it's consumed with this one to. speech you just never know when it comes. to claim that mainstream media has met its maker. here's what people have been saying about redacted the night it's there was actually just full on awesome for all of the real the show i go out of my way to launch you know a lot of the really packs a punch at least yampa is the john oliver of hearty americans do the same we are apparently better than blue nothings better see people you never heard of love redacted the night my president of the world bank go take your money go write me seriously send us an e-mail. hey everybody i'm stephen baldwin tast hollywood guy usual suspects every proud american first of all i'm just george washington and r.v. to suggest this is my buddy max famous financial guru just
a little bit different i'm not a abraham lincoln or no no no one knows up with all the drama happening in our country i'm shooting the road have some fun meet everyday americans. and hopefully start to bridge the gap this is the great american people. on. what politicians to do something to. put themselves on the line to get accepted or rejected. so when you want to be president i'm sure. most somewhat want to reach. out to the right person was like them before three in the morning can't be good. i'm interested always in the wives in the house. for shit.
welcome back china posted gains a twenty seventeen as their gross domestic product grew by six point nine percent at face value china's growth in twenty seventeen with a faster record in over two years experts say china saw much stronger exports and the government infrastructure investments like the monumental belton road initiative help spur growth towards the end of the year however there is concern by some over the years that china's rising debt is a problem the i.m.f. the international monetary fund reported that the country's debt has ballooned and was two hundred thirty four percent of total output beijing is said that it is taking steps to contain the risky debt despite the economic impact and on those numbers china has long been questioned about the veracity of data they released to the public military and joins us with more minnillo what do you make of what
they've been saying people and saying about these numbers over the years you know it's really tough to trust those numbers coming out of china because for years as unite have talked about these numbers have been largely bogus china's admitted to it in the past and we know that the reliability of their economic data from various regions are just simply not quantifiable plain as that but in the big cities where you find luxury hotels coal is king there and that's driving much of the economic data we're seeing today just look at how much mining for metals and coal account for local g.d.p. that is later transmitted to the overall national g.d.p. now the darker regions mining accounts for as much as forty percent of the market in those provinces and specifically the large portion that is inner mongolia officials there and made it to over inflating their twenty six thousand mining numbers to look more favorable you can probably assume then that the same is true for their twenty fifteen numbers to the g.d.p.
. reported versus reality shows a steep spike up nearly twenty five percent from the year before that sort of swing is just not realistic but across the country coal remains steady almost kind of flat brant crude and steel looked almost inextricably tied to one another both taking dips in twenty fifteen and twenty sixteen as well both climbing back up in seventeen but now still moving north now an indicator of more building happening in the country and then over the province of the nearing there are a major problem in why we can't trust the economic data coming from china talk about fake news has admitted to faking data for five years now and have yet to issue revised numbers even still so according to the financial times landings local economy has seen dramatic rises and falls telling of a very unstable market but why what they previously reported showed a more gradual decrease those simply were false and over and shand see this is
china's most coal dependent economy it's a suspected that they have flubbed on the numbers too but their reporting has been slightly less dramatic chinese watchdog groups do however believe their local economies saw measurable recovery from twenty sixteen to seventeen so bart these volatile market fluctuations in china some some of the most key provinces are likely offset by the big cities like beijing where manufacturing remains strong china still en route to become the world's biggest economy despite these fraudulent numbers believe it or not super important thank you argee correspondent manilla tran thank you. so we're going to talk digital currencies again in bitcoin and we're joined by geoffrey talker once again we're pleased to have him he's the editorial director
for the american institute for economic research jeffrey thank you for being with us again we sure appreciate it. it's my pleasure thanks for having me ok now the last time we spoke you ended the interview and said that you know you don't want any regulation and you know i get that approach because i don't want to have innovation award it but what do you say those who to those who lost money like in mt gox and and some other things where some of this was significant money four hundred fifty million dollars at the outset what do you say about that i don't think the regulators would have prevented about gox and the great thing about that mt gox experience is the top the crypto community something there will never a big again be anything like that that was back in the early days when there was a lot of centralization and mine and there was pretty much only one exchange in the world then we have a lot more exchanges which by the way we'd have a lot more exchanges if the fence and hadn't into interview interrupted the development of that sector back in april of two thousand and thirteen and made him
jump through all these regulatory hurdles and that was that that was a disaster we would have thousands of these exchanges now and now there's just not as many as there could be but we'll never see another mt gox again i believe there's a lot of self-regulation that goes on here and it's awkward with the regulators imposing all their old fashioned rules on this twenty first century technology like no you're costumer rules i mean it's very expensive from a regulatory point point of view on board and get off get in and out of because you know move dollars to pick when to get become back into dollars there's all these hurdles you have to go through even even buying at a big queen a.t.m. in the united states is an arduous process you having to you know hold up all sorts of identification and all these things and you know that is not true around the world i mean i was in tel aviv last month and there was no break elation and because of all you just take your circles put them in there and you can exchange it
for because i think that's where we need to go we need to get away from this idea of control. in the sector and just let it evolve naturally and normal market process we're going to have to get used to in this country a competitive money system it's going to be a little weird for americans because we think the dollar is all my and the one true currency for. america and that a lot of people don't feel that way around the world in latin america people trading cons all kinds of currencies all the time with exchange rates and that sort of thing we need to think of ourselves in the united states as doing that in the future i want i want on why saying i'm going to narrow and everything yeah ok so there's some of it i agree i mean the thing about you know a square peg in a round hole you know use it using old fashioned regulations for a new innovation a digital currency i'm with you one hundred percent but by the same token i am really concerned because i want digital currencies to take off i think they're the
future but at the same time we have seen things and again this is you know history but we saw silk road where you know adam exchange that things were being for those who don't remember that coin was being used for illegal drugs and weapons trade money laundering even human trafficking and of course nobody wants that to occur again but unless you figure out some basic sideboards again nothing overzealous jeffrey i'm worried that we'll have a few bad actors who will impact all of the digital currency universe so i don't know what the answer is but i don't think it i don't know i elation from i expected it's not going to say yeah i think methot and look if you don't you can regulate things like arms trafficking drugs drug trafficking all these other things you can regulate that as illicit products a list that illicit services but that doesn't require that you go in and interfere with the development of this awesome new technology i would like to see none whatsoever i mean it's everything the government has done up to now has been bad
for but quite i. then we just give a quick example the s. e. c. came out with a regulation in two thousand and seventeen on i.c.'s which are initial koin offer and this is a new way for small businesses and startup companies to raise money in a democratic way so curious my cool new service i'm going to put it on the block chain and tokenize it let you mine it and and and and and if it goes up in value then the profits will accrue to this company that we have capital to start and so it's a way of democratizing venture capital funding to do so and it's all i know what i feel is yeah yeah no i mean it's like an i.p.o. as they were doing digital efforts right and not only ruining stories are a little exact exactly and so the f.c.c. comes out with his weird they get a couple of paragraphs like if these look and feel and act like securities you're
going to have to be regulated by the f.c.c. well guess what the reason they were doing so well is precisely because they weren't be regulated by this is into the regulation their announcement was so strange you couldn't even unpack it well that terrified a lot of people in the united states really did there were a lot of i.c.'s that were coming online that just shut down because nobody wants to you know getting in trouble the law be accused of being a criminal so i guess we're all the i c o's move to russia china israel. i mean the ice fields are going all all over the world now but not in the united states because everybody got scared what are we doing that it's crazy what i just wrote you know i just did a close down i suppose china and russia no well. i think they've made various belligerent statements but i think i think in china and russia people are less compliant then. because there's a lot of i.c.a.o. money being being raised and many countries around the world by the u.s.
he. this used to be the home of innovation i mean you know we host of the world's world's fairs all throughout the nineteenth century with the leaders and in fly and the commercialization of steel you know the internet you know the u.s. has been the home for innovation for so long i don't know you know we've got this we've got this beautiful octane stuff going on right now and all you ever hear from the fed from the treasury and from the ses c. and from congressman politicians the bureaucrats is warning this is probably bad stuff stay away from it you know i mean i read a statement from from a federal reserve member of the board of governors of the federal reserve system that they said look our payment systems are perfectly fine they're very very very good. and they're going to get better and so we don't we don't need block train we
don't need cryptocurrency is we've got a perfectly good system that's ridiculous and they've got a model t. compared to the miles are already and the guy surely knows that so what i mean i agree with me is if you need to be celebrating technology jeffrey let me ask you one more question before we run out of our a lot of time here so last time we spoke you talked about you know counter party risk and that with that being one of the reasons why. the digitals hadn't been adopted into you know taking a credit card a bitcoin card or whatever ripple card and using it for a cup of coffee but one area of regulation that does involve counterparty risk is the futures industry which at the end of two thousand and seventeen both chicago board options exchange and it's called a mercantile group started trading as you know bitcoin futures and that price has been fairly stable in the relation to the underlying and with that you do have counterparty risk somebody is going to be paid there and so can i get out of you at
least the admitting that the counterparty risk in that regulated markets a good thing. well i think you're going to have kind of part of this kind of time we use these the mediating institutions and financial intermediaries that that's always going to be there my point about kind of kind of party risk is if you're trading crypto to crypto as a physical assets not really physical to digital asset then you've done something amazing i mean you basically make it made it possible to have peer to peer transactions without regard to geography between any two individuals in the world over over a real piece of immutable property claims and move those things import them weightless lee and spaceless lead through through anywhere in the world and that is a remarkable technology and if you don't see why that is a transformative thing what the power of that is then you really don't get crypto and a lot of people don't understand that and it's not just digital currency from my perspective
it's blocked change i mean in fact block chain may even ultimately be bigger than digital currencies just because it's spread out through so many other i think a protestant but look we're going to talk about claims more hillary to come back on oh listen i would love that we need to talk about those or it's a big important topic and it's decisive for our future for our children their children they're all going to live in the block chain everywhere i couldn't agree with you more jeffrey talker editorial director for the american institute for economic research thank you as always for your time we'll see again pusher. and finally on a programming note i'll be in davos switzerland for the rest of this week at the world economic forum we'll be bringing you some great boom busting interviews and we'll have some help holding down the fort here in d.c. from ashley banks in manila chan so talk to you tomorrow from davos be sure to catch boom bust it boom boom bust dot com slash boom bust r t c n x time.
join me every thursday on the alex simon show and i'll be speaking to guest of the world of politics school business i'm show business i'll see you then. as you read the stand in here from us and. our own move from what i saw. and our goods that are on our show i think there are rather you know what are the four for america as a. i'm going to let him but i don't cut him then you cut and kick and. i have food as a channel for truffle that it. won't work and
i'm modeling on the show the downside of it does. the hey how do you want to do it. and get this whole foods first choice where you got the i knew where you're from and theosophy chime in syria says. british. civil. somewhere else for the name after the couple fucks around mr hates it for jim and then oil for folks that are fairly and. evenly. we're a bit coy. here area here again better pick one of the nine hundred talk of rock there that this was their year twenty seven say to go to all kinds of crazy yeah it sure does now are experiencing a bit of a fall back. yes
it was but with a large couple of it you can. remove the last election i believe will move forward slowly duncan we will all soon will but you know one of the of them stood up in little bushes that so. many folks aren't. going to do the. scouts move move the who cooks believe. anything please easy show reason it took stage. you will more than a million little bunch. of proceeds go to the armor issue you can you get out of. the mob us may be getting us all. written up as they. prescribe medication is widespread on the u.s. market and a frequent cause of death at that point in my life. like everything was ashes my
family was literally coming unglued i had actually planned. to commit some sight was all who has made antidepressants so commonly used we were doing what the doctors told us to do we were being responsible and what the real side effects. was is to literally alter what i did was done on a cocktail of lethal drugs. just because something's legal doesn't mean it's sick. if you will. roll.
over a hundred french prisons are facing stuff blockades guards to man but security space bar and. also the f.b.i. is missing crucial employee text messages according to the latest revelations from washington is believed they could have shed light on potential bias within the agency on the world economic forces a political edge that she would have back or a number of world leaders heading to the luxury resort.
in the morning here in moscow are you watching r c international's could have a company in our top story two thirds of french prisons are under a nationwide blockade of staff continue a two week long strike over a lack of security the protests began after an increase in violent attacks on prison guards by inmates well one of the hot spots in the protests is the. paris it is the largest in europe and holds more than four thousand inmates it's also used to monitor potential suspects suspected terrorists among them. who faces trial over the twenty fifteen paris terror attack where the staff protested clashes erupted with police outside the prison. i kept. looking at it as today we've all come here for strike because discontent is spreading across from
the crucial problem is the security of prison personnel top of that there's the issue of islamic radicals but also you get a general you are not isolated from other inmates i. know you're losing it's dangerous for us to be around the inmates because for them we are everything they hate for them we are enemies by definition. and with the blockades and demonstrations spreading across france shot in ski has been following the story for years this is a nationwide strike of prisons across france with the union saying that around one hundred thirty of france's one hundred eighty eight prisons took place in a particular strike now europe's largest prison which is just south of paris the protesters there actually blockaded the prison with time as with wooden pallets
they burnt them afterwards that something that we have seen at other prisons across france is well quite a normal tactic to block those prisons now this is now the eighth stay over these nationwide blockades and this comes on just over a week ago there was an attack on free a security guards at a prison in the north of france by a man who's a convicted terrorist now that sparked off these latest process but since then in the last week oh say they have been several other incidents at prisons in france including an incident on sunday in which two guards would assaulted again now the unions and the prison guards themselves say that they want more working conditions to be more secure for the dangerous prisoners for those prisoners. been radicalised to be isolated in the jails continued we continue because today there is nothing a few things that have been announced by the chancery in the trade unions the staff of rejected entirely we're blocking everything we're blocking the prison
a flurry we will block all of france in terms of security we want concrete things including materials that allow the prison staff to work in safety well of course prison guards and police officers are normally on the same side of the fence defending justice but in this occasion they're actually on different sides of the fence different sides of the opinion and what we have seen is conflicts in clashes between the two including tear gas being used at times take a look at some of what's been happening outside the prisons in france. today or to. the. president himself has offered to unveil a radical reform of prisons across france that is due to be unveiled at the end of
next month but it's going to come a long way away from this process which looks set to continue. the f.b.i. has lost crucial text messages sent by its employees which could have shed light on some of the anti don't want trump bias within the agency particularly over the so-called trump russia investigation u.s. attorney general jeff sessions has already said the justice department is looking into what happened while republicans are demanding a special counsel be set up over the matter so american reports now from washington d.c. months of text messages between two f.b.i. staffers linked to the trump russia probe have gone missing one of the agencies peter struck he oversaw the investigate. into a legit brushing interference now he was also part of robert muller steam that was looking into suppose the pollution between trump and the problem prior to that the clinton e-mail investigation which went nowhere and then there's lisa page a lawyer
for the department of justice who also worked for robert muller the couple payment to prominence back in december when their private text conversations were released to congress god hillary should win. i know. and maybe your man just the way you are because your man to protect the country from that manifest. thanks it's absolutely true that we're very very fortunate and of course i'll try and approach it that way. these text messages prove that both struck and page were biased in favor of hillary and the messages even hint at some nefarious political activity so when they wanted to dig deeper it turned out the rest of their conversation had disappeared the f.b.i. ascribed the data loss to misconfiguration issues related to rollouts provisioning and saw for upgrades the conflicts with the f.b.i.'s collection capabilities but let's look at the time frame these text messages december fourteenth twenty sixteenth roommates seventeen twenty seventy and when did miller's investigation
into question well you can start oh look may seventeenth twenty seventeen surprisingly convenient the timing is just too coincidental seems that they were trying to plant the evidence somehow as an insurance policy thinking that trump had no way of getting elected and then when he did scrambling in order to try to stop the election or to create the necessity of an impeachment of trump they were conspiring inside the f.b.i. to figure out how to catch trump on some sort of you know criminal activity having a russian connection russian money laundering being involved with putin in the in the russian trump collusion of which they provided zero evidence. well the f.b.i. is not the only organization either where crucial data for legal proceedings has inadvertently gone missing the national security agency says it had by mistake deleted information it had early
a pledge to kape the data was related to the presidential surveillance program or p.s.p. which included warrantless wiretapping during george w. bush's time in office the b.s.p. internet's content matched criteria that were broadly used to delete that of a certain type in response to mission requirements to free up space and improve performance of the backup system the n.s.a. has no reason to believe at this time that the continent data was specifically targeted for deletion. now one of the largest consulting firms in the world and young has been accused of multiple illegal dealings a former employee who says he was fired for revealing the allegations disclosed that the accounting giant is involved in bribery money laundering and also the cover up of illicit gold purchases from conflict zones with the details his hugo she's done. the story hidden in the court papers filed by this auditor against his ex bosses could be one of the grandest smuggling scams greed money laundering and
back door dealings measured in billions of dollars. is accusing one of the world's biggest auditing firms of covering up the tracks over dubai precious metals megacorp act one. ernst and young for a new audit inspectors come to dubai and the first thing they see is a pile of moroccan gold buyers casually bundled up on a desk stacks of gold at a gold refinery could be business as usual except these buyers are literally painted silver in order to sneak them into dubai four to five tons of gold gold bars coated silver smuggled out of more cool arriving in dubai declared as gold when the team found the discussed it with with colucci the admitted this is the way of doing business with the with these moral consult lawyers inspectors do some
more digging and what they reveal brings us to act two some of the precious metal in colossus coffers could be blood gold shuffling through papers auditor's discover the refinery was more than happy to shake hands with small mining operations in sudan and the democratic republic of congo apparently colossi ask for no licenses offering cash in hand in exchange for gold proceeds from search sales and conflict torn countries are known to directly fuel gang wars which are responsible for hundreds of civilian deaths soldiers naam group leaders see in control of the gold mines as a way to money guns and power for forty two of the ruthlessly often targeting civilians in the process so ernst and young employees calm through colossus cash transactions that's when we get to act three apparently the company deals in cash almost as much as in conventional bank transfers the billions of dollars go into a legal black hole.