Bianca Facchinei takes a look at a new bill proposed by Congressman John Mica (R-FL) that would decrease the cost of checked baggage fees to $4.50. It's a pretty bold move considering the airline industry made $38 billion off of the fees last year.
For several years, we have had technology available that allows one to pay for goods and services with smartphones, no wallet necessary. Bitcoin aficionados argue that digital money could provide a way to dispense with the transaction fees and penalties charged by banks. Erin Ade reports on the burgeoning mobile payments space, concluding that we should "count me as 'officially' onside with the new fee-less forms of banking that await us!"
Speaking of banks and finance, writer and independent blogger Francine McKenna follows the auditing industry assiduously. And her conclusion is that the accounting industry was complicit in the failures that created the financial crisis which began in 2007. Erin Ade interviews her to determine what's going on in the world of accounting that needs fixing.
Some feel the problem may be too much finance. Yesterday we asked if America is a 'financialized' economy, dependent on bubbles for growth? Today we are putting this thesis to a viewing featuring four of our guests from the past week.
• We start with a clip of George Magnus, who tells us another financial crisis has begun.
• Then, a Tom Palley clip points to a dependence on the financial sector as the genesis of recurring crisis.
• While, Frances Coppola believes the last crisis was arrested by quantitative easing's stabilizing asset prices. But she believes QE now is only driving a wedge between haves and have-nots.
• We round out the week in review clips with Larry Doyle, who believes breaking up the big banks is the only way to diminish their power and end too-big-to-fail.
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It’s Friday and more importantly it is one year since the UK decided to leave the EU. That’s right viewers, it’s Brexit’s one year anniversary. Bianca Facchinei takes a look at all sorts of news in regards to Brexit. Across the pond, our own Lindsay France sits down with Larry King and Ed Schultz as they interview a host of guests to talk about Brexit and what the future holds for the UK as it looks to the future. That and more on today’s Boom Bust!
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The top story: Mining giant BHP slumps to record loss of $6.4 billion in the year to June 2016. In other news, Billionaires Mark Cuban and Carl Icahn are battling it out on social media over the policies of their favored US presidential candidates. Afterwards, Boom Bust’s Bianca Facchinei details how some international companies are now returning to Iraq, though cautiously. Then, RT Correspondent Manuel Rapalo gives us an update on where the TPP deal is heading as US President Obama tries to salvage the deal before his term ends.
After the break, Ameera talks to Merk Investment President and CIO Axel Merk about equity markets. And in the Big Deal, Ameera and Edward Harrison discuss the potential that Abenomics has failed.
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Steve Keen, head of the School of Economics, History, and Politics at Kingston University, tells Erin the two most important lessons he hopes his students learn in the economic courses he teaches.
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On Thursday, Germany rejected Greece’s proposal for a six-month extension to its Eurozone loan agreement. Germany said that the proposal was “not a substantial solution” because it didn’t obligate Athens to stick to the conditions of its international bailout. As the biggest creditor and EU paymaster, Germany has the clout to block a deal which would leave Greece without a financial lifeline and potentially put it towards an exit from the Eurozone. Erin weighs in.
Then, Edward sits down with Dr. Pippa Malmgren – founder of DRPM Group and author of “Signals: The Breakdown of the Social Contract and the rise of Geopolitics." Dr. Malmgren gives us her take on the possibility of a Greek default and its potential effects. Pippa believes that the voting public in Greece and elsewhere in the periphery has become radicalized after years of economic hardship. She sees this as one big reason that Greece could eventually exit the Eurozone. Pippa also gives cogent analyses of shrinkflation, the downsizing of portion sizes in retail packaging to increase margins, as well as the UK trade data and what they mean for the upcoming UK elections.
After the break, Erin is joined by Steve Keen – head of the School of Economics, History, and Politics at Kingston University and author behind “Steve Keen’s Debtwatch.” Steve tells us that new Greece finance minister Yanis Varoufakis is not as radical as some make him out to be and gives us his take on the rest of the periphery. He believes that the situation in Greece is a textbook case of debt deflation and proves how destructive pro-cyclical cuts to government spending are for an economy. Dr. Keen goes further and suggests that the rest of the periphery is still not out of the woods. He believes even France is at risk economically.
And in The Big Deal, Erin and Edward Harrison continue the discussion on Greece and the turmoil surrounding the German Finance Minister’s rejection of Greece’s proposal to extend its loan agreements. Take a look!
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With renewed fears of a hard Brexit, the British pound has slipped against the U.S. dollar. We break it down and what it means for the future of trade in the EU with Hilary Fordwich of the British-American Business Association. And as the opioid crisis continue to rock the United States, a new audit has revealed the latest on the funds of the Sackler family. RT’s Alex Mihailovich joins the program to bring us up to speed on the state of the Sackler situation. Plus, as 2020 approaches, could the oil sector see a major beating? David McAlvany of McAlvany Financial lends us a hand to drill into the state of oil bankruptcies.
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The US is signaling participation in a treaty aimed at keeping down nuclear arms; Igor Zhdanov, Steve Malzberg, and Hilary Fordwich breakdown what seems to be another wave of American unilateral decision making. Sayeh Tavangar breaks down the latest oil news and Jeanne Zaino joins us from New York as she and Bart discuss the role of women in the business world and what it will take to get more of them in the corporate world around the globe! [1181]
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Well, it’s more bad news on the state of the global economy, this time from the International Monetary Fund, which says the economy will grow this year at its slowest pace since the global financial crisis. Ameera David weighs in.
Then, Erin Ade sits down with David Henderson – research fellow at the Hoover Institution – to talk about the US economy.
After the break, Bianca Facchinei takes a look at Monsanto’s decision to cut 12% of its workforce. Afterwards, Ameera and Erin talk about SABMiller rejecting a takeover proposal from Anheuser Busch InBev, which valued the company at over $103 billion. And in The Big Deal, Ameera and Edward Harrison discuss a potential Detroit auto workers strike.
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