Chinese market meltdown and the secret Greek Plan B

In 2009, then-California Governor Arnold Schwarzenegger mandated a plan by which Californians getting tax refunds and other vendors owed money by the state received IOUs instead of US dollars. Why is this relevant in 2015?

Apparently former Greek Finance Minister Yanis Varoufakis was tasked to do the same thing for Greece, using the California experience as a model. Boom Bust’s Edward Harrison weighs in.

Then, Edward is joined by Marshall Auerback – research associate at Levy Economics Institute and fellow at Economists for Peace and Security. Marshall tells us why Chinese stocks are falling and gives us his take on if we’re seeing capital flight out of China.

After the break, Bianca Facchinei takes a look at the concern over the health of US stock markets as gains stumble. According to JonesTrading, just six companies, including Amazon, Apple, Facebook, Netflix, and Gilead account for over half of the value gains on the Nasdaq this year.

Afterwards, Edward is joined by Erin Ade to talk about Israeli drug maker Teva Pharmaceuticals agreeing to acquire the generic drug division of Allergan for $40.5 billion in cash and stock.

And in The Big Deal, Edward and RT correspondent Manuel Rapalo discuss the federal probe into the practices of 5 major US airlines after allegations of price gouging following the deadly Amtrak train derailment in Philadelphia this May.

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