Skip to main content

tv   Real Money With Ali Velshi  Al Jazeera  May 13, 2014 7:00pm-8:01pm EDT

7:00 pm
the santa maria, as you know from history was part of the columbucolumbuscolumbucolumbus . many are cautious because so many ships sank in that area. >> railroads, pipelines, power plants, you name it, china's deep pockets are paying for big projects all over the globe. i'll tell what you that means for you and your investments. google and your right to be forgotten. the rule that effects what people find when they search online. and suddenly rich on the dakota plains. my series on fracking in america continues with the so-called shale-naires who are catching in. i'm ali velshi, this is "real money."
7:01 pm
>> this is "real money with ali velshi." you are the most important part of the show. tell me what is on your mind by tweeting me @ali velshi. new reports out today show that china's industrial output and retail sales grew in april but 8.7% and 11.9% respectively compared to the same time last year. what is wrong with that? both figures seem respectable. they seem down right big, especially when compared to 4% rise in retail sales last month in the united states. now this is china we're talking about, not the u.s. these numbers confirm for many that china's economic engine is running on less steam in 2014,
7:02 pm
and that has just as many wondering if china's expected 7.5% growth this year is too ambitious a forecast. now i told though before. you should care because china's spectacular growth story has helped prop up the rest of the world. you're invested in chinese companies through your 401k and iras, and more importantly in u.s. companies that do a lot of business in china. what's more, china is the biggest foreign holder of u.s. treasuries. we're all inter connected, and china is so big now that any slow down or recession there, we're not talking about a recession, but any slow down there would be felt by all of us. that makes backlose job that much harder while he's in china. controls that heard american exporters. china started letting the value
7:03 pm
of its currency rise against the dollar, now it appears to be reversing course as economic slows down. now china is at a crossroads. it's leaders want to wean it's economy off the dependence of selling inexpensive goods to the world. it might work for china in the long run, but in the short run, they easily invest their money in abroad. that's what we see in africa. the chinese are investing in a building and spending spree, a larger strategy of investing in countries around the globe. >> reporter: china's latest building project, a $3.8 billion
7:04 pm
railway announced days ago in nairobi, originating in kenya, the proposed line will link one of the fastest growing populations to its neighbors throughout east africa. this on the heels of last week's announcement of $12 billion of additional funding to build roads in and around nigeria. china extended $300 billion in india to help fund its infrastructure development including solar and nuclear power facilities. it's an offer the indian government is still weighing. other nations have not been so hesitant. in central asia china has funded both gas and oil pipelines running through kazakhstan, in afghanistan the country has invested heavily in oil fields and copper mines. latin america has also benefited from china's deep pockets. brazil's super port was nicknamed the highway to china
7:05 pm
after a chinese company sunk $5 billion into a port-side steel factory. in central america a chinese businessman is footing the bill for a $40 billion grand canal across nick agua. in comparison, china's gift to coas costa rica a soccer arena. just this month a report of a high speed rail from you china into russia across the bering strait into the u.s. chinese engineering experts estimate the entire trip would take about two days. al jazeera. >> forecasting economic growth will rise by 5.4% this year
7:06 pm
today they're investing in infrastructure development, roads, bridges, high speed rail links. stadiums, schools, hospitals, tech centers, and the forum for africa which met in nigerian me pledged more investment and support i. last month he addressed the united nations general assembly on promoting private sector growth in african countries. last week he was there in nigeria's forum. thank you for being with us. >> good to be here. >> they went to four other african nations.
7:07 pm
we don't have a railway in america. what do the chinese want. what do they get in return for it. >> they said last week you have what we need. we'll give you what you want. they want to expand the market, and they have what i call emotional intelligence. they have what we need in africa, and they have given that. we used to have investment in africa. >> why is this not like traditional colonialism where they take the raw materials out of africa and sell africans prepared products?
7:08 pm
>> they soon realized it's not just about it. recall in 1996 chinese investment in africa was $600 million. in 2012, chinese investment over $15 billion. so a lot has happened. they have the raw material. one-third of the oil comes from africa, and similarly they hav y return it to africa but they operate in a manner different that lends itself to others. the way africa is linked up right now in transportation.
7:09 pm
following the pattern of colonialism. >> a lot of africa countries will tell that you it's easier to trade with non-african countries than african countries. >> yes, if a county comes in and says we'll help you link. africa with modern transportation is wonderful. at the time that some countries, including united states of america, were issuing travel threats. the premiere of china was in nigeria, and spent three days. that to me shows. >> i heard criticisms this is not creating the jobs that africans thought it would create. in west africa there is massive infrastructure going on that the chinese are involved on as well. >> but the truth is what can make job better on the
7:10 pm
continent. accessing electricity, plus the chinese coming in with transportation, those two infrastructure will help the continent develop. >> the chinese do not put conditions on africa in terms of governance, not even with respect to corruption. american companies are governed by foreign corruption practices that prevent them interest doing practice in africa. do americans miss the boat by sitting out? >> those are two separate things, by the way.
7:11 pm
corruption is not good. however, the chinese, you know, you have government-to-government relationship, you also have business-to-business. the chinese business today have over 800 chinese corporations that do business in africa. how many u.s. businesses do business in africa today? things are changing. the official of best practices are global continents in africa help in best practices. the africa of today is different from the past. i run a business in africa. i have an investment company that invests in the african economy, and we operate at very, very high global governance standards. that is not just me. that is what we're beginning to see. the west should rethink their strategy, and think if the
7:12 pm
africa today is different from africa two years ago. that missing link is what a problem for people who fail to join the boat. the boat is moving and chinese is taking advantage of opportunities on the continent. >> always a pleasure to see you. the affordable care act said sign up for insurance or pay a fine. there is a healthcare alternative if you have a lot of faith. >> is it less efficient? it's not supposed to be less efficient. it's supposed to be beautiful. >> whose doing it and why it works. and why park avenue has nothing on north dakota thanks to the energy boom. i'll tell you about farmers and their good fortune as my series on fracking continues. keep it right here. blank
7:13 pm
7:14 pm
>> 78 million people have signed up for insurance under
7:15 pm
obamacare, and one reason, folks who don't face a financial penalty. and that has prompted a lot of people to join religious groups that give an alternative. healthcare sharing ministries of they get their healthcare expenses paid by other members. but look before you leap. there are no guarantees that your medical bills will be paid by a group like this, and these ministries make it clear, they're not for everyone. >> drive those down so they don't slide off. he has a dangerous job, but no traditional health coverage. >> first and foremost, my life is dedicated to jesus christ. >> robert is one of a quarter of a million americans who have joined a healthcare ministry. it's a creek form of coverage, not connected to any one church,
7:16 pm
but a belief system. >> i don't know if you can see it very much. right in front of my ear, can you see the scar? >> that's where doctors performed brain surgery. robert is a member of samaritan international, one of the largest minister of healthcare coverage in the u.s. they picked up the $6,000 bill for robert's brain surgery. >> these that exceed $100,000. >> james lansbury runs it. each of his 100,000 plus members must belong to a christian church, pay a one-time $200nition fee, sign forms promising to attend worship service at least once a month, and abstain from any sexual activity outside of marriage. the code, recertification must be signed by a church leader.
7:17 pm
>> if someone says i'm not a christian, we encourage them to find a different option. >> each is also obligated to confer a share. singles pay $65, couples, 315. and single parent families pay 230 dollars. the ministry arranges payment. and here's where they differ from medical insurance. they do not collect, pool or invest money. when fay member has a verified medical expense, they are instructed to mail him their monthly share checks. for example, to cover the cost of robert's $36,000 brain surgery, more than 100 members literally sent him checks. and robert deposited that money into his own account, and that
7:18 pm
way, millions of dollars in get well cards are sent from household to household. and each month, members mail checks all over the country. >> is it less efficient? maybe, but it's not supposed to be more efficient, it's supposed to be beautiful and bring glory to jesus. >> not all of them are done the same way. online accounts, where they can transfer and receive money to one another. and at least one, liberty health share is not limited to christians. >> while we're a spiritually based organization, we have chosen not to impose faith on any members. so we have championships, muslims and jews. >> supporters say that it works because the members have faith in each other. and yet there are risks. >> because they're not regulated by the state, they don't have to meet state standards, particularly for solvence see. so if they go belly-up, you could be liable for your medical claims.
7:19 pm
>> according to the alliance, ministries do not assume my risk or guarantee the payment of any medical bill. 26 states specifically exempt healthcare ministries because of over site by insurance boards. members have financial hardships, but if someone doesn't pay their monthly share, there's no legal recourse. the person who should have received that member's share that month is simply assigned a new member, who is payment may arrive a month later. but that doesn't stop robert, who has no interest in traditional health insurance, it's claim forms or other things. >> i have no plans to go back to health insurance. >> peoria, illinois. >> like health insurance, they negotiator lower medical fees with their members, with doctors and hospitals and other providers. city. >> all right, the new stock market highs, something to cheer
7:20 pm
about or fear? a nobel prize winner who has it predicted market bubbles before. coming up. and next, a newly minted shalion air. >> it's a big check. >> a check that we didn't expect. >> we never expected that. >> what made them so rich. as my series on fracking in america continues. right here.
7:21 pm
7:22 pm
>> in case you're worried, the bull is still on wall street. it was an impressive rally, but they managed to set record closing highs. the dow jones and the s&p eked out very small gains, but both enough to stay in positive territory and break closing highs that were hit yesterday. the tech heavy nasdaq was down .33%, and it is 20% below it's all time high.
7:23 pm
number, 40,008 and that was set during the tech bubble in march of 2000. the s&p 500, which is the broadest of all of the averages has not suffered a correction since 2011. and that's why many investors are concerned that stocks could start falling soon, and that includes robert shiller, who won the nobel prize in economics. he famously predicted bubble and the housing bubble, and now he worries about the stock market. he thinks that stocks have gotten too expensive by cracking a ratio. he looks at the s&p 500 the earnings in it. here's what you need to know. if the ratio is above the long-term average ever 16, he considers the stock market to be expensive, and you can see where it was during the tech bubble. and today it sits above 25.
7:24 pm
it's not just about that, but psychology and behavior. in his 2005 book he wrote, in an age where news spreads by enthusiasm, which spreads by alcohol contagion from person to person, in the process amplifying stories that might justify the price increase. here's what he told me about this behavior and what's ahead for the stock market. >> it's a phenomenon, some economic theorists disregard it or pretend that it doesn't exist. but it's psychological or sociological, but it's a real phone number. >> and the last time we observed it, it's not so far from our history. back to the tech bubble of early
7:25 pm
2,000. we saw this, we saw companies that had remarkable stock values, triple digits through the course of the year, without any obvious underlying increase in the value or the future earnings of the company. and one would think in recent memory that you would learn lessons, and we're seeing it again, and i don't have the ability to tell any of those investors that you're wrong. >> you can never say you're wrong, and in fact, you start to look foolish if you lean against t because they keep making money, and you don't know how long it's going to go. but then it can come crashing down, and the largest number of people are the ones that are causing the crash. >> you have a way of studying price to earning ratios and according to some of the research you've done, stocks are, other than the past few years, as high of a level as they have been only a couple of times in history. >> they're high, maybe more than
7:26 pm
a couple of times, they're high, you're absolutely right. not as high as they were in 2000. at the very peak of the market, the ratio got up to 46 then, and now it's only 25, but it's still high, and that's a concern. you know -- >> go ahead. >> there are a lot of problems finding great investments these days, so i think it's still reasonable to invest somewhat in the stock market. >> but you're chasing a low interest environment today, and you study both the housing and the stock market. which one is safer? >> yeah, which one? i would say the housing be market has generally been safer, but i think it's good to diversify. and that's the fundamental. and it's also diversify internationally. buying investments in many different countries will make a safer portfolio, and a lot of
7:27 pm
people don't want to do it. >> about half of the country is in position to buy stocks or a house, and about half of the country isn't. they don't invest, they don't have investable income, and don't have spare money and don't have assets. and the issue of income equality is very popular these days. it's discussed a lot, not just the middle class, but the gap between the lowest and the highest. and you have proposed in something you wrote, a way of dealing with income equality tied to the federal tax system, and tell me about that. >> this doesn't always win me popularity, but i think that some sense of reasonable equality is essential to a democratic institution. and we don't want to see -- i think maybe we're at an acceptable level of inequality now, but i think we should think about limits. how much worse can we allow this to get?
7:28 pm
i think it's a good idea for our government, or governments around the world to have a king see plan for inequality if it does get much worse. things are worry some, for example the growth of internet or computer technology, nobody knows what it should do to inequality. but it might make it worse, and i think we should be planning now for what we'll do in the future if and when that happens. >> do sufficient measures of inequality for home prices, it would trigger different taxation behavior, based on inequality. and do you feel we can measure it accurately? >> well, my proposal, as the governments of the world get more serious about measuring it, the recent work, this capital book that is such a bestseller,
7:29 pm
happened because he and others, his colleagues, took more care to research what the top 1% or the top 1/10 of one percent were doing, and we learned that from independent researchers. i think now is the time that the governments of the world should make a bigger project of this so we understand it better, in all of its forms. and we have to understand a phenomenon, if it's trouble soom ttroublesometo people, and it'sg controlled. >> let's talk about one important way that you can boost your wealth, saving for retirement. the bad news, most americans don't save enough. the median for all households, $3,000. half of all homes had less than that and half had more. households near retirement age
7:30 pm
have median savings of $12,000. and 59% of americans are worried about not having enough money for retirement. here's if the good news, it's not too late to start saving now, especially for young people. a new e book says that there are ways to save money for retirement if you start early enough. it's called "if you can," how millennials can get rich slowly. he joins me from portland, oregon, to describe investment strategy that he says a seven--year-old can understand, and bill, you keep it simple, which is the way we have to start. the first thing you say about millennials getting rich slowly is to put 15% of your annual salary away into one of various investment vehicles. >> that's right. if you do the math, that's what you have to save if you want a reasonable comfortable retire. >> let's talk about the first
7:31 pm
obvious, a 401k some. >> that's right, and you should save up to, including the match at the very least because that's free money. >> and then you recommend an ira, and then a taxable account. you should be doing all of them, some of them, how do you recommend them to be done? >> you should be doing as much as you possibly can. 15% is a minimum figure. if you can save 20 or 25% of your salary by scrimping and saving, then god bless, it will pay off very well later. >> let's talk about that 15p.. where do you put it? >> what i recommend a beginning investor do is one of two things. one thing you can do, put all of your money into a target retirement fund, and if you have a good one with a low expense ratio, that's what you can do. another thing that you can do, one that you have up there,
7:32 pm
portfolio. and that's a good thing to do because you can find index funds generally for all three of those. the first one is a u.s. stock market fund. and the next is an international stock market fund. and the next is a bond fund. if you put equal amounts into that, and then once every year or two adjust the amounts so they're equal again because they're going to perform differently, that will be a strategy which will hold you very well throughout the rest of your life. >> and you recommend an annual rebalancing, and i like to tell people to do it more often than that, but no less. >> that's right. i like to do it once every year or two, and the reason for that being, they tend to run, and they tend to have momentum. and you want to take advantage of that. if you cut down the frequency of the rebalancing, you improve the quality of the rebalancing. >> you have five horsemen, and what are those? >> the very first horseman is
7:33 pm
failure to save. if you can't save, it doesn't matter if your name is warren buffet. you if you don't have anything to invest, you won't have anything to retire o the next horseman is knowing about financial theory. you don't have to get fancy, but you have to know risk and return are associated with each other, and if you want perfect safety, you have to accept low returns. the third horseman is noting aware of financial history. to know that markets become obulienh and they get depressed. and if you say i have seen this movie before. you'll be in trouble. the fourth horseman is not knowing who the biggest enemy is, which is the visage staring
7:34 pm
back at you in the mirror. if you don't know how to handle that, you're in trouble and the final is the investment industry. they're not looking out for your best good. most brokerage houses and mutual companies are out for their bottom line, and they're going to do things that hurt if you don't watch out. >> thank you for joining us. >> my pleasure. >> it's like winning the lottery without buying a ticket. cashing in on the energy boom, and the big payday comes at a price. >> if you accept the money, you have to take the consequences. >> i'll have more on fracking in america with more coming up. and plus, google and privacy, and why digging up more on the internet may not be the same.
7:35 pm
7:36 pm
>> today energy secretary said that united states is looking at relaxing a ban on oil exports.
7:37 pm
they thought it was a good thing to do. oil prices were through the roof, and the u.s. banned exports to conserve production and ease the prices on the american public. but four decades later, america is pumping up a lot of oil, thanks to new technologies like hydraulic fracturing, and stock prices are record highs. the u.s. will be the largest oil producer by 2020. today, the secretary said that ending the ban is just a proposal that the u.s. is looking at. when it comes to the energy boom, no state is talking louder than north dakota, which soared 20 points in millionaire's per capita. that's the biggest surgery in the nation, and much of it is owed to fracking. if you visit boom towns in north
7:38 pm
dakota, you might not get a sense of how much wealth is being created. there's no saks fifth avenue, and the closester mercedes benz dealership is five hours away. but the money is rolling in, turning modest ranchers and farmers into shaleionaires. >> this is north dakota, population, 74, in the northern part of the state where farmers like mark eked out a living for days, but it's town like these where the "real money" is being made. the reason, ranchers and farmers like mark are signing leases, allowing drillers on their land. and that has big checks every month. >> i can quit, and it's not a worry every year that i have to
7:39 pm
make payments, and that's a financial weight that has come off of our shoulders. >> inned in's balkan region is behind text, turns out $2 billion in royalties to private millionaires each year. >> shaleionaires, there have been a lot of them created from this. >> they are likely shaleionaires but won't admit it. >> hey, that's good. >> or reveal how much their monthly royalty checks are worth. >> it's a big check. >> a check that we didn't expect. >> yeah, we never expected that. >> to get an idea, consider this. he has the million rights of 1,000 acres of this land, and miles and miles of underground shale. >> during the peak years, they were giving out $40,000 checks
7:40 pm
per acre, and sometimes higher. >> this is north dakota, so don't expect too many signs of wealth or extravagance. >> i'm building an addition to this barn. >> culturally, it's not showy. in houston, you see two bentleys and a roles, and this ised in in the. >> they wore flats and jeans, and you would never know. >> only one quarter of them own their own mineral rights, but for those who do, the opportunities cash. it has gotten a lot easier. we can have just about anything that we desire. but we don't really desire a whole lot. >> "real money," and for some. it's a wonderful treat and gift. and you still pay tax on it, and it's a wonderful income, but it has been beneficial. >> those payments are growing.
7:41 pm
in 2010, the royalties came to 18% of the revenue that each well produced the. and last year, as they matured, the companies were paying 20%. and despite the new found fortune, there are big concerns. >> i know what it has been for my wealth, and it hasn't been nice. we don't drink our water here, we can't. >> concerns about water and air pollution loom large here in north dakota, especially with gas flairs like these burning day and night. for all of being created here, there's a lotting created. a lot of the natural gas comes up with the oil. but because north dakota doesn't have enough pipelines to transport that to market, a lot of it is burned off. $1.4 million of natural gas goes up in smoke here each day. >> pipelines, that takes time.
7:42 pm
>> energy companies are looking to build more of them here, and that can generate more royalties for mineral owners like mark. >> we just have a lot of stuff. >> but as mineral trucks roll down the road, even those cashing in are hesitant when they talk about the long-term effects of the energy boom. >> if you accept the money, you have to take the consequences too. >> aljazeera, palomar, north dakota. david flynn is a professor of economics. he estimates that the size of the labor force in boomtowns like willisten, has increased by 5% every month for the last five years. joining me from grand forks, north dakota, good to see you. >> thanks for having me.
7:43 pm
there are a lot of people, and we profiled them on aljazeera america, who complained about that. and you are one of the guys getting the royalties, and some are not lying what's going on. what's your take on it. >> i think there's a change in the lifestyle of what's brought on, the change in the economy of western north dakota are a drastic difference from the past 20 years before the oil boom. if they like their lifestyle, it has drastically changed, but again, as your interviewer said, if you take the money, you have to accept the consequences. >> what's interesting, when you cover the story of fracking across america, you have some ranchers and farmers and they are happy. and some say that it's polluted the water and causing earthquakes, and this fellow here, he said i can't drink my water anymore. and it's almost like they have
7:44 pm
accepted that that's the consequence of it. >> i think that's true for a lot of people in western north dakota. those who didn't like the lifestyle change, many of them older americans, have moved out of the region and looking to relocate to other areas. >> what's the way to sustain the economy like this. we have seen it in other parts of the country, in eastern ohio, where there's the new found riches, based on oil or natural gas, how do you sustain that? will the oil boom sustain it, or can they diversify into robust economies? >> hopefully they will diversify into robust economies. energy sector is fickle on its own, and dependent on the price of the manufacturing,
7:45 pm
construction and broadening of the portfolio in the area. >> what is the danger when it comes to the heavy production of oil and natural gas in america? we're producing so much of it, and we'll be able to export it shortly, and the price has to be high enough for all of this exploration and digging to go on, and yet americans are saying, if we're having this boom, shouldn't the energy prices come down? that's not likely. >> i don't think it will be the case that it will come down. if we open up to the foreign sale of oil, we're going to see the prices rise. we're going to see them go up. you saw the west texas futures go up today, just because this is under research by the obama administration, and so oil prices going up at the curbing transfer station will transfer into oil prices and products
7:46 pm
going up across the board, whether it can gasoline or other uses. >> you see the conundrum, there's environmental damage, and my prices aren't going gown, and why would i want to sign up and with support the energy boom in america? >> i think that's true. some are gaining, and as you pointed out, there are people who were gaining, and wilson, north dakota, the town with about 37,000 people, which is one-third of the level of fargo, ahead of fargo to sales and purchases, to $3 billion in taxable sales and purchases in 2012. >> that's what they call them boon towns for, i guess. david flynn, all right, tomorrow, as part of our in-depth look into fracking, i'll tell you about a battle brewing about the the service, it's about water, they have it
7:47 pm
and they're willing to pay the price to get t that's tomorrow on "real money." you know about the right to bear arms and remain silent. and add to that. the right to be forgotten on the internet. and can money buy you happiness?
7:48 pm
7:49 pm
>> privacy advocates are claiming a huge victory today. the highest court in the european union ruled that in certain cases, google must remove links from a person's personal information on the web if asked to do so. the group said that it validates individual privacy, but others
7:50 pm
say that google and others will get swamped with demands from users. >> this ruling has given individuals the right to be forgotten, or at least forgotten by google. in the internet, it makes perfect sense. you and i probably have many things from our past that we wouldn't want turning up. but it's pretty difficult to enforce this up close. this ruling, which cannot be appealed, forces google to come up with information for requesting removed from the search engine's results. in this case, a spaniard wanted outdated information about a propertying auctioned off and he said that he paid that debt and the information listed was outdated and embarrassing to him. google said that it was legally published in the newspaper. and it shouldn't be responsible for censoring that information.
7:51 pm
and now google is responsible. google has to directly examine the merits of any requests like this from now on. google will take down information that will open you up to fraud, like social security number, but what is or isn't accurate. can you committed a crime and your record was expunged, can you go in and ask to have it removed? we don't know. it shows how massively important that google has become and we can fuse it. they were treating it as if google is writing this information and putting it on the internet in the first place. sometimes this is true, but the newspaper who listed the debt has that story, and it's still online, but it's just that google linked to t it seems we're beginning to confuse
7:52 pm
search results with the information connected to it, and google's responsibility as the middle agent in that transaction is growing bigger every day. >> jacob ward in france. today's ruling is bad for google but good for human dignity. they help businesses and companies control how they look online. michael joins us from stanford, california, and we talked about so many major important issues, that are kind of an expert for us on the show. but this is in your wheel house. you run a company called, that helps people fix their reputations online. >> i do. and it's going to be good for my company, to help people overcome cases. i just happen to stand for the proposition that what is done. i love the summary given by our correspondent. it's very good. up to today, copyrights, up to
7:53 pm
today if you own a photo or document, it's much more of a protection to your privacy and human dignity. and all the court is doing is giving your personhood the same protection. it's a very very big boon for people. it's bad for google. google profits from the misery of others when it surfaces content that people are searching for line. and all this does is give people the modicum of control. private information, and say, this is who i am and this is how i deserve to be understood. it probably will not affect politicians or people convicted of crimes, and in fact, i would oppose that, but it does photograph on sally, who is photograph and under wear that showed up on camera on the internet no longer has to be the
7:54 pm
first thing that people will see when they look her up online. so i'm all for this ruling. now, it's going to take a decade for people in different courts and states around europe to figure out what the contours are, what the limits of a public interest topic is, which is protected under the court, but it does put a certain own us on google to live up to its responsibility n. the same way that they have been living up to its responsibility in copyright law. >> but will this ever make the turbulent trip across the atlantic and in america, where we see the first amendment and free speech very different than europeans do? >> i don't think this ruling will come to the u.s. i think that it will ultimately affect companies looking to do business in europe and the new google will probably prepare for europe. but companies doing business in europe will have to think about their responsibilities differently. this is not about free speech.
7:55 pm
there's a group of academics out there saying that this is the end of free speech. they said the same thing about the copyright law. there's a lot of material online. and ten years from now, there will be academics who think that this is the most important day in human dignity and privacy since google was founded. i have to tell you. reasonable people can understand that certain content is not created equal to other kinds of content. and google does not get to decide anymore what the truth is. google is not the first amend. and not god and not the truth. it's a terrific machine, but it's just a machine. >> and the machine keeps making money, even if those outdated alacious bits of information were removed. that's not the core of its ability to make money. >> google mints money. under the current law in europe, if someone prosecuted in a civil case in europe for liabling you,
7:56 pm
and had to remove from their personal web page a certain comment that was liabling you. if google had mirrored that comment somewhere else we're still finding it. that defamation would continue forever as a scarlet letter around your neck, though a court had already proven that the allegation was false or specious, and this is just allowing the law to catch up to what we think of as common sense. this is not a bad day. a lot of guys would say it's a return to stalinism, or free speech, it's bogus, and the biggest truth that google has been able to pull off, is somehow to get people to think that they're equivalent to free speech. in fact, i spoke this morning were the senior person of one of the largest newspaper groups in europe and they were delighted with this ruling, and why?
7:57 pm
because they were requested to remove stories very hurtful to them after they were exonerated. they said talk to google. well, i'm supportive of the newspaper group keeping up with the document forever, but not of google itch. >> we're not expunging all stuff from reality. just from the search. great to see you michael, ceo of we all know that money can't buy love. when i come back, the latest research about money, happiness and your personality. >> hi everyone. i'm john seigenthaler in new york. coming up right after real money... at the top of the hour... our primetime newscast at 8 eastern. a developing story from turkey... where rescue crews are fighting to save the lives of hundreds of coal miners... trapped underground after an explosion. we will get the very latest from our reporter in turkey. plus... it is known as the evil forest. the challenge to find nearly 300 missing nigerian girls... in a desolate rugged land.
7:58 pm
that's coming up.. right after real money. with ali velshi. see you then.
7:59 pm
>> it's a generally accepted idea, collect experiences instead of stuff. forget the far ari, but spend the money on a trip that you love. but other researchers say not so fast. they say for some people, particularly those who buy too many things and experiences already, experiences will leave us just as empty and unfulfilled as buying things. for these people, it's critical to buy the right experiences, the ones that mesh with their personalities. if you're a baseball fan, a trip to the museum probably won't cut it. but when it comes to the obvious, it pays to think before you spend. and in the end, money only goes so far. as those famous common mists, lennon and mccarty once sang, money won't buy me love. aim ali velshi, thank you for joining us.
8:00 pm
>> hello and welcome to al jazeera america. i'm john seigenthaler in new york. breaking news, a mine disaster, a desperate effort is underway right now to save hundreds of trapped miners in turkey. u-s jets. in the air now . trying to find the the missing nigerian girls. evil forest. the african game reserve . now home base for the kidnappers . .. right to be forgotten. why google can now be ordered to delete a european user's personal information.