[954] Weekly Round-up: Jobs, Tax Reform, and Mergers
Bart Chilton joins Lindsay France as we tackle the U.S. Jobs Report and the latest Fed news. Tax reform is coming, but multinational corporations may suffer over new avoidance reforms, Bianca Facchinei has the story. Will the Department of Justice slap AT&T and Time Warner with an antitrust lawsuit over their impending merger? Mike Papantonio gives us his take on the situation.
US President Donald Trump has made an address to the World Economic Forum in Davos, Switzerland, but how did his comments play out in front of a global crowd? We break down his comments and how the international community has reacted with Steve Keen, Professor of Economics on Patreon. Plus, as cryptocurrency developments continue to boom, could central banks soon latch on to the nascent technology? Raakhee Miller, the CEO of Bitsian offers her take on the future of financial technology for global governments.
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The EU is a coalition of nations, but in any group there are the ones that do well versus the ones that don’t. Peter Oliver and Hilary Fordwich join Bart Chilton as they discuss everything from Greece to Germany. Alex Mihailovich is covering French company Total while Sara Montes de Oca covers Monsanto and Glyphosate. And could we see benefits from Trump’s tax plan? Donald Williamson is back and he gives us his expertise and insight! All this and more on Boom Bust! [1138]
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Our lead story: On Tuesday, Greece’s stock market fell a massive 13% – the worst single day fall since 1987. And the yield on Greek sovereign bonds vaulted up 70 basis points or 7/10ths of a percent in a single day. Greece is back in crisis, and the reason this crisis exists is because none of the issues surrounding Greece’s economy were ever resolved in the first place. Edward weighs in.
Then, Edward sits down with Don Boudreaux, professor of economics at George Mason University and senior fellow at the Mercatus Center. Don gives us his take on why only one percent of midterm voters polled the US economy as “excellent” and why the social mood in America seems weak. He breaks down what the right response to corporatism should be from a market-based approach.
After the break, Edward is joined by Richard Wolff, visiting professor of international affairs at The New School. As Boudreaux’s academic opposite, Wolff gives us a different take on why Americans don’t feel generally positive about the economy. He also expresses his view on how best to deal with big business and big government working together against the interest of citizens.
And in The Big Deal, Edward is joined by RT correspondent Ameera David to discuss Amazon and Facebook’s move into understanding our offline habits. Take a look!
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Markets are still making movements after a rough end to October. Adam Mesh and Danielle Shay are back as we look back at a rocky month. The Fed is prepared to make new rule changes; Bartlett Naylor returns to break it down. Employees at Google walked out in solidarity as new reports on a less than glowing report on the treatment of women; Alex Mihailovich has the story. And is print on the way out? Holland Cooke has an opinion.[1189]
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Our lead story: Ukraine faces a potential default and needs money. But where will it get the money from? The IMF? EU? Russia? The acting Ukrainian president Olkesander Turchinov says that Ukraine would need $35 billion dollars over the next two years, or the economy would head "into the abyss." That means default and depression. In the past, Ukraine has received aid both from Russia and the IMF. Erin looks at the Ukrainian government's situation and examines the impact on emerging markets.
Our guest for today is Cullen Roche, the head of Orcam Financial Group and founder of noted finance blog "Pragmatic Capitalism." Roche pushes back against the idea that if the Fed eased monetary policy sooner, we would have avoided the Great Financial Crisis. He argues that the primary cause of the crisis was a debt buildup that Wall Street subsequently leveraged on. Once housing prices started the fall, the whole house of cards fell. Since this was a balance sheet problem, Roche doesn't see what more the Fed could have done.
In the second part of our interview, Roche gives his thoughts about whether or not the downward revision in US GDP growth in the fourth quarter of 2013 means a slower path going forward. He calls the current US situation a muddle-through environment, and he believes this is likely to continue. He also gives his thoughts on what effect emerging markets have on the US recovery.
For our Big Deal, Erin and Edward Harrison talk about how owning property has become a "sick joke" in Greece. Although housing prices have tanked, sales have remained sluggish. Harrison analyses the situation and discusses some of the economic obstacles facing Greece today.
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Streaming services are taking a bite out of cable's viewership numbers. But who will win in the long run? Jason Siegel, co-founder and Chief Digital Officer at Bluetext breaks it down.
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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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Libertarian blogger Karl Denninger talks about the failure of the government and regulators to reign in the excesses of the financial sector. He also looks at the similarities between Occupy Wall Street and the Tea Party. Take a look.
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World Health Organization officials addressed the possibility of lifting COVID-19 coronavirus measures on Monday. In the United States, there is a push to lift restrictions by May 1st in an effort to mitigate the economic impact of the pandemic. U.S. President Donald Trump tweeted that it is up to him, not individual states, to set a timeline for reopening the economy. Meanwhile, the world’s top oil producers managed to pull off a historic deal in an agreement to cut output by 9.7 million barrels per day for the next two months. After days of discussions and negotiations, OPEC members and allied non-members, including Russia and Mexico, finalized the deal. Plus, there is no lack of frustrations for small business owners who have been repeatedly promised that financial help is on the way. There are multiple programs that Washington insists would provide emergency funding to small businesses. But it seems that nothing has been provided.
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