A bit of a fallback. Exists is harder than kentucky the. Place to sleep it was very funny as. A co money city it was almost no cool minds left. The jobs are gone all the coal mines of said. That it was love to see these people the survivors of disappearing before their eyes. I remember thinking when i was younger that if anything ever happened to the coal mines here that it would become a ghost town but i never thought in the million years i would see that and its how its happened. Welcome back china posted ginza 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 belton 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 mark 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 saying 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 and those provinces and specifically the large portion that is inner mongolia. Visuals theyre admitted 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 climbing back 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 nearing 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 what what they previously reported showed a more gradual decrease those simply were false and over in shan 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 a 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 think you are. Am going to talk Digital Currencies again and 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 hadnt into enter interrupted the development of that sector back in april of 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 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 gets awkward with the regulators imposing all their Old Fashioned rules on this twenty First CenturyTechnology Like no youre costumer rules i mean its very expensive from a regulatory point point of view too 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 shackles 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 i want i want on why selling an arrow and everything yeah ok so theres some of that 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 will 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 the list 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 big 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 coin offered this is a new way for Small Businesses and start up companies to raise money in a democratic way so curious my cool new service im going to put on the block chain and tokenize that 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 fund it is when its all i know what i feel is yeah yeah no i mean its like an i. P. O. And they were doing this little efforts right and not really really going to go easily well exactly exactly and so the f. C. C. Comes out with his 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 the but the regulation there 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. A. O. That were coming online that just shut down because nobody wants to you know get into trouble the law be accused of being a criminal so i guess were all the i c os move 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 thought i mean this is you know i just didnt they closed down i suppose china and russia know well. I think theyve made 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 in fly and the commercialization 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 octane 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 you is if youre going to be celebrating technology jeffrey let me ask you one more question before we run out of our a lot of 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 its called a 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 a good thing. Well i think youre going to have kind of pretty risky game time we use these the mediating institutions and Financial Intermediaries that thats always going to be there my point about kind of kind of party 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 will sleep through through anywhere in the world and that is a Remarkable Technology 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 planes more hell i read 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 block change 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 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 and military so talk to you tomorrow from davos be sure to catch boom bust it boom boom bust dot com slash boom bust archie see you next time. When you dont. See the. What did a clip you need. To walk to the mall true only ten steps it. May. Lead to no kill said. No terminated especially. If you speak french. The same year the Senate Bill Clinton knew it was going to. The top scientists. Thats right stand. For what. I know that i know are right. Rather tough it out for medicare. Only and that compared to what im going to. Keep and. I have to switch on for. Them best. Hey a lot of. Me. Get this whole food place choice where you got on the i knew where youre from and chaotic time in syria says delays british a zebra from a lot farther live in africa will fuck around with mr heathcote for a gym and then boil for folks that are fairly in their court. When else chose seemed wrong. But old roles just dont call. Me lol that is yet to shape our disdain becomes to educate and in gains from an equals betrayal. When so many find themselves worlds apart we choose to look for common ground. Prescribe medication is widespread on the us market and a frequent cause of death and. Like everything was ashes my family was literally coming unglued i had actually planned. To commit some site. Or 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. What i did was done on a cocktail of legal drugs. Just because somethings legal doesnt mean its saying. I. Was. For headline stories this hour the u. S. Secretary of state claims russia is ultimately responsible for the Chemical Attacks that have taken place in syria since intervened in the conflict regardless of who was behind it. Heads of state and titans of business. The swiss resort of balls for the World Economic forum could wants on their agenda also to come. French prison staff blockade dozens of detention facilities across the country as they demand say for a working conditions following a spate of attacks by a. Very warm welcome to our Team International my names oneil good to have your company our top story this hour the u. S. Secretary of state Rex Tillerson has said the blame for a Chemical Attacks carried in syria since russias intervention in twenty fifteen lines with moscow regardless of who was behind them. Whoever conducted the. Rusher ultimately burrs responsibility for the victims of the. Countless other serious targeted with chemical weapons since russia became involved in syria theres almost no Information Available all of these reports are coming from twitter from various sources the White Helmets for example whose leader was banned by the entry into the United States because of his ties to extremists whose members are actors body bag baggers and the al qaeda executions and who operate exclusively in easily missed areas areas of syria held by hardcore islamists these reports have been echoed by the syrian observatory of human rights which is also being called pro opposition but as for the facts the information were seeing is a bunch of metal canisters metal canisters that reportedly targeted Eastern Ghouta just just east of the capital damascus and there are reports of two dozen people injured according to all of these activists theres no actual footage of these bombs and chlorine gas ive seen during gas used back in the battle of aleppo it leaves behind a huge greenish cloud and it isnt difficult you know to take it to take a picture which would which would say a lot more but theres theres no pictures theres just pictures of empty canisters laying around on the ground and even experts a loss to explain how exactly these these catus this work theyre saying thirteen shells started to the east and guta and who need two dozen people were injured its strange as for secretary tillotson this argument that russia is somehow responsible for a crime that may or may not have happened and which hasnt been verified well thats a thats a far stretch. It would be like holding the United States responsible for every time that its allies the Afghan Government iraqi forces the s. D. F. Every time the stage an execution for example every time they commit a war crime its a stretch and i would say politics more than anything else as for this attack in eastern guta theres just no Information Available and the information we have is from less than reliable sources. Im happy to say that former u. K. Im buster to syria peter ford joins us live on the program now youre very welcome your thoughts first of all until or since remarks the accusation he made. Yes there are very unconvincing no independent corroboration of these reports and reason to disbelieve the now discredited white helmet who appeared to be. Originating most of the report. Your reporter just said had chlorine gas been used it would have been a cloud which would have been. Photographable so the report. Very hard to credit now we have to ask why why now why they being made now well look no further than the event that is scheduled to take place in russia in sochi at the beginning of next week to be very important to congress of syrian communities on the russian russian offices which to the peace conference which holds great promise for the final realisation of teeth Framework Agreement in fear and the people who want to undermine that russian achievement are the people who are now leveling the probably hollow charges of the use of chemical weapons and syrias story russias alleged responsibility i mean what is russia supposed to do what leverage you could supposed to have. Any way. Russia could not just. Add because the on corroborated report through use of chlorine good well yeah that just leads me into what i wanted to ask next it happened on monday this instant there has of course been no International Investigation into mondays attack yet the blame has been dealt why does russia ultimately bear responsibility quote whoever carried it out. It doesnt that is absurd. And. The other day talking about someone else the pentagon spokesman he misspoke. He said if in plea not logical its almost comical absurdity regardless of who used them i mean logically that means that if the rebels used chlorine or air in then russia is to blame for that as well grotesque its not serious the american the not serious at all they just want to score points in their wrestling the big power game with russia on the incident itself it does beg the question what would the Syrian Government or its allies on the ground actually perhaps have to gain from carrying out an attack with a toxic substance like chlorine they have all but won the war and i cry an International Outcry is inevitable if theyre found to have used Something Like this. It makes absolutely no military. I mean wake up everyone asking what conceivable advantage would it be through Syrian Government at this point in time especially with a big peace conference coming up what to gain would it be to insure twenty three billion. When major fighting youve going on elsewhere. Former you can bluster to syria peter for thank you for joining us on the program this hour always a pleasure. To another headline stories this hour the luxury swiss resort of downforce is opening its doors to the annual World Economic forum and with this years focus on creating a shared future in a fractured world its polled in a Record Number of heads of government that includes donald trump who is just the second u. S. President to attend the summit jacqueline booga reports. The World Economic forum is well underway here in the scenic town of davos nestled in the swiss alps and the guest list is chock full of political heavyweights such as mae merkel mccrone and to many surprise trump no one expected mr America First to even consider participating in a forum whose the him both the globalists the idea of creating a shared future and a fractured world and yet hes slotted to be the last speaker of the event and will most likely use the opportunity to soapbox about his own brand of economic nationalism and all the political elite continue to enjoy the conference and rub elbows the i. M. F. Has warned that the current economic climate has caused voters to lose faith in them voters in many advanced economies have soured on political establishments doubting their ability to deliver broadly shared growth in the face of tepid real wage gains reduced labor shares in National Income and rising job polarization and in reality that discontent really shouldnt be all that surprising given that those in the ninety nine percent arent the ones enjoying the benefits of the recent Economic Growth oxfam who works towards the relief of global poverty has recently put out a report outlining just how dire the situation is revealing that in two thousand and seventeen eighty two percent of the wealth generated went to the top one percent the number billionaires skyrocketed leaving us with now over two thousand billionaires world wide and as that economic crisis continues the focus of davos seems to have blurred a bit at the politics of two thousand and seventeen leakin for the First Time Ever the summit is chaired solely by women and a number of the discussions really dont seem to have anything to do with economics at all focusing instead on race privilege and harassment all of the greatest hits from the past year the social issues of two thousand and seventeen including. Inclusiveness so. Was my action and all the things i have everywhere in the new that sounds important maybe but not as important as the economics of the summit i think that the north america and europe. Japan and all the developed 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