The coastal states amid the still today in studio to help us sort through the safety concerns in the coastal states a myth. That is a lets go and. That is to lets go and dive right in. The u. S. Economy grew at a 1. 9 percent annualized rate. The u. S. Economy grew at a 1. 9 percent annualized rate beating expectations of 1. 6 percent but still below the already weak 2nd quarter per expectations of 1. 6 percent but still below the already weak 2nd quarter print this 3rd Quarter Report reflected increases in Consumer Spending household investment this 3rd Quarter Report reflected increases in Consumer Spending household investments and exports while Business Investment inventory investments decreased personal comments and exports while Business Investment inventory investments decreased personal. And was the main driver as American Household spending rose 2. 9 percent growth in private domestic investment higher consumption was the main driver as American Household spending rose to 1. 5 percent percent growth in private domestic investment however it continued to decline down 1. 5 percent. This reflects the continued uncertainties and challenges facing mazing manufacturing. While the quarter growth beat the expectations this reflects the slowest. 420291900. 80 and fears of a slow slow doubt sat up private Business Investments in the u. S. And u. S. Consumption can continue to show resilience and continue to need the one bright spot left for growth although the pace has slowed from 2nd quarters pace of 4 for squirrels although the pace has slowed from 2nd quarters pace of 4. 6 percent so now the only question that matters is will so now the only question that matters is what so will the u. S. Consumer hold up especially when confidence has fallen to an especially one company has fall into a 4 month. Stock in the morning as the report highlighted underlying weakness in the economy giving the fed the green light in the morning as the report highlighted underlying weakness in the economy giving the fed the green light to proceed with a 3rd rate cut. The Federal Reserve seed with a 3rd rate cut. The Federal Reserve cut Interest Rates by a quarter point wednesday marking the 3rd cut since july of cut Interest Rates by a quarter point wednesday marking the 3rd cut since july the new range is 1. 5 to 1. 75 percent and was characterized the new range is 1. 5 to 1. 75 percent and was characterized as a mid cycle adjustment in a maternity economic expansion now the big question as a mid cycle adjustments in a maturing economic expansion now the big question is whether this will be the last rate cut for the foreseeable future the fed is whether this will be the last. Rate cut for the foreseeable future the fed shifted into a hawkish tone indicating a higher bar for further easing analysts say shifted into a hawkish tone indicating a higher bar for further easing analysts say that the new language suggests an increased level of data dependence rather than an ongoing intent of the new language suggests an increased level of data dependence rather than an ongoing intent to adjust rates lower fed chair Jerome Powell characterized the us economy and to adjust rates lower fed chair Jerome Powell characterized the us economy as strong led by solid Consumer Spending but threatened by factors such as global the strong led by solid Consumer Spending but threatened by factors such as global weakness china u. S. Tariff war and uncertainties associated with brags that weakness china u. S. Tariff war and uncertainties associated with brags that this however is interesting because the threat of a no deal braggs it has substantially diminished this however is interesting because the threat of a no deal braggs it has substantially diminished the odds of a trade deal have risen so these excuses have been notified and yes we cut rates for the 3rd time while if we do that is the under of the odds of a trade deal have risen so these excuses have been notified and yes we cut rates for the 3rd time while if we do that if the under the lie economy is strong on top of cutting right lying economy is strong. On top of cutting rates lets not forget that the fed has been buying bonds again yet officials still insist that not forget that the fed has been buying bonds again yet officials still insist that it was to stabilize the funds raised further rather than a full blown q. E. But it was to stabilize the funds raised further 2 rather than a full blown q e well that stabilizing was at a clip of 60000000000. 00 a month which is well that stabilizing was at a clip of 60000000000. 00 a month which is almost p. Q. Each year in the Great Recession and lets not forget the repo pop is almost p. Q. Each year in the Great Recession and lets not forget the repo populace still isnt over yet as there is a 130000000000. 00 revolving ripka lets still isnt over yet as there is a 130000000000. 00 revolving repos the syllabi trying to reliquefy the Banking System every night the central facility trying to read liquefy the Banking System every night the Central Bank Balance sheet expanded by over 100000000000. 00 over the past month and is back into a Bank Balance Sheet expanded by over 100000000000. 00 over the past month and is back above the 4 trillion dollar mark if the economy were great why did we need of the 4 trillion dollar mark if the economy were great why did we need this big stimulus injection into the market to prop it up. This big stimulus injection into the market to prop it up. Chinese steelmakers she was a group defaulted on 142000000. 00 of chinese steelmakers she won group defaulted on 142000000. 00 of bonds last week sparking concerns of a debt contagion effect in the region come ons last week sparking concerns of a debt contagion effect in the Region Companies in the sun dont province are well known for providing guarantees for each others debts and the needs in the sent home province are well known for. Guarantees for each others debts so this default now raises huge concerns that other privately owned enterprises so this default now raises huge concerns that other privately owned enterprises may have been associated with hugh wall across guarantees among the Companies May have been associated with you all across guarantees among the companies have the potential to cascade liquidity issues throughout the Credit System neighbor firms 8 have the potential to cascade liquidity issues throughout the Credit System neighbor firms group and sanctioning group spawns have both dropped to their lowest level as a group and sanctioning groups bonds have both dropped to their lowest level after she wants default more Chinese Companies are defaulting are private bonds this year after she wants default more Chinese Companies are de faulty on private bonds this year as a slow economy weighs down on revenue the nations issues have missed prepare as a slowing economy weighs down on revenue the nations issues have missed repayments on 4400000000. 00 of private bonds this year and beijing is now on 4400000000. 00 of private bonds this year and beijing is now cautious on a large large scale. And systolic. Risk. A market has been chinas bond market has ballooned up to 13 trillion dollars and up almost up to 13 trillion as the amount outstanding else almost as big as the amount outstanding elsewhere in the world yielding negative Interest Rates. Where in the world yielding negative Interest Rates. Thank. You. Theres a ton to unpack here and to do so were joined by richard. Theres a ton to unpack here and to. Were joined by Richard Wolffe professor of economics madness at the university of massachusetts amherst sobel of professor of economics madness at the university of massachusetts amherst so professor well lets start off with the news breaking within the last few hours the latest bad professor well lets start 7 off with the news breaking within the last few hours the latest bad rate cut by 25 minutes to a range of 1. 5 to 1. 75 percent rate cut by 25. 00 to a range of 1. 5 to 1. 75 percent so is there any way to read these continued cuts other than a response to a slowing Global Economy so is there any way to read these continued cuts other than a response to a slowing Global Economy. Yes i think there are many factors that are going into it. Yes i think there are many factors that are going into it we have this bizarre split we have a president in the polls we have this bizarre split we have a president of the political elite telling us that the economy is strong even mr powell said that and Little League telling us that the economy is strong even mr powell said that and yet doing the things you normally do when an economy is weak thats the 1st kind of yet doing the things you normally do when an economy is weak thats the 1st kind of confusing piece of information but there are other reasons to cut Interest Rates a confusing piece of information but there are other reasons to cut Interest Rates for example helping the republicans and mr trump get reelected boosting the for example helping the republicans and mr trump get reelected boosting the economy by making credit cheaper thats also going on here economy by making credit cheaper thats also going on here even though the people playing these games will deny it i think theres an import even though the people playing these games will deny it. I think theres an important key factor we have a split economy in another way theres the key factor we have a split economy in another way theres the real economy where we go to work and we produce things and so on and then theres the paper economy a real economy where we go to work and we produce things and so on and then theres the paper economy the stock market what has been going on is that the economy underneath this stock market what has been going on is that the economy underneath the one we all live in is very mediocre i mean i read the other day that the one we all live in is very mediocre i mean i read the other day that j. P. Morgan chase is thinking of moving out of new york city to save money j. P. Morgan chase is thinking of moving out of new york city to save money and the explanation was to prepare for the ongoing and the cuts and the explanation was to prepare for the ongoing and the coming recession so this is split between the real economy which is weak coming recession so there is this split between the real economy which is weak and the stock market which is booming but heres the explanation the uk and the stock market which is booming but heres the explanation the Federal Reserve is pumping up the money supply you mentioned yourself correct Federal Reserve is pumping up the money supply you mentioned yourself correctly the quantitative easing disguised as stuff from the republican really the quantitative easing disguised as stuff for the republicans and now the lowering of Interest Rates what that does is pump up money make and now the lowering of Interest Rates what that does is pump up money make it cheap to borrow and you know were doing the borrowing people who play the stock market cheap to borrow and you know were doing the borrowing people. To play the stock market thats why the prices of the stocks have gone so much higher while the underlying is good thats why the prices of the stocks have gone so much higher while the underlying economy is so mediocre that is a very dangerous dichotomy commie is so mediocre that it is a very dangerous dichotomy and i think we will look back on the feds action as a worrisome sign be and i think we will look back on the feds action as a worrisome sign theyre more rigorous this did in keeping this is bubble gold always going then then they are and can confront it in the underlying problems of this economy so 2 this is a very dangerous thing the underlying problems of this economy so 2 this is a very dangerous dichotomy so well what happened in december if the fed given its very hawkish tunde i cannae so well what happened in december if the fed given its very hawkish tone this time if they decide to not cut Interest Rates again and the markets disappointed this time if they decide to not cut Interest Rates again and the markets disappointed what will happen i think is that its youre absolutely right the key question because what will happen i think is that its youre absolutely right to the key question because it would then suggest that the game of keeping the bubble going has become too dangerous the Federal Reserve is not supposed to flood the money was it would then suggest that the game of keeping the bubble going has become too dangerous the Federal Reserve is not supposed to flood the money into this a system and act this is paper. You know the joke of mr powell those rich remark to keep the pension go you can keep the tax mix of the generation above the goal that is or that every of the teeth of the Federal Reserve every teacher. Should know who teach who. By the daughters of all i have my life to live off i love you but you increase Interest Rates when the economy is weak not one of the expanding you do that straight when the economy is weak not one of the its expanding you do that in the moment of expansion is when you raise Interest Rates to slow the process in the moment of expansion is when you raise Interest Rates to slow the process down to build up the kinds of reserves youre going to need to get through all this down to build up the kinds of reserves youre going to need to get through our hard time the threat isnt this new and didnt we i know that it is piling more and more money on the on top of more top of more and more money its nice while it runs up but when it runs down watch as money its nice while it runs up but when it runs down watch out thats the out and thats the thing to worry worry about. So we also have in the 3rd quarter we are poor we see that the u. S. Economy grew at a rate of 1. 9 percent which as we previously still report we see that the u. S. Economy grew at a rate of 1. 9 percent which as we previously stated outpaced the expected 1. 6 percent rate but still well below where we were in q 3 to outpace the expected 1. 6 percent rate but still well below where we were in q 2 meanwhile Consumer Confidence has now fallen to a 4 month low so what do you to meanwhile Consumer Confidence has now fallen to a 4 month low so what do you take away from these latest figures. Well i think lets put them together with the number 8 the way from these latest figures. Well i think thats put them together with the numbers from a few weeks ago indicating that the chinese economy was growing at about 6 from a few weeks ago indicating that the chinese economy was growing at about 6 per experience and which isnt. The low it was has it in has been in the low in a long time long time what im what youre seeing here is that the trade war initiated by trump in the Republican Party here is that the trade will be or are initiated in the Republican Party is hurting both Major Players the chinese in one hand and the United States urging both Major Players the chinese in one hand and the United States in the other this is done mostly to get mr trump reelected but the cost in the other this is done mostly to get mr trump reelected but the costs were paying on both sides are enormous thats why you had that bond the 4th were paying on both sides are enormous thats why you had that bond the fog in china that worried people over the last couple of days and so on in china that worried people over the last couple of days and so on my guess is that we are going to see a building rage my guess is that we are going to see a building rage and anger at the economic costs that the world is asked to pay and the anger at the economic costs that the world is asked to pay for a political struggle here inside the United States and the good for a political struggle here inside the United States and again lets not lose sight in china the rate of growth was 6 percent end lets not lose sight in china the rate of growth was 6 percent this last period in the United States 1. 9 percent this last period in the United States one point. 9 percent for people who understand what that means the chinese economys growth for people who understand what that means the chinese economys growth and the American Economy is in the ability to keep up is the most of the American Economy is in the ability to keep up is the most important historical reality of todays numbers a lot of assets important historical reality of todays numbers a lot of asset bubbles bubbling up all around the world better keep your watch on its very worrisome professor bubbles bubbling up all around the world better keep your watch on its very worrisome professor Richard Wolffe at the university messages amorous thank you so much for being here thank you sir Richard Wolffe at the university messages amorous thank you so much for being here. Thank you. Time now for a quick break but hang here because on the other side. Time now for a quick break but hang here because on the other side as cryptocurrency has continued to climb in the public consciousness governments are taking notes as crypto currency is continue to climb in the public conscious and governments are taking notes on how to move forward in the states joins us in studio after the break to talk about the move forward in the states joins us in studio after the break to talk about consumer safety in the field and much much more and as we go to break here the numbers are consumers safety in the field and much much more and as we go to break here the numbers are close. Close. And. For unions. And. For unions. Rational assaults. Assaults the. Desire for love need a thief. Desire for love need a thief. Is. Full. Of them. Full. Of them should. It be. Considered again do you feel 40. To be a couple. More avoiding aftershocks financially. And financially. We have this goal. We have this goal. We sure are talking prizes which was a surprise for me i wars we sure are talking prizes which was a surprise for me i was on the council all of them but that thought well this is these are media people become different there on the console all of them but that thought well this is these are media people become different their own kind so no need to trouble myself about it so i wasnt. Kind so no need to trouble myself about it so i wasnt ready for the magnitude of things happening that when they began to read the flow of this magnitude of things happening that when they began to happen it was the sign that society as it is was reading it was the sign that the society as it is was ready to read. What i feel we are. What i feel we are. The age of us. The age of Pacific Economic cooperation summit set for mid november in santiago chile has been cans of Economic Cooperation summit set for mid november in santiago chile has been canceled amid widespread protests in the nation the government was forced to extend a state amid widespread protests in the nation the government was forced to extend a state of emergency to several cities last week as protests continue due to a proposed increase ambit of emergency to several cities last week as protests continue due to a proposed in. Grease and Public Transportation fares and what they describe as economic inequality over Public Transportation fares and what they describe as economic inequality over the weekend mr pinera. Sides including increased to men in the movies to minimum wage and raising taxes on the wealthy chilean president sebastian taxes on the wealthy chilean president Sebastian Pinera address the council isolation and the media address wednesday. As president deval chileans always address wednesday. As president deval chileans always have to have to put the problems its an interesting subject to what a way millions and their needs their desires and their homes. In the. U. S. Press president. Or said to me in the summit to discuss phase one of a trade deal between the 2 countries were said to me in the summit to discuss phase one of a trade deal between the 2 countries initial reports claimed the 2 would sign phase one but white house initial reports claimed the 2 would still sign phase one but white house officials later clare clarified that the deal would likely not be ready in time for the summit at this time that the deal would likely not be ready in time for the summit at this time it is unclear when and where the 2 sides may meet to finalize phase one but it is unclear when and where the 2 sides may meet to finalize phase one boom bust will keep you updated. Washingtons on going bust well keep you updated. Washingtons ongoing war on huawei has apparently had the opposite effect in china where reports now showing war on huawei has apparently had the opposite effect in china where reports now show that the telecom the telecom. And has has captured captured a record share of the chinese new Smartphone Market on market while apples sales continue to decline this as apple prepares to launch its own sales continue to decline this as apple prepares to launch its own series of 5 g. Phones and it is back to ship more than 80000000. 00 phones arties rate is a 5 g. Phones and its back to ship more than 80000000. 00 phones arties Rachel Blevins joins me now to break down the latest so what are these latest numbers saying elevens joins me now to break down the latest so what are these latest numbers saying well kristie while we continue to extend its lead in the 3rd quarter of twitter well kristie while we continue to extend its lead in the 3rd quarter of 2019 and it now commands 42 percent of the Smartphone Market in china 19 and it now commands 42 percent of the Smartphone Market in china which is far above both local competitors in its u. S. Competitor apple which is far above both local competitors in its u. S. Competitor apple now if we take a look at the numbers specifically reports show that wall way shipped 41 points now if we take a look at the numbers specifically reports show that wall way shipped 41500000 smartphones in china from july to september marking a 65000000. 00 smartphones in china from july to september marking a 66 percent year on year growth meanwhile apple sells in the region continued to fall and 6 percent year on year growth meanwhile apple sells in the region continued to fall and apples market share in Mainland China dropped from 7 percent down to 5 percent apples market share in Mainland China dropped from 7 percent down to 5 percent so we see that even though there is continued criticism from the United States government chinese buyers so we see that even though there is continued criticism from the United States government chinese buyers are going even more towards why. All way and theyre turning away from the american alternative are going even more towards wall way and theyre turning away from the american alternative so what is the impact of these sales on the market specially for apple well this increase for so what is the impact of these sales on the market specially for apple well this increase for wall ways specifically comes at a really important time because as weve seen with the u. S. Government they have wall ways specifically comes at a really important time because as weve seen with the u. S. Government they have made no indication that they will be backing down any time soon and researchers made no indication that they will be backing down anytime soon and researchers have even noted specifically they have spoken out and theyve said its dominant position gives it have even noted specifically they have spoken out and theyve said its dominant position gives away a lot of power to negotiate with the supply chain and increase its a wallet a lot of power to negotiate with the supply chain and increase its a wallet share with Channel Partners meanwhile not only are Companies Like apple share with Channel Partners meanwhile not only are Companies Like apple feeling the effects of this ongoing trade war and the u. S. Government stance feeling the effects of this ongoing trade war and the u. S. Governments stance on wall way but at the same time u. S. Chip makers also stand to lose a lot and they count on wall way but at the same time u. S. Chip makers also stand to lose a lot and they could you lose more than 56000000000. 00 in the next 5 years just in revenue do you lose more than 56000000000. 00 in the next 5 years just in revenue if the United States keeps this ban on wall way and apple where you if the United States keeps this ban on wall way and apple where are they on the entire 5 g. Race well its interesting because apple is actually behind when it car they on the entire 5 g. Race well its interesting because apple is actually behind when it comes to these 5 g. Phones and weve. Companies like wall way and like samsung already 5 g. Phones and weve seen Companies Like wall way and like samsung already putting out 5 g. Phones and was kind of stayed behind and even with this new i putting out 5 g. Phones and was kind of stayed behind and even with this new i phone 11 from apple they updated the camera which is what a lot of users were calling for phone 11 from apple they updated the camera which is what a lot of users were calling for but they still only had 4 g. Technology but thats ok because their member but they still only had 4 g. Technology but thats ok because there may be a 5 g. I phone as early as 2020 now reported to be a 5 g. I phone as early as 2020 now reports that are coming out are saying that apple is mobilizing suppliers to produce its 1st of its that are coming out are saying that apple is mobilizing suppliers to produce its 1st ever 5 g. I phones next year with 3 flagship models also set to include 5 g. I phones next year with 3 flagship models also set to include the most advanced mobile processors available and leading edge screens not the most advanced mobile processors available and leading edge screens now apple is expected to ship more than 80000000. 00 of these phones out which means that they aapl is expected to ship more than 80000000. 00 of these phones out which means that they are pretty excited about it they think its going to be really popular but at the same time there are concerns that they may are pretty excited about it they think its going to be really popular but at the same time there are concerns that they may be a little bit too late to the game and maybe by the time that they get their 5 g. Phones out there be a little bit too late to the game and maybe by the time that they get their 5 g. Phones out there their Companies Like wall way unlike samsung are already going to have the corner on the market or their Companies Like wall way and like samsung are already going to have the corner on the market so regarding the 5 to. Technology can the u. S. What can you tell us about the upcoming f. C. C. So regarding the 5 g. Technology can the u. S. What can you tell us about the upcoming f. C. C. Vote so the federal Communications Commission is expected to have a vote on november 9th so the federal Communications Commission is expected to have a vote on november 19th where they will decide whether cellular providers here in the United States will be banned where they will decide whether cellular providers here in the United States will be banned from using government subsidies to buy equipment from Chinese Companies like wall way and from using government subsidies to buy equipment from Chinese Companies like wall way and like c t e now the chairman of the f. C. C. Released a statement in which he now the chairman of the f. C. C. Released a statement in which he said specifically quote when it comes to 5 g. In america security week he said specifically quote when it comes to 5 g. In america security we cant afford to take a risk and hope for the best we need to make sure our networks wont harm cant afford to take a risk and hope for the best we need to make sure our networks wont harm our National Security threaten our Economic Security or undermine our values our National Security threaten our Economic Security or undermine our values now its interesting because if this vote passes not only will it impact wall way in c. T. E. It will now its interesting because if this vote passes not only will it impact wall weigh in c. T. E. It will also impact any supplier earning company that the United States government decides is and also impact any supplier earning company that the United States government decides is a National Security risk so it could harm the United States 5 g. Network in the long National Security risk so it could harm the United States 5 g. Network in the long run rapidly changing environment richard love and thank you so much for breaking it down think you are on rapidly changing environment richard love and thank you so much for breaking it down thank you. Thank you. The latest hack a bit point demonstrated to regulators that scrutiny and more regulation the latest hack of bitcoin demonstrated to regulators that scrutiny and more regulation does not equal to consumer safety the hack occurred due to an authorized x. Does not equal to consumer safety the hack occurred due to an authorized access to the private keys of bitcoins hot wallet it lost approximately 32000000. 00 as to the private keys of bitcoins hot wallet it lost approximately 32000000. 00 japan is one of the few countries where quick those are legally accepted form of papers japan is one of the few countries where quick those are legally accepted form of payment and they have been at the forefront of blocked train innovation the exchanges are governments and they have been at the forefront of blocked train innovation the exchanges are governed by the Japanese Financial Services agencies but now analysts are questioning the scrutiny by the Japanese Financial Services agencies but now analysts are questioning the scrutiny and whether this is healthy or not crypto analysts. Argue whether this is healthy or not crypto analysts. Argue that more regulation and more scrutiny does not ensure that its subjects have stronger protected that more regulation and more scrutiny does not ensure that its subjects have stronger protection rather it could lead to a reduction in safety he said action rather it could lead to a reduction in safety he said the f. S. A. Tightened enforcement significantly to prevent more hacks but they are not secured the f. S. A. Tightened enforcement significantly to prevent more hacks but they are not Security Experts as far as i understand their main focus seemed to be more on k y c n n t experts. As far as i understand their main focus seemed to be more on k y c n a m l their scrutiny is the reason to put pressure on exchanges financially at melle their scrutiny is the reason to put pressure on exchanges financially and thus lose focus on security this comparison harkens back to zuckerberg stiff and thus lose focus on security this comparison harkens back to zuckerberg defense of libra where an reasonable amount of regular regular scrutiny actually dense of libra where an reasonable amount of regular regular scrutiny actually distracts focus from innovation and consumer safety which they apparently claim tracks focus from innovation and consumer safety which they apparently claim is their primary focus with more on the latest in crypto we welcome back jeff is their primary focus. With more on the latest in credit though we welcome back Jeffrey Tucker editorial director of the American Institute for Economic Research so recovery tucker editorial director of the American Institute for Economic Research so regarding this our regulars actually focus on the wrong things when it comes to scrutiny and security running this our regulars actually focus on the wrong things when it comes to scrutiny and security and that theyre focused more on k y c n n and this is putting and that theyre focused more on k y c n n and this is putting an unfair burden on exchanges its really true i mean if we had had an affair burden on exchanges its really true i mean if we had had this level of Regulatory Oversight in 2009 we would never some level of Regulatory Oversight in 2009 we would never have seeing because even come into existence we need permission lists environment of saying because even come into existence we need permission lists environment that allows experimentation that sort of thing the idea that regulators know block that allows experimentation that sort of thing the idea that regulators know block chain and crypto should work and should have oversight to wall the technology for a known crypto should work and should have oversight to while the technology for example is utterly ridiculous its only entrepreneurs and innovators who understand that example is utterly ridiculous its only entrepreneurs and innovators who understand this technology and these hackings by the way this is not a hacking of the Core Technology its Just Technology and these hackings by the way this is not a hacking Core Technology its hacking of wallets and particular application its hacking of wallets and particular applications and typically the code is always buggy and and. Typically the code is always bugged and its actually a good thing when things get hacked you know because then we can discover the problems and its actually a good thing when things get hacked you know because then we can discover the problems and its private markets that manage this well regulators only want to control and its private markets that manage this well regulators only want to control theyre not actually interested in our security actually inside yet all theyre not actually interested in our security. Yes so i. B. M. Actually issued a report that says a central bank right now is actually very interested as so i. B. M. Actually issued a report that says a central bank right now is actually very interested in creating their own Digital Currency is as soon as 2025 but even if in creating their own Digital Currency sure its as soon as 2025 but even if they do sell well and if they have actually changed because this will still be a centralized they do sell well and if they have actually changed because this will still be a centralized currency and nothing would have actually shifted in terms of Monetary Policy no i have grave doubts about i see nothing would have actually shifted in terms of Monetary Policy no i have grave doubts about the essential kryptos i dont blame them for wanting to keep up with the times and do the cool new thing the essential crypto i dont blame them for wanting to keep up with the times and do the cool new thing but actually you know by 2025 crypto is going to be voting but actually you know by 2025 crypto is going to be very advanced and theres so many private kryptos out there and so many very advanced and theres so many private kryptos out there and so many private blocks same technology is actually think Central Banks are so behind the curve on the stuff private block train technologies i actually think Central Banks are so behind the curve on this stuff you know reminds me actually of the old days when email was 1st invented you know reminds me actually of the old. Its when email was 1st invented the government said were going to have our own email accounts and everybody will adopt them because the government said were going to have our own email accounts and everybody will adopt them because everybody trusts the government you know and it didnt work and they had to shut it down it was just silly everybody trusts the government you know and it didnt work and they had to shut it down it was just a silly thing because by this time there were already so many private email services and private email services the thing because by this time there were already so many private email services and private email Services Solve the problem of security of spam and they became amazing i think solved the problem of security of spam and they became amazing i think its the same thing the same same thing happened in the can into the kryptos. Toto in who is inherently currently a probably a private private knowledge elegy because. Not enough ideological reasons but. Pretty for practical reasons and you know what i mean i mean in. Markets just this better better of experiment with new technology all of the tech not all of those centuries so centrist as some Central Banks are trying desperately to catch up after having said no this is very bad for like some are trying desperately to catch up after having said no this is very bad for like 33 years and its now the other leg up in ok its good its good were going to be better if its just a start up action actually believe it will so why why the u. S. Is still also saying that this is bad that the Chinese Government mesh actually so they have actually just just paid 140000000 dollars to sub sub study. In order to promote blah blah change in initiatives and its in their retirement age so what doctors are like what are at times also what type lots of problems in particular objects in particular people are thinking that they think theyre focused on. The well and all the theres. Not a lot by the way its you know a couple 100000000 a does it actually amount to anything and probably by the way its you know a couple 100000000 a does it actually amount to anything and probably the companies that get these gifts are not actually going to mount to anything so this is typical the companies that get these gifts are not actually going to mount anything so this typical member say a bit like the chinas industrial policy is now being applied to block change member say a bit like the chinas industrial policy is now being applied to block change it doesnt actually mean Anything Technology is a technology and it doesnt actually mean Anything Technology is a technology of documenting ownership rights which a woman is kind of part of risk and documenting ownership rights which a woman is kind of part of risk and. Provides a much more effortless transaction peer to peer so that one of the app. Is a much more effortless transaction peer to peer so that one of the applications of this infinite but nobody knows for sure but its going to mount to the most nations of the infinite but nobody knows for sure but its going to mount to the most marvelous thing that is of course private currency thats beautiful but it could also pertains marvelous thing that is of course private currency thats beautiful but it could also pertain to you know art auctions to anything that records go. To you know art auctions to anything that requires if you have a card titles property titles theres so many applications of card titles property titles theres so many applications are blocked and were just in the early stages and i dont think any government knows for sure block and were just in the early stages and i dont think any government knows for sure how its going to work out i mean thats really going to be up to sure how its going to work out i mean thats really going to be up to entrepreneurs and the private sector you know i think one of the things that weve been taught through entrepreneurs and the private sector you know i think one of the things that weve been taught through block chain. Industries and because of the so on is that nobody blocked chain. Industries and because under the so on is that nobody knows for sure what the future should look like and thats why we need to radically knows for sure what the future should look like and thats why we need to radical experimentation and for the regulators to get out of the way and just let proper mentation and for the regulators to get out of the way and just let private markets work and this is dr barbarisms are exactly right the other day and since testimony money. So says. Saying up or they actually did something really interesting Climate Change has been such a big deal for singapore up or they actually did something really interesting Climate Change has been such a big deal for singapore and run right now they have created something called hot air carbon which recently just Just Launched this this we as a globalised Carbon Trading getting. Warm and they now trade. Value car value Carbon Trading trades. Are 103000000000. 00 so this is a big big deal for singer singapore and it looks looks like like all of all these blocks in innovations these latest ones are coming out of singapore coming out of china coming out of japan so right now innovations these latest ones are coming out of singapore coming out of china coming out of japan so right now south korea south korea as well as a huge dutch hub so though do you think that the that the us is already behind this it isnt hard. To use it at its best math if you go to any of these countries these are countries that are hungry for innovation desperate for the newest thing they want to countries that are hungry for innovation desperate for the newest thing they want to make money and make new beautiful products and its really exciting everything make money and make new beautiful products and its really exciting everythings been tokenized nowadays and its just fantastic great. Things being tokenized nowadays and its just fantastic right south korea was just there not too long ago and the number of tokenization of everything thats korea was just there not too long ago and the number of tokenization of everything including Climate Change credits attached to social media like who would have thought that was including Climate Change credits attached to social media like who would have thought that that was going to be a thing where everybody is innovating in the space that i were intruding into. Going to be a thing where everybody is innovating in the space that i were in train into a new world tokenization of of all important things if its a value if its important to you a new world tokenization of of all important things if its a value if its important to you right now in asia somebody is tokenized it. And in this right now in asia somebody is tokenized it. And in this country in the u. S. Its just like no no no youre bad youre bad youre bad lets go back to the old country in the u. S. Its just like no no no youre bad youre bad youre bad lets go back to the old days this control everything this is a good path forward and its very close control everything this is a good path forward and its very interesting for me to see see the way that the way the actress or actress or flesh is flesh her surety. All around the ground that were. Yeah except the exception of the you when you asked its like its like not you know you have you have an idea you better sit in front of the senate and the congress and were going to grill you for hours and i have got it thats not a sit in front of the senate and the congress and were going to grill you for hours and i have got it thats a massive exodus of innovators and entrepreneurs and talent all playing its really very sad that exodus innovators and entrepreneurs and talent all playing its really very sad and i think those of us in the space recognize exactly whats going on and i think those of us in the space recognize exactly whats going on its been going on for probably 6 years now and its deeply tragic and i dont know going on for probably 6 years now and its deeply tragic and i dont know how to turn it round and weve got an american today has a culture of this punishing how to turn it around and weve got an american today has a culture of this punishing innovation and correcting entrepreneurs and investigate innovation. Correcting entrepreneurs and investigating everybody regularly but meanwhile the rest of the world is what kind of cool new thing coming everybody regularly but meanwhile the rest of the world is what kind of cool new thing can we do to make money i think thats right attitude yeah exactly its days where its a really do to make money i think thats right attitude yeah exactly its days when its a really dangerous precedent when when you start starts ive put playing innovation right now. Jeffrey tucker of the of the america and institute for Economic Research in that research thank you thank you so much for whats already being anti thank you. Thats up to 5 by this time you can catch boom bust on youtube dot com i must r t c n x time i mean you can catch boom bust on youtube dot com i must r t c n x time. Geysers financial survivor. Max geysers financial survival. Housing bubble. Oh you mean theres a downside to artificially low Mortgage Rates dont get carried away oh you mean theres a downside to artificially low Mortgage Rates dont get carried away thats cause a ripple. Effect additional reports. Cooked additional subversives not on what was an ounce of to linger some of these if you could just do what youre supposed to not of what was an ounce of to linger some nice if you could just do it your old conditioning no. Looking is no. Simple yes swinging my feet and notional pulls me. Simply yes swinging my feet and notional pulls me. Look with a showing at the scully since last when i. Looked with a showing at the bread which it was going to sing is lost when the church. Has nickel ship movie youre pushing 30. Do you think it will ship movie youre pushing 30. Volts of shipping. Yep and most of those. Both of shipping. Yup and most of those the book is the work of the person able still to say no i dont know what the book is the woman of the books and able. To say no i dont know what that or. Something like that or. If it was the latest news in the puss. But arsenal. Was the latest news in the puss. Stuff no worries im all right so yeah thats right this was going to suck up more easily all right so yeah thats right this was going to so. Little fish through the summer in the store oh yeah the soulful. Lyricists through the summer in the store oh yeah the soulful. Today there are good dentist and bad at it its the bad. Today there are good dentist and bad debt its the bad debt it is said those in yemen who the United States deems to be a threat the looked at it is dead it is said those in yemen the United States deems to be a threat the looked at those one in syria the cia and the u. S. Military were engaged in those what in syria the cia and the u. S. Military were engaged in covert actions really throughout the world. Where they were assassinating covert actions really throughout the world. Where they were assassinating populist leaders they were backing up the right way military quintos funding an army opulent leaders they were backing up the right way military quintos funding an army death squads theres no any more because theres always a small squad theres no anymore because theres always a small town called for a really good. Profit. Or a really good. Profit. During the Great Depression which im old enough to remember there was most of my family during the Great Depression which im old enough to remember that it was and most of my family were unemployed. And it wasnt it was bed you know much worse objectively unemployed working. There wasnt it was bed you know much worse objectively than today but there was an expectation of the things were going to get better. Today but there was an expectation of the things were going to get better. There was a real sense of hopefulness there isnt today todays him that there was a real sense of hopefulness. There isnt today todays america was shaped by the turn principles of concentration of wealth and power where shaped by the turn principles of concentration of wealth and power. Reduced democracy attack solid. Reduced democracy attack solo down engineer elections manufacture consent and without engineer elections manufacture consent and other principles according to no im chomsky one set of rules for the principles according to no im chomsky one set of rules for the rich opposite. Thats what the rich opposite. Thats what happens when you put her into the hands of a narrow sector of what happens when you put her into the hands of a narrow sector of will which will is dedicated to increasing power for chills just as youd expect will which will is dedicated to increasing power for chills just as youd expect one of the most influential intellectuals of our time speaks of one of the most influential intellectuals of our time speaks about the modern civilization of america. About the modern civilization of america. With a snap election on the way and a break that extends. The snap election on the way into practical standards and in the back of the case parliament finally stops talking about of the things that the Prime Minister action in the back of the case parliament finally stops told. Think about it the things with the Prime Minister and the leader of the opposition clashing over everything russia and so. Im a leader of the opposition clashing with everything from russia. To the u. S. Designs on the n. H. S. Meanwhile the race to become the us democrats us designs on the n. H. S. Meanwhile the race to become the us democrats 2020 president ial candidates is getting tighter many still undecided 2020 president ial candidates is getting tight many still undecided. Theres such a big deal. Theres such a big push to just get donald trump out of office because theres a lot of confusion with the democrats push to just get donald trump out of office because theres a lot of confusion with the democrats and theyre not really thank you 19 together to make one strong candidate and theyre not really you know i mean together to make one strong candidate on the big east this halloween seems to be walked away without causing offense but isnt the biggest this halloween seems to be without causing offense but is a