Still be seen on t. V. You see children to meet you looks good. You will know the old pleasure to look for the secret of the armor sure you can you get other cool and useful but when youre the mob boss lady getting this old miser the president of us there. Are plenty of welcome back china post again said twenty seventeen as their Gross Domestic Product grew by six point nine percent at face value chinas growth in twenty seventeen with a faster record. In over two years experts say china saw much stronger exports and the government Infrastructure Investments like the monumental built in Road Initiative help spur growth towards the end of the year however there is concern by some over the years that chinas rising debt is a problem the i. M. F. The International Monetary fund reported that the countrys debt has ballooned and was two hundred thirty four percent of total output beijing is said that it is taking steps to contain the risky debt despite the Economic Impact and on those numbers china has long been questioned about the veracity of data they released to the public military and joins us with more minnillo what do you make of what theyve been saying people in saying about these numbers over the years you know its really tough to trust those numbers coming out of china because for years as unite have talked about these numbers have been largely bogus chinas admitted to it in the past and we know that the reliability of their Economic Data from various regions are just simply not quantifiable plain as that but in the big cities where you find Luxury Hotels coal is king there and thats driving much of the Economic Data were seeing today just look at how much mining for metals and coal account for local g. D. P. That is later transmitted to the Overall National g. D. P. Now the darker regions mining accounts for as much as forty percent of the market in those provinces and specifically the large portion that is Inner Mongolia officials theyre admitting to over inflating their twenty six thousand mining numbers to look more favorable you can probably assume then that the same is true for their twenty fifteen numbers to the g. D. P. Reported versus reality shows a steep spike up nearly twenty five percent from the year before that sort of swing is just not realistic but across the country coal remains steady almost kind of flat brant crude and steel looked almost inextricably tied to one another both taking dips in twenty fifteen and twenty sixteen as well both climbed. Up in seventeen but now still moving north now an indicator of more building happening in the country and then over the province of the our neighboring there are a major problem in why we cant trust the Economic Data coming from china talk about fake news has admitted to faking data for five years now and have yet to issue revised numbers even still so according to the Financial Times landings local economy has seen dramatic rises and falls telling of a very unstable market but why what they previously reported showed a more gradual decrease those simply were false and over and shand see this is chinas most coal dependent economy its a suspected that they have flubbed on the numbers too but their reporting has been slightly less dramatic chinese watchdog groups do however believe their local economies saw measurable recovery from twenty sixteen to seventeen so bart these volatile market fluctuations in china some some of the most key provinces are likely offset by the big cities like beijing where manufacturing remains strong china still en route to become the worlds biggest economy despite these fraudulent numbers believe it or not super important thank you argee correspondent manila thank you. So were going to talk Digital Currencies again in bitcoin and were joined by geoffrey talker once again were pleased to have him hes the editorial director for the American Institute for Economic Research jeffrey thank you for being with us again we sure appreciate it. Its my pleasure thank you for having me ok now the last time we spoke you ended the interview and said that you know you dont want any regulation and you know i get that approach because i dont want to have Innovation Award it but what do you say those who to those who lost money like in mt gox and and some other things where some of this was significant money four hundred fifty Million Dollars at the outset what do you say about that i dont think the regulators would have prevented about gox and the great thing about that mt gox experience is the top the Crypto Community something there will never a big again be anything like that that was back in the early days when there was a lot of centralization and mine and there was pretty much only one exchange in the world then we have a lot more exchanges which by the way wed have a lot more exchanges if the fence and had in the end to enter interrupted the development of that sector back in april two thousand and thirteen and made him jump through all these regulatory hurdles and that was that that was a disaster we would have thousands of these exchanges now and now theres just not not as many as there could be but well never see another mt gox again i believe theres a lot of selfregulation that goes on here and its awkward with the regulators imposing all their Old Fashioned rules on this twenty First Century Technology Like no youre costumer rules i mean its very expensive from a regulatory point point of view on board and get off get in and out of big coin you know move dollars to pick when to get between back into dollars theres all these hurdles you have to go through even even buying it at a big point a. T. M. In the United States is an arduous process you having to you know hold up all sorts of identification and all these things and you know that is not true around the world i mean i was in tel aviv last month and there was no break elation and because of all you just take your circles put them in there and you can exchange it for because i think thats where we need to go we need to get away from this idea of control. In the sector and just let it evolve naturally and normal market process were going to have to get used to in this country a competitive money system its going to be a little weird for americans because we think the dollar is all my the the one true currency for. America and that to a lot of people dont feel that way around the world in latin america people trading cons all kinds of currencies all the time with Exchange Rates and that sort of thing we need to think of ourselves in the United States as doing that in the future ok i want i want on why selling going to narrow and everything yeah ok so theres some of it i agree i mean the thing about you know a square peg in a round hole you know use it using Old Fashioned regulations for a new innovation a Digital Currency im with you one hundred percent but by the same token i am really concerned because i want Digital Currencies to take off i think theyre the future but at the same time we have seen things and again this is you know history but we saw silk road where you know Adam Exchange that things were being for those who dont remember that coin was being used for Illegal Drugs and weapons trade Money Laundering even Human Trafficking and of course nobody wants that to occur again but unless you figure out some basic sideboards again nothing overzealous jeffrey im worried that well have a few bad actors who will impact all of the Digital Currency universe so i dont know what the answer is but i dont think it i dont know i elation from i expected its not going to say yeah i think methot and look if you dont you can regulate things like arms trafficking drugs Drug Trafficking all these other things you can regulate that as illicit products a list that Illicit Services but that doesnt require that you go in and interfere with the development of this Awesome New Technology i would like to see none whatsoever i mean its everything the government has done up to now has been bad for but quite i. Then we just give a quick example the s. E. C. Came out with a regulation and two thousand seventeen on i. C. s which are initial koin are for it this is a new way for Small Businesses and Startup Companies to raise money in a democratic way so curious my cool new service im going to put it on the block chain and tokenize it let you mine it and and and and and if it goes up in value then the profits will accrue to this company that we have capital to start and so its a way of democratizing Venture Capital funding to do so and its all i know what i feel is yeah yeah no i mean its like an i. P. O. As they were doing digital efforts right and not only ruining stories well exactly exactly and so the f. C. C. Comes out with this weird they get a couple of paragraphs like if these look and feel and act like securities youre going to have to be regulated by the f. C. C. Well guess what the reason they were doing so well is precisely because they werent be regulated but this is into the regulation their announcement was so strange you couldnt even unpack it well that terrified a lot of people in the United States really did there were a lot of i. C. s that were coming online that just shut down because nobody wants to you know getting in trouble the law to be accused of being a criminal so guess where all the i c os moved to russia china israel. I mean the ice fields are going all all over the world now but not in the United States because everybody got scared what are we doing that its crazy what i just wrote you know i just did a close down i suppose china and russia know well. I think they make various belligerent statements but i think i think of china and russia people are less compliant then. Because theres a lot of i. C. A. O. Money being being raised and many countries around the world by the u. S. He. This used to be the home of innovation i mean you know we hosted the worlds worlds fairs all throughout the Nineteenth Century with the leaders and and fly and the commercialisation of steel you know the the internet you know the u. S. Has been the home for innovation for so long i dont know you know weve got this weve got this beautiful block chain stuff going on right now and all you ever hear from the fed from the treasury from the ses c. And from congressman politicians the bureaucrats is warning and so this is probably bad stuff stay away from it you know i mean i read a statement from from a Federal Reserve member of the board of governors of the Federal Reserve system that they said look our Payment Systems are perfectly fine theyre very very very good. And theyre going to get better and so we dont we dont need block train we dont need cryptocurrency is weve got a perfectly good system thats ridiculous and theyve got a model t. Compared to the miles are already and the guy surely knows that yeah so what i agree with because if youre going to be celebrating technology jeffrey let me ask you one more question before we run out of our allotted time here so last time we spoke you talked about you know Counter Party risk and that would be one of the reasons why. The digitals hadnt been adopted into you know taking a credit card a bitcoin card or whatever ripple card and using it for a cup of coffee but one area of regulation that does involve counterparty risk is the futures industry which at the end of two thousand and seventeen both Chicago Board Options Exchange and this problem Mercantile Group started trading as you know Bitcoin Futures and that price has been fairly stable in the relation to the underlying and with that you do have counterparty risk somebody is going to be paid there and so can i get out of you at least the admitting that the counterparty risk in that regulated markets of a good thing. Well i think youre going to have kind of part of this kind of time we use these the mediating institutions and Financial Intermediaries that thats always going to be there my point about kind of kind of pretty risk is if youre trading crypto to crypto as a physical assets not really physical to Digital Asset then youve done something amazing i mean you basically make it made it possible to have peer to peer transactions without regard to geography between any two individuals in the world over over a real piece of immutable property claims and move those things import them weightless lee and space mostly through through anywhere in the world and that is a Remarkable Technology and if you dont see why that is a transformative thing what the power of that is then you really dont get crypto and a lot of people dont understand that and its not just Digital Currency from my perspective its blocked chain i mean in fact block chain may even ultimately be bigger than Digital Currencies just because its spread out through so many other i think a protestant but look were going to talk about plans more and all agree to come back on oh listen i would love it we need to talk about those or its a big important topic and its decisive for our future for our children their children theyre all going to live with the block chain everywhere i couldnt agree with you more geoffrey talker editorial director for the American Institute for Economic Research thank you as always for your time well see you again pusher. And finally on a programming note ill be in davos switzerland for the rest of this week at the World Economic forum well be bringing you some great boom busting interviews and will have some help holding down the fort here in d. C. From ashley banks in manila chan so talk to you tomorrow from davos be sure to catch boom bust it boom you tube it boom bust dot com slash boom bust r t c n x time. Oh. Yes. Thats right the san. Carlos. From what i saw. I know that i know there are a lot but there are rather you know i thought for a kid that. Only a little bit of my next question that you can keep an eye on what i have seen as a child with a tough call that it is that make up. Your mind that lend themselves well to the hey im going to. Get the tofu. Place choice for a guy on the news i havent had time in terry has said elaine who she thought our way of a. Mile farther than africa will fuck around with mr hate the french human and lawyer for hope that our freedom and for. Fun. I played for many clubs over the years so i know the game inside guides. Football isnt only about what happens on the peach bowl the final school its about the passion from the fans its the age of the super money kill the narrowness and spend each image of the twenty million and one player. Its an experience like nothing else not to because i want to share what i think what i know about the beautiful guy migrate to one more chance with. The base this minute. It caught my ear year ago better because of one nine hundred talk to brock here that this was their your choice of a day to go to all kinds of crazy yeah it sure. Are experiencing a bit of a fall back. Closer to. You and you dont. See the teachers. Who are to me not through only ten space to. Let alone. Said. Claiming to know terminated that to. Alex you speak french. Most. Of. The english send them all to new. Zone is the delta to. Prescribe medication is widespread on the us market and a frequent cause of death and. I just felt like everything was ashes my family was literally coming unglued i had actually planned. To commit suicide watch all who has made antidepressants so commonly used we were doing what the doctors told us to do we were being responsible and what the real side effects. Was is chair likely all to what i did was done on a cocktail of legal drugs. Just because somethings legal doesnt mean its. Heads of state and titans of business and finance descend on the swiss resort and the World Economic. For of we look at whats on their agenda also to come. French prison blockade dozens of detention facilities across the country as they demand safe working conditions of attacks by inmates. And a probe is launched into five months of crucial Text Messages that have been lost by the f. B. I. They could potentially shed light on bias within the agency. Youre watching R T International line from a moscow studio with me in india today welcome to the program the Luxury Resort of davos is opening its doors to the annual World Economic forum and with this years focus on creating a shared future in a fractured world is pulled in and Record Number of World Leaders and heads of government that includes donald trump who is just the second u. S. President to attend the summit as jacqueline reports. Today is the First Official day of the World Economic forum here in the swiss alps and it has attracted a number of political heavyweights that are going to be in attendance everyone from theresa may to mccraw on merkel Justin Trudeau and surprisingly enough donald trump he has a speech scheduled for later this week that is much anticipated and it will make him this second u. S. President to ever attend the first being bill clinton back in two thousand now an ill timed Government Shutdown back at home did put his trip under question for a little while but things are back on track at this point of course many are very curious about how his America First actually fit in with the globalist atmosphere that the forum both although no ones really expecting him to conform to that this year in general shaping up to be a whole new davos with the politics of the last year creeping in and the economic focus being a bit blurred first of all this is the first year ever that the summit is chaired by only women and a number of the discussions really dont seem to have much of an economic focus at all discussing things like race privilege and Sexual Harassment the hottest trends of two thousand and seventeen of course and v. I. P. s are not the only thing descending on davos the past few days have seen almost two meters of snow fall leaving a lot of concerns and its wake the local authorities have warned of the possibility of avalanches the helo pad was closed down for a few hours leaving the question of how the leaders are going to get to the forum perhaps well see them all on skis down with reality economic and environmental social and political fragility avalanche territory noise can bring them home. Comes to town on friday turns out davos is actually a social experiment when you gather a bunch of the piece then make them carry their own language through this and stand in lines with each other out. Wonder what would happen if. No one could leave for a week and the world realize that it could run itself without the business and political elite. Generalists told us he played. The summit should be placing more emphasis on solving Global Economic problems the social issues of two thousand and seventeen including. Inclusive and so. Was mentioned to and all the things you have been everywhere in the new space that sounds important maybe but not as important as the economics of the summit i think that north America Europe japan and thought nations have never been as inclusive as they are now all told by the way of course there are reactions to certain things like the migration crisis but the people are used to it now much more than before and we are very inclusive its not a time for crusades anymore. As we heard the three day Government Shutdown in the u. S. Has finally come to an end after president signed a temporary funding bill congress now has just over two weeks to reach an agreement on the thorny issue of protections for undocumented immigrants who were brought to the u. S. As children however a lot of Media Coverage of the bipartisan spirit is making sure to focus on Donald Trumps shortcomings even though the shutdown was actually two weeks shorter than the previous one back in twenty thirteen. Should have been a day of celebration for president from one year in office the one Year Anniversary of his presidency but the party he planned it mar a lago is no more at the moment because youre waking up to a government that is shut down this is hard stuff for him this is First Anniversary tomorrow hes got a big party and then hes going out to show the world what a great job hes doing as president so after years of domestic crisis if he was such a great deal maker the government wouldnt be close to what it. For the first time in seventeen years much of the federal government is Shutdown Congress failed to agree on a new Funding Board midnight deadline the public of course is increasingly disgusted by what theyre seeing going on or not going on in washington and the latest a. B. C. News Washington Post poll showed majorities disapproving of the president and both parties in congress. Prison staff across france a blockading detention facilities and calling for a complete overhaul of the system there the protests are now in the ninth day and began after a series of assaults against prison workers by inmates one of the hot spots is the. Near paris is the largest in europe and holds more than four thousand inmates its also used to monitor suspected extremists among them is. One faces trial of a twenty fifteen pirates terror attack and a star protested clashes erupted with Police Outside the prison. Which is about as today weve all come here for a strike because discontent is spreading across france the crucial problem is the security of prison personnel on top of that there is the issue of islamic radicals were also kept in our jail you are not isolated from other inmates. Its dangerous for us to be around the inmates because for them we are everything the hate for them we are enemies by definition. And the blockades and demonstrations spreading across france charlotte has been following the story for us. We are in day number nine this is the second week over a nationwide protests and we understand that at least seventy prisons are blockaded yet again today now they started over a week ago because three Security Guards at a prison in the north of france were attacked by an inmate a convicted terrorist now since that attack took place in these protests have been happening there have been more assaults of attacks on Prison Guards in prisons in france including two Prison Guards who were attacked on sunday evening now that the Prison Guards say that they would is incredibly dangerous they feel is sometimes to go to work they fear for their lives because of the types of prisoners that they dealing with they say that in some prisons like that largest prison in europe that sometimes the inmates refuse to go back to their jails and this is a prison with a high number apparently of radicalized inmates so these are just some of the concerns that the Security Guards have they also say that they are very very understaffed with the suggestion that sometimes in that largest prison in europe there is only one Security Guard for every ninety inmates now ive been talking to some of the Security Guards would be lining the other concerns. Latoyia to the our work is very dangerous where with tins of aggression and. Experience violence which is not taken into consideration by the government. It has become more and more difficult for us to act ive seen physical aggression towards my colleagues every day it happens every time we open the doors to pull the new city we denounce the working in dishes of our colleagues in the prison the security conditions the numerous acts of aggression against them we want salaries to be increased for those who face such risks that work as well as an increase in personnel and better security so what all the demands of the Prison Guards well they say they want more than the one thousand. Jobs theyve already been offered over the next four years by the Justice Minister they also say that they will radicalize prisoners to be isolated in prisons for their safety and they want to have more Security Services available to deal with situations we also know that the president might go on this said that he will unveil a runtime that the end of next month to reform the entire prison system in france but that still more than a month away and the question is ease action needed sooner the Prison Guards who remain blockading so many of the prisons in france say it is needed sooner because they need to have more secure conditions to work in immediately. U. S. Attorney general Jeff Sessions has announced a hunt for the tens of thousands of missing Text Messages sent by f. B. I. Employees they were sent at the height of the agencys probe into the alleged russian meddling in the u. S. President ial election some of the exchanges that were seeing raise serious questions about anti trunk bias within the f. B. I. From washington now his american. Months of Text Messages between two f. B. I. Staffers linked to the trumping russia pro perhaps gone missing one of the agencies peter struck he oversaw the investigation into alleged russian interference now he was also part of Robert Mullers team that was looking into suppose of collusion between trump in the problem prior to that the plane did email investigation which went nowhere and then theres lisa page a lawyer for the department of justice who also worked for Robert Muller the couple payment to prominence back in december when their private text conversations were released to congress god hillary should win. I know. And maybe your man just tell you where you are because your mom
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