robert light 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 and to come to terms on an eventual deal in hong kong the pen 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 result of sunday's district council 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 agitators 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 all are and react as strongly as they did because as you said this was a record turnout over 70 percent of the voters actually turned out and not to mention this is for some of the least powerful positions on the council there 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 turned out to vote for elections that weren't at the sentiment stage and you know what do you make of president trump and u.s. officials right now really placing a campus. this 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 be evaluated 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 but 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 hog kong ranks number one today it's a free us economy 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 frieze people in the world how about if our leaders try to find a way to make americans more free. that's a very excellent point and being afraid that talk about fairness comes said in an interview tuesday he quote we can't make a deal like this even we have to make a deal where we do much better so does that sound like he's even trying to make a deal with that type of mentality like how can he expect to ham out of phase one when he's 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 you see 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 has gone 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 then 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 into your head we generally have the santa rally and a seasonally strong time of year for equities but will another escalation cause the market to crash how should traders position for 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 incredibly every time he says something positive traded negotiation 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 either going to stay the same or they're going to go down and q.e. 4 is now on autopilot 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. 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 for kill and with past on board with consumer spending expected to be much much slower and much more constricted this year how would stocks react especially in for 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 the 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 yet 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 to new to struggle i mean look what's going on with the vacancy rates in and leases and you know that and the earnings of most of those companies so 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 deficits and 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 evidence 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 bolt 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 is that you want to own possession of your own gold you don't want to trust a 3rd party with your gold absolutely well peter schiff. advocate for the gold industry. euro pacific capital thank you so much for your time of an advocate for sound money. they countdown to black friday is on when 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. thanksgiving 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 a government 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 capital in new york trinity each of us 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 life 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. the cost of production schedules however there is a huge risk as this is a big apple out lie 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 know of

artists 500000000. quick break behave 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 led to the hand to break down the central bank's move towards fin tech and as we go to break here are the numbers at the close.

this is a story about what happens ostracize trade bullets kills a young girl in the street. what happens to her family and daughters in florida. the mother daughter is buried in a cemetery. this is. 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 plan this than him and what happens in court. shock shock smar officer i feel. we don't know children this is from the. end of this fortunately you. will still not know the children.

i'm going to fulfill repeated purposes politics to the people i promise you know we it's all pots to. be. pretty rough. cut. now you want to 1st correct that. you know. all.

the u.s. house of representatives has wrapped up its 1st round of impeachment hearings against president trump but it's not done with trying to oust him with new impeachment proceedings ahead is impeachment of viable strategy against the president. welcome back the north sea. 2 pipelines that to transport natural gas from russia to europe may face a heard all 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 is 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 out for full vote meanwhile a german politician alexander grasslands dwarf 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 for ossie we need to wait for a solution the discussion in washington on north korean 2 has been going on for a long time and in a very controversial tone i consider it public 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 alberto fernandez said on tuesday he plans to waive 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. because their currencies made good. streisand 2019 with china and the p.b.r. see finally pushing for a wide adoption of a 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 plan could end up succeeding because it meets modern consumers' needs so now the e.c.v.

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 which bring in hillary for which board member of the british american business association because the real pleasure. 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 why than 2 thirds of the non-cash payments right now in europe are done using foreign run car schemes dominate my visa master card you need pay and allie pay so is this a threat to the autonomy of the european payment systems yes absolutely kristie 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 free shockingly unfriendly european governments the e.c. b. in terms of the tax regulations the stifling of entrepreneurship the stifling of of anything that's innovative this is what happens the 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 where that we should do so i think just the plodding pace they're going about it is basically doomed to fail but it's not going to be able to keep pace no unless they regulate against it and again that then going to shoot themselves in the foot further and we've seen a lot of other countries actually try to. stablish 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 2000 for 2 you know we have sweden erg y. and even venezuela so is there a chance you could actually catch up with all of this as they've tried to work this out when they're already kind of own 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 or that you've been to that sufficient that's dynamic there's innovative and that 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 germany 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 of 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 very frank is renowned for having outdated technology they have not kept up technologically also they have a terrible talent drain they've lost about what it 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 the. assets and their derivatives and they're going to ship them over there their goal is to divest themselves of all of their 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 in the dark situation but of course given the there's a lot of bad bad as you mention to clean up now in particular the level 3 assets

which are most liquid and 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 quote their group treasury. group treasury had and that is dixit yoshi 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 auction off some of these bad rivets 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 was one 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 in the moves they're undertaking in a bad situation by 2020 when they have got this sort of some of those derivatives i think they'll be in a better in a better situation while the book value those terms are in somewhere in the trillion so i'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. and that's quite a lot of. thank you so much hello for witchboard men were at the bridge american business association of course thank you. and finally city good 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 $4800000000.00. see if the chairman khaldoon al mubarak issued a statement about the deal saying we and silver lake share the strong belief in the opportunities being presented by the convergence of entertainment sports and 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 $150500000000.00 only like 50 years ago but now the entire landscape has changed because media has played such a huge part in blowing up this valuation because sports is one of the only stable and stable cash flows for a t.v. streaming and live media and premier league is huge exactly that's it for this time you can catch boom bust on youtube dot com site a must see a next time. he

always still got us into a tirade in d. let's move to conclude sneak. diplomatic record the records are cool if you screwed up. and could we're going to think about you think about it. canadian each you want to look at him as though. you didn't read too much ha ha ha get to be a good tone cook on the author to get those people to fail phenomenon good children tell him with all that you can tie one next time you don't come fall out of the marketing or.

thinking of getting a coupon the ones we've gotten here shows no doubt why he didn't know until he was trapped in this tiny little wired punch being near the crate with the wall. reaching out into the wall and it's freedom anywhere near it thousands of breeding dogs are caged in the inhumane conditions on puppy farm i mean 67 years you know they've been locked up in a cage outside you see no protection from the weather the heat you know the courtier the rain the snow the thunder nothing they have no protection. particularly you. know it's true kids. across the u.s. cruel puppy mills are supported by dog shows and pet stores most of the puppies are coming from this large scale factory farming kind of operations are being sold in stores even joined a group businesses are involved by. cargill among santa there has been a shocking amount of the organizers opposition to adverts to increase the standards

of care for dogs bred in commercial breeding for so many most of that opposition is coming from huge agricultural groups and industries that have nothing to do with jobs don't buy dog owner to. others financial survival guide i don't buy any i prized on a futures. food it's not the most of friday as of last summer buying from the future trucker was kaiser. young elephants have come to us after. especially brutal budging incidents because sadly the baby elephants often do see their mothers be killed but also be caught up unfortunately. i do believe the elephant smile i see it in these little ones they all say show the expression changes.

the goal. of a libyan t.v. operator says it's been ordered to take the spot to show off air from december not just the media this big crackdown by the self-appointed government of jimmy not as that's according to believe you as for boss president. you may already know the only thing they have achieved is to create terror in the country these 2 people have been killed and there was no investigation trade only ladies i need they are even next on new 90 percent because. friday in the french capital to raise awareness of violence against women is itself mobbed by violence as one feminist group clashes with another we spoke to one of the women who took part. i was in the region and we went to this demonstration because we wanted to the trend women's rights.