This stepping into the crypto space we have a good show today so lets go and dive right in. Bankruptcy filing for brazils Largest Company heads our global report today as the scandal plagued old brick Construction Firm seeks protection from Sao Paulo Court the name older brecht has become associated with high level scandals across the americas most consequentially within brazil was at the center of the infamous car wash scandal which was cited in the impeachment of president Dilma Rousseff and became a vehicle for the disqualification of popular former brazilian president lula dissimilar from the last president ial election digital messages recently published by the intercept show that the judge in the lula carwash case assisted prosecutors while publicly insisting that he was impartial and an involved that judge sergio morrow was named a socalled Super Justice minister by president also narrow to petition the court for protection. From creditors while it attempts to restructure 13000000000. 00 in debt the court responded by giving the Company Management 60 days to deliver a plan. And indian authorities are moving to negotiate with foreign tech and Credit Card Companies over the terms of regulations that require the firms to store their transaction data locally last year the reserve bank of india or r. B. I. Imposed rules that require some firms to store their transaction data only in india to make sure it is available when needed for review and investigation pushback from the u. S. Side on those regulations include recent comments on the law from secretary of state mike pompei o who insisted on the free flow of information ahead of an official visit to india later this month on monday the indian commerce minister yall and r. B. I. Officials met with representatives of tech and Credit Card Companies including the c. E. O. Of master card. The Ministry Later released a statement that said Indian Officials quote assured the industry representatives that the reserve bank of india will look into this. And often overshadowed by the us china trade war is the brewing trade to between india and the United States similarly many may not realize just how intense it is to the Global Economy while most of us are aware that products are assembled in china and then distributed globally most obvious is the role that india has in terms of business integration in the world where china is widely recognised as an outsourcing destination for manufacturing as workers in the rust belt of the United States can attest to india has shaped itself as a hub for service jobs and the rapidly developing knowledge economy according to the India Brand Equity Foundation or i b e if the Service Sector made up more than 54 percent of indias g. D. P. Which comes out to more than 60000000000. 00 worth of net Service Exports the Service Sector consists of many areas but notably among them is the Communications Sector which has seen a boost in the numbers of Call Service Center jobs that have been outsourced to the nation also at the top of the a list of indian Service Sector jobs are tourism. Transport trade and construction so much like cheaper and manufacturing is on the line in the u. S. Is trade war with china could we soon see these services put on the line and get another front of a trade war here to dig a little deeper into the dilemma alan grayson former United States representative welcome to the show. Thank you congressman as we just noted the u. S. China trade war is making headlines but trade tension is increasing beats tween the u. S. And india as well on monday specifically the Government Indian government impose tariffs on 28 u. S. Products including what all mines and apples valued at a relatively small amount 1400000000. 00 in goods but its noticeable notable that this happened despite superficial resemblance is and affinities between Prime MinisterNarendra Modi and President Trump and the u. S. And india is growing Security Alliance is this terror of decision that came despite those ties an indicator of where the u. S. India relationship is headed in the near future. Well the President Trump basically lurched into this crisis with india by randomly imposing tariffs on products just because he was familiar with what they were steel aluminum a lot of 19th century Industrial Products that india aphids to be very strong and so when he imposed those tariffs he may have thought that he was helping production in the midwest or whatever it is that a man like that thinks if you gave you called thinking what he was really doing was hitting certain countries in certain ways and india just happened to be in the wrong place at the wrong time now for domestic reasons their government cant just take a hit they have to somehow indicate that theyre standing up to trump so thats why they imposed these tariffs in retaliation this week but its really much ado about nothing its simply a blindfolded man staggering around with the sound in front of them and you know you mentioned those metal tariffs which. Its been under play but its hitting u. S. Allies japan canada its been an issue with mexico but also so the metal shares have had india as well but on the u. S. Side the trumpet ministration also removed india from g s p trade preferences system was that a good move. Well d. S. P. Is basically a form of foreign aid what we do is we say theres certain products that are made by human beings in other countries and people who live close to the land and many cases we dont want those people out to pay tariffs because were taking food out of their mouths and keeping them from making a living so basically whats happening here is that theyve decided looking at the situation with india in particular weve got a significant trade deficit with india about 20 now 30000000000. 00 a year nothing like our trade deficit with china which is 400000000000. 00 a year but they decided the india really didnt need that particular form of foreign aid its not a bad decision its not a good decision its something with arguments on both side its fair enough and. Secretary of state mike pompei o. Is set to meet with the Indian Foreign minister on July July July june 28th and 29th ahead of the g. 20 summit if you could write the briefing paper an agenda for the secretary what would you tell mr pompei about that meeting. Well we have very few Strategic Interests bring us together with india either for or against so i think this gives the latitude to sort of a big brother for a country another democracy of 1000000000 people struggling to reach the modern age what i would do is suggest that he discuss with from mr modi the need that india include everybody in their development the government is sort of a hindu based government and has been a little bit rough on that already is of various kinds over the years he should make it clear that our experience is the only way to make everybody better off is to make everybody better off and then includes people who are been already is or otherwise less fortunate i also think that someone needs to point out to the Prime Minister that archaic Banking System and Poor Public Services are Holding India back from its Development India needs a Good Health Care system india needs a Good Transportation system india needs better Public Services of all kind and less corrupt Public Services of all kind and again the is something we tell him not because its going to benefit us directly but because we have the experience of 300 years of industrialization and a great. Standard of living that they aspire to in india and looking at sort of an economic game theory this us in india had 142000000000. 00 in bilateral trade in 2018 according to the u. S. State department and as you noted india sells more to the u. S. And vice versa theyve got a 20000000000. 00 trade surplus with the United States so they would seem to have more to lose from a fight but the Indian Chamber of commerce says that bilateral trade could reach as high as 500000000000. 00 over the next by the. Years and he also has the 600000000 Internet Users that Companies Like facebook and amazon would like to reach so they got real assets here whats the real balance of power of interest here when india has so much growth potential. Well certainly our Major Tech Companies can grow substantially in india if in the air shows a greater respect for our intellectual property and thats probably the biggest single element of whats going on here but the fact is that our trade with india is minor very minor compared to our trade with europe or trade with china its on par with our trade with australia and new zealand and it isnt a big factor in our trade deficit or anything similar to that essentially what they do in india is they import from china and export to us thats their whole thing and that includes services as well as goods thats reasonable it doesnt really hurt us in any way it does provide us with a different layer of cheap services that we would otherwise be able to get from a non English Speaking country and trysting insights from former u. S. Representative alan grayson thanks for your time thank you very much. And European CentralBank President mario draghi has signaled that the e. C. B. Is preparing a number of stimulus measures for consideration that its july meaning yields on government bonds around the world fell on the news that the e. C. B. May pursue measures including buying bonds delaying an Interest Rate increase and perhaps going even farther with negative Interest Rates and currency markets the euro fell against the dollar on the news print provoking us President Donald Trump to accuse mr draghi of pushing down the euro to improve their trade balance with the u. S. Comparing druggies alleged tactics to chinas mr druggies comments are resonating while the u. S. Federal reserve. From reserve begins a chill day meeting on tuesday president tribe has badgered the fed for rate rate cuts and response a former fed Vice President told the Financial Times fed policy quote should not be subject to orders from. The president of the United States. Time now for a quick break but hang here because when we return as china continues to bear the brunt of a trade war with the u. S. They are seeking new sources of foreign capital arties alex mahela bitch was on hand today to sort out the fiscal horizon for the peoples republic. Of the bolshevik coin run this week rocky miller joins us today to give her take on the spike. Stepping into the crypto space and as we go to break here are the numbers at the close. Starting really in the 1980s under reagan at that deregulation you had the fed takeover and their sole purpose at that point was to try to squeeze workers completely out of the Global Economy so wages never went up real terms sensed that but stock markets keep going up and the reason to justify this is that the fed will say we need to try to take care of deflation even know that they are causing deflation in an environment where their money printing is increasing the debt. We came here where did you work before you came here when you live. In many u. S. States Capital Punishment is still practiced convicted prisoners can spend years waiting for execution but most of the time the victims families they are very much in fear for the Death Penalty there are some people because of what the. Theyve given up their rights is. Some even proven innocent. Through. Ration is it going to take before we as a society realize that this is not working and we actually do something about. Seemed wrong. But i. Just dont. Get to see out there. And it. Equals betrayal. When something find themselves worlds apart we choose to look for common ground. And. Welcome back the ele baba group has proposed a 1. 00 to 8. 00 stock split ahead of the as yet to be official listing in hong kong which could net 20000000000. 00 for the online commerce giant the proposal for the stock split will be presented at the companys annual general meeting in hong kong on the 15th of july on the news ali babas stock which is traded on the n. Y. S. E. Spiked 5 percent topping out just over one 168. 00 meanwhile the chinese giant also made other moves on tuesday announcing the chief Financial Officer maggie wu will take over for executive vice chairman joe side overseeing the companys Strategic Acquisitions and Investment Unit side will stay on to help woo in the new position the announcement is the companys 1st shake up since 2018 when ali babas cofounder jack ma said he would step down and be replaced by current c. E. O. Daniel zhang as chairman of the company. And with no side to the u. S. China trade war china is shifting gears the country is moving away from its u. S. Investments and joined forces with some American Allies to boost its own economy are challenged televisions in toronto with more welcome alex alex chinas holdings of u. S. Treasuries are at a 2 year low many are saying this is directly related to the trade war is it. Best answer is probably yes chinas sending signals to the u. S. We know that this war has gotten worse as time has progressed so you know a poke here or a poke there this is what we can do this is what were not going to do thats what basically china say now according to the u. S. Treasury department and this is sort of gives you an idea of what exactly china is doing the Treasury Department says China Holdings of us notes bills and bonds decreased by 7500000000 in april now if you look at the amount that actually china holds which is 1 point one trillion 7500000000 is not that much as mentioned its just probably signaling and look its 7 percent of all u. S. Debt is held by china if china wanted to do the option that some people are talking about theyre calling it the Nuclear Option while it would be a very different game if the debt Interest Rates that the u. S. Are paying would go up that could american dollar would go down and that would be a real hit to the United States of america but lets look at the big picture a poor United States and United States that cant buy is not worth much to china its the biggest market for its sales so china would like to see the states they stay healthy they would like to get out of this trade war sooner than later because the more money americans have to buy stuff im going to use the nice word stuff the more money that john is going to make because that its their materials its their goods thats what you find at your local walmart and everywhere else so for china right now this is a poke here a poke theyre telling the United States this is what we could do. But in the long run we want to see you be healthy and strong otherwise i mean if we keep pushing chinas the corner you know what dragon want to get saying it gets really angry and you dont want to see that happen because you just could be one of those situations you cut off your nose to spite your face type of thing where china will say you know what weve had enough well go down in flames with you just to show you what we can do to you some signals definitely seen the beings seem to be being sent at the moment things dont look like theyre Getting Better between the u. S. And china you know we did have this announcement that President Trump will have a long meeting he said with president xi later this month so chinas looking elsewhere to help its economy one of these places is arguably the u. S. This is greatest ally the u. K. Whats going on there. You know the u. K. When they see an opportunity they like to jump on it and this is one of those situations were talking about the shanghai stock market and were talking about british stocks or u. K. Stocks being sold there and vice versa so its an opening of markets to 2 different groups of people its absolutely massive so when you look at this the u. K. Listed firms will be the 1st among foreign firms to be listed on the shot in Shanghai Stock Exchange this is this is huge and like i said you can be back and forth so the markets have opened up in a big way once but this goes down theyre calling it the london shanghai stock connect and companies on both ends will benefit if this actually does push through and it looks like its operating so that you know what tightening up with the brits theyre getting more money in from from europe thats exactly whats going to go down when more Chinese Companies are listed on the London Exchange and vice a versa when the when the brits start giving more money and store buying companies and. The chinese buying british stocks as well and quickly france is also moving into this void arent they. Yes there are so b. And p. Part about one of the biggest bedsit breaks in france. China is opening up the scene whats happening with the u. S. So this bank they want to get into brokerage and Wealth Management services in china now this is because of this ongoing trade war china is loosening up a little bit saying hey were going to allow the foreign banks to do more business here and since last november what weve seen is ability for 51 percent ownership in china of these type of services now were seeing that this might even open up more its just a Pilot Project in shanghai but once this happens thats more money for china interesting counter reactions and multipolar world argy correspondent alex middle of its to explain it all thanks so much thank you. Ben facebook finally made their foray into cryptocurrency official on tuesday revealing details of the newest Virtual Currency theyve named libra as with most most crypto as youll be able to buy or sell libor online or at local exchanges users will also be able to spend the currency using 3rd Party Wallets or facebooks new wallets which will be built into whats app Facebook Messenger and of course their flagship app surprisingly the tech giant wont have full control of libor but will hold a single vote in the Labor Association a governing board of the founding members of association which currently includes 28. 00 soon to be founding members from several Different Industries the members each put up 10000000. 00 to join and include the likes of master card visa ebay left vodafone and vodafone among others for those worried about security and facebook having endless access to your data the company will launch a subsidiary called that will ensure user privacy by never never collecting connecting labor payments with facebook data so it wont be used to target consumers with ads for more on this were joined by bitsy and c. E. O. Rocky miller rocky thanks for joining us. Thank you rocky some analysts within the crypto space have been quick to say. This isnt actually a crypto currency but just a Virtual Currency what do you make of these initial details of libor and does the difference matter. Yes its definitely a Virtual Currency. Based on low volatility assets that are going to be selected by whats called the reserve so in this association it will select the assets that goal and back libra the crypto currency and essentially why this matters is its not its not pegged to a single currency so it will be asset backed and hence more of a Virtual Currency the interesting thing here is you know theres a lot of talk about it being a reason for less volatility but yet itll be traded on exchanges and the initial founding members are all you know being paid in that libra and you know so that really comes to the question of incentives you know if you were i dont know about you but if i was incentivized with something my expectation is that its going up and we see theyre taking big steps privacy concerns that facebook has always they will only have. Concerns about their overweening influence will only have one vote and libor association they have launched a new company to make sure your purchases with libor arent used to sell you advertisement does this increase trust in a new currency increase to trust a new currency put forward by one of the like the wards largest companies. Yeah i dont know if it directly addresses that trust issues you know theres been a lot of instances where you know facebook has worked with 3rd party to purchase data and baelish more of its customer profile so they have known to have done that yes this one vote a separate subsidiary all of that i think helps and i think theyre very aware of their image in the media with this so i think those things help but its yet to be seen how you know how the information is not going to be used and if you think about it its still very centralised its just moving from a. Government to a centralized group of of the large institutions and one of the benefits of libor is like other cryptocurrency is helping the unbanked other crypto and block Train Companies are out there working to do similar jobs how important is crypto currency for the unbanked. Yes crypto currency has the ability to really you know explode and help you know folks that do not have traditional banking accounts and Financial Institutions supporting them but you know when it comes to this particular implementation again whats not clear at the white paper is how is one going to to create or are get an autograph in to say libra in order to get leverage you still have to have a bank account to go onto one of these exchanges to purchase libor token it does then make it simpler to transact but i think the that theres a lot of lofty ideas that are being talked about but the details on exactly how the implementation is going to work is still a lot to be seen yet. And over the last 3 the worlds most popular crypto currency big coin has been on a remarkable run and over the weekend eclipsed 9000. 00 so many analysts believe it was due to more Institutional Support which is also due to this impending announcement are we going to see continued confidence in bitcoin as to become more knowledgeable about kryptos because of a mainstream name like facebook getting behind it. Yeah i mean if you think about it the last time crypto hit these types of values you know fidelity wasnt a trade was. T. D. Ameritrade was in you know whole foods wasnt accepting bitcoin and wasnt accepting bitcoin and you know facebook wasnt competing with bitcoin so a lot has changed in the crypto sphere in a very short amount of time and this institutional flow and awareness of the markets has. Certainly growing and continues to grow and so right now given all of those factors how high do you think it can go. Predicting is definitely not something that i would recommend anyone to do or want to do their own research but you know if you if you look at some of the factors that have been contributing to it because it is also going to go into housing in less than a year or so every time in housing its happened prices have surged because the supply is gone down the rewards have gone down and miners need to be incentivized to continue mining so that is definitely a factor money coming in geopolitical issues happening which make bitcoin a great flight for quality start store of value so all these all these factors are contributing and as you said the awareness of bitcoin is growing and that just amplifies all of these all of these things happening around the world and just to put a point on it geo political factors are. Fueling the rise of big points the trade wars. The trade wars issues yes issues with the you know instability in iran and italian debt you name it you know thats why because it is a global nationalist currency rocky millers. Explaining it all thanks so much for your time thank you for having me. On the art world was rocked monday it was as it was announced that the 275 year old option house sothebys was sold to french Israeli Telecommunications billionaire patrick draw he for 3700000000 dollars the telecom entrepreneur who initially approached saw the bees about the sale is an art collector himself and have been reportedly looking for ways to diversify his best investments outside of the sector where he made most of his fortune the auction house which will become public for the 1st time in 30 years was founded in one in 744 in hands how the long standing rival with christies 759 the South China Morning Post spoke with heavyweights in chinas art collecting world with many of them seeing this as a positive buyers and sellers of fine art apparently like the prospect of the private auction house being free from sales and revenue disclosures. Thats it for this time you can catch boom bust on direct t. V. Channel 321 dish Network Channel 280 or streaming 247 on pluto t. V. The free t. V. Channel 132 or as always get us up at you tube dot com slash boom bust or to see you next on. Starting really in the 1980s under reagan at that turn deregulation you had the fed takeover and their sole purpose at that point was to try to squeeze workers completely out of the Global Economy so wages never went up real terms sensed that but stock markets keep going up and the reason to justify this is that the fed will say we need to try to take care of deflation even though that they are causing to place in an environment where their money printing is increasing the debt. Is hard to take so much from somebody if you know have something to replace and. We want to do this interview today dont use market and then they take me. Serious. So im going to tell you stop selling drugs if well hire somebody put the money to buy a. Dangerous mule who would like its almost been basically mccullers peaceful for the words do you guys know what secured new security positions over there as you know. David. Me again. You see people get their cars you know see you coming to her and they seems like theyll hurry up and run into the house like they dont want to they dont want to talk see her get your mail or anything like that. But just try reading. Give me. That. The u. S. Sends an additional 1000. 00 troops to the middle east as tensions with iran continue to rise this comes after washington accused iran of orchestrating the recent attacks on 2 world tankers in the gulf of oman. A new social media platform set up by the controversial psychologist Jordan Peterson ignites debate he says it will mount censor any content unless u. S. Courts order to do so. And the canadian province says people in the Public Sector are not allowed to wear religious symbols had worked anymore but rights activists say the new law violates religious and personal freedom. Kevin owen is in the studio next hour with our latest news update right now it is a look at how