopt digital currencies. lumped all those together and meals are very fast as far as picking those up so now apparently the

us fed has not been very fast in picking any of this stuff and they've just started exploring the development of a central bank digital currency so this is after earlier this year u.s. congressional subcommittee spent the better half arguing that to have a central bank digital currency is one of the worst financial ideas of recent times so isn't the us already behind here on this c.b.c. because we have singapore with project coming out our ron venezuela with the petro peru dubai that we all have china who've been working on a 24 norway sweden japan and more so 1st mover advantage is a really real thing when it comes to technology so where does the u.s. stand now. well the u.s. is clearly behind and clearly trying to catch up and as you just mentioned sending a lot of mixed signals because we heard from drone powell actually earlier today that i guess the word they're saying is they're testing out possibilities on this so where exactly do they stand and i think probably

a good thing for us to do is to try to separate america from americans because america if you look at the government on it certainly slow to adopt this but americans are kind of voting with their dollars in the stable coins and the dollar based coins that are out there americans are really really adopting those you've got a lot of different choices of digital currencies that may not be official central bank currencies but they are pegged to the dollar and american investors really seem to like them so america needs to kind of hustle to catch up to americans and as you mention the rest of the world where else america the government might very well be left behind on. this is a great point i love kristie how you listed off like every other country in the world essentially is ahead of us on this and i think it's important too when you talk about you know america. being the government you know the i.r.s. the f.c.c.

are so far behind on this stuff but let's also talk about can we about libra this other centralized digital currency it's not a crypto currency i refuse to call it that because it's not but it'll currency despite losing a couple of the founding partners and really the big ones right a lot of the payment processors libra is continuing to push forward they have logged over 51000 transactions over the past 2 months which is i mean let's face it that's virtually nothing when you're the size of facebook but in the meantime here's what i think is interesting facebook launched facebook pay which essentially offers a lot of the same services as libor when mark zuckerberg sat in front of congress recently trying to explain libor i thought it was fascinating that he kept really redefining it he was no longer referring to libra as a currency at all or even a crypto or digital currency and instead he wanted to refer to it really only as a payment processor he was trying to treat it like it was paper how are they now cannibalizing libra. i don't think they're cannibalizing it i think what they're trying to do is maybe hedge in that i see facebook and i'm on record as saying. i

agree you can't really consider libor as a currency but i'm on record as saying if facebook and this a big if granted if they can learn to behave libor might have some positive things to offer us but i think what facebook is doing and i think they've got a long history of if they can't build something that you know world class that that millions if not billions of people can come on board with if they can't build it then they'll buy it and i think right now what we're seeing is we're seeing facebook maybe trying to play the field a little bit and they don't know what it's going to look like when the dust clears but they want to have all of their options out there and who knows this may end up . facebook is buying something like a right or or maybe they'll have to build it but facebook certainly is saying we're going to be in this business regardless of what it takes to get into it and if you

know american congress doesn't want to take the time to do their homework and learn what it takes to win this facebook isn't going to let that stop and that's my take on it because they do keep on putting what about they're saying facebook pay is now $4.00 payments and libra is the equivalent of sending emails is what they're saying . at ashura capital thank you so much. for the f.a.a. says it will be rigorous in a certification of boeing's new 777 x. jets and then reaffirm that it would not rush the review of the ground at $737.00 max but here's a better way to put it hell on earth that is what one of boeing's biggest customers says it will put the new boeing 777 x. through before it's allowed to fly emirates airline has ordered more of the new 777 x. than any other airline i want to say that is going to times like it it originally ordered 150-2013 it's now reduce that number to 126 tim clark the president of the emirates told reporters at the dubai air show on tuesday quote we need to be absolutely sure

that as she comes together as she starts flying that everything is done in the manner that it should be done i want one aircraft to go through hell on earth basically to make sure it all works remember the boeing 737 max has been grounded after 2 deadly crashes in which faulty software appeared to cause the airliner to unexpectedly nosedive. china is planning to bring taxi service to shanghai in order to supplement and meet the increasing demands for service is currently it can only fulfill 65 percent of the private class so the launch of driverless cars would help plug the gap and supply and demand has over 550000000 users on its pot farm versus 91000000 years. and recently started to expand abroad to australia coastal rica and mexico like over though d.d. has yet to report a profit racking up $1600000000.00 worth of losses and 20 by comparison over the last 1800000000 was able to grow its margins over over and maintain

a higher efficiency ratio given the market and demographics in china the urban population china is much more concentrated and apparently it is not unusual for 6 people to share one car meanwhile has also debuted its own self driving robot taxi earlier this year but find that there's still a lot more work to be done overseas myths that there's still a long way to go on the software side and has much more of a conservative stance on the idea opting for a hybrid approach to of semi-autonomous driving ok so then it's not a big deal whether i wish i could say d.d.t. was doing as well as you do but it's not a big deal for 6 people to share one car depending on the kind of car we're talking about i mean when we talk about there i mean you know like a regular sedan that here in the united states it's actually illegal to see more than 4 people and so we call that a clown car. and everybody started out their only business this maximize efficiency ratio sure does i think there's also a personal space issue that maybe they're willing to put up with in china that we wouldn't necessarily be here but it is interesting to watch how is really taking

over a lot of these places especially latin america what they are doing in latin america right now is essentially running out certainly in mexico and in brazil and some of these places they're doing extremely well with really controlled that that area and they're not anymore exactly so that's why i found the number so stunning 550000000 users versus only 9000000 so like that's crazy to me because that's it by this time you can catch boom bust on direct t.v. channel 321 dish network or streaming 247 on the free t.v.'s. or as always you can hit us up at youtube dot com slash boom bust r t c about your tomorrow. and i am in another one of the highest in my town ways are both the food. bank itself movie theater on the plaza in this way got set up for hard not to think and i'm

going to describe this moment then walk up to it i want and open this door up and if. this is the only thing that we do is the music because everybody fights a new his way. to. the floor and you can have the 50 look out of his mouth this would have been that whole movie about it not the death penalty on the. what i think is this is the thunder that is accompanied. thought. i have concern about new technologies and i think society should and i and i try to help them get engaged in those concerns. but we also should have

concerns about how doing nothing doing nothing is extraordinarily risky in a world with some point 5000000000 people and a whole series of both ancient technologies that are not necessarily suitable for tomorrow. that's geysers line it looks like a little place a mini the bell it's only clergy abuse it this is the central plank support during a film is called the club and right now it's a stop to the. let . me think. of it. the.

badlands nazi documents and the revealing that big u.s. drug maker ran a campaign to suppress negative stories about its widely prescribed opioid painkiller. the u.s. stresses its commitment tonight was the french president slams the alliance is brain dead parisians what they think. we're going to sort of nato is obsolete because europe no longer truly has an organized enemy on its territory i think europe needs to start having its own weapons put its political and economic to protect itself was kind of british university cancer was a talk by a feminist speaker off to students accused of transphobia we get her side of the story. i don't believe i'm trying to.