is he fit for the task? what do you think about him then you can just standing but was last said is not strong decision maker. so i think he's not the best one but our grouping. the battle and yon of stood behind him because he was chosen by the party convention. and so of course, we have to support him, but he will have to take responsibility for the election outcome all sholtes. he's the front runner. why is he the front runner? what's he got to bring to the party so to speak? well, political, political functions are very volatile and to just 6 months ago, i've looked at the greens would be on top. and now the candidate there has completely deconstructed herself. although the media trying to sell paint a different picture, but she's, she's just not up to the job and all of chops all set assistance. he has a few scandals to his is a name or potential scandals. but he's sally statesmen like he has the bonus of office because he is the finance minister. and in times of crisis,

people look to the office holder. and so he has that on us. germany is seen as the power house of the e u. course medical leaving him with a crisis relations among a lot of the countries in the, you know, a course as well with the western allies, the u. s. is it going to change when she's gone or things going to glue but together a bit better of being, you know, being said, germany is the leading powerhouse within the. what's ahead, do you think the crystal ball where well as she has of cost on the countries economic resources, germans among the poorest in the you, the private household on average or on median, which is suppressed fact. i mean, the industry is still fine, but it's heavily export dependent. so we'll see, i mean those fishers we have in the u and in the so called the west, now between france and the u. s. for example over the i'm still, those issues might increase. i think we are looking ahead to turbulent time and i

don't see anybody who really can lead us out of this. so i think there will be some term all to come. knoxville to german city politician the cd party member. thank you for giving us your thoughts love to be on the program. great. and that's what we're talking about so far. the double coverage of what's happening in the lectures across the weekend in the days to come. calabrese are now for now to take you for the evening and all the headlines here from our international news room. but for now, for me, kevin, thanks for taking the time to check in with us here dobbs international. we're going to go state side to state side studios after the break for boom bust. thank you for watching and have a good evening. me the are not about but that's actually own really done thing. the great thing about it being available to everybody think a bit more like a public new artwork advantage. anybody in the world can view for free

ah, this is been by someone visit show you can't afford to miss. i'm rachel blevins in washington. coming up to us government is quickly approaching as a debt ceiling threatening and default that could have global implications. we'll take a look at what day can, when it could mean for the markets around the world. plus, the chinese government is reportedly telling ever grand to carry on what will happen now. as one of the companies talk backers, and now is sold more than 100000000 shares of ever grants stock. then the better reserve is hinting at plans to create its own digital currency, but isn't worried about keeping up with other countries like china and russia. and when we find out what the us central is up to, we have

a lot to get to. so let's get started, the really the program and the latest fight between democrats and republicans in congress over whether they should suspend the federal debt ceiling. once again, in the wake of historic spending, they have just one week to pass a spending bill ahead of a possible government shut down at the end of this month. all facing the looming possibility that the government could default on its accumulated debt as early as next month. the current limit is over $28.00 trillion dollars, but it hasn't always been that way. while the national debt hasn't hit 0 since the andrew jackson administration in the 18 thirty's, it wasn't just 5 trillion dollars. when george w bush took office 20 years ago. his administration more than doubled, that figure,

bringing it to over 10 trillion debt sort in response to 911 and then the great recession, brock obama, and doubled at once again with more stimulus and more spending. that brought the national debt to nearly 20 trillion dollars. donald trump then increase its over 27 trillion as congress broke records, with the stimulus measures they pass in response to the cobra, 900 pandemic. now, joe biden is looking to make his mark, but republicans are fighting against it. comparing the suspension of the debt limit to co signing a loan before a heavy gambler's trip to las vegas. democrats, or as republics assign a blank check. for that reckless spending, the democrats are asking us to spend the debt ceiling for the remainder of their time and the majority to finance reckless spending. while we stand on the sidelines . however, democrats are arguing that if the us doesn't take action now, there will be global consequences. there also noting that congress has acted to

revise the definition of the debt ceiling 78 times in the past. the overwhelming majority of which were done while the republican was in the white house, in the united states default is on its debt. that makes all of our world legation or financial obligations around the world. suspect. and right now the us dollar is . that's the reserve current, that's what everyone wants, that's what they know you can depend on. you have a bond, we know that the united states stands behind the currency. the united states stands behind its get obligations. we default on that debt and it just throws it all into payoff. so, well, congress take action before it's too late and how does the market stand to be impacted if they don't? joining me now to discuss is michelle snyder, partner and director of training research and education for the market age group. now, michelle, we all know that this fight between democrats and republicans is nothing new,

but what is the risk if the u. s. does default on its debt, and how does that imply, or how does that impact rather the countries on the global stage? well, the quips, you just paid. rachel really shows the, the polarity of the political parties. but there's 2 issues here. there's paying for the debt that we've already incurred, and then there's the new debt. and that's really where the negotiation might come in. so at this point right now, i would say that the risk of the false is still relatively low. and with this negotiation, it really will be a matter of the consensus for actually paying off the bills that we've incurred. and then what the democrats want, which is to raise the dead shilling even further so that they can include their new government spending. and that's really the rub right here from the political standpoint. so the government can be closed for quite some time before we go into default. unless of course, during that time, if we have another disaster,

whether it be a natural disaster or pandemic crisis, possibly major spill over from ever grant as likely as that may seem. so really we have to kind of keep in mind that we can run close or partially closed for months until such time, we wind up getting actually the downgrade are totally defaulting. and so we're hoping in that time, of course, they come to come to some consensus. what happens if we default? well, obviously the confidence in the u. s. goes down the dollar tanks, the countries will not be buying our debt, or our bonds goal will sure. essentially the markets tank, it's definitely not a good situation if that happens. yeah. and, and so we've interesting to see how they kind of baker back and forth almost intentionally to see which side will given 1st before they finally come to some sort of compromise. now when it comes to those investors and we're talking about markets, we really seen that investors have put their confidence in the federal reserve keeping interest rates low and not making any sudden moves. but even j powell is

saying that the fed can't protect the market if the debt limit isn't raise like you mention. now, what kind of a fall out could there be for the markets that have been writing on record highs over the last year? well, one of the things we just mentioned was that interest rates would rise, housing would go down, plus a lot of the money that people get from federal funding like social security, medicare, military, salaries, all that goes away, tax refund. so essentially what you're talking about is a situation exactly what paul says. i love that he actually said that yesterday, because i haven't heard him say that before. it's the big but we can help you. so this really goes back to let's help cooler heads prevail in terms of coming to some kind of compromise. now speaking of what the fed can do, we heard from powell addressing plans for the fed to start tapering, bond purchases whenever he spoke on wednesday. and there wasn't a sell off in the way we have seen in the months past. so have investors just come

to grips with the fact that is easy money policy really can't stay in place forever . i actually think it was more that what the markets do today was show that the fed is really saying they're still going to keep a very accommodate of stance. don't forget, the other thing that powell said is they're looking at the labor market. so what was the 1st thing the market was already rolling into the open, but the 1st thing that came out was that job was cleans actually rose. now because we won't know what the unemployment numbers look like until we get through the 1st week of october. but he was very clear that he wants to start tapering. inflation certainly has met his parameters in terms of papering but, but he doesn't want to do anything to upset the economy. and of course now given the depth feeling situation, as you mention, i think they're going to be a little bit patient and that's what the market heard. yeah, certainly a lot of moving parts there and all eyes to see what the better overs or decides to do, especially in the coming month. michelle snyder of the market gauge group. thank you

so much for your insight. thank you, rachel. the ever grand saga continues amid reports that financial regulators in beijing are telling the real estate group to do everything possible to avoid a near term default on dollar bonds, as it works to complete properties and repay investors. but the instructions appear to be rather vague as do the company's plans for the nearly $120000000.00 in debt payments due this week. but even so, shares of ever granted climbed 17.6 percent before falling on thursday. despite the news that the company held over that the company rather than hauled over 35 percent of ever grand stocks and bonds in the process of cutting type chinese estate holdings confirmed it had sold nearly 110000000 evergreen shares since august 30th . and it may plan to solve the remaining 750000000 shares in the coming month. so

where does the embattled ever grand group go from here? well, join you now to discuss is boom bust co host christy i. now christy, i know we've talked about this situation a lot over the last week and as we see ever grand faces, a critical test on thursday and meeting is obligations to bondholders. so what is the latest there? everything was due to have about $83500000.00 worth of interest on dollar denominated bonds on thursday. but right now as of now, it's not clear whether the company made that payment. so speculation is that ever been has narrowly avoided worst case scenario. climb pricing in expectations of a very big haircut, but not quite as extreme as we saw earlier this week. so every brand gave a statement in which the company said an interest payment on an un denominated bond has been, quote, resolved be a negotiation off the clearinghouse. so the developer likely struck a deal with local bondholders in order to postpone the payment without having to

label the move an official default. so while it has managed to avoid a default for now, it's unclear whether ever graham would be able to pull up something similar for the dollar bonds. so off shore, bond holders are widely seen as pretty much near the bottom of the base priority list of ever grants. creditors, and next we have another $47500000.00 an interest payments due as well. so there's a 30 day grace period on interest payments due thursday, so it is probably very likely that the coupon won't be paid, but it's possible that they'll try to get a deal done within the next 30 days. wow, i did a lot of money. we're talking about and i know that all of this talk about every brand is obviously giving them plenty of publicity. so how is the company attempting to raise cash right now? well, prior to all of this, the property sales was the key source cash for ever ban. however, in recent months, with the slow down and the pandemic, and all these unexpected delays, the company has struggled to attract buyers and abilities and construction drugs on

home. buyers are losing confidence in its ability to deliver on their projects and promises. so currently there are about 1500000 buyers waiting forever grant to deliver. now no more buyers are going to be joining this q because no one wants to wait that long anymore. and especially since the 1500000 barge, their insurance, they're even going to get their property. so the company is still trying to offload as much as they can in order to raise cash. earlier this month, they already hired bankers in order to try to sell their stakes and electric car and poppy services. now there's been a lot of talk about what the chinese government is going to do, what they may do in the coming weeks. so how did they respond to this, and are they preparing for some sort of bail out? do we know that yet? bailout does not seem likely in the books because the chinese authorities on thursday were asking local governments to prepare for the potential downfall of our grants. so this is concern that ever the facts could spread to creditors including

bank in china. so any systemic liquidity crunches or the lien and momentum have to be dealt with and prepared for so the reserves are short ahead of time. so it looks like the asian wants to teach a hard lesson and is not going to bail them bailing them out. so easily they might actually just let it deal with the problem manzona and for the massive restructuring. but they are going to try to contain the fall out. so local officials have described that the government should only step in at the last minute in order to prevent any spillover effect from that ever granted mine. so they are trying to contain it isolated without just full law and bailing them out. so it's unlikely most analysts have been expecting because we've got to custom to the fed put. so this report indicates that the central government have a very limited appetite for bailing out the company, despite all the money and cation soon, the biggest question becomes, why is being allowing evergreen to fall here?

well, it's kind of like between the private capitalists market and the communist party, the party wants to force china private sector away from speculative and risky lending practices that are pushed debt to very dangerous level on the same time, also avoiding in financial meltdown. and the collapse of the entire property sector, which actually makes them more than 70 percent of the nation urban well locked up. so this is sort of a long term fiscal reform in order to de risk the leverage and shift away from land financing. ever grabbed right now over over $300.00 total liabilities to home buyers, suppliers, and local financial institutions. however, the little bit of silver lining is that it doesn't have any bonds maturing until 2022. so it can certainly buy some time to try to offload assets and miss all the condition. it only faces about i know, i say only, but they base about $669000000.00 and coupon payment this year, which is definitely not a small number. but if they can get through that without the full thing,

that's going to be the crunch of not a small number at all. and certainly the world is watching to see exactly how this order turns out through most christie. i thank you so much for your time. and while china continues to grapple with its domestic market, beijing as lashing out on the international stage, taiwan has officially applied to become part of the comprehensive and progressive agreement for trans specific partnership or c, p t p. p. the trade agreement, which was rejected by the united states under former president trump, is comprised of 11 nations and had just formerly received a membership id from china last week. following the announcement of its intent to join the trade pact, taiwanese officials warn of the potential problems that could arise from trying to membership. so china has been obstructing taiwan opportunities in the internet. and i think this is an obvious fact witness by everyone. therefore,

if china joined or c p a t p p, a head of taiwan power the way on danger taiwan application. for their part, the chinese ministry of foreign affairs responded quickly to taiwan to bid stressing the current diplomatic state of the island. you don't really, there's only one china in the world and one region is an inalienable part of china . the one china principal, the basic norm of international relations and a universal census of the international community firmly opposed to any official context between the i want and other countries as well as high ones accession to any agreements or organizations that are of an official major china decision to apply to the pacific trade body comes as a nation has thought to gain a bigger role on the world stage as the united states has yet to strike up any international agreements during the vitamin ministration and time now for a quick break. but when we come back, the federal reserve has an update on his plans to create a digital currency. well,

take a look at what they're telling the public now and what we can expect in the months to come next. and as we go to break, here's a numbers at the clothes shoes . me long when i would show the wrong when i was just don't the room. yes to fill out the scene because the attitude and engagement equals the trail. when so many find themselves will

depart, we choose to look for common ground the welcome back. could be us, be the next country to create its own digital currency while they haven't made the decision yet. but chairman powell says that the federal reserve is pushing ahead with its study into whether to implement a digital currency and they will be releasing a paper on the issue shortly. again, powell says that while no decision has been made yet the fed does not want to feel pressured to do something quickly as other nations move forward with their own projects. so joining us now to break this one down, our invest husband swan and jeffrey chucker,

president of the brownstone institute. jeffery, let's start with you. how likely is, is that the federal reserve will create its own digital currency in the near future . i don't know about the near future, but they're definitely thinking along these lines and this is the most explicit statement we've seen yet. and it comes in the wake of the success. astonishing success of the crypto market, particularly this table clients, for facilitating transactions that are vastly cheaper than the the old fashioned horse and buggy is a system that the federal reserve presides over. so jeff, they're looking at this world and going, yeah, this is something we want to be involved in. but just so late to the game, it's hard to imagine that it's going to happen quickly. or, and i wonder about the extent to which that successful. and there's also an element of bitterness here. i mean, like the fed officials have been putting down block channing crypto now for the better part of 10 years than for them to suddenly say, oh,

we went part of this. it's a little bit much. yeah. and there are a lot of questions about why the united states isn't more on board with those or why they haven't met in recent years, especially looking at countries like russia and china are doing. and now ben j. powell says, he believes the fed is not behind and said, quote, i think it's more important to do this right than to do this fast. do you believe that is true? no, it's a ridiculous state where they're not behind their behind. it's almost the entire world in this respect, but here's the other thing. when j paul says, hey listen, we want to get this right. we don't care, we're not going to be influenced by other countries. that's also a completely false statement. in fact, the girl reserve is being completely driven right now by others. other countries, other central banks and the crypto market. they're being driven by everyone. remember just a year ago, j paul was going around saying that the u. s. would never have a digital currency. he said that it was not even going to be something that the federal reserve ever looked at because he said, of course the crypto currencies were

a fad. b and they wouldn't be around less than a year later. he's now talking completely differently, say, well, we're exploring it and we're headed in that direction. and when he says by the way that, you know, he's not sure that they're going to do that. they are absolutely 100 percent going to do this. there's no question about it. he's pretending now to say face so that the u. s. doesn't look like they have bungled really the entrance into the digital market. but they have bungled their entrance into the digital market. right. it's an interesting way of admitting you're wrong without admitting that you were wrong . all right, and jeffrey, we also heard from the binding ministration. they announced on tuesday sanctions against the crypto exchange to ex, over its alleged role, and enabling a legal payments from ransomware attack, are these ransomware attacks giving crypto a block? i, so to speak. what, what in a sense, i guess it's all because the efficiency of crypto that has been used for asthma attacks, but you know this, but this sanction against sex exchange are

a little bit absurd. we got no details whatsoever. we not, we have no data. and what they did wrong, that the founder of this to x company says a billing had about a half a dozen trades since 2019. he has no idea what if he has a very prestige university. it's a legitimate x company. and in the czech republic, so he didn't know what he did wrong and we don't know the cause, but by the ministration said nothing about why they're attacking this particular company. did they facilitate ransomware attacks or not? i mean, we really just don't know and it's also by the way, not typical that ransomware attacks come through exchanges privately on the dark web. so there's something a lot very suspicious about this. and i tell you what worries me about it. it seems like a random attack on a random company and a random part of the world all set

a precedent for as been talks about, you know, the creation of this new central bank digital currency. so is a fed trying to shut down the competition? that's what, that's what concerns me. they're trying to clear the fields and make things safe for them. so they have a more successful rollout of the head kind. i mean, i'm trying to get a little bit maybe paranoid about this but, but it's hard not to be given the, the events. and then when it comes to a story like this really don't get that many details of the binding ministration. kind of just saying, oh we've taken care of it, we've gone after them because they were involved in this ransomware attack. i mean, what does that tell you? well, and the question is which ransomware attack, what specifically is jeffrey was saying, what it was specifically have they done. there are no details here, but it was warden about this or tooth issues. number one, crypto exchanges are not the method by which ransomware attacks take place. most the time hackers and ransomware hackers will have you send your digital currency,

your big coin, whatever it is to a private wallet that they control. they're going to run it through an exchange number 2 in the rare instances where they might put some of that money through an exchange. the fence already blue that up. they blew that up after colonial pipeline, because remember, they went around bragging that the clock back money. well, how do you caught that? you quote it back because you revealed the fact that coin base was essentially the location where that crypt was sent. you. we don't even know that the coin base account that the crypto within to belong to a hacker that was never proven the f b, i simply said what we call back the money. so we have no idea whether that was all just stage to look like the f b i was competent because they also misrepresented how you would get that currency back. and last week, and i think this is very important, is that when we talk about crypto exchanges, crypto exchanges, if they are attacked. and if you, you set them up as being the bad guy, you ignore history. because history shows us that rance where long predates crypto

currency. it's not the product of crypto currency. as jeffrey said, crypto is efficient, therefore it's been adopted by ransomware is not exclusive to crypto currency, but all of this creates a narrative around crypto that makes it look like it's bad unless the good guys, the government is the one running it. and one of those rare cases where the government early says, are there one of the good guys know, jeffrey, how do you see that working out? you know, when we're talking about this crap, now we've got about a minute left here, but do you see it having any actual impact when it comes to these exchanges? you know, i can believe anything these days. i've seen terrible things last year. you know, i mean, i've seen the feds rating safety deposit boxes stealing hundreds of millions of dollars of personal property. you know, so what worries me is that the feds are not and by the fed, i mean the, the feds and also the fed are not just looking at regulating crypto but really, really cracking down. and that the sanction of the select,

the changes might be designed to create a precedent for going back, you know, going after gemini and going after ways. and it would be a disaster for the, for the american markets. i mean, really i didn't breaks my heart to the u. s. becoming a reaction force in the world or tech article, innovation and monetary for better since it's happening. yeah, there really is a lot of stay karen will be here to cover it, especially when we finally find out about that you has digital currency that they come up with too much bend swan and jeffrey tucker of the brown stern institute. thank you both for your time. that's it for now, you can catch boom bus on demand on the portable tv app, which is available on smartphones and tablets who google play and the apple app store by searching fordable tv. portable tv can also be downloaded on samsung, smart tv, and roku devices, or simply check it out. portable tv. well see you next time. me

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the, the katelyn separative leader colors pushed a mom has been released from custody, but will remain in italy to face a saturday cord. harry, following his detention overnight after almost 4 years on the rum with european lawmakers, branding the arrest, a disgrace. canada's largest province outlaws cobra related protests near schools and medical facilities. but critics called a binding quebec and infringement of civil liberties. less than a year after coming to office, joe biden approval rating slum following a raft of questionable policy for the us president now less popular than his predecessor unlikely.