Foreign Homebuying Ban in New Zealand, Volatility in Cryptocurrencies

this is boom-bust broadcasting around the world from Washington DC I'm Bart Chilton thanks for joining us coming up there's more energy news and particularly pipeline news we'll talk about that and we'll look at pipeline spills with the director of public citizen's energy program tyson slocum and the trade war has got fish in a tangle our key correspondent Ashley banks fills us in on the latest details and while the effort to denuclearize the Korean Peninsula may seemingly be stalled South Korea is making moves related to harmonizing the North and South Korean economies Archies Alex mahele vich joins us from Toronto with the latest plus there's some some that say Bitcoin boom is over Christy I of counterpart X is back in studio to talk about the turbulent and terrific price drops in crypto this week all that ahead is first we get to a few headlines the affordable housing deficit in the United State continues to grow and some developers now say rising interest rates are draining resources from efforts to build new housing stock Wall Street Journal cites figures which show construction of new affordable housing units will rise to 90 thousand this year but that figure is below the unit's built in 2015 and 2016 while a trump tax cut approved by Congress late last year reduced low-income housing tax credits and at the same time as we all know watch this program the new law lowered taxes on corporate profits to make matters worse multifamily housing bonds issued by states and local governments for this purpose have declined by 20 percent that's already this year the national Low Income Housing Coalition said in their most recent report that only 35 affordable and available rental homes exist for every 100 families of low-income or aspiring renters leaving a shortage of 7 million 7.2 million units that's nationwide and as housing issues are heating up in the island nation of New Zealand Kiwi lawmakers voted earlier today to ban buying of existing homes by non-resident foreigners the prime minister Edurne is expected to sign the measure which was part of her campaign platform on homelessness and affordable housing in last year's of in 2017 The Economist magazine reported that New Zealand had the least affordable housing market in the world with housing prices in Auckland rising seventy-five percent over the past four years during debate on the bill associate finance minister David Parker told Parliament quote we should not be tenants in our own land while the measure aims to be retaining a retaining wall against floods of foreign capital it will not apply to buyers from Singapore or from Australia despite heavy investment flows from those neighboring island nations a 545 mile 5.2 billion dollar pipeline could carry natural gas from the Caspian Sea to Italy but the pipeline has been controversial like many pipelines seem to be all over the world five-star leaders in Italy had pledged to oppose the measure but now some say that there are in power in Italy that some are think either backing off from that position all this comes at the same time we spoke about this on the last broadcast that there's a landmark deal related to the five nations bordering the Caspian Sea the largest landlocked body of water in the world the deal was struck on Sunday regarding the legal status of the body of water which borders Russia Iran in three other nations the agreement is anticipated to reduce regional tensions and could quicken the development of profitable oil and natural gas projects as the Caspian is estimated to hold some 48 billion barrels of oil and 292 trillion cubic feet of natural gas and here to talk about all of that and about pipeline safety and the high end unfortunate number of spills is the director of public citizen's energy program Tyson sloka and Tyson thank you for being with us again it's always a treat to have you yeah it love to be here okay so first of all it's it on this Caspian deal this has been two decades in the making and as they say there's oil in them their waters and so it was a big deal what do you think it means for energy I think it's definitely gonna expedite the ability for more direct foreign investment to get in there and it's gonna make it easier to get that oil and natural gas out when you've got that framework for a deal you've got more certainty for those stern oil companies that are invested in some of those kazakh and i zabrze jean fields so i think it just means it's that the oil and natural gas is is gonna get quicker to market yeah and i guess it all depends on how much it takes to the cost of extracting that stuff but there's lots of it so it's probably worth a while and how about this pipeline going to Italy like all pipelines it seems there were like most pipelines it seems to pretty be pretty controversial what's that all about well I think what it is it shows kind of a split between some of the grassroots activists that help you know elect five star and the disconnect between the leadership of the party you see the same thing in other countries the United States for example a lot of the grassroots activists particularly a Democratic Party are very anti fossil fuels but you just saw the Democratic National Convention vote to accept fossil fuel money so and that's angered a lot of the grassroots activists so a similar type of situation here in Italy where a lot of the grassroots activists and some of the folks who have their money and tourism are concerned that this pipeline going under the Adriatic into the the heel of the boot in Italy risks environmental catastrophe and contamination but it looks like some of the folks in new political power are looking at dollar signs or euro signs and may be backing off a little bit I'll get to that in a minute that hold quandary but that leads us right into pipeline spills and discussion Greenpeace but there's a nutty put out a report but there's a number of folks that have put out reports and I want to make sure I get this right so I'm gonna read it but the u.s. pipeline and hazardous materials Safety Administration it's a u.s. agency shows that a family of hazardous liquid pipelines experienced 529 incidents now there's over a long period between 2002 and 2017 spilling 87,000 barrels of oil and causing an estimated one hundred and fifteen million dollars in property damage I mean I had no idea I mean I assume some of those are small but I had no idea that this was such a large thing and even the controversial Dakota access pipeline which didn't begin you know the flow until 2017 has had seven incidents or accidents all already I mean what do you make of these big numbers well and and it's important to note that that Greenpeace report is it really only looking at two companies energy transfer Partners in sudoko when you look at the national scope there are tens of thousands of leaks some of them small some of them major and there just isn't enough transparency there was a big famous pipeline spill a couple years ago owned by Exxon Mobil the pegasus line in Arkansas and the really telling thing was after the spill can completely contaminated this entire community a bunch of the property owners were like we didn't even know that there was a pipeline under our property so there is an even adequate disclosure in a place like the United States we don't have enough regulatory enforcement so that means the agencies tasked with overseeing the tens of thousands of miles of network pipelines across the United States we don't have enough inspectors to make sure that they're safe and we don't have enough enforcement resources so the biggest cause of a lot of these spills is just simple corrosion or weld fit fails in the pipelines and that's something that needs constant monitoring and we a Public Citizen do not trust the pipeline industry to do a good job with this which is why you need that strong enforcement capability we've only got a minute left but I do want to ask you about this quandary that I referred to earlier you you actually raised it you know you've got government they need resources a company comes to them says we're gonna do this you're gonna get a tolling fee on the pipeline going through your country or ending up in your country and so you know the politicians the bureaucrats are really looking at green or whatever color the currency is and maybe looking the other way on safety this is an ongoing problem that I think probably around the world right right and if you don't have transparency in the interactions between the pipeline developers and the government officials you might have under the table offs or things like that that are motivating we just need to make sure that we have a full lifecycle analysis of these pipeline proposals and that safety is the number one priority tyson slocum director of public citizen's energy program it's always so insightful Thank You Tyson for being here always my pleasure and from tilapia to tuna tariffs can have a huge impact on the seafood sector RT correspondent Ashley banks reports you may soon see an uptick in prices when it comes to your favorite seafood thanks to a new round of tariffs the u.s. man posed on China last month the Trump administration proposed a 10% tariff on 200 billion dollars worth of imports from the Asian country including dozens of varieties of fish from tilapia to tuna the administration has proposed a new set of tariffs that could increase to 25% spiking the cost of your average seafood item according to the National Oceanic and Atmospheric Administration more than 80% of the seafood Americans eat is important about 900 million dollars in fish and seafood on the list of imports its first caught in the u.s. mostly Alaska and then sent to China for processing and to things like fish sticks and filets these items are then imported by the US and sold to American consumers this practice has made China one of the top source of seafood for the US while domestic seafood processing plants have faced labor shortages and high cost these new round of tariffs could affect the private fishing industry and Alaska which provides 60,000 jobs to workers many leaders are afraid of what's to come the Alaska seafood Marketing Institute is preparing a draft letter to the office of the US Trade Representative and an attempt to convince Trump to refrain from imposing tariffs on China the president of fortune fish and gourmet company based in Chicago and ports 330 thousand pounds of squid tilapia in snow crab every year from China he says he will lose customers if the tariffs are implemented he told the Wall Street Journal he hasn't reached his orders from China in order to get ahead of the tariffs F trade representatives agreed to this new round of tariffs this could mean a lot of business for a lot of American companies and Washington Ashley banks art and time now for a quick break but stick around because when we return Alex mihaela ditch joins us for the latest on Peninsula and the moves that are being made to harmonize the North and South Korean economies plus Cristie I have counterpart X is back in studio to talk about the terrific tumble and Kryptos this week is the Bitcoin boom over and as we go to break here the new marrows at the closing bell bitcoin is up strongly over the past 24 hours even though there's been a big tumble and we'll take a closer look on that when we return right back my fellow Americans buckle your seatbelts for the midterm blah blah blahs because all actual news of what's going on around the world just mysteriously goes away during the midterms this candidate that candidate reporters with their partisan scripts this one goes blah blah blah that one's like blah blah blah is there an echo in here if only there were a news network with zero midterms coverage wait there is you've found in a world of fake partisan movies lies and conspiracy it's time to wait to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the backs and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for washing clothes for watching the hawks mark twain said it's easier to fool people than to convince them they've been fooled that could be why America is so divided now because people have been fed fake news paid for by corporate interests they beat you down until you believe their fairy tales well here's a story for it's called the big picture and it's full of facts not fiction lest you welcome back US grocer Kroger is taking a big leap all the way across the Pacific Ocean into the growing delivery market Kroger has just announced that they will partner with Alibaba Group the major Chinese e-commerce platform to deliver products from their store to customers in China Kroger's products will first be sold on Ali Baba's team all global site in a initial test run the largest US grocery store has been showing a real hustle on the online and delivery front with a number of initiatives in recent months we recently reported on Kroger's delivery partnership with the UK's oke Auto grocery store chain Kroger stock rose nearly three percent on the news the company's stock is up about eleven percent already this year while Kroger's efforts are taking off they still face a number of competitors in this brave world of delivery sales including Walmart and incidentally Walmart holds 12 percent of the stock in Ali Baba's main competitor their rival JD dot-com and catching up with their growing field of nicotine delivery devices new competitors are challenging Joule lab which has quickly established a dominant position in the growing space jewel sells a vaporized nicotine product which based upon nicotine salts reportedly has over 70% of the US market for what some call East cigarettes users of the drug delivery devices who skewer call it vaping or boppy vaping that is the products which produce a vapor that delivers the drug to users were first hailed as a possible smoking cessation aid for those who want to quit they delight the deadly and dirty habit but public health research has recently announced it and rather than helping smokers quit vaping is hooking younger people on nicotine leading some to eventually take up actual cigarette smoking in July imperio brands the owner of Winston cigarettes Brandt introduced their own nicotine salt cartridge under the name my blue to be used in vaporizing pens the salt formula reportedly causes faster absorption of the drug in the human bloodstream and philip morris t familiar in name and tobacco that big black tobacco conglomerate is also developing a nicotine salt product and with the US President Donald Trump efforting in his own way that is to denuclearize the Korean Peninsula South Korean president moon jae-in has taken the reins by proposing the development of a single economic community between the north and south in hopes of ensuring both peace and prosperity for the region Arty's Alex mihailova joins us in Toronto with the latest hey Alex thanks for being with us all on this so what are some of the steps that they are putting forward by South Korean president moon jae-in president moon took the opportunity to speak about this at a celebration marking the liberation from Japan back in 1945 now that's a Korean liberation when you talk about the Korean liberation at that time that was both North and South Korea it was one entity and this really is sort of that emotional attachment to reunified Korea we're not talking about that at this point but he is hoping that something like this could happen in the not-too-distant future when I say that I'm talking decades but anyway to his proposal right now is just breaking down different facets of the economies and moving forward with that like creating zones in North and South Korea along the border that would be economic zones where they can share and work together as a singular economy he's talking about the roads and the train tracks reestablishing those roadways and rebuilding the train tracks so they could actually go from north to south there wouldn't be barriers in between them he's talking about ecotourism something that both countries can harness and many other economic basically initiatives that they can push forward now talking about liberalization here's their liberation I should say liberation and here's a quote from moon himself today he basically said it's true liberation for us to inform a single economic community and to freely travel between the two Koreas even a political unification is far away now just imagine that a Korea North and South Korea where people can actually cross the border to do business at any given time without all these barriers that exist now so that moon move on its own would be absolutely massive so when it comes to these train tracks and roads moon is really ambitious he's talking about doing all of this by the end of the year now what other initiative he wants to push forward as well you might remember that Kaesong Industrial Park that was built back in 2004 in North Korea employed 50,000 North Koreans but the the investors there were South Koreans so he saw textiles you saw electronics being built by North Koreans and it was a joint venture project of sorts 2016 though that was shut down by South Korea simply because of the nuclear test that North Korea was doing so nuclear test obviously a big deal here economy though is what moon is saying it can bring peace to this area he's saying that 150 billion dollars would be made over the next 30 years if they actually saw this cross-border cooperation happen but bottom line is what he's saying is that we need to see denuclearization from North Korea for any of this to start up so that has always been on the table and it still is Alex I mean a couple of things come to mind with your reporting one is that there's such an economic divide between the peoples in both North the North and South I mean I don't remember the numbers exactly but it's less than $2,000 a year in North Korea's the annual income and in South Korea it's a you know in the high teens so it's a significant gap so creating some sort of harmonized economy is going to be tough and as you say expensive and that's after South Korea spent all of this these billions of dollars preparing a facilities for the Olympics that I guess aren't going to be used too much in in the future but my question for you Alex is how does all this actually fit into the bigger the global picture around the world oh I don't see been I mean the the you know rejoining of these two Koreas I mean we can remember just East and West Germany I mean that was a job in itself and how many decades later it's looking better but East Germany's still the poorer part of Germany so this is something that takes decades upon decades now the big picture here what moon is talking about is something called the East Asian railway community now this would conclude the Koreas China Japan Mongolia Russia as well as the states he's talking about an energy movement of energy sources be it coal being gas from one place to another he's talking about trade he's talking about the movement people so this would be a huge thing but here's the problem worse is looking at a country that is under sanctions United Nations sanctions right now and that would be North Korea these sanctions were imposed in December 2017 so even that first step of South Korea working with North Korea has been made a little bit more difficult North Korea however says that in the past week and this is just from last week it says that it had stopped all nuclear missile tests its dismantled its nuclear underground test ground and returned remains of some US soldiers which is some of the demands that the u.s. made so he's saying look we're doing everything that the US wants we're trying to push forward here but then you hear Michael Bolton saying there's something very very different at the Michael Bolton John Bolton oh my gosh I went into the singer there for a second and but again you know the Koreas that if anybody can make an impact here it would be South Korea these countries are literally next to each other it's one in the same the same culture the same people so they are the ones that really have the reigns here in this in this situation and now what's happening in September is that moon will meet with Kim jong-un again for the third time which is huge in itself they're hoping to push this forward even it's miniscule things like when we think you know oh my gosh a road or a railway that's huge when you look at a country that's been the Hermit you know regime the Hermit Kingdom cut off from the rest of the world for somebody like South Korea or a country like South Korea to put all this effort into that well you know what good things can happen and they probably do need a pat on the back from the US which would put a big step forward in all this that's really great reporting thank you so much for digging into it for us our key correspondent Alex mahele vich thanks Alex thank you and onward and upward well just a little bit as we reported at the break on on Bitcoin prices but onward to Kryptos to do it right we are once again joined by Christie I of counterpart X Christie thank you for being here with us as always it's great to have you okay so Bitcoin took this and other Kryptos took this big hit in the last couple of days and what do you make of it so the market capitalization for all the cryptocurrencies in circulation right now has dropped briefly below the 200 billion dollar mark for the first time this year and this is this has been caused by a variety of factors but the main culprit that we believe is the ICO companies that are currently selling out of Bitcoin in etherium and we're referring to like all the startups who raised money last year they raised hundreds of millions of dollars in these ICS and they got in the form of Bitcoin and in theory 'm and right now all these companies are forced into a very tough decision because all of these founders they were very happy when Bitcoin was at 20,000 eath was at 1,200 but right now with the tumble and the current market conditions and if you're in at 300 they're facing a very contracted runway right now so all these ICO companies they need to face a decision of whether or not to sell out of their ease into like USD in order to shore up a runway or they can petition potentially risk folding shop very soon so right now we've seen a lot of these ICO companies come out across our trading desks and they are selling things in the mid 300s and because of this because of this we've seen a domino effect all of the ICO companies in the community right now are selling out of there Ethan Bitcoin etc in order to shore up capital and everybody wants to sell out at a higher price and this has contributed to a 44 percent decline in the price of a theorem in the last two weeks and that has since dragged the entire market down along with it forty-four percent is huge you explain that beautifully and I understand it but I want to break it down a little bit more just to explain how that actually works so if you're an initial coin offering company and you're raising money you're gonna be using Bitcoin so even if you have a coin that's a Bart coin or a Christian great watch and Kristy bling Watty coin you're going to get your investment in Bitcoin or in which creates all of this volume in Bitcoin trading and one of the reasons why people think Bitcoin raised to 20k last year was because of all these icos right and so what you're saying is these icos are now saying ok I want some cash and they may need some cash they may need to keep the lights on the rent and pay the employees yeah yeah so that's a very interesting observation I think we somebody maybe has suggested that a little bit earlier in a year when I was going down but now we had data and we're so glad that you shared it with us and lately and I said it in the sort of the headline or earlier and the opening about you know some economists are now predicting you know the Bitcoin boom is over but there's always been you know the naysayers and the haters on Kryptos and you think that's what this is I mean because I explained it beautifully I think we're in like the midst of a trend right now we're in the midst of a small bear market trend and this is not the first nor is it the last cyclical asset that we've seen do this Bitcoin itself has seen an 80% bear market before in the past so this is nothing new even for cryptocurrency standards and I think this is very analogous to the early days of internet stocks because if you remember in the early 1990s when we have Amazon you have like a huge rush of people by Amazon on speculation and hype and this drove Amazon prices ridiculously high but then people lost interest when it experienced some problems like problems in terms of growing bandwidth and like delivery adoption and internet privacy laws there was a lot of there was the technology wasn't as mature as people expect it to be and then people started dumping Amazon and all the technology stocks insured and crashed so this is kind of what we're seeing the cryptocurrency landscape right now last year there was a huge rush it was watching everything decentralization everything and now this year when we have people actually building out the products we're seeing some problems we're seeing some problems in terms of like scaling some issues and speed security issues standardization and these problems will all will be resolved but it just takes a little bit of time and so like from peak to trough and back to peak again for Amazon that took nine years and Microsoft took 17 years and so for cryptocurrency we're in the midst of building right now and it's going to take some time to develop the proper technology and infrastructure and framework in order to have mass adoption and you know when we look at markets and we look at these things all the time we look at the highs and lows and we show charts on this program and you can find it other places all the time but I think we are so focused on the existing economies and what we look at with stocks and it just seems to me that cripples are so different that we can't keep putting them into our institutional financial sector box we have to understand that this is completely revolutionary and we're so pleased that you come on and try to explain what's pretty intricate stuff for us Christie I counterparty X thank you so much Christie and that's it for this time you can catch boom-bust on DirecTV Channel 3 21 Dish Network channel 280 or streaming 24/7 on Pluto TV the free TV app channel 132 or as always you can hit us up at slash boom-bust RT we'll see you next time

8 thoughts on “Foreign Homebuying Ban in New Zealand, Volatility in Cryptocurrencies”

  1. I had not watched Boom Bust since either Ameera David or Lindsay France hosted but who is this guy, gives me a creepy vibe.

  2. There’s no such thing as a safe oil pipeline. We’re teetering on the edge of runaway climate change; something so horrific that it could wipe 99% of life on earth out within a few years. Check out Guy McPherson’s data if you doubt this.

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