following a call between negotiators from both countries on tuesday the u.s. president added that u.s. officials are keeping an eye on the situation in hong kong as part of the talks i have a very good relationship as you know with president xi we're in the final throes of a very important deal i guess you could say one of the most important deals in trade ever. is going very well but at the same time we want to see it go well and. i think it will i think that president xi can make that happen and i know him and i know he'd like to make it happen china's ministry of commerce also commented on the call between president vice premier and u.s. trade representative robert litan hisor and treasury secretary steven nugent saying the 2 sides had reached a consensus on how to resolve some key issues and would continue to work in to come to terms on an eventual deal in hong kong the pan democrats scored big victories as they won nearly 90 percent of the 452 district council seats in elections held

sunday the election had record turnout following 6 months of protests that rocked the island now while those who support the protests not stay when not everyone is on board china daily published an editorial monday stating the results of sunday's district council 'd election marks a setback for hong kong's democratic development as the results were skewed by the illegal activities of the opposition camp to the benefit their candidates in the run up to sunday's voting members of the opposition camp particularly their young agitator is engaged in an all out campaign to sabotage the campaign activities of pro establishment candidates and intimidate their supporters from going to the ballot box now kristie there's a lot going on here but what is the significance of those big wins for the pan democrats in hong kong you know economically and otherwise this is actually quite significant because as the markets look at this was a reading of barometric reading on the overall sentiment in hong kong and how how the people really felt because mainland china was actually quite surprised by this

turn out they were actually completely surprised and blindsided because they thought that the opposition would not be as strong as they are. and react as strongly as they did because as you said this was a record turnout over 75 percent of the voters actually turned out and not to mention this is for some of the least powerful positions on the council they're pretty much response for anything relating to like garbage pickup to street cleaning to like community labor so these are not the primary elections so it's surprising that so many people turn out to vote for elections that weren't at the sentiment stage what do you make of president trump and u.s. officials right now really placing a emphasis on hong kong when it comes to these trade talks well when i come to try to talk ha ha is really a pawn right now kind of like wow way it's used as leverage for the united states because let's not even mention the fact that there have been there have been accusations of foreign interference with in hong kong creating chaos but right now there is a hong kong bill on the table and china is make pulling out all the stops to make

sure that that does not pass into law because if it does pass into law then hong kong would be reevaluated reevaluated on an annual basis to see if they will still maintain special trading privileges with the united states and those privileges mean everything in terms of economically for both hong kong and china so what i want to do now kristie because you have gave us excellent insight there but i want to go ahead and bring in peter schiff of your pacific capital to weigh in on all of this peter thank you so much for being with us let's start off simply here why do you think hong kong in your opinion has become an emphasis in these trade talks. well it's only because maybe the u.s. believes that it has some way to leverage what's happening in hong kong to its advantage and maybe to to for some type of a deal but you know what really bothers me about the united states criticizing china and hong kong if you look at the index of economic freedom that the heritage foundation puts out every year hong kong ranks number one today it's

a free of psychotic me in the world the united states ranks 12th on that list so you know i'm all more concerned about the freedom of our own. people so rather than worrying about the phrase people of the world how about of our leaders try to find a way to make americans more free as a very excellent point and being afraid us talk about fairness trump said in an interview tuesday he quote we can't make a deal like this event we have to make a deal where we do much better and so does that sound like he's even trying to make a deal with that type of mentality like how can he expect to hammer out a phase one when he is blatantly saying that he doesn't want a fair deal. well you know every side hopes to get an advantage and that's the whole art of the deal and you go to him but i don't think that trump is trying to make a deal i mean trump just wants the stock market to go up and as long as the stock market is going up he couldn't care less about a deal with china maybe if the stock market really started to tank then he might

feel some type of pressure to actually deliver a deal but as long as he can make the market go up by talking about the prospects of a deal that's all trump wants and now it's actually interesting because as you just mentioned you know the markets have been reacting they're hitting an all time high again today and going to your head we generally have this santa rally and a seasonally strong time of year for equities but will another escalation cause the market to crash how should traders position after this when there is so much uncertainty in the near term i mean it seems like this should be causing markets to go down but it's incredibly every time he says something positive traded negotiations markets go to record highs. well look there are a lot of things that should be causing the market to go down but there's really only one thing causing it to go up and that's the fed and so the markets are rising just remember for a while people were worried about rate hikes nobody is worried about rate hikes the fed has taken all rate hikes off the table the fed has made it clear that the only

direction that rates can go is down they're going to stay the same or they're going to go down and q.e. 4 is now on auto. pilot you know in perpetuity so that's what the markets want they know that they're never going to have another rate hike and they're going to have money printing as far as the eye can see and so that's what's driving stocks and i guess that's going to continue to drive stocks in till something causes that to change and somebody is going to happen because the us is headed for a worse economic disaster than the one we had in 2008 and there's no way this is good for stocks and we really shouldn't even be here at all time highs i now when everything are nice season this yeah we had continuous a vision down there are present on average equities across the board averaging 2.3 percent downward and now we're going to 4 kids and with passed on board with consumer spending expected to be much much slower much more constricted this year howland stasiak especially in far retail consumer sentiment everything when consumers have been the backbone and been supporting the market this entire ride.

of 1st of all i mean bad earnings are not the only negative that the markets are ignoring and in fact in a way the bad news is good news again because it keeps the fed in play even though they've basically. assured the markets that they're not going to do anything to hurt the markets but as far as the consumer is concerned look you know people keep talking about how the consumer has never been in better shape when the opposite is true the consumer is completely levered up he's got record amounts of debt and the only reason he can spend is because the fed is keeping rates low enough so that credit continues to flow despite the lack of legitimate savings to finance it so this whole alison cards is going to come tumbling down the consumer is going to be right in the center of that and peter i do want to ask because you know as we just mentioned you know the year ended where and to say it's a season if you will i mean retail earnings have been kind of up and down depending

on what you're looking at department stores down target and best buy kind of moving up but what are we going to see here as we head into the key holiday shopping season. what we're talking about is a lot of concern in the economy i mean are we still going to see people spend that money come this week. well as long as they can borrow it they'll spend it the question is can they pay it back look i think the holiday sales are going to be disappointing again and certainly the brick and mortar companies the vast majority of them kids can you to struggle i mean look what's going on with the vacancy rates and and leases and you know that and the earnings on most of those companies a lot of americans are doing what they can to squeeze every penny out of the dollars they're borrowing and so they're shopping online and looking for the best deal and i guess that's going to continue but remember a lot of the stuff that we're buying are probably almost all the stuff that we're buying is imported we're not making it it's made in other countries so we're buying it on the national credit card as well as an individual credit card so whatever we

spend just means larger trade deficit so that means the u.s. economy is in an even more precarious position following holiday shopping than before and now finally let's talk about gold poland has just repatriated 100 tons of gold from the bank of england and poland not the only one doing that right now the central banks around the world have been on a gold buying pushing it to 3 year highs so why are central banks now stockpiling hoarding gold should that be an market indicator that potentially there is a downturn. well i think if you're smart you recognize what that's indicative of but i think the central bankers are in a position to know that a monetary crisis is evident that doesn't mean it's going to start tomorrow of course it could but whether it starts next month next year sometime in the next several years they need to have bold i mean gold ownership is going to be key to preserving confidence in your currency and you have to back your currency buy

something real not by somebody else's paper and so that's gold i think what poland is doing is it is a trend that we're seeing where it's not just that you. want to own gold but you want to own possession of your own gold you don't want to trust a 3rd party with your role absolutely will peter schiff always advocate for the gold industry so you euro pacific capital thank you so much for your time i've advocated for sound money. they count down to black friday is on you tell us around the country have already started marking down items as the holidays quickly approach but will the market get a boost our teens today chavez explains. things giving time and just like many investors are shifting their focus to holiday shopping and while many are taking a break during this holiday season it's a very important time for markets as they enter into the last leg of the year. shopping season is kicking off and u.s.

retailers are dreaming of a green christmas always spend around $10000.00 is a lot of money i have a lot of a lot of people in my family the national retail association says 165000000 shoppers are expected to buy over the holiday weekend and overall holiday sales are expected to be higher than initially expected i was finding sales so i went ahead and played all here's a pretty black friday sale and got on top of that the shopping weekend will wrap up on cyber monday when 68700000 people are expected to take advantage of all those online bargains and. black friday shoppers but as i remember they shop and analysts predict a 4 to 5 percent jump from last year bringing the total between 727900000000 dollars and 730.7 $1000000000.00 quite a change from last year i think that the retailers are pushing hard with their markdowns and their promise and they're sending e-mails daily so it's keeping the

consumer aware of like ok you know start shopping now in 2018 the economy only rose about 2 percent when shoppers were discouraged battling ago. permit shutdown and market volatility and with the uncertainty of tariff still looming prices on laptops and phones could go up as president trump prepares to slap more tariffs on chinese imports on december 15th if a deal is not reached according to web bush securities an initial 10 percent tariff on china would mean a 4 percent hit to apple's per share earnings meantime in recent years black friday has become more and more prevalent globally currently in the world $195.00 countries an estimated 50 to 60 percent celebrate black friday several countries in europe starting to adopt black friday along with central and south american countries as well as china and southeast asia so the more you spend the more the higher discount is so i think that gives a lot of people a sense of civic stock up on things that they typically you know want to buy and

replenish things they love now since thanksgiving fell a little bit late on the calendar this year experts are suggesting to start shopping early and to know what you're shopping for so stick to a list and don't wait for deeper discounts because you may be disappointed with those last minute deals reporting from the capitol in new york trinity jobs are to . 11 of the largest drug makers including pfizer and novartis has set aside a combined $2000000000.00 to invest in gene therapy manufacturing in order to better control the cost of production of the world's most expensive medicines gene therapies aim to correct certain diseases by editing or replacing specific genes in a patient's cell with healthy copies this has the potential to cure devastating illnesses such as rare muscular disorder or sickle cell anaemia with a single dose these treatments are extremely complex to produce at is a mall's the cultivation of live material with significant side effects it handled

improperly drug makers are now building their own manufacturing plants in response to rising costs and delays as a result of rely on 3rd party. contract manufacturers and increasing demand for these new therapies this will also help to safeguard proprietary production methods and more efficiently control costs of production schedules however there is a huge risk as this is a big capital outlay in order to bring in manufacturing in-house as many of these treatments have not yet been approved by the f.d.a. and are still in testing phases despite the risk these drug companies are confident that gene therapy will continue to grow due to the strength of demand and they are placing hefty bets on the sector with pfizer allocating 600000000 and nov artis 500000000. quick break by hearing here because just on the other side amid a change of leadership the e.c.b. is also looking to new bern tears as the base of global finance continues to change really for which the british american business association ledgers a hand to break down the central bank's move towards fin tech and as we go to break

here the numbers at the close. it's an understatement to say america is a very divided country many have even spoken openly about the possibility of civil war what is tearing the country apart what is keeping it together it cannot only be about donald trump what will it take to start a sustained social and political dialogue before it's too late.

he was still got us into a tirade indeed that's what the group includes need. to discredit and i know you. can do you want to think about you think about it a lot to your canadian each you want to look at them as all. of them do need to my target to be are you told you could fall under your thumb to get the i think i feel when i'm in the good children tell them of all this you can tie one next time you don't come fall who will do more vocal than you.

thank. you. thank. you. welcome back the north stream to pipeline said to transpire natural gas from russia to europe may face a hurdle from the united states congress sanctions on companies involved in the $11000000000.00 project has been added to early drafts of the 2020 national defense

authorization act according to the senate foreign relations committee chairman jim risch who told the defense news the reason for the push is that this window is closing a lot of nordstrom is done already it will cost them dearly i think if the those sanctions passed the companies will shut down and i think the russians will have to look for another way to do this if they can do this the robust legislation still faces debate on what will be done to include it prior to the coming up for a full vote meanwhile a german politician alexander lands to our who is the deputy head of the german free democratic party weighed in on the situation during the berlin foreign policy forum on tuesday telling our eye where ossie we need to wait for a solution the discussion in washington on north stream too has been going on for a long time and in a very controversial tone i consider it harshly incorrect in terms of the argument put forward adding that they must wait to see what the legislative process will stop. argentina's president elect obrador fernandez said on tuesday he plans to

wait. of the remaining $11000000000.00 of the country's loans from the international monetary fund when he takes office on december 10th outgoing president reseal mccree agreed to a $57000000000.00 loan from the i.m.f. just last year mr fernandez read on a platform that was mostly against the austerity measures imposed by the mccree government and its continually been a critical of the i.m.f. loans speaking with argentina's radio convos the president elect said he will try to revive the economy in order to pay and solve the debt problem sensibly earlier this week argentina's treasury minister herman the cones said $20000000000.00 in the country's debt is held by private investors and international organizations and will mature next year. have their currencies made great strides in 2019 with china and the p.v. o c finally pushing for a wide adoption of a fee digital currency and now europe looks to follow with the e.c.b. investigating whether to develop

a digital currency as an alternative to cash despite their crackdown on facebook's libra policy makers have realized that facebook's plan could end up succeeding because it meets modern consumers means so now the e.c.b. has to reconcile and think about how to meet that need themselves or risk potentially becoming irrelevant and obsolete in the near future to help us break it down a friend in hillary for which board member of the british american business association because the pleasure. that is to be is warning that this entire region is falling behind the u.s. and asia in terms of global payments market and that he brings up a really good point more than 2 thirds of the non-cash payments right now in europe are done using foreign run cars can't dominate my visa master card you need pay and alley pay so is this a threat to the autonomy of the european payment system yes absolutely currency of course it is because basically what you're seeing this is a long term play what's happened over time is when you have the basically really frightfully for shockingly friendly european go. the e.c.b.

in terms of their tax regulations their stifling of entrepreneurship the stifling. of anything that's innovative this is what happens they driven away innovation so when you have such tax policies you find that you don't attract the best in the brightest and that is exactly and precisely what's happened also i think it's very interesting to look at now they're setting up a committee to investigate this can you just think how many entrepreneurs and how many innovators in the u.s. or china for that matter set up committees to study whether we should do so i think just the plodding pace they going about it is basically it's not doomed to fail but it's not going to be out to keep pace no unless they regulate against it and again that then going to shoot themselves in the foot further well no and we've seen a lot of other countries actually try to establish their own currency to kind of increased ability integrity in the markets you know we've seen china do that they've been working since 2014 now we have sweden erg y. and even venezuela so is there a chance that the e.u.

can actually catch up with all of this as they've tried to work this out and they're already kind of buying well i think actually is kind of like thinking i always say to people who want government to take over something oh fine just name me the government run program you know or that you enjoy having taking taking care of you all that you've been to that sufficient that dynamic there's innovative and it keeps pace just name me one if you can name me one that's your answer the answer is not likely. so now moving over to jeremy enjoy your bank now has been undergoing a major restructuring and they are now offloaded more than $50000000000.00 worth of assets over to goldman sachs now despite the sale deutsche bank still managed to book over a $1000000000.00 of losses in q 3 that's 3 months so how is this restructuring going and is there any hope to salvage this bank and what do you think on the left after they sell off all their assets or you have the c.e.o. there christian suing he has a lot on his hands a couple of things that have compounded what you just mentioned they have a very bank is renowned for having outdated technology they have not kept up

technologically also they have a terrible 2 talent drain they've lost about well actually divested of about 800000 of their employees what happens when you let go of 18000 people do you think the best and the brightest sit around saying great i do love to be next so what's happened is the best and the brightest have left voluntarily which has been crippling to them also they have a terrible amount due in terms of fines they have 17000000000 do in fines for misconduct after the last financial crisis and also due to adverse market conditions you've actually found they've suffered as well so those have all compounded it so to answer your question though directly crissy in terms of what's going to be left what they've talked about in c.e.o. kristin ewing said earlier this month is there such is not what they could term in a bad bank and what they're going to do is they're going to divest of all their sort of bad assets and their derivatives and they're going to ship them over there their goal is to divest themselves of all of the derivatives by 2020 and you know it's interesting because it looks it looks more and more like they're trying to

paint a picture of progress here which is some progress i mean it's the best thing to do with our situation but of course given the there's a lot of bad bad as you mentioned to clean up you know in particular the level 3 sets which are most liquid hard to value what kind of write down are we looking at here for the longer dated derivatives ok well actually i will quote on that i'll quote their group treasury. group treasury head and that is fix it your she and what he says is he says that it's not. going to be a fossil basically they're going to have an auction they're going to ocean off some of these bad derivatives and surprisingly enough there's been a lot of interest in the marketplace because now's the time to to go off to them when they're obviously in such a circumstance i will say when he says it's not going to be a fossil like everybody looks at this is what can they pick off you think people would want when you go to a fossil you want to to buy the worst assets to want to buy the worst things so i think that is a bad circumstance to be in basically i think though given the restructuring and the moves they're undertaking in a bad situation by 2020 when they have the best of some of those derivatives i

think they'll be in a better in about a situation while the book value those germans are in somewhere in the trillions so we'll see how let's see how that show in florida and major trade is your right to see because it's i think it's like what is it 400 times larger than the german national g.d.p. that's quite a lot of. thank you so much l.a. for which poor men were of the vision american business association of crazy thank you. and finally city football group the owner behind the manchester city football team has sold more than 10 percent of their company to u.s. based private equity firm silver lake for $500000000.00 the transaction has set a record for a sports fair and tries valuing the abu dhabi based to $4800000000.00 see if the chairman khaldoon al mubarak issued a statement about the deal saying we in silverlake share the strong belief in the opportunities being presented by the convergence of entertainment sports technology

the purchase still does face regulatory approval in some regions and silverlake has made a name for themselves investing in tech companies like ali baba dell and skype but there are portfolios recently expanded to the likes of sports and entertainment including ultimate fighting championship now kristie i actually you are big in the investing world you understand all of this is there a big space to be investing in sports and entertainment this is here because a space has been rapidly growing before you were able to buy a team for 150000000. $500000000.00 only like 50 years ago but now the entire landscape has changed because media has played such a huge part in blowing up us valuation because live streaming sports is one of the only stable and stable cash flows for t.v. streaming and live media and premier league is huge exactly that that by this time you can catch boom bust on youtube dot com must see a next time. this

is a story about what happened zoster a stray bullet kills a young girl in the street. what happens to her family and daughters in florida know the mother daughter is very easy in a cemetery in healing this is 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 we feel. we don't know she'll just from the. end of this unfortunately you. still love to know she'll just.

join me every thursday on the alex simon show and i'll be speaking to us of the world of politics sports business i'm show business i'll see you there. and we're going to fulfill that purpose is probably for the people. you know we've . all pots to. be a. pretty. pretty good group. now you want to 1st correct that. no.

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democrats in washington demand fox news registers a foreign agent calling the channel agression stooge jumped in on that joke. as a secondary explosion rips through a chemical plant in eastern texas. i was offered the facility in drink 3 work because. the parents of a man killed in a traffic accident pressure on the u.k. foreign secretary demanding justice the wife of the u.s. diplomat and main suspect escapes punishment. the american citizen.