Does it go far enough in your view is it likely to happen and how does this push compared to u. S. Action on reining in big tax in terms of taxes. But let me go in there the reverse order the europeans have consistently been ahead of the United States and trying to do something about the monopolies as they see it operated by the High Tech Companies in the world who work very hard to corner particular technologies that they can then sell out of inflated price because theyre the only producer who develop their technology precisely to produce things that others wont have for a while so theyll be the only seller and can therefore get but not believe price and the reason is not far to look in europe you have a much more powerful Labor Movement and in this country you have strong socialist communist and other left wing parties who put enormous pressure in their. Armaments and so on to target monopolies that are basically ripping everybody off so thats why they have to have more of a movement having said that being more into taxing big corporations in america isnt saying very much unfortunately so yeah the europeans are ahead of us but theres a lot of wheeling and dealing behind the scenes that goes on and there is a serious risk that the europeans in order to placate their own people will give a little slap on the wrist to these big corporations but whether theyll go further and really deal with the problem thats a little more of a question on one issue however they will go further theyre furious that big corporations can pick and choose in europe which scum tree to locate in for example many have gone to ireland because the irish have a very low corporate profit rate so they get to pay low rates it whichever country has the lowest one so the countries compete with one another to get the corporations its what we call a race to the bottom that theyre probably going to do something about because thats a problem they can solve within the European Union and we were still seeing the tangles from that with irelands extraordinary efforts to lure apple profits there on paper at least today some reports are surfacing perhaps most notably from bloomberg some signs of chinese flexibility toward and progress toward a trade deal of some kind with the United States one reporting condition of chinese cooperation is that no more u. S. Tariffs go into effect that would if its accepted scuttled 2 phases of tariff increases for later this month and in december when you put some Financial Times reporting in the picture it sounds as if the general idea is to put some offers some major purchases of u. S. Agricultural goods without future commitments and deferring some of the Big Questions u. S. Has put on the table and clothing intellectual property so my question is could a limited deal along these reported lines happen and how would it compare with mr trumps stated goals for this fight to the degree that hes even articulated them. Well again let me go in reverse order mr trump and the people around him mr navarro and others have made a remarkable set of quite different demands on the chinese at one point or another they should stop doing intellectual property theft they should change their system so its more open and more like that of the United States all the way down to they should buy more corn and soybeans heres the problem the chinese have been the Fastest Growing economy in the world for 25 years they grow much quicker than the United States theyre more successful if growth is your objective as it has been for them there is no way they are now going to give up a system that has worked so well for them to this point that level of irrationality and self destructive this is not going to be forthcoming so all those kinds of demands that trump and his allies make theyre never going to see those anyway all theyre going to see from china is Little Things theyll buy some more i go cultural those kinds of things those will not get the big changes mr trump wants they wont even get much of the little ones hes asked for because the chinese need to show which theyve done for 15 months that they wont be bullied and they will not quickly come to the table and do a deal the way mr trump said so yes heres whats possible a little make believe deal full of claims particularly by mr trump that a great deal has been accomplished he will look like he has done something he hopes nobody will look too closely at what the real meaning of it is so it will be a splashy headline the stock market will bubble up for a while and then well all go back to where we were before except that the thrifty in months of this has already caused very heavy damage to the World Economy which will look back on mr trumps declaration of. Economic war against china as a horrific mistake even from the point of view of the United States and on another trade front the leader of the Largest Labor federation in the us president Richard Trumka c. E. O. Says organized labor could defeat the new now after this socalled u. S. M. C. 8 telling the Washington Post quote if there was a vote before thanksgiving the agreement would be defeated the chamber of commerce in the white house meantime are floating and pushing a vote by ben i can see the play from the chamber they may be thinking lets get this done before impeachment gets any worse but do they really think they can do this now or are they perhaps going through the motions my guess is that theyre going through the motions that youre quite right about that if the Labor Federation is as clear as it is and if you see the growing strength of the progressive wing of the Democratic Party and then you finally ed the serious impeachment and other difficulties that mr trump is in you dont have a situation where that bill is going to be passed any time soon theres no reason for the democrats to give mr trump that hes not going to get it especially when he calls them the kinds of names he has used in the last week so i dont expect to see any action there. At all until the election or the impeachment make a decision in a sense for us thing is speeding towards gridlock Richard Wolffe professor of economics at u. Mass and hearst thanks so much for your insight. Very few. The island nation of singapore has moved past the United States as the most competitive nation in the world according to a new report the 2019 Global Competitiveness report from the World Economic forum lists the top 5 nations as singapore the United States hong kong another alliance and switzerland the Rating System tests countries in relation to 12 factors they call pillars singapore for example ranked 1st in Infrastructure Health and its labor market singapore also ranked 2nd for institutions including their Financial Systems and Product Market the us may have fallen in the rankings due to the ongoing trade war with china which has pushed some business to singapore but the u. S. Still ranks 1st in the ability to hire skilled employees access to Venture Capital and some intangible quality that w. F. Analysts call business dynamism. Also cited Health Concerns in the United States among other reasons as factors for the shift. The healthy Life Expectancy in the us is now lower than that in china and amongst the lowest in the o. E. C. D. The 2nd thing thats happened is even though the u. S. Is the leader when it comes to skills its number 8 in the world overall and number one specifically on the ease of finding skilled employees today in the current job market its become very clear that the u. S. Is not prepared for the future skills that are going to be required. Hong kong moved up 4 spots on the list to number 3 but the report did give the car yet but the numbers were taken before the political turmoil broke out with months of protests in the streets. States are warning of the risks surrounding the implementation of new 5 g. Mobile networks on the block as the west continues to grapple with the use of equipment from Chinese Companies the report released on way. Today said that non e. U. Companies getting involved in building 5 g. Networks could be subject to interference if they have links to a countrys government or are susceptible to political pressure or operate in countries but lack democratic checks and balances the e. U. Security union commissioner sir julian king said this could open the door for the networks to be taken advantage of by bad actors state or nonstate including through the supply chain relationship he said sir julian added that quote if existing Telecoms Networks are an attractive target this logically is an even more attractive target that means we need to look even more carefully than we had before at the suppliers both from a technical point of view and nontechnical vulnerabilities the report does not name any specific companies or nations but it is expected that it is a response to the ongoing tit for tat between the west and chinas wall way. Time now for a quick break but stay tuned because when we return bank profits may be soaring but. Right. Standing by to break down the banks and there. Are those here are those market numbers that. Would be possible if united. And increasingly. So. Refuses. To say. North korea. Would be. Worse than to. Talk about one of the worst cases of predatory banks stirrers defrauding and abusing the poor and. That ive seen in a couple years you know weve introduced you to many instances of bankers preying on folks but this is this is really happening. Just. A very warm welcome to you youre watching us inside. A paradise with some ground into a round the experimentation field cultural chemicals we know that these chemicals have consequences they are major here theres no question otherwise why would the Chemical Company workers themselves be geared up that suited up locals attempt to combat the on regulated experiments that often in you have many of these people one foot into the biotech pharma and the other foot in the government regulatory bodies this kind of collusion is reprehensible while the battle goes on the chemicals continue to poison in hawaii and its people so one has to ask the question whether there is a form of Environmental Research going on in hawaii whether these Companies Feel they can get away with this because the people have less political power. While come back the johnson and Johnson Corporation has been ordered to pay 8000000000. 00 in punitive damages to Nicholas Murray a maryland man who said his use of the antipsychotic drugs as a child caused gonna come asio which caused him to develop and marge breasts they 1000000000. 00 ward is the largest payout of the more than 13000. 00 lawsuits against johnson and johnson over the drug the lawsuits claim a drug manufacturer knew of the side effect but concealed that knowledge from others the companys stock took a hit on the news johnson and johnson has faced several lawsuits of late in august and oklahoma judge ordered the company to pay 572000000 dollars for their role in the states Opioid Crisis and last year a missouri jury ordered the company to pay 4690000000. 00 in damages to 22. 00 women who blame johnson and johnson baby powder for their Ovarian Cancer the company has died all of allegations and valid to a. Feel the decisions. And joining us now to catch us up on the world of finance and Consumer Protection is Bartlett Naylor financial policy advocate at citizen part lets just start with a dollar each a bank which just seems to be hitting hitting their head on every stair is a tumble down from the high floors of Global Finance now the ethically and financially troubled bank is considering job cuts reportedly of 18000 with half of those to come from germany where theyre based the Financial Times says h. S. B. C. On the other hand could cut as many as 10000 jobs h. S. B. C. Is said to be casting a wary eye over their Staffing Levels in europe where they get a much lower rate of return compared to asia what do these reported plans tell us about the state of the Global Banking sector in 2019 a year with a total of 60000. 00 reported cut jobs at citi barclay and others are worth certainly looking at fragility you began with Deutsche Bank the stock is down 95 percent from its peak in cutting 18020000 jobs which theyve been talking about since early in the summer were talking about 20 percent of the banks so its clearly deciding how it can survive these are existential questions for Deutsche Bank at h. S. B. C. A 10000. 00 person cut is only about 5 or even less than 5 percent turnover at a bank like that is it happens all of the time so in one sense its possible that the interim c. E. O. Is just trying to clamp down on expenses and put the fear of god employees to save money wherever he or she can you mention regulatory problems these banks are serial. They have misconduct in a serial number of ways Public Citizen put out a report just last week pointing out that. The American Justice Department unfortunately gives them a pass when they see misconduct h. S. B. C. Money laundering for every rogue in the world drug cartels tyrants et cetera. And yet find them a minimal amount and said dont do it again similarly with Deutsche Bank which were hearing about both on the global scale of manipulating markets and on a more retail level of giving loans to a 6 time bankrupt casino operator named donald trump what does it tell us about the wider world well its actual these banks are operating on high leverage and its not clear what bracks it changing in Interest Rates and economic downturn will mean for them but of course were bracing for the worst right and on that point you mentioned your publication could and i think youre alluding to a corporate crime report recently published on the topic but what should we know from those findings from your recent report on on corporate crime where we start from a pretty low level we were pretty disappointed with the Obama Administration for failing to jail even a single senior banker well its gotten worse under trump the number of enforcement cases for corporation misconduct is way down and again these deferred prosecution agreements proliferate whats the d. P. A. They were invented for teenagers caught for shoplifting and said hey kid were going to find a couple 100 bucks were not going to give you a record right now behave and i think if you behave for the next 5 years you know well why piss off all your record what theyre not doing this for major massive misconduct were not going to take you to trial were going to say behave bank and h. S. B. C. And j. P. Morgan we wont really charge you but if you do something wrong with charge you again well they do something wrong and what do they do they do another deferred prosecution agreement we think that panel tees are necessary for deterrence and the message is with these deferred prosecution agreements is do it again right almost reminds you of that seinfeld where he tries to get the car and they say well we took your reservation we just didnt hold it the hold is key to deregulating enforcement is really now turning to the planned libor Virtual Currency you tweeted earlier today about the breaking news. Facebook c. E. O. Mark zuckerberg is now slated to testify before the House Financial Services committee on october 23rd your comment on the news was what happens when match meets kerosene and tell us why you think there will be a pyrotechnic display in that hearing Maxine Waters is sometimes known as kerosene maxine because shes a fiery chair shes about 80 years old shes worked in the House Financial Services committee for decades and this is her time shes a tough. Woman that asked robust question and she is not going to let Mark Zuckerberg off the hook without asking tough questions and as we know as possibly the nations most influential c. E. O. There are a number of questions to answer from libra he wants to have the worlds currency too interfering with the 2016 election running you know bidens ads right now that the impact of facebook is enormous and she has with her team of fellow democrats and republicans skeptical republicans chance ive spoken with Committee Staff and they will each get a chance to ask a question thats 5 minutes each 56 members this hearing could go on for quite a while no doubt there will be Important Information that comes out of it and well keep an eye on that and edging into the news you also tweeted about trump towers in istanbul in relation to president trumps decision to allow turkey to more openly perhaps invade syria and attack the kurds what should we know about right now about trump towers istanbul i think its open about 212 its a big tower beautiful operating tower i hope and i dont think that trumps decision had anything to do with currying favor of the guy that basically collects the real estate taxes he has to pay but why should we have to worry about that why should it even be a possibility that trump is establishing Foreign Policy and exposing kurds or whatever because he might. I have a personal gain this is the problem with this president that he has interests all over the world and the reason we put that into a blind trust to make them divest is that americans need to know that hes making decisions for all of us and not for his personal banking account right and it seems as if the standard has somehow gone from avoiding a and even an appearance of a conflict of interest to any anything is ok as long as you cant actually be can be proven in a court of law perhaps to be to be a violation i didnt think you could fall off the floor but apparently you can. See how far we can go Bartlett Miller a financial Public Policy advocate of Public Citizen thanks so much for your time thank you. And unrest continues today in ecuador where protests have gotten so heated in the capital of quito that the president literally moved his government out of town to the coastal city of quiet kill after reports that angry residents stormed the General Assembly building our chief correspondent nick sanchez odonovan is on the ground in ecuador and brings us the latest from the protests in quito. Ecuador remains under state of emergency off the days of protests following president lenin merinos decision to scrap fuel subsidies on monday those protests turned into riots as students and other groups violent lee clashed with Police Forces afterwards thousands of Indigenous People came here its a quito and violence continued throughout the night as protesters surrounded the president ial palace the tension was so high that the president decided to move the edmonton minister to capital from here from quito to why a kill those 2nd largest city mother thought i thought i was going to. Whats behind these protests well at the center of it all is an economic reform package that the government has implemented under a 4200000000. 00 Financing Deal signed with the i. M. F. Ecuador wants to use this money to cope with the large foreign debt and fiscal deficit parts of the package include the scrapping of subsidies to gasoline and diesel that have been in place for for decades under the new scenario fuel prices have risen sharply to give us an idea diesel went up from 1. 00 per gallon to 230. 00 and gas went up from 185. 00 to 239. 00 but the government has said that these prices going up just due to speculation but the truth is that we have already seen prices go up in public transport for instance a single bus ticket in the kito metro area went from 0. 25 to 0. 35 overnight the rise in fuel prices has triggered a domino effect and other basic goods are going up in price to create an uncertainty among the people but many here say that fuel prices are just the tip of the iceberg and they disagree with the neo liberal agenda put in place by lenin marina lenin more than those neo liberal policies which followed the dictates of the International Monetary fund with the elimination of subsidies effects University Students because were the children of workers and peasants to increase the already high costs of living and to keep wages as low as they are means that many students cant continue their studies of this to just get the government leave alone and we dont want to mess president because it has a really negative effect on us now the government is also implementing measures such as tax cuts to balance the higher cost of fuel and incentivize Economic Growth but many here say its too little too late meanwhile here in quito the city prepares for more days of violence schools are closed some businesses have decided to close. Down to public transport is down to a minimum but some protesters have gone to just using this political unrest is an excuse for violence and vandalism as this is a vital fight for the countrys future. And finally there is yet another primary related art auction to report we told you recently about the time we option of a banksy painting depicting the u. K. Parliament as chimps some baring their teeth and displaying similarly uncivilized behavior well now a chimp is taking center stage not as the subject of art but as its creator congo the chimpanzee is a prolific painter and a london gallery plans to sell a collection of 55. 00 of the primates paintings the mayor gallery will auction the curated collection of Desmond Morris with each canvas expected to sell for a price between 197400. 00 but while the idea of a monkey monet may make a smile the director of the mayer gallery insists the congo who was featured in 1950 s. B. B. C. T. V. Programme before dying of tuberculosis in 1964 is no mere sloppy celebrity celebrity slinging willy nilly singing paint willy nilly james mayer praised congos over telling c. N. N. Quote he was a fascinating painter people would imagine hed just grab a pencil or a paper but hed have several callers and hed think before he painted he was extraordinary thats it for this time you can catch boom bust on direct t. V. Channel 321 dish Network Channel 280 or shrimping 247 on pluto t. V. The t. V. Channel to 79 or you can always catch is that you got the most are you next time. Because. Of this connection to moment last am should ask for the past 70 and seen and done to this day for the dutch pro who should commission she now branching shifts. To come to school in the. Asian community. Leachate mom. You know you care so sit on the open much to me mama its just our. Talk about one of the worst cases of predatory baxters defrauding and abusing the poor and sick that ive seen in a couple years you know weve introduced you to many instances of bankers preying on folks but this is this is a this is really happening. Oh. My. God. My. Turkeys military operation against Kurdish Forces and northeast syria is into its 2nd day now as the pressure on ankara over its offensive in the country mounts we speak exclusively to the president s spokesperson. You have to take you on board but you cannot imagine a situation where the americans for example the. American Mexican Border just because. Of course. Also this hour germanys federal Prosecutor Says the hollow shooter planned the massacre in a synagogue and