forced to pay more for just about everything they already couldn't afford, while the richest companies in the country are profiting more than ever. well, it's an amazing thing to do to the american people. put you through 3 crashes in the 1st 21 years of this century. put you through the worst public health disaster, probably in american history, but at least in the last century, you come struggling through that with all the pain and all the suffering that so many of us had gone through. and then you hit us just as we thought may be, we were coming out of it. you hit us with inflation in which the prices arising faster than the wages. this was already a problem. this will drive people into even more debt. if you're able, in fact, to run it up a bit more. so it's an economic disaster, it's a sign of an economic system to be blunt. that really isn't working very well. and

that now mr. biden latins to be the president, stuck with the inflation that look is been coming down the pike for quite a while. now, given the amount of money being printed relative to the amount of goods and services not being available for sale, he has to react to the inflation. but if he dares to raise interest rates, which is what some are suggesting. well, them, the debt that is higher than ever in this country is going to become an unbearable burden. this is a system that is rapidly reading, reaching multiple that ends at peter. what's your take on all of this? every we've watched officials claim inflation was transitory per month. and now of course, the bio ministration is continuing with this business as usual with the renominated of j power out of that plan to the divide. well, you know, i actually agree with a professor. i don't think that the current socialist economic system works,

you know, central government planning, manipulation of interest rates, the constant creation of inflation. inflation is not new. that's how the government has been bailing alpha markets from the crisis is it created with its subsidies and an artificially low interest rates are so now the inflation is moving from financial assets into real goods in a way that governments statistics can no longer hide. because the actual rate that prices are rising is probably twice what the government admits. and this is not a transitory situation. this is the prick the tip rather of an inflationary iceberg . and what we need to do is abandon the system we have now and go back to free market. capitalism lays a fair sound money. that is the only path back to prosperity professor. well, but i want, i will respond to that because, i mean, peter kind of started that comment out by calling basically the bio ministrations

agenda. a socialist agenda. edu. as somebody was written extensively about socialism, i would say you would strongly agree that biden's policies are a socialist agenda and he more is in line with what would be free market capitalism? correct. certainly by putting mister powell back in there, mister powell has been a, isn't susie astin, supporter of the capitalist system, a very vocal opponent of the socialism. one could argue whether he understands what it is he's against, but nonetheless, he's clearly against that. there's absolutely nothing in mister biden's portfolio that has anything to do with socialism. he's proud of having been the senator from delaware, which is the home of most of our large corporations because they're so favorable. but i don't want to get into debate about what the words mean. i think the important thing is that if they were to go backwards and i agree with peter ship,

what he's proposing is that we go backwards, which is a position i wouldn't be so eager to support, to be as polite as i know how i want to go forward, i want to ask and to answer that question, what are the real causes of being in this debt? and i know it's fashionable to blame the government. but, you know, i look at the american government and i see something that's a creature of the private capitalist system and always has been that that creature doesn't do his job real well. that in fact, the government can sometimes make it worse than what it was. doesn't change the basic relationship, which is the people with the money control, the government, and they have in the history of this country. and they are at least as in responsible for the end as anything the government every did. yeah. if bided, were a capitalist, he would be advocating for less government. not more. he would want to cut government spending, not dramatically increase it and power is not part of capitalism. he is the

antithesis. this is central government planning. this is price fixing of interest rates. the federal reserve has nothing to do with capitalism. under a capitalist exist on the market. we've said interest rates, not the federal reserve, and under cap full ism, we would have found money, not the money that is manufactured by the better reserves. so your problems are not with capitalism. there were the socialist institutions that are creatures of government. professors go ahead and respond to that. well, you know, it used to be a private capitalist economy early on. and because it had so many problems, it couldn't solve, it created the very institutions you not want to see as having drop from the sky. they didn't, they created the federal reserve back at the beginning of the 20th century because the monetary system of this country produced a panic every 15 minutes that couldn't be coped with these ins. we call us very

long wait a minute, let me just finish your point. it's like every corporate, when you will destroy economy. peter le, professor will finish and then we'll get right back to your response here. right? well, you know, this is an old conversation. well, let me, let me summarize it by and by the following, over the last 30 years, the most rapidly growing economy in the world is the people's republic of china. the united states doesn't come close, they grow their average g, d p 6 to 9 percent a year. we do 2 to 3 percent. there's no question that they are a socialist economy. they call themselves that we call them that they're able to grow way better than the united states is. and you have to face these realities rather than read, defining your language to kind of try to get out of the uncomfortable position that these realities represent the problems of american dollars and not only to the

government. this demon ization of the government relieves corporations from all their responsibility as if all the mistakes and all of failures come from the government. peter, professor communism failed in china. that's why they abandoned it. yes, it's still a communist party, but there's actually more free market capitalism happening in china. there is in the united states, that is the problem. it's when they went away from capital, from communism and embrace private property and profit and unleashed entrepreneurship. it's private capitalism. that is striving in china despite the communist government. what we need is more capitalism. here in america, the problem is we're moving more in the direction of the policies that the chinese abandon peter. yes or what, by 30 more seconds for you on this segue here. the chinese didn't abandon anything, the chinese continue to control their economy. a huge public sector,

much larger than anything of the united states, no prospect of that going away. and in the last 5 years, when they've had more private capitalism, their economic growth has slowed down. so the logic of your argument doesn't hold and hasn't done so for quite a while. you want to go back and check. all right, i'm going to jim in here really quick. we're going to continue this conversation on the other side of the break professor, richard wolf, and peter shift. thank you both for your time and the world's 4th largest economy is preparing for a new era as a lock shows is set to take the role of german chancellor from long time leader, uncle and merkel, merkel who has served for nearly 2 decades in the roll will be replaced a swearing in ceremony at the beginning of december, but just who is alive shows and what effect will his newly form centre left coalition have on the nation's economy and foreign policy. well, for a full scope of the situation or peter oliver brings the latest from berlin, has been struck. it would seem between the social democrats, the green party,

and the free democrats that would see all our sholtes, replaced anglo merkel as the next chancellor of germany or shoulds, the social democratic candidate for the job in the last election in the government that anglo merkel headed before the vote was the finance minister also the vice chancellor in not group that the talks have gone on for quite a while. it being, it was 8 weeks since the college here in germany. they've been in these negotiations since around october time. it will be 7 is 3 days if it is announced later on as we're expecting that this deal has been struck. that's a lot better though, than the last time around germany had to form a coalition back in 2017 to 171 days for anglo merkel to come to the grand coalition that she ruled under. and when it comes to finalizing this though, what we're going to see is the social democrats, a having

a extraordinary party conference that will be held on the 4th of december, where their members will get the chance to vote. the green party said they're going to be putting it to their membership, and the free democrats have said the 5th of december will be the date that they will be looking to rubber stamp this deal. but what does it mean for germany? well, olaf sholtes will be the new chancellor in terms of who's going to be in what job and how the, the cabinet is made up. there has been a few leaks coming out. it seems likely we can expect christian lindner of the free democrats to be the new finance minister. that's a job he has coveted for a long time. also coming out of these meetings, there's been very few leaks, but the leaks that have come out of suggested that analynn a bare bulk of the greens would be the new foreign minister. and that would be a big, big policy gain for the green sat to achieve that type of ministry in the new government . the green party, though of been the ones to come out the soonest. in fact,

to say what they think of the announcement that there has been an agreement on this 3 way deal and they seem very happy with it. indeed, in fact, a green party sources saying that there was a new dynamic on climate policy that's been agreed during these coalition talks. that climate protection would be built into every facet of german government policy from agriculture to transport, the construction and beyond. it also seems likely that we can expect to hear that the, the phasing out of coal power in germany being brought forward 8 years. it had originally being the 2038th this new government. it would seem, would want to do it by 2030 am now per quick brag, but when we come back after logic, bitcoin as legal, tender, and el salvador, the i, m f, is once again warning against the practice. just on the other side, we're to bring back our expert economists to discuss the prospect that's going to break here. that number the quote ah

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shape out the same becomes the african and engagement. it was the trail. when so many find themselves, well the part we choose to look so common ground you know that this is the 400 year anniversary of the very 1st bank, steve. and think about that 400 years of thanksgiving in north america. really an incredible miles down i saw a message from an unknown account because it has a selfie with my passport as its profile. i saw pictures of my documents and it will say also sent a credit contract. if i had just 3 days comply with

a demand to see if i didn't send money and they sent out an online hate campaign that i was supposed to be a very dangerous man. oh, is your media a reflection of reality? ah, in the world transformed what will make you feel safer? isolation, whole community. are you going the right way or are you being that somewhere? direct? what is true? what is great? in the world corrupted, you need to descend a join us in the depths or remain in the

shallows. ah, with ah the welcome

back. just days after the president of el salvador and i was plans to build the world's 1st bitcoin city, the i a message once again pushing back on it's moved to use a crypto currency as legal tender in the country. bitcoin officially became legal tender along with the us dollar in el salvador. back in september, the nation has counted the crypto currency as a means to help millions of its citizens who send remittances from abroad and its ability to bolster tourism. while the i m f has been critical of the move from the start, the central bank double down on monday, writing quote, given bitcoin high priced volatility use as a legal tender. it's significant risk to consumer protection, financial integrity, and financial stability. it's use also gives rise to fiscal contingent liability, adding that because of those risk bitcoin should not be used as a legal tender. so let's go ahead and bring back our expert panel of professor richard wolf and peter shift to discuss. now i think you gentlemen might be able to find some common ground on this, but then again,

i've been wrong in the path. peter, i do want to start with you on this one. we have you on to show pretty regularly, and we really appreciate that. and i believe it's fair to say you aren't exactly a fan of the us dollar, a fan crypto currency, or even central banks. so what is your take on the situation? well, you know, i usually don't agree with the i m f. but in this circumstance i do, you know, i'll salvage or has a lot of problems now? it has another one midpoint, i think this whole thing is a gimmick. i think a lot of the big coin wales were able to influence alpha albert or in order to help drum up more enthusiasm for the crypto currency to soccer and more buyers. so the larger holders of big coin who got in earlier at much lower prices, can sell into the hysteria that they're creating, partially because of this idea that o it's legal tender in salvador. and this is just the 1st step of many and that

every other nation is eventually going to follow in el salvador is footsteps. it's all the type that they're using, but you know, it's going to be cost salvador, a lot of money. people are going to lose money. the government is going to lose money. it's going to just be a disaster. now, professor will, if i want to get your take on this, and i know we don't head on curved o q, much with you, but where do you stand on all salvatore's adoption of bitcoin as legal, tender, as well as the i m. s. pushed back against it. well i, i guess i'm a little bit close to peter on this one which may surprise him and it certainly surprises me. but i think for different reason, the way i see this is that el salvador with all due respect, is a country for whom this bit going. gambit is like a hail mary pass in a football game. their country is an economic disaster for many reasons that are not there for, for some that are, they are desperate as are many countries in what we used to call the 3rd world,

but certainly many and central america around el salvador. their situation is horrible because optically and their prospects are not much better. so they're desperate. they're trying to see whether may be something could come out of this. but think of the less as a considered policy looking into the future. it isn't that whatever they say, what this is is a hail mary pass, hoping that by some unimaginable coincidence of bounces, what they are doing will make their situation a little bit worse. but as the i m f correctly says, they're taking an enormous chance, the volatility of this thing that they're willing to base their economy on is by itself a cautionary sign that you're taking enormous chances. but you know, you do that when you throw that pass up in the air because no other thing could

possibly save you professor wolf. i mean to that know, and i guess it feels like the i a math is pushing back against this because the math only likes a developing country. what you said was the former 3rd world, they like that country to be beholden to them. and that's kind of the way i tend to see this. yeah, it's beholden to them, but more typically, it's beholden to the whole system that has been set up going back at least as far as bretton woods, after the 2nd world war, the global financial system. first with fixed exchange rates, now with variable exchange rates with a few central banks controlling pretty much everything in a coordinated game that benefits some countries of course, at the expense of most others, of course, because that's the way capitalism has always worked. they are in el salvador are on the wrong end of this game. they want to upset the game because it isn't working

for them. and you're quite right. the i am that they simply part of the apparatus of the status quo that wants to squash this. and will use whatever arguments they can, as they have argued against the whole host of other steps that countries like el salvador have taken once you're in that game, once you play with the big guys the way they've organized the system, you're either desperate at the bottom like el salvador or desperate at the bottom. probably hail male hail mary passes, which is what salvador is doing with the big toys game. now, pier, i do want to get your take on that. and i know a lot of times when we talk about crypto, it's often as a store of value, but i'll, salvador has made a point of the savings off of cross border remittances. so is there a chance it could be a good utility? absolutely not. there are much better ways to do these remittances without getting involved in bitcoin. look, i agree with the professor. this is a hail mary. unfortunately, it will be incomplete. you know,

i also agree that you don't want to get into bed with the i m f. they've got a horrible track record of making a big governments bigger. el salvador isn't a lot of trouble. what they need is a dose of free market capitalism. they need massive deregulation. they need less government, they have to free up the entrepreneurial spirit of that country. and instead of embracing bitcoin, they should have brace capitalism. that is the way out of this mass is, you know, don't deal with the i a math, just go for sound money, not big coin, and be a bastion of freedom. you know, in a sea of socialism down there in south america, i mean there's some countries that have seen the light and moved in the right direction. and el salvador has to join them to come back full circle to our 1st segment, professor wolf. i gave you the response to that while very simply, for me,

el salvador needs to radically alter the distribution of wealth and power inside that society. that's what's kept it in the doldrums. it's been in the refusal of the few people who own and run that society to give up any power at any time to the mass of people. that's the problem. and those people stay on top because of the capital is private enterprise economy that they have always run, they're using whatever institutions of government they can to keep that system going. peter, we've got about an hour or is not too much. capital is too much. capitalism is never the problem is government. if you really want to see a more fair distribution of wealth, only freedom is government that is responsible for the problems that you're concerned about and government will never solve them. making government bigger is not the solution to government created problems. all right, now professor, well you have the final work. it's got about 32nd book. while i hope,

as i've said to peter before, i hope he gets paid well by the corporations for deflecting the criticism that they deserve onto the government who all after all, are the puppets for which the ceo of our country are the puppet tears. gentlemen, i know we've got a corporate, i don't, we try to solve all the world's problems here, but unfortunately, we're out of time. i appreciate you guys being such a good sports here. professor richard, well, host of economic update. peter shift chief economist, the global strategist with euro pacific capital. thank you so much. thank you. and finally general motors, and now that will begin deliveries of it. electric gmc hummer in december of this year. now the development of the all electric truck was huge after gm stop making the gas guzzling as you be back in 2010. now edition, one of the hummer will have a range of around 300 miles where they starting price above $100.00 grand.

meanwhile, the global head of gmc said reservations for the new vehicle increased by 7 times after president joe biden and visited the plant making hummer. last week he added that website traffic was also up to 130 percent after that visit. so as hum are going to make a come back at that price. my goodness might be, but i do think this is an odd thing because the president of the united states, obviously, you know, you go out, you talk about american companies, american manufacturing, american jobs. that is, your job is the president united states and roger, your job is to get behind the wheel and start selling the things for him. yeah, that's a good point. i'm interesting to see if they start calling at the bite. and homer once i finally got it rolled out. for this time, you can catch boom bus on demand on the portable tv app available. smartphones, tablets, google play, and the laughter by searching portable tv, portable tv can also be downloaded on samsung smart tv, roku devices, or simply check out a portable dot tv. well see you next time. mm

. ah. with a thing the car to ride on police report. it's an all cash in december 2020, a group of anti finishes, sell out a film crew access for 3 months. so if people are organization, if an idea that is a must be a ppo, is that channel out the gate while they may come with their faces. but they can say what they believe in. we believe in helping our community. we believe that fascism is one of the major threats to the united states has gotten reuben, this is a chance to see who and t for really are in order for me to extract my 1st

amendment right and say that my life matter have to be on to the teacher to that's how america we can't trust the police. we can't trust the government. we can't trust anyone except ourselves to protect ourselves in what we've got to do is identify the threats that we have. it's crazy, even foundation, let it be an arms race is on, often very dramatic development. only personally and getting to resist. i don't see how that strategy will be successful, very difficult. time time to sit down and talk in short, they don't seem an official and mystery of that. you're someone that that the from the talk you oh yeah

the some didn't wash the val just actually did it and want to see where they've gone yet. the makisia posted on this, there's actually a lot on the new besides expo, i me at the, what the now there she usually said almost i also what i'm going to look up in cities, it took me off the queue moments, which she's leeway and she shared ah, is your media a reflection of reality in the world transformed what will make you feel safer?

high selection community? are you going the right way or are you being led? direct? what is true? wharf is great. in the world corrupted, you need to descend a join us in the depths or remain in the shallows. welcome to match hazard financial survival guide. looking forward to your beds window. yeah, this is what happens dimensions in britain. del at this happens, you watch kaiser report with so double membrane stretches which are like sacks, which capture, pushes the cytoplasm and then deliver them to water, the incinerator of the cell,

the license for degradation. so that's what we'll talk with me. this alice help headlines here. one r, t and europe has baffled by a 4th cobra way with germany considering mandatory vaccines. although the world health organization says vaccines alone, wanting to keep you safe with concerned about the fullest sense of security that vaccines have and the fund and i on rest on looting, gripping the french caribbean territory of what a loop over tough new coven restrictions. also fueling local hostility to the authorities in paris. also in the program, politicians clash with the eco activists in canada after a leading campaign. oh warns that oil pipeline.